On 2 June 2020 the European Parliament posed questions relating to the registration and monitoring of Virtual Asset Service Providers (VASPs) in Member States as required by the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD). VASPs include virtual currencies, fiat currencies and custodian wallet providers.
Responses were received
On 27 August 2020, the Prudential Regulation Authority (PRA) published a statement setting out its decision to terminate its temporary approach to value-at-risk (VAR) back-testing exceptions from 30 September 2020.
This statement follows the PRA’s review of the temporary approach that allowed firms to offset increases due to new back-testing exceptions
Wednesday, 2 September 2020 | 8:45 – 10:00 BST
We are evolving our successful 40 minute briefings into webinars for financial services professionals. This includes senior management and those in legal, compliance and risk teams who have or are developing financial services expertise. The webinars will be led by senior members of our financial services
On 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis.
In August 2020 the FCA published its latest edition of Market Watch, issue 64, focussing on the implementation of MiFID II during the Brexit transition period.
Importantly, the FCA reminds firms that Brexit temporary transitional powers won’t be applied to transaction reporting rules under MiFID II. Therefore, firm and Approved Reporting Mechanisms (ARMs)
On 26 August the Institute of International Finance (IIF) provided feedback to the European Commission on its Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing, published in May 2020.
The IIF notes that a more coordinated approach to implement and oversea the EU’s anti-money laundering (AML
On August 26, 2020, the US Securities and Exchange Commission (SEC) adopted amendments to expand the scope of the “accredited investor” definition, allowing a greater pool of investors to access the private capital markets. The amendments add new categories of qualified natural persons who meet certain professional knowledge or certification requirements and expand the list
On 26 August 2020, the Financial Conduct Authority (FCA) published a guidance consultation containing additional draft guidance for mortgage firms in light of the COVID-19 pandemic.
It sets out the FCA’s expectations in relation to the fair treatment of mortgage borrowers who are experiencing financial difficulty as a result of the pandemic. This
On 26 August, the PRA published a statement on IFRS9 and capital requirements, in light of the imminent conclusion of mortgage payment deferrals. The PRA’s earlier guidance, issued by way of letter to authorised firms on 3 March and 4 June, explained that, under the terms of the FCA’s guidance then in place, Covid-19 related
The FCA updated its COVID 19 webpage on 26 August 2020 to announce the launch of a new survey in to the liquidity mismatch in open ended funds. In Q4 last year, the Financial Policy Committee (FPC) judged that the mismatch between redemption terms and the liquidity of some funds’ assets could become a systemic