On 31 August 2023, the Joint Money Laundering Steering Group (JMLSG) published final revisions to Sector 22 (crypto asset providers and custodian wallet providers) in Part II of its Guidance. This includes a new Annex I to Sector 22 relating to cryptoasset transfers.
The new guidance relates to the provisions of the Money
On 31 August 2023, the FCA published Market Study MS23/1.4: Wholesale Data Market Study: Update Report.
The FCA launched the market study on 2 March 2023, following persistent user concerns about how well wholesale data markets were working. The study focuses on competition in the provision of benchmarks, credit ratings data and market data
On 31 August 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/1668 of 25 May 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the
In our latest Regulation Tomorrow Plus podcast, Senior Knowledge Lawyer Catherine Pluck is joined by London Financial Services partners Jonathan Herbst and Katie Stephen, who discuss some recent regulatory developments in relation to culture, as well as some practical steps that firms can be taking in this area. The podcast can be found here.
Three recent cases act as a reminder that the CPS, HMRC and NCA, as well as the SFO, are actively enforcing the UK Bribery Act and conducting cross-border investigations. Two of the cases summarised below also show a focus on the demand side of bribery (i.e. suspected offences of individuals receiving or requesting a bribe
On 30 August 2023, HM Treasury published explanatory notes for the Financial Services and Markets Act 2023 (the Act).
The explanatory notes explain what each part of the Act will mean in practice, provide background information on the development of policy, and provide additional information on how the Act will affect existing legislation in
On 29 August 2023, the FCA updated its statement on the use of the temporary transitional power to modify the UK’s derivatives trading obligation (DTO). The updated statement announces that the FCA has varied its transitional direction for the DTO under the UK Markets in Financial Instruments Regulation (UK MiFIR).
The
On 29 August 2023, the FCA updated its statement on the share trading obligation (STO) to announce that it has revoked its transitional direction for the STO under the UK Markets in Financial Instruments Regulation (UK MiFIR).
The FCA explains that, with effect from 29 August 2023, the STO (which is
On 29 August 2023, the FCA updated its statements of policy on the operation of the MiFID transparency regime.
The section on the double volume cap (DVC) has now been deleted from the document. This reflects the removal by the Financial Services and Markets Act 2023 of Article 5 of the UK Markets
On 29 August 2023, the FCA published updated Terms of Reference (ToR) for the Wider Implications Framework (Framework), which incorporate the statutory statement of policy for the cooperation duty under section 415C of the Financial Services and Markets Act 2000 (FSMA).
The Framework provides a structure for its members