On 14 February 2023, the International Organisation of Securities Commissions (IOSCO) and Committee on Payments and Markets Infrastructures (CPMI) issued a press release regarding the CPMI-IOSCO stocktake of industry progress on auctions. In the press release the CPMI and IOSCO take stock of the industry progress made since the publication of the CPMI-IOSCO report Central … Continue Reading
On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents. The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank … Continue Reading
On 16 January 2023, the Emirates Securities and Commodities Authority overhauled its investment funds regime by issuing a number of important new regulations. The changes are extensive. We have published a briefing note which sets out the most important changes for foreign fund managers or distributors seeking to distribute foreign funds in the United Arab … Continue Reading
In April we published a briefing note that reported on the Dubai Financial Services Authority’s (DFSA) consultation paper on the regulation of crypto-tokens (CP143). Despite being only 50 pages CP143 covered a wide range of issues including what a crypto-token is, how they can be marketed and the regulatory requirements applicable to them. The DFSA’s … Continue Reading
Buy now pay later (BNPL) is a sort of short-term financing that allows consumers to make purchases and pay for them at a later date. There are a different models for BNPL products. Generally these are categorised into split pay, pay later, long-term financing at 0% annual percentage rate, longer-term financing with subsidized interest or … Continue Reading
On 12 December 2022, the UAE Government issued Cabinet Resolution No.111 of 2022 on the regulation of Virtual Assets and Service Providers (the VA Resolution, published in issue no.741 of the UAE Federal Gazette dated 15 December 2022) which comes into force on 14 January 2023 (30 days after publication). The main aim of the … Continue Reading
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse its finalised prudential standard on banks’ cryptoasset exposures and the Committee’s work programme and strategic priorities for 2023-24. The standard provides that unbacked cryptoassets and stablecoins with ineffective … Continue Reading
On 8 December 2022, the Basel Committee on Banking Supervision issued responses to frequently asked questions to clarify how climate-related financial risks may be captured in existing Pillar 1 standards. The responses, which are consistent with the Basel Committee’s Principles for the effective management and supervision of climate-related financial risks, cover the calculation of risk … Continue Reading
On 1 December 2022, the Wolfsberg Group published Principles for Using Artificial Intelligence and Machine Learning (AI/ML) in Financial Crime Compliance. The Principles are intended to guide financial institutions and their financial crime compliance leaders and risk management teams in identifying and managing the operational and reputational risks that may arise from the use of … Continue Reading
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) has implemented a series of changes to its capital markets rules and regulations. These follow from the FSRA’s Consultation Paper 1 of 2022 dated 1 March 2022 and have a particular focus on environmental instruments and commodities. We have published a briefing note setting … Continue Reading
We have published a briefing note which looks at the Dubai Virtual Assets Regulatory Authority’s (VARA) first publicly-issued policy and guidelines, which cover the marketing of Virtual Assets.… Continue Reading
