On 24 March 2022, the European Central Bank (ECB) published an opinion on a proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The ECB has published this opinion following requests from the European Parliament and…

On 23 March 2022, the European Commission published a framework laying down practical arrangements to implement EU-Japan cooperation on financial regulation under Annex 8-A to the EU-Japan Economic Partnership Agreement. The framework is between the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union and the Financial Services Agency of Japan. It…

Another COVID-19 insurance case comes to a close, at least for now, with the Full Federal Court handing down its decision in Star Entertainment Group Limited v Chubb Insurance Australia Ltd [2022] FCAFC 16. The Full Federal Court also handed down its decision in the second business interruption test case appeal.

For our related articles:…

The sequel to the business interruption second test case is now here. On Monday, the Full Federal Court handed down its decision in the second business interruption test case appeal.  The decision is an appeal from the judgment of Justice Jagot in relation to various business interruption insurance claims. The Full Federal Court also handed…

Following the recommendations of the Senate Select Committee on Australia as a Financial and Technology Centre, Treasury has released a consultation paper on licensing and custody requirements for Crypto Asset Secondary Service Providers (CASSPrs).  Consultation is currently open and will close on 27 May 2022.

What is the consultation about?

The consultation relates…

On 24 March 2022, the FCA published a statement regarding the existing obligation that all FCA regulated firms have when interacting with or exposed to cryptoassets. Some areas of risks that need to be considered are:

  • Being clear with customers – firms are responsible for identifying and managing risks relating to cryptoassets and firms must

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On 24 March 2022, the PRA published a Dear CEO letter it had sent to dual regulated firms concerning how the prudential framework applies to ensure that firms engaging in crypto activity manage the risks in a way that supports the firm’s safety and soundness.

The PRA has issued this Dear CEO letter as it…

On 24 March 2022, the Bank of England (BoE) published, ‘Financial Stability in Focus: Cryptoassets and decentralised finance (DeFi)’ which sets out the Financial Policy Committee’s (FPCs) view on specific topics which relate to financial stability. The publication focuses on:

  • the role of cryptoassets and decentralised finance in the financial system;
  • financial stability implications

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On 24 March 2022, the Bank of England (BoE) published a paper containing a summary of responses it received to its earlier Discussion Paper on new forms of digital money such as, systemic stablecoins and a UK Central Bank Digital Currency (CBDC).

The BoE report that the responses to the Discussion Paper found that:

  • There

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