On October 21, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued an advisory to futures commission merchants (FCMs) regarding the holding of virtual currency in segregated accounts. The advisory, Letter No. 20-34, provides guidance to FCMs on how to hold and report certain deposited virtual currency from customers in connection with physically delivered futures contracts or swaps and how to maintain appropriate risk management programs concerning the acceptance of virtual currencies as customer funds.
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cryptocurrencies
European Parliament Adopts Resolution on Digital Finance and Data Sharing
On October 8, the European Parliament published a press release announcing that it had adopted a resolution regarding the creation of a robust EU framework for crypto-assets, cyber resilience, data sharing and customer safety (the Press Release).
The basis of the resolution originates from a previous report that the Economic and Monetary Affairs Committee (ECON) had voted to adopt in September 2020.…
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ECON Announces Implementation of Draft Report on Digital Finance and FinTech
On September 11, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a press release announcing the adoption of its draft report on Digital Finance.…
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AML: FATF ‘Red Flags’ associated with Cryptoassets
On September 14, the Financial Action Task Force (FATF) published a report on cryptoassets (which the FATF refers to as virtual assets (VAs)) with its ‘red flag’ indicators of money laundering and terrorist financing (the Report).…
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LIBOR, Brexit and Cryptoassets: Summer Takeaways From Katten’s CFWD Podcasts
Katten’s London affiliate office launched its weekly fireside chat on May 5 and each week has covered a wide range of interesting UK and EU financial services regulatory topics. We have received some fantastic feedback from clients on the podcast sessions and now present three key trends that firms should continue to consider in Q3…
London Weekly Fireside Chat
Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Neil Robson covers some proposed changes to the UK Financial Promotions/ investment advertising rules, including a proposal to include cryptoassets, as well, separately, as a proposal for a…
HM Treasury Consults on Reforms to Financial Promotion Approvals and Expanding Rules to Cover Cryptoasset Promotions
On July 20, HM Treasury published two separate consultation papers related to proposed reforms to the regulatory framework for the approval of financial promotions under the Financial Services and Markets Act 2000 (FSMA). While separate, the government recommends that they are read in conjunction with each other.…
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London Weekly Fireside Chat
Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Neil Robson, Nathaniel Lalone and Carolyn Jackson explain the implications of a number of recent UK Government announcements regarding its proposals to make certain financial services regulatory …
FCA Statement on Cryptoasset Business Registration
On June 22, the UK Financial Conduct Authority (FCA) published a statement reminding businesses that carry out cryptoasset activities in the UK to register with the FCA by June 30, 2020 (the Statement).…
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CFTC Releases COVID-19-Related Customer Advisory on Fee Scams
On April 6, the Commodity Futures Trading Commission (CFTC) issued a Customer Advisory, alerting the public to a proliferation of fraudulent schemes aiming to profit from the COVID-19 pandemic. …
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