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
By Kevin M. Foley & Elizabeth Organ on
Posted in CFTC
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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CFTC Issues Final Interpretive Guidance on Actual Delivery for Digital Assets
Posted in CFTC, Digital Assets and Virtual Currencies
On March 24, the Commodity Futures Trading Commission (CFTC) issued final interpretive guidance regarding retail commodity transactions that involve digital assets. The interpretive guidance is designed to clarify the CFTC’s views on the “actual delivery” exception to Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) for digital assets that serve as a medium of exchange (otherwise known as “virtual currencies”).
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CFTC Issues Customer Advisory Regarding COVID-19 Related Fraud
Posted in CFTC
On March 18, the Commodity Futures Trading Commission (CFTC) issued a Customer Advisory warning the public to watch for fraudulent schemes attempting to profit from recent market volatility stemming from the COVID-19 (coronavirus) pandemic. The CFTC identified common fraud tactics often used during major news events (such as the spread of the COVID-19 pandemic), including the following:
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BOE Publishes Discussion Paper on Central Bank Digital Currency
On March 12, the Bank of England (BoE) published a discussion paper on central bank digital currency (CBDC), focussing on its opportunities, challenges and design (the Paper). In conjunction with publishing this Paper, the BoE updated its CBDC webpage.
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EBA Announces 2020 Digital Finance Priorities
Posted in EU Developments, Financial Markets
On March 3, the European Banking Authority (EBA) published a speech by Chair of the EBA, José Manuel Campa, at the 4th Annual Conference on “FinTech and Digital Innovation: Delivering for the Future” (the Speech).
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Commissioner Peirce Dissents from SEC’s Rejection of Bitcoin-Based ETF
By Susan Light, Michael T. Foley & Jack A. West on
On February 26, Commissioner Hester Peirce of the Securities and Exchange Commission filed a dissent to the SEC’s decision to reject a proposed rule change from NYSE Arca that would have allowed it to list shares of an exchange-traded fund backed by bitcoin and US Treasury bills. In her dissent, Commissioner Peirce argued that the…
IOSCO Reports on Crypto-Asset Trading Platforms
On February 12, the International Organization of Securities Commissions (IOSCO) published its final report on “Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms (CTPs)” (the Final Report). The Final Report follows a consultation paper IOSCO published in May 2019 (for more information, please see the June 14, 2019 edition of Corporate & Financial Weekly Digest).
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