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.
Continue Reading CFTC Staff Issues Advisory on Virtual Currency for Futures Commission Merchants

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

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.
Continue Reading HM Treasury Consults on Reforms to Financial Promotion Approvals and Expanding Rules to Cover Cryptoasset Promotions

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

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”).
Continue Reading CFTC Issues Final Interpretive Guidance on Actual Delivery for Digital Assets

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.
Continue Reading BOE Publishes Discussion Paper on Central Bank Digital Currency

On February 4, the UK’s Joint Money Laundering Steering Group (JMLSG) announced proposed amendments to its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance (the Guidance). The JMLSG is a UK-focused group of trade bodies which produces AML and CTF guidance to assist the financial services industry.
Continue Reading AML: JMLSG Proposes Amended Guidance

On October 25, the Financial Conduct Authority (FCA) published a new webpage setting out important information for UK cryptoasset businesses in the context of anti-money laundering (AML) and counter terrorist financing (CFT).

As announced in July 2019, the FCA will be the AML/CFT regulator for certain cryptoasset activities starting January 10, 2020. However, the scope of ‘cryptoasset activities’ is still to be determined by Her Majesty’s Treasury (HMT), whose consultation on the matter closed on June 10.
Continue Reading FCA Publishes Cryptoasset AML/CFT Webpage