The UK Financial Conduct Authority (FCA) has published a “Dear CEO” letter dated June 11, on cryptoassets and financial crime. The purpose is to ensure that banks adequately manage the financial crime risks associated with cryptoassets. The FCA defines cryptoassets as any publicly available medium of exchange that features a distributed ledger and a decentralized system for exchanging value.
Continue Reading FCA Publishes “Dear CEO” Letter on Cryptoassets and Financial Crime

On September 8, the Office of the Comptroller of the Currency (OCC) proposed a rule to prohibit national banks and federal savings associations (FSAs) from dealing and investing in industrial or commercial metals. The proposal covers metal, including alloy, in a physical form primarily suited to industrial or commercial uses, such as copper cathodes and aluminum T-bars. If finalized in its current form, this proposal would supersede a prior OCC determination permitting national banks to trade copper cathodes.
Continue Reading OCC Rule Would Prohibit Bank and Thrift Dealing and Investing in Industrial or Commercial Metals

On August 17, the UK Financial Conduct Authority (FCA) announced on the front page of its online rulebook, which currently also includes the rules of the Prudential Regulation Authority (PRA) and guidance from both Authorities, that new and separate FCA Handbook and PRA Rulebook websites will be launching on August 29. Any persons attempting to visit the current online rulebook after August 29 will be redirected to the new websites of the FCA Handbook and PRA Rulebook.
Continue Reading New FCA Handbook and PRA Rulebook Websites to Launch Next Week