On December 17, the Commodity Futures Trading Commission’s innovation office, LabCFTC, released a Digital Assets Primer, which provides the public with updated information about emerging concepts in digital assets. The Digital Assets Primer is intended to build on LabCFTC’s 2017 Primer on Virtual Currencies, which focused on virtual currencies, such as bitcoin. Topics covered by
virtual currency
CFTC Approves Eris Clearing, LLC to Clear Fully-Collateralized Swaps
By Kevin M. Foley & Elizabeth Organ on
Posted in CFTC
The Commodity Futures Trading Commission (CFTC) has approved an amended order authorizing Eris Clearing LLC (Eris) to clear additional products.
Continue Reading CFTC Approves Eris Clearing, LLC to Clear Fully-Collateralized Swaps
CFTC Staff Issues Advisory on Virtual Currency for Futures Commission Merchants
By Kevin M. Foley & Jack A. West on
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
AML: FATF ‘Red Flags’ associated with Cryptoassets
Posted in EU Developments, Financial Markets
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).
Continue Reading AML: FATF ‘Red Flags’ associated with Cryptoassets
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…
CFTC Announces Technology Advisory Committee Meeting
By Kevin M. Foley & Stanley V. Polit on
Posted in CFTC
On June 29, the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) announced that it will hold a public meeting on July 16. At this meeting, the TAC will hear presentations from the TAC subcommittees on Automated and Modern Trading Markets, Distributed Ledger Technology and Market Infrastructure, Virtual Currencies and Cybersecurity.
The meeting will…
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:
Continue Reading CFTC Issues Customer Advisory Regarding COVID-19 Related Fraud
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.
Continue Reading BOE Publishes Discussion Paper on Central Bank Digital Currency
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).
Continue Reading IOSCO Reports on Crypto-Asset Trading Platforms
FATF Publishes Updated Standards Include Interpretative Note on Virtual Assets
On July 3, the Financial Action Task Force (FATF) published an updated version (dated June 2019) of its anti-money laundering (AML) and counter-terrorist financing (CTF) standards.
This version includes a recently adopted interpretative note to recommendation 15 (new technologies), in which the FATF explains how its standards apply to virtual asset activities and virtual asset service providers (VASPs).
Continue Reading FATF Publishes Updated Standards Include Interpretative Note on Virtual Assets