Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: virtual currency

NFA Interpretive Notice Regarding Engaging in Virtual Currency

Posted in CFTC, Derivatives, Digital Assets and Virtual Currencies
On July 20, the National Futures Association (NFA) submitted to the Commodity Futures Trading Commission for approval a proposed interpretive notice regarding Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities. The new disclosure obligations will apply to all NFA members engaging in transactions in virtual currency derivatives and virtual currency, as well as other… Continue Reading

CFTC Issues Customer Advisory on Digital Coins and Tokens

Posted in CFTC, Digital Assets and Virtual Currencies
The Commodity Futures Trading Commission has issued an advisory warning customers of the dangers of purchasing digital coins or tokens. Among other things, the advisory warns customers that buying digital coins or tokens for speculative purposes carries significant risk and identifies various factors that could affect the current or longer-term value of a digital coin… Continue Reading

FSB Publishes Report on Cryptoassets

Posted in Digital Assets and Virtual Currencies, Financial Markets, UK Developments
On July 16, the Financial Stability Board (FSB) published a report on the work of the FSB and standard setting bodies on cryptoassets. The report was delivered to the G20 Finance Ministers and Central Bank Governors ahead of their meeting on July 21 – 22. The standard setting bodies, whose work is summarized in the… Continue Reading

FCA Publishes Statement Regarding the Requirement for Firms Offering Cryptocurrency Derivatives To Be Authorized

Posted in Digital Assets and Virtual Currencies, UK Developments
On April 6, the UK Financial Conduct Authority (FCA) published a statement on the requirement that firms trading in cryptocurrency derivatives may need to be authorized. The statement confirms that performing activities or providing services that amount to regulated activities in relation to derivatives are likely to require FCA authorization when performed in relation to… Continue Reading

Mark Carney Criticizes Cryptocurrencies in Speech About the Future of Money

Posted in Digital Assets and Virtual Currencies, UK Developments
On March 2, the governor of the Bank of England (BoE), Mark Carney, delivered a speech entitled “The Future of Money.” Mr. Carney highlighted shortcomings of cryptocurrencies and the need for authorities to isolate, regulate or integrate them, with his preference being regulation. Mr. Carney stated that “isolation risks foregoing potentially major opportunities from the… Continue Reading

FINRA Releases 2018 Regulatory and Examination Priority Letter

Posted in Broker-Dealer
On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing various issues that will be the subject of particular regulatory focus and scrutiny this year. Many of the areas noted are carry-overs from previous years, including the protection of senior investors and other retail customers, new product… Continue Reading

NFA Issues Notice of Additional Reporting Requirements for CPOs and CTAs That Trade Virtual Currency Products and IBs that Solicit or Accept Orders in Virtual Currency Products

Posted in CFTC, Derivatives
On December 14, 2017, the National Futures Association (NFA) issued Notices regarding commodity pool operators (CPOs), commodity trading advisors (CTAs) and introducing brokers (IBs), outlining new reporting requirements for CPOs, CTAs and IBs that deal in virtual currencies.… Continue Reading

FCA Publishes Feedback Statement on Distributed Ledger Technology

Posted in UK Developments
On December 15, the UK Financial Conduct Authority (FCA) published a feedback statement (Feedback Statement) on its April 2017 discussion paper (Discussion Paper) on distributed ledger technology (DLT). The purpose of the Discussion Paper was to encourage dialogue in the UK on the regulatory implications of current and potential developments of DLT in the financial… Continue Reading

Department of Justice Settles Virtual Currency Enforcement Action

Posted in Digital Assets and Virtual Currencies, Litigation
The US Attorney’s Office in the Northern District of California recently settled an enforcement action against Ripple Labs Inc., a Delaware corporation providing virtual currency exchange services. According to the settlement agreement, Ripple Labs was not registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB) pursuant to the Bank Secrecy… Continue Reading