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Financial Regulatory News

By Regxelerator
Your central hub for financial regulatory news. Access updates on key regulatory and other developments from over 400 financial sector authorities, central banks as well as global and regional standard setters - sourced exclusively from official channels
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DNB issues EUR 3.3 million fine against Coinbase over non-registration
2023-01-26
De Nederlandsche Bank (DNB) has levied a fine of EUR 3.3 million against Coinbase in response to the firm’s failure to register with the Central Bank. In the Netherlands, virtual currency providers engaged in the exchange between virtual currencies and fiat currencies as well as custody wallet providers must formally register with the DNB for AML/CFT purposes. Coinbase failed to register over the time period from November 2020 until end of August 2022 all while offering its services to a significant number of Dutch customers.
NY State Department of Financial Services issues new guidance on virtual currency custody
2023-01-23
The New York State Department of Financial Services has released new guidance in relation to virtual currency custody and disclosure practices with a view to enhancing the protection of customers in the event of an insolvency or similar proceedings. The guidance specifically targets virtual currency entities that act as custodians (“VCE Custodians”) and sets out expectations in four main aspects:
VCE Custodians must at all times maintain separate accounts for and segregate a customer’s virtual currency from its corporate assets, both on-chain and on the Custodian’s internal ledger accounts. Specifically, the guidance provides that customer virtual currency should be maintained in either (i) separate on-chain wallets and internal ledger accounts for each customer under that customer’s name or (ii) one or more omnibus on-chain wallets and internal ledger accounts that contain only virtual currency of customers held under the VCE Custodian’s name as agent or trustee for the benefit of those customers
When a customer transfers possess of an asset to a VCE Custodian for the purposes of safekeeping, the Custodian is to only take possession of the customer’s asset for the limited purpose of carrying out custody and safekeeping services and not establish a debtor-creditor relationship with the customer.
VCE Custodians have the option to enter into a sub-custody arrangement with a third party subject to prior approval by the Department that requires a detailed risk assessment of the third-party relationship and details of the .
VCE Custodians must disclose transparently to customers the general terms and conditions associated with their products, services and activities including the manner in which the VCE Custodian segregates and accounts for customer virtual currency and the customer’s retained property interest in the virtual currency.
FRB issues policy statement on state banks’ limitations to engage in novel banking activities including crypto
2023-01-27
The Federal Reserve Board (FRB) has issued a new policy statement to further clarify its position on banks’ engagement in novel activities including those involving crypto-assets. The statement sets out that all state banks supervised by the FRB, independent of whether they benefit from deposit insurance or not, are subject to the same limitations on novel banking activities. Equally, both insured and uninsured state banks under the FRB’s supervision are subject to the same limitations on activities as those imposed on national banks which fall under the supervision of the Office of the Comptroller (OCC) of the Currency unless those activities are legally permissible by federal statute or other applicable regulations. Besides meeting requirements for legal permissibility, state banks must also demonstrate that they engage in these activities in a sound and safe manner, supported by a robust control environment, the statement further added. On the back of these principles, the FRB further clarified that it would principally prohibit state member banks from holding most crypto-assets, including bitcoin and ether, as principal. On the other hand, state banks seeking to issue dollar denominated tokens, i.e. stablecoins, would need to meet all the conditions set out by the OCC for national banks in this regard. The FRB however caveated that “issuing tokens on open, public, and/or decentralized networks, or similar systems is highly likely to be inconsistent with safe and sound banking practices”. The policy statement follows the joint statement by U.S. federal agencies in early January to address the exposure of banking organizations to the cryptoassets sector.

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Date
News Title
Topic
Summary
Link
Date
News Title
Topic
Summary
Link
1
1/27/23
BVI Financial Services Commission issues Virtual Assets Service Providers Act
Crypto
Open
2
1/27/23
HM Treasury closes off Energy Markets Financing Scheme without any applicants
ESG
Open
3
1/27/23
ESMA publishes data for the quarterly liquidity assessment of bonds
Liquidity risk
Open
4
1/27/23
Bank of Mozambique launches 4th edition of its regulatory sandbox
Regulatory sandbox
Open
5
1/27/23
Bank of England issues organizational code
Open
6
1/27/23
IOSCO publishes second edition of its report on the global investment funds industry
Open
7
1/27/23
FRB issues policy statement on state banks’ limitations to engage in novel banking activities including crypto
Crypto
Open
8
1/26/23
DNB issues EUR 3.3 million fine against Coinbase over non-registration
Enforcement
Open
9
1/26/23
Reserve Bank of New Zealand issues investigation guidelines under its new enforcemetn framework
Enforcement
Open
10
1/26/23
EBA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards
ESG
Open
11
1/26/23
EIOPA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards
ESG
Open
12
1/26/23
ESMA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards
ESG
Open
13
1/26/23
MFSA announces participation in newly launched EU TSI Multi-Country Project on sustainable finance
ESG
Open
14
1/25/23
U.S. Secretary of the Treasury announces U.S.-South Africa Task Force to combat the financing of wildlife trafficking
AML/CFT
Open
15
1/25/23
Cyprus SEC study highlights vulnerabilities in retail investors’ investment decision-making processes
Consumer protection
Open
16
1/25/23
FCA highlights areas of focus for firms implementing the Consumer Duty
Consumer protection
Open
17
1/25/23
ECB enters into MoU with six EU Member States to improve supervision cooperation and information exchange
Cooperation
Open
18
1/25/23
U.S. SEC proposes rule to prohibit conflicts of interest in certain securitizations
Corporate governance
Open
19
1/25/23
ESMA and the UK FCA agree MOU on the recognition of UK benchmark administrators in the EU
Financial benchmarks
Open
20
1/25/23
ESRB issues recommendations amid elevated vulnerabilities in the European commercial real estate sector
Financial stability
Open
21
1/25/23
U.S. FinCEN issues alert on the potential U.S. Commercial real estate invetments by sanctioned Russian elites, oligarchs and their proxies
Sanctions
Open
22
1/25/23
Jersey FSC publishes thematic examination programme for 2023
Strategy & priorities
Open
23
1/25/23
Bermuda Monetary Authority publishes 2023 business plan
Strategy & priorities
Open
24
1/25/23
South African Reserve Bank publishes comprehensive report on the lessons from the Covid-19 pandemic in South Africa
Open
25
1/25/23
UK FCA publishes guidance for cryptoassets business registration applications under the AML/CFT regime
Crypto
Open
26
1/25/23
BIS publishes latest update on global CBDC activity
CBDC
Open
27
1/24/23
U.S. CFPB seeks public input on the consumer credit card market
Consumer protection
Open
28
1/24/23
ECB presents new statistical climate-related indicators
ESG
Open
29
1/24/23
Bank of Lithuania establishes climate change centre
ESG
Open
30
1/24/23
FINMA issues new guidance on the management of climate risk for supervised entities
ESG
Open
31
1/24/23
Central Bank of Iraq launches ESG scorecard report for the Iraqi banking sector
ESG
Open
32
1/24/23
Securites & Exchange Commission of Pakistan holds premier ESG Symposium
ESG
Open
33
1/24/23
Bank of France launches online educational game to teach young adults how to better manage their personal finances
Financial literacy
Open
34
1/24/23
Georgia launches new national strategy for financial education
Financial literacy
Open
35
1/24/23
Georgia launches new national strategy for financial education
Financial literacy
Open
36
1/24/23
ESMA shares preliminary data on the impact of the EU’s market correction mechanism
ESG
Open
37
1/23/23
ECB’s Fabio Panetta reiterates key digital euro design choices
CBDC
Open
38
1/23/23
SAMA announces domestic wholesale CBDC project
CBDC
Open
39
1/23/23
Saudi Arabian Monetary Authority issues licenses to two debt crowfunding providers
Crowdfunding
Open
40
1/23/23
NY State Department of Financial Services issues new guidance on virtual currency custody
Crypto
Open
41
1/23/23
Italian Securities Commission issues paper on tokenized equity and tokenized stocks
Digital assets
Open
42
1/23/23
BaFin increases focus on interest rate risks
Risk analysis & outlook
Open
43
1/23/23
U.S. OCC solicits research on emerging risks in the banking system
Risk analysis & outlook
Open
44
1/23/23
UK PRA issues results of 2022 insurance stress test
Stress testing
Open
45
1/23/23
ESMA launches new website
Open
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