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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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Featured News

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.

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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.

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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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1/27/23

BVI Financial Services Commission issues Virtual Assets Service Providers Act

Crypto

Open

1/27/23

HM Treasury closes off Energy Markets Financing Scheme without any applicants

ESG

Open

1/27/23

ESMA publishes data for the quarterly liquidity assessment of bonds

Liquidity risk

Open

1/27/23

Bank of Mozambique launches 4th edition of its regulatory sandbox

Regulatory sandbox

Open

1/27/23

Bank of England issues organizational code

Open

1/27/23

IOSCO publishes second edition of its report on the global investment funds industry

Open

1/27/23

FRB issues policy statement on state banks’ limitations to engage in novel banking activities including crypto

Crypto

Open

1/26/23

DNB issues EUR 3.3 million fine against Coinbase over non-registration

Enforcement

Open

1/26/23

Reserve Bank of New Zealand issues investigation guidelines under its new enforcemetn framework

Enforcement

Open

1/26/23

EBA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards

ESG

Open

1/26/23

EIOPA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards

ESG

Open

1/26/23

ESMA issues its opinion to the European Commission on the draft European Sustainability Reporting Standards

ESG

Open

1/26/23

MFSA announces participation in newly launched EU TSI Multi-Country Project on sustainable finance

ESG

Open

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

1/25/23

Cyprus SEC study highlights vulnerabilities in retail investors’ investment decision-making processes

Consumer protection

Open

1/25/23

FCA highlights areas of focus for firms implementing the Consumer Duty

Consumer protection

Open

1/25/23

ECB enters into MoU with six EU Member States to improve supervision cooperation and information exchange

Cooperation

Open

1/25/23

U.S. SEC proposes rule to prohibit conflicts of interest in certain securitizations

Corporate governance

Open

1/25/23

ESMA and the UK FCA agree MOU on the recognition of UK benchmark administrators in the EU

Financial benchmarks

Open

1/25/23

ESRB issues recommendations amid elevated vulnerabilities in the European commercial real estate sector

Financial stability

Open

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

1/25/23

Jersey FSC publishes thematic examination programme for 2023

Strategy & priorities

Open

1/25/23

Bermuda Monetary Authority publishes 2023 business plan

Strategy & priorities

Open

1/25/23

South African Reserve Bank publishes comprehensive report on the lessons from the Covid-19 pandemic in South Africa

Open

1/25/23

UK FCA publishes guidance for cryptoassets business registration applications under the AML/CFT regime

Crypto

Open

1/25/23

BIS publishes latest update on global CBDC activity

CBDC

Open

1/24/23

U.S. CFPB seeks public input on the consumer credit card market

Consumer protection

Open

1/24/23

ECB presents new statistical climate-related indicators

ESG

Open

1/24/23

Bank of Lithuania establishes climate change centre

ESG

Open

1/24/23

FINMA issues new guidance on the management of climate risk for supervised entities

ESG

Open

1/24/23

Central Bank of Iraq launches ESG scorecard report for the Iraqi banking sector

ESG

Open

1/24/23

Securites & Exchange Commission of Pakistan holds premier ESG Symposium

ESG

Open

1/24/23

Bank of France launches online educational game to teach young adults how to better manage their personal finances

Financial literacy

Open

1/24/23

Georgia launches new national strategy for financial education

Financial literacy

Open

1/24/23

Georgia launches new national strategy for financial education

Financial literacy

Open

1/24/23

ESMA shares preliminary data on the impact of the EU’s market correction mechanism

ESG

Open

1/23/23

ECB’s Fabio Panetta reiterates key digital euro design choices

CBDC

Open

1/23/23

SAMA announces domestic wholesale CBDC project

CBDC

Open

1/23/23

Saudi Arabian Monetary Authority issues licenses to two debt crowfunding providers

Crowdfunding

Open

1/23/23

NY State Department of Financial Services issues new guidance on virtual currency custody

Crypto

Open

1/23/23

Italian Securities Commission issues paper on tokenized equity and tokenized stocks

Digital assets

Open

1/23/23

BaFin increases focus on interest rate risks

Risk analysis & outlook

Open

1/23/23

U.S. OCC solicits research on emerging risks in the banking system

Risk analysis & outlook

Open

1/23/23

UK PRA issues results of 2022 insurance stress test

Stress testing

Open

1/23/23

ESMA launches new website

Open

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