Financial Institutions Regulation

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RegZone provides you with expert analysis and daily news from the fast-changing world of European financial institution regulation for those working in banking and finance, insurance, funds and asset management and securities and derivatives.

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Recent Articles

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    11/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 1)

    2023 will be remembered as the year the cogs of the UK legislative and regulatory machine finally began to crank meaningfully into gear in relation to cryptoassets, with a raft of legislation, consultations and discussion papers published. Through these initiatives, the UK is paving the way for a comprehensive regulatory regime to rival those in other jurisdictions with early-mover advantage, such as the European Union, Dubai, Singapore and Hong Kong.With a range of critical frameworks and rules set to be enacted in 2024, the pace of this legislative and regulatory development shows no sign of...
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    08/03/2024
    United Kingdom

    The new UK Private Intermittent Securities and Exchange System or “PISCES” – 10 things you need to know

    On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”.  This was first discussed in 2022 as part of the so-called Edinburgh Reforms and is a significant development in the UK capital markets.  This article outlines 10 key points in the consultation.1. What is PISCES?A PISCES is a platform for secondary trading in freely transferable shares issued by UK or non-UK companies that are not admitted to trading on a public...
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    07/03/2024
    United Kingdom

    Introduction to Crypto-Asset Reporting Framework, the new OECD international standard on automatic exchange of information and amendments to the CRS

    In 2023, the OECD conducted its first comprehensive review of the Common Reporting Standard (“CRS”) since CRS was adopted by the OECD in 2014. This has resulted in amendments in two key areas:(A) The introduction of a new tax transparency Crypto-Asset Reporting Framework (“CARF”) which provides for the automatic exchange of tax information on transactions in Crypto-AssetsThis is to address the emergence of Crypto-Assets, which can be transferred and held without interacting with traditional financial intermediaries and without any central administrator having full visibility...
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    06/03/2024
    United Kingdom

    FCA sends Dear CEO letter to firms in warning over money laundering failings

    The Financial Conduct Authority (“FCA”) has sent a Dear CEO letter (the “Letter”) to Annex 1 Firms warning them about common failings found in their ability to prevent money laundering, terrorist financing and proliferation financing (hereafter “Financial Crime”). This forms part of the FCA’s enhanced monitoring of Annex 1 Firms in relation to their Financial Crime controls and its increasingly proactive approach in enforcing its regulatory expectations.The FCA is asking Annex 1 Firms to carry out a gap analysis against the failings it has identified...
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    26/02/2024
    England and Wales

    Law Commission’s draft Digital Assets Bill – welcome news for the UK

    Following an extensive consultation and publication of its final report in June 2023, the Law Commission has now published its draft Digital Assets Bill (the “Bill”). The Bill is designed “to ensure that the law remains dynamic, highly competitive, and flexible, so that it can support transactions and other arrangements involving digital asset technology” and aims “to help to achieve the UK Government’s stated goal of the jurisdiction of England and Wales becoming a global hub for digital assets, and in particular, for crypto-tokens and crypto-token systems”.The...
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    15/02/2024
    Luxembourg

    CSSF publishes updated money-laun­der­ing/ter­ror­ist financing risk assessment for the private banking sector

    On 7 February 2024, the Luxembourg supervisory authority for the financial sector (Commission de Surveillance du Secteur Financier, “CSSF”) released the updated Private Banking Sub-Sector money laundering/terrorist financing (“ML/TF”) Risk Assessment (the “2023 PBSSRA”).The 2023 PBSSRA pertains to all supervised entities carrying out private banking activities, and in particular to (i) private banks when carrying out asset management services (i.e. custody of financial assets and investment services) and ancillary services (i.e. current account banking, credit...
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