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Showing 51 - 60 of 1186 matches filtered by 'Banking and finance'

  • Spain: Preliminary draft bill for the creation of an independent administrative authority for financial services consumer protection

    On April 5, 2022, the Spanish Council of Ministers approved the Preliminary Draft Bill for the Creation of an Independent Administrative Authority on Financial Services Consumer Protection (hereinafter, the “Draft Bill”), to apply a set of changes to the relationship dynamic of financial institutions with their clients. The public hearing ...
  • Luxembourg: The ESAs published a revised Supervisory Statement on the application of SFDR

    I. Background Despite Level 1 of the Sustainable Finance Disclosure Regulation (SFDR) being applicable for over a year, the Level 2 requirements, set out in the draft Regulatory Technical Standards (RTS) are expected to be applicable on 1 January 2023. During the interim period prior the RTS, the application of ...
  • UK announces multiple developments to make the UK a global hub for cryptoassets – April 2022

    On 4 April 2022, key announcements were made regarding the development of the UK cryptoasset sector with the aim of making it a global hub for cryptoassets. HM Treasury (“HMT”) published a response to its January 2021 consultation and call for evidence confirming HMT’s intention to take steps in this ...
  • Ring-fencing review: what next?

    The final report of the independent panel for the Ring-fencing and Proprietary Trading review was published on 15 March 2022. The report, based on submissions and evidence submitted by a number of stakeholders to the panel, concludes that the ring-fencing regime has helped to improve the resilience of UK banking ...
  • Belgium: Registration requirements for virtual asset service providers

    Following the previously published newsletter regarding the new law that will require virtual asset service providers to comply with the anti-money laundering legislation, the Royal Decree setting out the registration requirements for both the providers of exchange services between virtual currencies and fiduciary currencies, and the custodian wallet providers (both ...
  • The Wholesale Markets Review – no “big bang”

    On 1 March 2022, HM Treasury published its response to its consultation on the Wholesale Markets Review (WMR), which closed on 24 September 2021. A relatively large number of organisations from across the industry participated in the consultation and the response engages in some detail with the feedback received. The ...
  • Belgium: Virtual asset service providers to be subject to FSMA supervision

    Last month, on 27 January, marked the end of an era when the provision of virtual asset services was not a regulated activity in Belgium. A law has now been adopted which amends the Belgian anti-money laundering law in order to, inter alia, regulate the provision of such services. Virtual ...
  • The Temporary Transitional Power (TTP) ends on 31 March: What Next?

    The application of the FCA’s and PRA's Temporary Transitional Power (TTP) will end on 31 March 2022. FCA and PRA authorised firms must ensure that they comply with all “onshored” EU legislation by this date. What is the TTP? Since the transition period following the UK’s exit from the European ...
  • Marketing cryptocurrencies in the UK: Latest developments

    There have been some recent and very important developments relating to the marketing of cryptocurrencies, also known as “cryptoassets” in the UK. On 18 January 2022, HM Treasury (“HMT”) published a Consultation Response (the “HMT Response”) following their Consultation Paper on Cryptoasset Promotions in July 2020 (the “HMT Consultation Paper”) ...
  • Reforming the Appointed Representative regime

    On 3 December, HMT published a call for evidence and the FCA published a consultation paper on changes to the Appointed Representative (AR) regime. While HMT and the FCA both acknowledge that the AR regime serves an important function, there is concern that it is now being used for purposes ...