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  • BIS publishes updates on its thinking on crypto-assets and CBDCs

    Recently the Bank for International Settlement (“BIS”) published two new updates relating to Fintech and crypto-assets: a statement on crypto-assets and the prudential measures firms should implement from the Basel Committee on Banking Supervision (“BCBS”); and a new report on Central Bank Digital Currencies (“CBDCs”) from the Committee on Payments ...
  • Italy - Brexit: Webpages of the Italian supervisory Authority on Brexit

    Unless a different decision is taken, the United Kingdom’s withdrawal shall be effective starting from 29 March 2019. According to the Withdrawal Agreement negotiated between the EU and the UK, following to UK’s exit from the EU, a transition period during which the European Treaties and the EU legislation will ...
  • Brexit - CONSOB Communication no. 4 issued on 14 March 2019 on OTC derivative contracts: Contract-continuity and operation of trading venues

    In view of Brexit and in the absence of a national transitional regime, CONSOB, in order to ensure the orderly trading conditions and to protect savers, deems it essential to provide operators with a specific information as to manage the measures that may be necessary in such scenario. Pursuant to ...
  • Implications for the provision of investment services and activities by intermediaries - CONSOB Warning Notice no. 3 of March 12, 2019

    On March 12, 2019, the Italian supervisory authority (CONSOB) released the “Warning notice” no. 3 relating to implications of Brexit in the general contest of financial services and intermediaries’ activities. The Warning notice is aimed to ensure the protection of investors, considering the material effects of a “No-deal” Brexit. The ...

    On 8 March, the FCA published the long-awaited final rules on the proposed new Financial Services Directory (the “FS Directory”). The introduction of the FS Directory is expected to be welcomed by firms and consumers alike. Following the FCA’s consultation during the summer/autumn of 2018, the emphatic industry view is ...
  • Brexit update for financial services firms - week ending 8 March 2019

    The week in outline: There were further announcements and publications about the financial services (FS) regulatory regime that would apply in a no-deal scenario i.e. if the UK leaves the EU without the transition period (TP) under the proposed Withdrawal Agreement (WA) (the ND regime). Details of the ND regime ...
  • FCA publishes results of its research into consumer attitudes to and awareness of crypto-assets

    On 7 March 2019 the FCA published the results of its research into consumer attitudes to and awareness of crypto-assets. The regulator had commissioned two pieces of research to understand both attitudes and motivations among crypto-asset customers, and the level of awareness of these products among consumers in general: the ...
  • New Dear CEO Letter for P2P Crowdfunding Platforms

    Last week the Financial Conduct Authority (the “FCA”) released a Dear CEO Letter for P2P Crowdfunding Platforms requesting that platforms review their wind-down arrangements. The Dear CEO Letter found that, following a recent supervisory review, some P2P firms are falling short of the standards set out in the FCA’s rules ...
  • Brexit update for financial services firms - week ending 1 March 2019

    In outline: Once again, most of the interesting publications this week relate to the regulatory regime for a no-deal scenario i.e. exit without a transitional period (TP) under the proposed withdrawal agreement (WA) (the ND regime). These relate to UK ‘near final’ regulatory rules, deposit protection arrangements and a UK/US ...
  • Final FCA rules for the rent to own sector confirm benchmarking and price caps to apply from April 2019

    On 5 March 2019 the FCA published its Policy Statement and finalised rules on rent to own ('RTO’) products and alternatives to high cost credit, taking account of the feedback received on its earlier consultation paper on this subject. We reported on the consultation paper and the proposed new rules ...