Validus in Practice (ViP)

MiCA Regulation Will Be Fully In-force by December 2024 – By Jonathan Dixon, Director of Regulatory Affairs, EMEA   The world of cryptocurrencies and digital assets has been rapidly expanding, presenting both opportunities and challenges for regulators. As governments strive to protect investors, combat financial crime, and foster innovation, the European Union (EU) has taken …

Markets in Crypto Assets (MiCA) and Trade Surveillance Regulatory Requirements Read More »

The Commodity Futures Trading Commission (CFTC) in May 2023 levied a $45 million fine against a tier-1 bank for engaging in spoofing in the US dollar swaps market, other deceptive and manipulative trading practices related to the bond issuer swaps market, and communication recordkeeping failures for mobile devices. This enforcement action is notable for applying …

Market Manipulation Spoofing Case Against Registered Swap Dealer Read More »

By Martina Rejsjö, Director of Regulatory Affairs, Eventus   SEC Charges an Asset Management Firm for Abusive Bond Trading The Securities Exchange Commission (SEC) has brought charges against an asset management firm and its founder relating to their advice and execution of trades in clients’ fixed income portfolios. The firm agreed to pay more than …

Monitoring for Fixed Income Market Manipulation Read More »

By Mike Castiglione, Director of Regulatory Affairs, Digital Assets, Eventus   Cracking Down on Financial Misconduct and Market Manipulation The U.S. Securities and Exchange Commission (SEC) and Commodities Future Trading Commission (CFTC) are each asking Congress for about a 13 percent increase in funding for fiscal year 2024 in part to expand their enforcement and …

SEC and CFTC Request Double-Digit Budget Increases in Part to Expand Trade Surveillance Capabilities Read More »

By: Christopher Waitz, Director of Regulatory Affairs, Eventus   The prohibition against disruptive trading practices and market manipulation is a foundational element for most regulatory and self-regulatory regimes globally. Certain abusive behaviors, such as Spoofing or Marking the Close (also known as “Banging the Close”), receive the most attention from regulators and compliance teams. However, …

Monitoring for Disruptive Trading and Adverse Price Impact Read More »

By: Mike Castiglione, Director of Regulatory Affairs, Digital Assets, Eventus   The National Futures Association (NFA) in March 2023 proposed a new rule to expand its anti-fraud, trade monitoring, and supervision requirements on all members that engage in digital asset commodities activities, in both derivative and spot markets. This rule goes into effect on May …

National Futures Association Anti-Fraud Rule 2-51 for Digital Assets Read More »

By: Mike Castiglione, Director of Regulatory Affairs, Digital Assets, Eventus   Only 15 percent of cryptoasset applicants have gained approval under the UK Financial Conduct Authority (FCA) anti-money laundering (AML) and countering-terrorist finance regime, according to a recent FCA notice. To assist applicants, the FCA offers guidelines about what constitutes good and bad applications to …

UK’s Financial Regulator Gives AML Application Guidance Read More »

By: Mike Castiglione, Director of Regulatory Affairs, Digital Assets, Eventus   The UK Treasury (HMT) published a consultation paper on February 1, 2023 to outline its thinking about expanding crypto regulations, such as applying elements of the Market Abuse Regulation (MAR) that covers other asset classes and to give crypto trading venues monitoring responsibilities. The …

UK Cryptoasset Policy Paper Emphasizes Market Abuse Rules Read More »

By: Christopher Waitz, Director of Regulatory Affairs, Eventus   Last year, U.S. futures exchanges continued to pursue enforcement action, with fines up to $500,000, for each violation of exchange Operator ID rules. The Operator ID, commonly known as “Tag 50” due to the data field used by CME group exchanges, is used to uniquely identify …

Tag 50: US Future Exchanges’ Operator ID Rules Read More »

By Sofia Österberg, Director of Client Success, Eventus   In their latest “Dear CEO” letter, the FCA highlighted a series of risks that wholesale brokers must be focused on, with some brokers likely requiring immediate attention and improvement in a number of areas. Despite progress in governance and compliance controls at larger firms, the FCA …

FCA Asking Wholesale Brokers to Prepare for a Series of Risks Read More »