In a February 6, 2020 speech by Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA) described the successful results of a strategic and integrated approach to the FCA’s market integrity efforts. These efforts included enforcement, primary and secondary oversight and surveillance and wholesale supervision. Further, he issues a …
On March 29, 2021, The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a Notice to provide guidance on how securities legislation applies to Crypto-Asset Trading Platforms (CTPs) that facilitate trading so Security Tokens and Crypto Contracts. The Notice alerts CTPs that they are already subject to existing requirements …
In December 2020, the CFTC issued its second installment in a series of primers dealing with Digital Assets. In considering its oversight of digital assets, which includes concerns relating to unfair and deceptive sales practices, market manipulation, and other fraudulent schemes, the CFTC gives a nod to digital asset stakeholders. The CFTC notes that these …
At the beginning of November, the Financial Services and the Treasury Bureau (“FSTB”) released a public consultation seeking views on legislative proposals to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong for virtual asset service providers (VASPs) and dealers in precious metals and stones (DPMS). As part of its goal to enhance …
This Cryptocurrency Enforcement Framework is a culmination of the efforts behind the Cyber-Digital Task Force established by Attorney General Jeff Sessions within the U.S Department of Justice (DOJ) in 2018. Their initial report recommended that “the Department should continue evaluating the emerging threats posed by rapidly developing cryptocurrencies that malicious cyber actors often use.” This …
As part of the broader Digital Finance Strategy package, in late September, the European Commission published a new draft regulation on markets in crypto-assets (MiCA). Once formally adopted in the EU, the proposed legislation aims to achieve a harmonious path forward for regulating crypto-assets in the financial sector. Title VI of the proposal focuses on …
EMEA: European Commission Proposal for Crypto-Asset Regulation Read More »
On September 9, 2020, the FIA published a helpful set of guidelines for surveillance and market abuse in the UK and Europe. We have previously highlighted guidelines 5.5, 5.19, and 5.34, which generally require market participants to consider the broadest possible definition of MAR-identified behaviors, maintain triggers to prompt a review and update of risk …
A common thread for Asian regulators is that firms should focus on building out data and surveillance infrastructures to detect and mitigate risks relating to market abuse and AML/CFT efforts. Most importantly, regulators are focused on the expanded capability and use of technology to detect and mitigate relevant risks. This is well reflected in the …
