US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and...more
11/8/2021
/ Banking Sector ,
Biden Administration ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Depository Institutions ,
FDIC ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The OCC granted preliminary conditional approval on April 23 to an application to charter Paxos National Trust (Paxos) as an uninsured national trust bank. Paxos, which currently operates as a New York state-charted limited...more
Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified...more
1/20/2021
/ Anti-Money Laundering ,
BSA/AML ,
Cryptocurrency ,
Financial Crimes ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Money Services Business ,
Peer-to-Peer ,
Popular ,
Regulatory Agenda ,
Virtual Currency
The Dodd-Frank Act amended the Commodity Exchange Act (the Act) to create a new regulatory framework for swaps, and added Section 2(i) to require the application of the Dodd-Frank Act swap requirements to activities that...more
2/7/2020
/ CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Cross-Border Transactions ,
Dodd-Frank ,
Financial Services Industry ,
Financial Transactions ,
New Guidance ,
Rulemaking Process ,
Swap Trading ,
Swaps
In late September, the director of the Division of Swap Dealer and Intermediary Oversight (DSIO) of the US Commodity Futures Trading Commission (CFTC), Joshua Sterling, announced a new examination program for commodity pool...more
Relief issued by the US Commodity Futures Trading Commission resolves any doubts that UK firms, as well as their swap counterparties and affiliates, may have had about whether no-action relief would continue to apply to UK...more
The US Securities and Exchange Commission (SEC) voted on December 19, 2018, to propose rules that would require the mandatory use of certain risk mitigation techniques by registered security-based swap dealers and major...more
The National Futures Association (NFA) recently proposed an interpretive notice that would require members that are commodity pool operators (CPOs) to adopt and implement internal controls systems designed to deter fraudulent...more