In its February 2023 discussion paper (DP23/2) relating to the UK regulatory regime for asset management, the UK’s Financial Conduct Authority (“FCA”) briefly touched on fund tokenisation as an area of technological drive and...more
The FCA has published a Portfolio letter setting out its priorities for payments and e-money firms amidst tightening economic conditions and the cost-of-living crisis. Among the three outcomes that it has set for firms in...more
Consumers and service providers should take note of some of the enhanced risks upon an e-money institution’s insolvency. Technology is rapidly changing the way customers and businesses interact with financial systems....more
On 7 December 2021, the FCA published a second consultation paper (CP21/36) on the proposed "Consumer Duty" (the "Second Consultation"). The FCA's first consultation on this topic (CP21/13) was published in May 2021 and...more
Following on from the consultation paper issued in January 2021, the FCA has now published a Policy Statement setting out the amendments which will be made to the SCA-RTS and to the guidance in the Payment Services and...more
The last five years have seen a substantial increase in the number and variety of regulated firms operating in the United Kingdom, with the development in particular of financial services provided by new technology firms,...more
UK contactless card payments limit: FCA consults on increase - In a COVID-19 update on mortgages, consumer credit, banking and payments, the UK Financial Conduct Authority (FCA) announced that it intends to consult on...more
Barely a month since the end of the post-Brexit transition period, the FCA is consulting on changes to the onshored SCA-RTS and to the guidance in its Payment Services and E-Money Approach Document (and PERG). ...more
HM Treasury has released proposals to amend the U.K.’s financial promotion rules to subject unregulated crypto-assets to the financial promotions regime. The Government proposals aim to enhance consumer protection, ensure...more
The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19. On 9 July 2020, the FCA published its...more
COVID-19: FCA consults on updated temporary guidance for motor finance and HCSTC agreements - On 3 July 2020, the UK Financial Conduct Authority (FCA) published for consultation updated temporary guidance for firms, which...more
CHAPS enhanced ISO 20022 messages: BoE industry review - The Bank of England (BoE) has published an industry review of the CHAPS enhanced ISO 20022 messages....more
Electronic money or e-money has been subject to regulation in the EU since April 2002 when the first Electronic Money Directive 2000/46/EC (“EMD1”) established the regulatory framework. However, there have been difficulties...more
The UK Financial Conduct Authority (FCA) has published Sector Views, its annual report examining how each financial sector is performing....more
The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more
On 31 July 2019 the UK Financial Conduct Authority (FCA) published final Guidance on the cryptoasset activities within its regulatory perimeter, in response to feedback on its January 2019 consultation paper and as trailed in...more
U.S. Developments - Regulatory Developments - Commissioner Hester Peirce Speaks Before the SUSS Convergence Forum: Inclusive Blockchain Finance, and Emerging Technologies - On August 1, 2019, Securities and Exchange...more
FCA finalises guidance on cryptoassets and consults on product intervention measures. FCA guidance on the regulation of cryptoassets - As previously reported in this blog, the FCA consulted on guidance on cryptoassets...more
From August 2019, certain existing FCA rules and guidance will extend to payment service providers and e-money issuers in a signal that the FCA wants a consistent approach to consumer protection. The FCA has published a...more
Following its commitment within the report issued on 30 October 2018 by the UK’s Cryptoassets Taskforce1, on 23 January 2019 the FCA issued a Consultation Paper (“CP 19/3”)2 setting out draft regulatory guidance in respect of...more