Finanzinstitut Regulierungen

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    28/03/2024
    United Kingdom

    FCA Publishes Finalised Guidance on Financial Promotions on Social Media

    The Financial Conduct Authority (“FCA”) has published its finalised guidance on financial promotions on social media (FG24/1) (the “Guidance”). This follows a consultation carried out by the FCA in July 2023 and replaces previous guidance (FG15/4). The Guidance clarifies the FCA’s regulatory expectations for firms and others, including influencers, regarding compliance with the UK’s financial promotions regime. Additionally, it explains how communications on social media might fall within the scope of the financial promotions regime and how the rules will function...
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    28/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 2)

    In Part 1 of this two-part series, we provided an overview of the myriad developments in the regulation of cryptoasset activities in the UK in 2023 and the first two months of 2024, and looked ahead to what is still to come.In Part 2, we take a step back to assess what these developments mean in the round for cryptoasset businesses providing services in or to the UK, and how that is set to change.A. Overview of the current and future landscapeCurrent position  Key takeawaysNon-security tokens: A business currently needs to be registered...
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    25/03/2024
    United Kingdom

    Introduction to the Crypto-Asset Reporting Framework

    The market for Crypto Assets is growing rapidly. Crypto Assets can be issued, recorded, transferred and stored in a decentralised manner, without the need to rely on traditional financial intermediaries or central administrators. Further, the Crypto-Asset market has given rise to a new set of intermediaries and other service providers, such as Crypto-Asset exchanges and wallet providers, which may currently only be subject to limited regulatory oversight. Overall, the characteristics of the Crypto-Asset sector have reduced tax administrations’ visibility on tax-relevant activities carried...
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    19/03/2024
    United Kingdom

    HM Treasury launches consultation on improving the effectiveness of the Money Laundering Regulations

    HM Treasury (“HMT”) has launched a consultation (the “Consultation”) on improving the effectiveness of Money Laundering Regulations 2017 (“MLRs”). The Consultation follows HMT’s 2022 review of the UK’s anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) regulatory and supervisory regime (the “2022 Review”), and the Economic Crime Plan 2023-26. While the 2022 Review concluded that the MLRs remain broadly fit for purpose and compliant with international standards set by the Financial Action Task...
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    11/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 1)

    2023 will be remembered as the year the cogs of the UK legislative and regulatory machine finally began to crank meaningfully into gear in relation to cryptoassets, with a raft of legislation, consultations and discussion papers published. Through these initiatives, the UK is paving the way for a comprehensive regulatory regime to rival those in other jurisdictions with early-mover advantage, such as the European Union, Dubai, Singapore and Hong Kong.With a range of critical frameworks and rules set to be enacted in 2024, the pace of this legislative and regulatory development shows no sign of...
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    08/03/2024
    United Kingdom

    The new UK Private Intermittent Securities and Exchange System or “PISCES” – 10 things you need to know

    On 6 March 2024, the UK Government published a consultation relating to a new type of share trading platform, referred to as a “Private Intermittent Securities and Exchange System” or “PISCES”.  This was first discussed in 2022 as part of the so-called Edinburgh Reforms and is a significant development in the UK capital markets.  This article outlines 10 key points in the consultation.1. What is PISCES?A PISCES is a platform for secondary trading in freely transferable shares issued by UK or non-UK companies that are not admitted to trading on a public...
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