RegTech IntelligenceThe UK Treasury’s fired a warning shot across the bow of digital assets businesses yesterday. The proposed regime will be a significant challenge for the current exchanges and digital asset firms who do not have access to institutional-grade RegTech solutions. With so much at stake, it is essential that those affected understand what impact these
The UK Treasury’s consultation on further crypto asset regulation signals a heavy compliance burden for crypto businesses and some vertically integrated firms may be required to restructure to gain authorisation. Crypto businesses operating in the UK must be registered with the Financial Conduct Authority (FCA) and compliant with the Money Laundering Regulation (MLR 2017). Around
Many of the financial regulatory reforms announced in Edinburgh on Friday by Jeremy Hunt, Chancellor of the Exchequer, had a familiar ring to them. Banks, investment firms and anyone selling products to or into the UK market will need to engage with the detail of what was published. “The Edinburgh Reforms seize on our Brexit
The regulatory spotlight on stablecoins has intensified this month with the Financial Stability Board (FSB) Crypto-asset paper noting[1] that many existing stablecoins still would not meet their recommendations. International risk management principles will be welcomed, but 2023 will be the year that the industry needs to define a better approach to managing compliance in a
This year we will be producing 3 seminars which will facilitate regulator, firm and supplier collaboration and to develop and encourage interoperability between TradeFi and digital waves. We are inviting Digital Asset, Crypto and TradFi market participants to join our 2022 Digital Finance Programme which will explore our global research and the role of Digital
We are pleased to release our 3rd RegCast today. This episode shines a spotlight on the new. digital capabilities required to track neo brokers, digital influencers (e.g., roaring kitty) and the new on-line herds of citizens that can influence market pricing (e.g., GameStop). Picking up with Sam Tyfield, Rachel Wolcott and Gavin Stuart where we
The European Securities and Markets Authority (ESMA) will look at potential risks in neo-brokers’ business models after MEPs raised concerns about payment for order flow (PFOF), short selling and market abuse. Tuesday’s ECON session at the European Parliament was dedicated to discussing the GameStop market event and its impact on EU markets. Steven Maijoor, ESMA’s
On 13 September 2017, JWG held their third Client Management Special Interest Group (CMS), with attendees from over a dozen buy-side, sell-side and technology firms meeting to discuss existing issues on cost and charges disclosure under MiFID II and PRIIPs obligations. The meeting was a productive one, whereby participants expressed concerns on the following areas:
A granular understanding of the several types of costs and charges is important for all market participants. These can have a substantial effect on investors’ returns (see graph below) and, if disclosed effectively, should facilitate market efficiency. With this in mind, regulators have gone to considerable lengths to implement all the necessary requirements related to the disclosure of all costs and charges
Introduction With less than 5 months left before the deadline for MiFID II on 3 January 2018, firms are still grappling with the implementation of MiFID II. One key area is the new product governance framework which has been enacted with the objective of ensuring that firms act in the best interests of their clients