In our latest article, first published in the October 2021 edition of Butterworths Journal of International Banking and Financial Law, our payments regulation experts Mark Simpson and Julian Hui report on Ipagoo and highlight some issues for practitioners.
The UK Financial Conduct Authority (FCA) has announced a ban on the sale of crypto-derivatives and exchange traded notes (ETNs) that reference certain types of crypto-assets (crypto-ETNs) to retail consumers. Firms who carry out marketing, distribution or selling activities in or from the UK of the relevant products to retail clients, will need to comply with these rules by 6 January 2021.
The FCA has reopened the notifications window for its temporary permissions regime (TPR). EEA firms and fund managers wishing to use the TPR should notify the FCA by the end of 30 December 2020.
The UK’s JMLSG has published new sectoral guidance on how cryptoasset businesses should manage money laundering risk.
On 20 July 2020, HM Treasury launched a consultation proposing to reform the regulatory framework for approval of financial promotions. HMT’s proposals are potentially far-reaching and may have important implications for the way that certain firms conduct business.
The European Commission published an updated list of high risk third countries in respect of AML/CTF due diligence.