Germany has adopted a new regulatory regime for crypto assets in connection with the implementation of the Fifth Anti-Money Laundering Directive (AMLD5). On 29 November 2019, the second chamber of the German parliament (Bundesrat) approved the “Act on the Implementation of the Amendment Directive to the Fourth EU Money Laundering Directive” (Gesetz zur Umsetzung der Änderungs­richt­linie zur Vierten EU-Geldwäscherichtlinie) which will enter into force on 1 January 2020. The German AMLD5 implementation act (link to the…

On 5 December 2019, the PRA published Consultation Paper: Outsourcing and third party risk management (CP30/19). In CP30/19 the PRA sets out its proposals for modernising the regulatory framework on outsourcing and third-party risk management. The PRA’s proposals pursue the following objectives: complement the policy proposals on operational resilience in Consultation Paper: Operational resilience: impact tolerances for important business services (CP29/19), which was published alongside CP30/19; facilitate greater resilience and adoption of the cloud and other…

On 5 December 2019, the FCA, PRA and Bank of England (together the regulators) published joint consultation papers on operational resilience in the financial services sector. The proposals develop and expand on the ideas set out in the regulators discussion paper in 2018 (see previous blog here). The proposals set requirements and expectations for firms and financial market infrastructure to identify their important business services by considering how disruption to the business services they…