On 12 December 2019, the FCA updated its webpage on the senior managers and certification regime (SMCR) for solo-regulated firms. The updated webpage provides a note on Approved Persons Regime (APR) applications that were in progress at the commencement of the SMCR. For core and limited scope firms, the FCA has automatically converted APR applications in progress to applications for the relevant senior management function (SMF). These firms will need to submit a Statement of…

On 12 December 2019, the FCA updated its webpage on the new anti-money laundering (AML) and counter-terrorist financing (CTF) regime for crypto-assets. From 10 January 2020, the FCA will become the AML / CTF supervisor of UK crypto-asset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended (MLR 2017). The updated FCA webpage sets out a list of crypto-assets activities that come within the scope…

On 11 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets. The Regulation will enter into force on the twentieth day following its publication in the OJ (31 December 2019) and will apply from that date. However, Article 1 which amends the Market Abuse…

On 12 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2099 amending Regulation (EU) 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (EMIR 2.2). EMIR 2.2 will enter into force on the twentieth day following its publication in the OJ (1 January 2020) and will apply from that date.…

On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on administrative and criminal sanctions and other administrative measures imposed by Member State competent authorities (NCAs) under the Market Abuse Regulation (MAR). The report covers the period from January to December 2018 and contains aggregated information on administrative and criminal sanctions and other administrative measures imposed in the EU on the basis of MAR during this timeframe. ESMA explains…

On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on sanctions (penalties and measures) imposed by Member State competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive. The report covers the period from January to December 2018. ESMA found that the number of NCAs issuing sanctions remains stable at 15. However, compared to the previous report for 2016-2017, the total number of sanctions…

On 12 December 2019, the Basel Committee on Banking Supervision (Basel Committee) published a discussion paper seeking views on a range of issues related to the prudential regulatory treatment of crypto-assets. The responses to the discussion paper will inform the Basel Committee’s development of a prudential treatment for crypto-assets at large, including for crypto-assets that are issued by regulated financial institutions, or that make use of stabilisation tools. The Basel Committee is continuing to assess…