Tag: Regulation

Regulation

Cryptoasset Manager Granted FCA License

Prime Factor Capital (PFC), a London-based cryptoasset management firm, has been granted a license by the UK’s Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). Under the EU’s AIFM Directive (AIFMD), full-scope AIFMs may manage in excess of €100 million in assets, allowing PFC to begin accepting institutional-size tickets. […]

Cryptocurrencies: Finding the Right Audience

Since the price of crypto assets spiked dramatically in 2017, many have been predicting that a wave of institutional money is going to come into the cryptocurrency market, bringing with it a flood of change.  However, speakers at Profit & Loss’ Forex Network London event argued that the “institutionalisation” of the crypto markets will play […]

CFTC Issues No Action Relief Regarding Swap Dealer Rules

The Commodity Futures Trading Commission (CFTC) has granted no-action relief to registered floor traders from compliance with rules relating to the “swap dealer” definition. According to the CFTC’s swap dealer definition, a registered floor trader does not need to consider cleared swaps executed on or subject to the rules of a designated contract market (DCM) […]

And Another Thing…

I see this week’s announcement that the UK’s Financial Conduct Authority (FCA) is to recognise the FX Global Code as a positive for the industry, not only because it may drag a few asset managers wary of their relationship with the UK regulator to the adherence table, but also because it highlights how a set […]

UK Regulator Recognises FX Global Code

Following a consultation process, the UK’s Financial Conduct Authority (FCA) has formally recognised two financial market codes of conduct, the FX Global Code and the UK Money Markets Code. To support and encourage the development and use of best practice industry codes of conduct, the FCA created a process to formally recognise those codes covering […]

Pan Steps Down at CFTC

Eric Pan is leaving his role as director of the Commodity Futures Trading Commission’s (CFTC) Office of International Affairs (OIA in August. Since 2015, Pan has led the office that advises the Commission on all international regulatory initiatives, provides guidance regarding international issues raised in CFTC matters, represents the agency in international groups such as […]

Bank Negara Launches Electronic Platform Consultation

Bank Negara, Malaysia’s central bank, has launched a consultation programme aimed at delivering standards for providers of multi-dealer FX and money market electronic platforms, including inter-dealer brokers. The bank has released an Exposure Draft and invited feedback before July 15 2019. The background to the proposed regulation is the continued scrutiny of offshore access to […]

Tarbert Confirmed as Next CFTC Chairman

Heath Tarbert, currently acting under secretary for international affairs at the US Department of the Treasury, has been confirmed by the Senate as a member and the next chairman of the Commodity Futures Trading Commission (CFTC). He will replace outgoing CFTC chairman, Christopher Giancarlo, on July 15. “I would like to extend enthusiastic congratulations to […]

FSB Report Sounds Warning on Fragmentation

A report issued this week by the Financial Stability Board (FSB) warns that differences between regional and national regulation is heightening the risk of market fragmentation, thus making it harder for global regulators to monitor markets and for global market participants to operate efficiently across borders. The report states, “Differences in rule-making could lead to […]

And Another Thing…

I read this week that UBS’ compliance head Markus Ronner believes that while they will inevitably remain high, compliance costs for the banking industry have peaked. There are undoubtedly a host of financial markets’ participants out there who fervently hope he is right, actually if it comes down to it, I hope he’s right! The […]