Top 5 Roundups of 2020
As we come to the end of a turbulent 2020, we have been reviewing what Waymark users have been using our platform for, and in the coming days will be letting you know the Top 5 news items, insight articles, and enforcement cases that have generated the most interest.
We have put hundreds of new alerts, case decisions and articles onto our platform during the year - and knowing which ones have been the most popular is a fascinating clue to the concerns of our users who come from financial institutions, law firms, and regulators.
This week we continue with the most popular roundup articles of 2020.
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FCA becomes AML/CTF supervisor for UK cryptoasset activities
In a roundup piece on our regulatory enforcement insights platform on 10th January 2020, the FCA became the anti-money laundering and counter-terrorist financing supervisor for all business engaging in specific cryptoasset activities falling under the amended Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (also referred to as MLRs). All UK-based businesses carrying out these defined cryptoasset activities would now fall within the regulatory scope of the above and would need to fully comply with those requirements.
ESMA provides guidance on the compliance function funder MiFID II
In our roundup of 5th June 2020, we wrote about how the European Securities and Markets Authority published final guidelines on the compliance function of MiFID II. The new guidelines replaced all other ESMA guidelines issued in 2012. These newer guidelines included updates to augment transparency and bring about better convergence in the application and control of the updated MiFID II compliance function obligations.
ESMA provides update on 3rd country venues for the purpose of transparency and positions limit
At the beginning of June, our roundup relating to the above transparency and positions limit noted how ESMA had published its updated opinions on post-trade transparency and position limits under MiFID II and MiFIR subsequent to its assessment of more than 200 third country trading venues, (also referred to as TCTVs), against the requirements published within its opinions of 2017.
FCA consults on extending the implementation deadlines for the Certification Regime and Conduct Rules
A roundup on 17th July 2020 detailed how the FCA published consultation paper CP20/10 (Extending implementation deadlines for the Certification Regime and Conduct Rules) for making amendments to its own rules after the extension to the deadline. The extension referred to the need for solo-regulated firms to have fully applied the Certification Regime by a specific date. This deadline by which firms were to have first evaluated the correctness and suitability of their Certified Staff would be changed from 9th December 2020 to instead be 31st March 2021.
SEBI Chairman interacts with investors who emphasise need for early finalisation of direct listing scheme
Shri Ajay Tyagi, Chairman of the Securities Exchange Board of India, was confirmed to have interacted with various stakeholders and investor associations from the US electronically. In our roundup of 28th October 2020, it was noted that this was arranged by the US India Strategic Partnership Forum (USISPF). During the interaction, US investors and stakeholders underlined the need for early finalisation of the direct listing scheme, development of the Corporate Bond market, and additional reforms in IPO regulations. The participants nevertheless welcomed the numerous initiatives taken by SEBI that would carry with them the potential to entice more foreign investment while still advancing the domestic economy.
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