Politics, Legal & Regulation

June 15, 2024 @ 7:11 pm By Omar Faridi  |  

The Central Bank of Kuwait (CBK) has added 2 new companies to e-payment services providers, e-Money services providers and e-payment systems operators register. Continuing its efforts to encourage innovation in financial services, enhance electronic payment services and regulate these activities, ensure providing high-quality, efficient and… Read More

June 15, 2024 @ 3:13 pm By Omar Faridi  |  

Over 25% of the 474 investigations carried out by the MFSA in 2023, were related to persons or entities which were suspected of undertaking licensable activities without having obtained the necessary authorizations, or scams. These investigations include suspicious activity or dubious schemes which “appeared to… Read More

June 14, 2024 @ 7:33 am By JD Alois  |  

The Securities and Exchange Commission (SEC) reports that Terraform Labs PTE, Ltd. and founder Do Kwon will pay a $4.5 billion penalty as they have been found guilty of a “years-long fraud.”  It was previously reported that the SEC was seeking a $5.3 billion settlement…. Read More

June 13, 2024 @ 5:00 pm By JD Alois  |  

Earlier today, the White House announced that Christy Goldsmith Romero has been appointed to lead the Federal Deposit Insurance Corporation (FDIC). It was reported earlier this week that President Joe Biden would select Goldsmith Romero to take over leadership of the financial regulator following several… Read More

June 12, 2024 @ 10:50 pm By Omar Faridi  |  

Crypto.com, which claims to be “trusted” by more than 100 million customers worldwide and the firm focused on regulatory compliance, security and privacy, announced that it has received approval as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland. This approval follows… Read More

June 12, 2024 @ 10:46 pm By Omar Faridi  |  

The Financial Services Regulatory Authority (FSRA) of ADGM and the Bermuda Monetary Authority (BMA) have recently announced the signing of a joint Digital Assets Memorandum of Understanding (MoU). The MoU creates a framework “enabling the collaboration between the BMA and the FSRA to support the… Read More

June 12, 2024 @ 12:40 pm By JD Alois  |  

While it should be obvious to everyone, high individual taxes hinder investment and innovation and diminish wealth creation – which can create benefits for all. The flipside to high taxes is a central authority that provides more social services, or entitlements, to the population while… Read More

June 11, 2024 @ 10:13 am By JD Alois  |  

Martin Gruenberg, the FDIC Chairman, announced that he was resigning from the agency last month. The news was not unexpected, as egregious reports of sexual harassment and a toxic work environment have challenged the FDIC under his leadership for some time now. The final straw… Read More

June 10, 2024 @ 11:23 pm By Omar Faridi  |  

The Government in Australia reportedly introduced new consumer protection legislation for Buy Now Pay Later (BNPL) that will see BNPL operators “regulated as consumer credit.” Most BNPL products are “not currently covered by the National Consumer Credit Act (Credit Act) meaning these providers are not… Read More

June 10, 2024 @ 7:45 pm By Omar Faridi  |  

The FDIC has recently released a consent order made against a Tennessee banking institution as part of its publication of January 2024 Enforcement Decisions and Orders. The FDIC said that within 60 days of the effective date of the consent order, the banking institution needs… Read More

June 10, 2024 @ 4:02 pm By Omar Faridi  |  

The Consumer Financial Protection Bureau (CFPB) finalized a rule outlining the qualifications to become a recognized industry standard setting body, which can issue standards that companies can use “to help them comply with the CFPB’s upcoming Personal Financial Data Rights Rule.” The rule identifies the… Read More

June 10, 2024 @ 10:13 am By JD Alois  |  

Last week, Chris Hemsley announced his exit as Managing Director of the Payment Systems Regulator (PSR). Replacing Hemsley is Interim Managing Director David Geale, who takes over today (June 10th). The PSR said that Hemsley was leaving the agency to become a director with Fingleton,… Read More

June 9, 2024 @ 6:29 pm By JD Alois  |  

Last month, the SEC Small Business Capital Formation Advisory Committee (SBCFAC) told the Commission to make the definition of an Accredited Investor more inclusive. This is not the first time the Committee has advised the Commission to update the definition and make it more rational… Read More

June 8, 2024 @ 9:30 pm By Tony Zerucha  |  

The American Fintech Council (AFC), an industry association representing Fintech companies and banks, applauded the Office of the Comptroller of the Currency (OCC) on the expansion of REACh 2.0 and continued commitment to collaboration. The AFC said the agency has continued its pragmatic approach to… Read More

June 7, 2024 @ 1:08 pm By JD Alois  |  

The SEC’s Private Fund Advisor rule has been vacated by the courts. In August 2023, the SEC enacted the new rules, claiming they would enhance the regulation of private fund advisers by requiring annual audits, fairness and valuation opinions, and quarterly statements. SEC Chairman Gary Gensler… Read More

June 6, 2024 @ 10:51 am By Omar Faridi  |  

To ensure a smooth transition for local banks to comply with the new and amended requirements arising from the Banking package, which was recently adopted by the European Parliament and the Council of the European Union, the MFSA has issued a Dear CEO Letter to… Read More

June 6, 2024 @ 7:08 am By Omar Faridi  |  

Anchorage Digital Bank N.A. is the only federally-chartered bank not impacted by Staff Accounting Bulletin No. 121 (SAB 121), allowing them to provide custody at scale to institutional clients across the crypto ecosystem. The goal of SAB 121—to ensure that investors are “informed about the… Read More

June 6, 2024 @ 7:05 am By Omar Faridi  |  

The Autorité des Marchés Financiers (AMF) warns the public about the activities of several fraudulent market participants and publishes a new ‘blacklist’ (focused on crypto-assets service providers in France). As part of its update, the AMF is adding “to and reorganizing the list of websites… Read More

June 5, 2024 @ 11:13 pm By JD Alois  |  

The European Central Bank (ECB) is expected to cut interest rates tomorrow (June 6) as growth flags across Europe. Earlier today, the Bank of Canada reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5%, noting that the global economy… Read More

June 5, 2024 @ 2:33 pm By JD Alois  |  

Recently, the head of the FDIC was compelled to resign. Following an independent review of the financial regulator’s management, some Democrats called for FDIC Chairman Martin Gruenberg to step down. Gruenberg decided to part ways with the FDIC when the review shared that between January… Read More