Focus Insight

The new prudential regime for investment firms: key points from the first FCA Consultation Paper

In December 2020, the Financial Conduct Authority (FCA) published the first of three planned Consultation Papers (CP20/24) (link) on the new UK…

02 February 2021

United Kingdom: COVID-19 - PRA allows cash bonuses of large UK banks to recommence

On 10 December 2020, the Prudential Regulation Authority (PRA) published a statement on capital distributions by large UK banks. In a move that…

22 January 2021

FDIC adopts final rule regarding ILC applications

The Federal Deposit Insurance Corporation (FDIC) approved on Dec. 15, 2020, a final rule that clarifies how it intends to treat applications…

22 January 2021

The Anti-Money Laundering Act of 2020: Congress enacts the most sweeping AML legislation since passage of the USA PATRIOT Act

On Jan. 1, 2021, the U.S. Senate overwhelmingly voted (81-13) to override President Trump’s veto of the National Defense Authorization Act for Fiscal…

19 January 2021

The UK consults on cryptoassets: are stablecoins the future of money?

Recent years have seen the growth of cryptoassets and COVID 19 has added fuel to the fire. But traditional forms of cryptocurrencies remain volatile…

19 January 2021

Summary Note on Open Banking Policy Issued by the Saudi Central Bank

The Central Bank of the Kingdom of Saudi Arabia (known as "SAMA") announced its preliminary open banking policy on 10 January 2021. The policy was…

18 January 2021

State Attorneys General File Suit Against OCC, Alleging History May Repeat Itself

A group of state Attorneys General, led by New York A.G. Letitia James, are attempting to stop the Office of the Comptroller of the Currency (“OCC”)…

17 January 2021

HM Treasury consults on UK regulatory approach to cryptoassets and stablecoins

On 7 January 2021, HM Treasury (“HMT”) published a consultation and call for evidence on the UK’s regulatory approach to cryptoassets and stablecoins…

14 January 2021

US FinCEN Intends to Require U.S. Persons to Report Interests in Non-US Crypto Accounts

The U.S. Financial Crimes Enforcement Network (“FinCEN”) released a notice on December 31, 2020 (the “December 31 Notice”) stating that it will…

12 January 2021

What next for cryptocurrencies? Current development of Virtual Asset regulations in the Republic of Korea

The government of Republic of Korea ("Korea") has been reluctant to officially regulate Virtual Assets (also known as cryptocurrencies) until…

11 January 2021

Get unlimited access to all Global Banking Regulation Review content