Tag: regulation

1
It’s Happening in the UK: UK Treasury to Regulate Stablecoins
2
Post-Brexit: Significant Changes to UK Cross-Border Payments Regulation
3
Significant Changes are Coming: UK Payments Regulation
4
Remittance Companies in CFPB’s Crosshairs
5
New EU digital finance rules by the end of 2020
6
Proposed Regulations under the California Consumer Privacy Act
7
CFPB Seeking Comments On Possible Remittance Rule Revisions
8
The Future of Digital Asset Regulation: Key Regulators Give Their Thoughts at the D.C. Blockchain Summit (Part 1)
9
Weather Bureau IT mining cryptocurrencies?
10
Meet us at Money20/20!

It’s Happening in the UK: UK Treasury to Regulate Stablecoins

By Kai Zhang and Judie Rinearson

On 7 January, the UK Treasury published a consultation on its proposed approach to regulating stablecoins. https://www.gov.uk/government/consultations/uk-regulatory-approach-to-cryptoassets-and-stablecoins-consultation-and-call-for-evidence  Although the title of the consultation includes “cryptoassets” – this is the just first stage in the consultative process for cryptoassets, which focuses on stablecoins referred to as “stable tokens”. The consultation closes on 21 March. For US readers, a “consultation” is the start of regulatory process, not unlike an “Advance Notice of Proposed Rulemaking” or “ANPR” in the US.  The UK government sets out the supervisory perimeters, seeking input from the public, and leaving the detailed requirements to be designed by the regulators. Accordingly, the consultation discusses only general principles and the overall framework.

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Post-Brexit: Significant Changes to UK Cross-Border Payments Regulation

By Kai Zhang, Philip Morgan and Judie Rinearson 

The EU Cross-Border Payments Regulation 924/2009 (as amended by Regulation 2019/518) (EU CBPR) has been “onshored” with significant changes into UK law following the end of the Brexit transition period (i.e., since 1 January 2021). The EU CBPR applied directly in the UK until 31 December 2020. Essentially, the onshored UK CBPR regime only retains the transparency requirements on currency conversion charges under the EU CBPR. This means that UK payment service providers (PSPs) no longer have to comply with other requirements under the EU CBPR.

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Significant Changes are Coming: UK Payments Regulation

By Kai Zhang, Philip Morgan, and Judie Rinearson

The UK Financial Conduct Authority (FCA) commenced, on 28 January 2021, a consultation (CP21/3) on various changes to the UK regulation of payment services and electronic money. The proposals include amendments to the substantive regulatory requirements as well as changes to the FCA guidance. Similar to an Advance Notice of Proposed Rulemaking (ANPR) in the US, the consultation seeks industry and public feedback, and is fully expected to lead to formal regulation in the near future.

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Remittance Companies in CFPB’s Crosshairs

By Jeremy McLaughlin and Judie Rinearson

The Consumer Financial Protection Bureau (CFPB) recently announced settlements with two remittance transfer providers for violations of the Electronic Funds Transfer Act (EFTA) and the Remittance Rule, part of the regulation that implements the EFTA—an area in which there isn’t typically much CFPB enforcement activity.

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New EU digital finance rules by the end of 2020

By Giovanni Campi

In a recent address on digital finance in the context of the European Commission’s Digital Finance Outreach, European Commission Executive Vice-President Valdis Dombrovskis, shared some of the Commission’s thinking on technological innovation and digital finance.

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Proposed Regulations under the California Consumer Privacy Act

By Linda Odom and John ReVeal

On October 10, 2019, the California Attorney General issued proposed regulations under the California Consumer Privacy Act (CCPA). The Attorney General will hold four public hearings, on December 2 through December 5, 2019, during which statements or comments may be presented, orally or in writing. Written comments in addition to those submitted at the public hearing also may be mailed or emailed to the Attorney General’s office until 5:00 p.m. on December 6, 2019.

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CFPB Seeking Comments On Possible Remittance Rule Revisions

By Daniel S. Cohen and Jeremy M. McLaughlin

On April 25th, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a request for information (“RFI”) asking for input about the scope of its Remittance Rule (the “Rule”), whether the Bureau should exempt certain small financial institutions from the Rule, and how the expiration of the Rule’s “temporary exemption” for insured depository institutions and credit unions would adversely affect consumers.  Comments are due 60 days after publication in the Federal Register.

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The Future of Digital Asset Regulation: Key Regulators Give Their Thoughts at the D.C. Blockchain Summit (Part 1)

By Daniel S. Cohen

On March 6th, the Chamber of Digital Commerce held its Fourth Annual D.C. Blockchain Summit. SEC Commissioner Hester Peirce and CFTC Chairman J. Christopher Giancarlo headlined the event. After the cheers for “Crypto Mom” and “Crypto Dad” died down, Commissioner Peirce and Chairman Ginacarlo shared their general views on next steps for digital asset regulation and principles by which regulators should oversee emerging financial technologies.

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Weather Bureau IT mining cryptocurrencies?

By Cameron Abbott and Allison Wallace

The Australian Federal Police are investigating two members of the Bureau of Meteorology’s IT team for allegedly running an operation in which they made use of the Bureau’s powerful computers to “mine” cryptocurrencies.

It was revealed late last week that the AFP raided the Bureau’s Melbourne CBD offices on February 28, and questioned the two employees. No charges have been laid, or arrests made. Read More

Meet us at Money20/20!

K&L Gates is excited to be a part of Money20/20, the largest global event focused on payments and financial services innovation! Join us from October 22nd – 24th in Las Vegas, U.S.

We have several exciting events and programs taking place during the conference.

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