Gregg Whitbread’s Post

Fascinating webinar for those worried about the impact of sanctions on their derivative positions.

Consumer rights protection in trading – Ensure transparent risk warnings and avoid misleading claims. The European Securities and Markets Authority (ESMA) continues to protect consumers, largely through the MiFID II directive. Among others, ESMA repeatedly issues warnings for retail investors when trading complex financial instruments, like CFDs (Contracts for Difference) and crypto assets and forces some brokers to rethink their marketing strategies and provide clearer risk warnings. Regulations place demands also on company management and internal policies that must be in effect. We can now see the consequences of non-compliance with MiFID II in numbers as ESMA published the first consolidated report on sanctions. In 2023, over 970 sanctions were imposed across EU member states in the financial sector. MiFID II has its own significant chunk of imposed administrative fines of €18.26 million making it more than 25 % value of administrative fines imposed by NCAs (National Competent Authorities) under any EU Act. The highest fine was €7.76 million for breaches of conflicts of interest requirements and general investor protection principles and the provision of information to clients. Find the consolidated report here: https://lnkd.in/ekt5mfc9 #lawandTrading #consumerRights #MiFIDII

Global Cryptoasset Regulatory Landscape Study – Emerging Practices and Early Lessons Learned

"No LEI, No Trade" As global regulations tighten, the Legal Entity Identifier (LEI) is becoming a non-negotiable for financial transactions. From #securities trading to cross-border payments, the LEI ensures transparency, reduces fraud, and simplifies compliance. Why it matters: - Enables seamless counterparty identification - Supports regulatory compliance globally - Speeds up processes like KYC and onboarding Without an LEI, businesses risk being excluded from critical financial ecosystems. Don’t let “no LEI” mean, no opportunity. https://lnkd.in/eqpGtZ_u Ubisecure RapidLEI #lei #finance #compliance #regtech #globaltrade #rapidlei #kyc #supplychain #crossborder

🌐💼 Exploring the Complex World of Trade-Based Money Laundering (TBML) 🕵️♂️💰 🔍 Are you curious about the hidden dangers lurking in international trade? 🚢💼 🛡️ Dive into our latest piece on Trade-Based Money Laundering (TBML) and arm yourself with knowledge! 💡 🤝 Learn about the sophisticated techniques criminals use to disguise illicit funds, the challenges we face globally, and the red flags to watch out for. 🚩 🌟 Together, let’s strengthen our defenses and ensure a transparent and secure trade environment for all! 🌟 In a world where borders blur and transactions traverse continents in an instant, understanding TBML is crucial for businesses, financial institutions, and regulatory bodies. 🌐🤝 Join the conversation, stay informed, and equip yourself with the knowledge needed to combat this pervasive threat to the integrity of global trade. 💪 👉 Stay informed, stay vigilant, and join the conversation! #TBML #AntiMoneyLaundering #GlobalTrade

The Global RegTech Summit 2024 is taking place tomorrow, May 16 in London. Will you be part of the world's largest gathering of #RegTech leaders? We look forward to meeting you there. In the afternoon, you can find us on stage C where we will be presenting our strategy on how to drastically reduce false positives in sanctions and PEP lists screening. This is a crucial topic for #Compliance officers, particularly when considering time, budget, and efficiency. https://bit.ly/3V2jqaq #banks #financialindustry #insurers

💼 On 2 May 2024, the Securities and Markets Stakeholder Group (SMSG) has issued the advice to European Securities Markets Authority (ESMA) concerning:   reverse solicitation 🔄 qualification of crypto-assets as financial instruments 📈 ❓ When considering the reverse solicitation exemption, SMSG and ESMA note that the mention of "types" of crypto-assets within MiCA might lead to unintended outcomes. This could significantly impact businesses.   🔍 SMSG proposes key measures for Member States National Competent Authorities (NCAs):   Scrutinize promotional materials for EU investor relevance Share data on crypto offers and offerors Monitor promotions by "finfluencers" and non-EU CASPs.   ⚠️potential consequences:   Cross-border jurisdictional arbitrage for CASPs. Potential MIFID II regime implications for CASPs activities.   Here at Lexify, we stand ready providing tailored legal advice ensures strong compliance strategies across both European and Swiss jurisdictions!   #CryptoRegulation #MiCA #Innovation

The European Securities and Markets Authority (ESMA) has developed technical standards to address market abuse in the crypto-asset market. Key provisions include: A Clear Definition of Professional Proprietary Trading Firms (PPAETs) clarifies the types of entities subject to stricter regulatory requirements. Robust Surveillance and Monitoring: PPAETs must implement robust systems and procedures to monitor transactions, orders, and other relevant data. Enhanced Reporting Requirements: The standards specify a template for reporting suspected market abuse to competent authorities. Cross-Border Cooperation: The standards outline procedures for cross-border cooperation between authorities to detect and sanction market abuse. Implications for Market Participants The implementation of these standards will have significant implications for market participants: Increased Regulatory Burden: Market participants, especially PPAETs, will face increased compliance costs and operational overhead. Enhanced Market Surveillance: More stringent market surveillance may impact trading strategies and practices. Potential for Enforcement Actions: Market abuse can lead to severe penalties, including fines and bans. Need for Robust Compliance Frameworks: Firms must establish robust compliance frameworks to ensure adherence to the new regulations. The technical standards issued by ESMA represent a significant step towards ensuring the integrity and fairness of the crypto-asset market. By establishing clear rules for preventing and detecting market abuse, these standards will help protect investors and promote market confidence. Market participants must carefully review the standards and take steps to ensure compliance. Link to report summary in comments. #MiCA #EUcryptoregulation #cryptoregulation #cryptolaw #marketintegrity #compliance #regulatorycompliance #riskmanagement

Did you know OneMatch by Credisense helps ensure regulatory compliance? OneMatch provides access to key data sources, including government registries, credit bureaus, global PEPs and sanctions lists! Book a FREE demo to learn more. https://credisense.co.nz/

The HKMA is developing a robust regulatory framework for stablecoin issuers with a view to enhancing user protection and putting in place appropriate safeguards to address financial stability risks. 🛡️ Key focus of regulating stablecoin issuance activity: ·      Protecting users by requiring issuers to ensure stablecoin could be redeemed in a timely manner with full backing by high quality fiat reserve assets ·      Addressing financial stability risks due to the interconnectedness between the digital asset ecosystem and traditional finance ·      Preventing misuse of stablecoins for money laundering, terrorist financing and other illicit activities 🌍 Aligning with global standards, tailored for Hong Kong ·      Aligning with international standards set by the Financial Stability Board under the G20 ·      Tailoring the regulatory regime given Hong Kong’s local circumstances ·      The successful implementation of the comprehensive licensing regime for stablecoin issuers would serve to enhance user protection and sustainable development of Hong Kong’s digital asset ecosystem 📜 Licensing requirements for stablecoin issuers Under our proposed regime, stablecoin issuers must obtain a licence if they: ·      Issue fiat-referenced stablecoins in Hong Kong ·      Actively market their issuance activity to the Hong Kong public ·      Issue Hong Kong dollar-referenced stablecoins Licensed issuers must be incorporated in Hong Kong, maintain a local management presence, and fulfil stringent prudential and asset-backing requirements. 🏗️ Building a comprehensive licensing regime The Financial Services and the Treasury Bureau (FSTB) and the HKMA are working full steam on the draft legislation and will strive to introduce the Bill into the Legislative Council by the end of this year. Join us in shaping a healthy, responsible and sustainable digital asset ecosystem in Hong Kong! #HKMAInnovates #StablecoinRegulation #ResponsibleInnovation #DigitalAssetEcosystem #FinancialStability