Eventus Systems

Validus in Practice (ViP)

Don’t Be a Poster Child for Regulatory Enforcement

On June 22-23, Eventus co-hosted an event, Shining a Light on Digital Asset Markets 2021, with ADAM.  One focus area was the institutional adoption of digital assets, with the need for regulatory clarity standing out as a consistent theme. SEC Commissioner Peirce channeled that concern, stating, “My complaint has been that too much of the conversation …

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UK: The FCA’s Take on Market Abuse Surveillance

In a February 6, 2020 speech by Mark Steward, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA) described the successful results of a strategic and integrated approach to the FCA’s market integrity efforts. These efforts included enforcement, primary and secondary oversight and surveillance and wholesale supervision.  Further, he issues a …

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CANADA: The Application of Securities Legislation to Crypto Asset Trading Platforms (CTPs)

On March 29, 2021, The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a Notice to provide guidance on how securities legislation applies to Crypto-Asset Trading Platforms (CTPs) that facilitate trading so Security Tokens and Crypto Contracts. The Notice alerts CTPs that they are already subject to existing requirements …

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APAC: Financial Services and the Treasury Bureau (“FSTB”): Public Consultation on Legislative Proposals to Enhance Anti-Money Laundering and Counter-Terrorist Financing Regulation in Hong Kong

At the beginning of November, the Financial Services and the Treasury Bureau (“FSTB”) released a public consultation seeking views on legislative proposals to enhance anti-money laundering and counter-terrorist financing (“AML/CTF”) regulation in Hong Kong for virtual asset service providers (VASPs) and dealers in precious metals and stones (DPMS).  As part of its goal to enhance …

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US: DOJ Cryptocurrency Enforcement Framework

This Cryptocurrency Enforcement Framework is a culmination of the efforts behind the Cyber-Digital Task Force established by Attorney General Jeff Sessions within the U.S Department of Justice (DOJ) in 2018. Their initial report recommended that “the Department should continue evaluating the emerging threats posed by rapidly developing cryptocurrencies that malicious cyber actors often use.”  This …

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EMEA: European Commission Proposal for Crypto-Asset Regulation

As part of the broader Digital Finance Strategy package, in late September, the European Commission published a new draft regulation on markets in crypto-assets (MiCA). Once formally adopted in the EU, the proposed legislation aims to achieve a harmonious path forward for regulating crypto-assets in the financial sector.  Title VI of the proposal focuses on …

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FIA Guidance on Surveillance and Market Abuse

On September 9, 2020, the FIA published a helpful set of guidelines for surveillance and market abuse in the UK and Europe. We have previously highlighted guidelines 5.5, 5.19, and 5.34, which generally require market participants to consider the broadest possible definition of MAR-identified behaviors, maintain triggers to prompt a review and update of risk …

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