The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, recently put out a news release with regard to its proposal to amend the Bank Secrecy Act’s (BSA) definition of “Broker or Dealer in Securities” to include funding portals (see related post). FinCEN stated that its proposal seeks to ensure …
In a nutshell – US AML regulation for Crowdfunding platforms Read More »
Switzerland traditionally has a strong banking sector, so it’s not surprising for the country trying to establish itself as a leading FinTech hub. Somewhat in need of diversification following the increasing pressure on its private banking activities with the de facto end of the famous Swiss bank secrecy as well as the increased competition from …
The Financial Crimes Enforcement Network (FinCEN) today proposed to amend the Bank Secrecy Act’s (BSA) definition of “Broker or Dealer in Securities” in order to ensure that funding portals implement policies and procedures reasonably designed to achieve compliance with the BSA requirements, including the filing of suspicious activity reports, currently applicable to brokers or dealers …
The French Minister of Economy, Emmanuel Macron, spoke at the annual meeting of the Association of French crowdfunding platforms, Financement Participatif France, where he proposed several changes of the French regulation of crowdfunding. One of the proposals was that the government will propose to raise the ceiling of equity fundraising per issuer from currently €1 …
French government aims to raise the ceiling of equity fundraising Read More »
The FCA today published the policy statement “PS16/8: FCA Handbook changes regarding the segregation of client money on loan-based crowdfunding platforms, the Innovative Finance ISA, and the regulated activity of advising on peer-to-peer agreements”. This policy statement summarises and gives the FCA’s response to feedback to CP16/4: Loan-based crowdfunding platforms and segregation of client money …
FCA publishes Handbook changes for crowdfunding and P2P lending Read More »
The Italian regulator, Consob has approved the reform of regulations on equity crowdfunding, the collection of risk capital through online portals. The changes, introduced following two consultation stages with the market (see “Consob Informs” nos. 24/2015 and 46/2015), simplify the regulation, aiming to reduce collection costs and to broaden the range of subjects who can …
Italian regulator issues update on crowdfunding regulation Read More »
The SEC’s Office of Investor Education and Advocacy has issued an Investor Bulletin to educate investors about a new investing opportunity in the form of securities-based crowdfunding. Crowdfunding generally refers to a financing method in which money is raised through soliciting relatively small individual investments or contributions from a large number of people. Over the …
SEC publishes Investor Bulletin on Crowdfunding for Investors Read More »
The FCA today published the Policy Development Update – Issue 30. The document provides information on: publications issued since the last edition information about recent Handbook-related and other developments other publications – consumer publications, guidance consultations and finalised guidance an updated timetable for forthcoming publications This month the Policy Development Update includes an updated timetable for future …
The FCA has published its monthly e-mail to all regulated firms with an update on the latest news that affect the sector. The paper can be found here. This month’s hot topics include: Packaged Retail and Insurance-based Investment Products (PRIIPs) – The Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation is a major piece of …
The FCA has published CP16/4 consulting on changing our client money rules for firms that operate electronic systems in relation to lending (P2P platforms) and hold both money for clients in relation to regulated P2P agreements under our client money rules (CASS 7) and money for clients in relation to unregulated lending. The FCA statement and …
FCA consults on loan-based crowdfunding platforms and segregation of client money Read More »
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