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BIS: International Financial Organisations Unite With The Central Bank And Financial Supervisory Community To Launch The Central Banks And Supervisors Climate Training Alliance (CTA) Ahead Of COP26

BIS: International Financial Organisations Unite With The Central Bank And Financial Supervisory Community To Launch The Central Banks And Supervisors Climate Training Alliance (CTA) Ahead Of COP26
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Regulation Round Up - June 2021 | Proskauer Rose LLP

The European Banking Authority (“ EBA”) published a report outlining the results and conclusions of its market analysis of the current RegTech landscape in the EU. It has also published an at a glance factsheet on RegTech and steps firms can take. The Bank of England (“ PRA”) (CP14/21), on changes to the UK leverage ratio framework. European Securities and Markets Authority (“ ESMA”) published a webpage with official translations of its guidelines on stress test scenarios (ESMA34-49-291) produced under Article 28 of the Regulation on money market funds (EU/2017/1131) (“ MMF Regulation”). 28 June HM Treasury published a draft version of the Financial Services and Markets Act 2000 (PRA-regulated Activities) (Amendment) Order 2021 and explanatory information.

South Korea Tightens Regulations on Cryptocurrencies

Advertisement In March, South Korea passed new legislation to strengthen the supervision of virtual assets. The new law, however, has resulted in pushback by banks and concerns that many of the altcoins and cryptocurrency exchanges that have sprung up in South Korea could be put out of business. Under the new legislation all virtual asset management providers, which includes cryptocurrency exchanges and other virtual asset service providers, must register with the Korea Financial Intelligence Unit (KFIU) to operate in South Korea. The KFIU is the arm of the Financial Services Commission (FSC) responsible for anti-money laundering and exchanges would be required to report suspicious financial activity to it.

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