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Christopher M. Paridon

All Things FinReg

LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY

FINRA Targets Crypto-Related Communications

By Amy Natterson Kroll
// November 16, 2022
FINRA has announced that it is conducting a targeted examination of broker-dealer practices related to retail communications about “crypto asset” products and services. As part of this sweep, FINRA is asking broker-dealers for all retail communications that were distributed or made available by a broker-dealer or its affiliates on behalf of the broker-dealer that refer or relate to crypto assets or services involving crypto transactions or the holding of cryptocurrency during the period of July 1, 2022, to September 30, 2022.
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Topics: Broker-Dealers, Compliance, Cryptocurrency, FINRA, FinTech, Regulation

The California Crypto Rush—or Crypto Bust?

September 21, 2022
New cryptocurrency legislation awaits California Governor Gavin Newsom’s signature after passing the California Assembly on August 30, 2022. If signed into law, California’s Digital Financial Assets Law would create sweeping requirements that, among other things, would mandate that digital asset exchanges and crypto companies obtain licenses to operate within the State of California, but not until January 2025, as described in more detail below. Many observers have compared the new California legislation to New York State’s BitLicense regulation, which was adopted in 2015.
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Topics: California, Cryptocurrency, FinTech, Technology

Change in Control Regime for UK Cryptoasset Businesses

By Steven Lightstone
// September 14, 2022
As of August 11, 2022, approval is now required by the UK Financial Conduct Authority (FCA) before acquiring direct or indirect control of an FCA-registered cryptoasset business. Failure to attain such approval is a criminal offense. This is due to the UK Money Laundering Regulations (MLRs) having been updated to apply the change in control regime under Part 12 of the Financial Services and Markets Act 2000 (FSMA), as modified by Schedule 6B of the updated MLRs, to FCA-registered cryptoasset exchange providers and custodian wallet providers.
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Topics: Cryptocurrency, FinTech, Technology

Basel Committee Proposes Risk-Based Regulatory Capital Treatment for Many Cryptoassets

By Michael M. Philipp and Martin Hirschprung
// June 17, 2021
The Basel Committee on Banking Supervision (Basel Committee), a committee of global central bankers and regulators, issued a Consultative Document on June 10 on the prudential treatment of cryptoasset exposures for international banks (the Proposal). The Basel Committee has asked for comments by September 10, 2021.
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Topics: Banking, Cryptocurrency, FinTech, Regulation

OCC Conditionally Approves Trust Company Charter for Crypto Firm

By Andrew M. Ray , Michael M. Philipp , and Martin Hirschprung
// April 28, 2021
The OCC granted preliminary conditional approval on April 23 to an application to charter Paxos National Trust (Paxos) as an uninsured national trust bank. Paxos, which currently operates as a New York state-charted limited liability trust company regulated by the New York Department of Financial Services and has indicated in public statements that it intends to maintain both federal and state licenses, will be permitted under the OCC approval to provide “a range of services associated with digital assets,” including custody, payment, exchange, and other agent services related to cryptocurrency.
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Topics: Banking, Cryptocurrency, Federal Reserve Board, FinTech, OCC, Regulation

OCC Plans to Introduce Special Purpose National Bank Charter for Payments Companies

By Andrew M. Ray and Nicholas M. Gess
// July 13, 2020
In a series of recent interviews (including with the American Bankers Association and a podcast with the ABA Banking Journal), Acting Comptroller of the Currency Brian Brooks discussed the Office of the Comptroller’s (OCC’s) plans to soon roll out another special purpose national bank (SPNB) charter specifically geared toward payments companies. This “payments charter” could be especially appealing for those companies looking for a national licensing platform for their payments business because it would provide federal preemption of state money transmitter licensing and related laws, which would eliminate the need to obtain a license to operate in each state.
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Topics: Banking, Cryptocurrency, Federal Reserve, Federal Reserve Board, FinTech, Innovation, OCC, Office of the Comptroller of the Currency, Payment Processing, Payments, Regulation, Regulatory, States, Supervision and Examination, Technology
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