Registration for payment service providers under the new Retail Payment Activities Act is fast approaching. Individuals or entities performing retail payment activities in Canada have a 15-day window between 1 November 2024 and 15 November 2024 to submit their applications with the Bank of Canada to avoid a 60-day delay in performing their retail payment activities, a notice of violation under the Act, or significant monetary penalties. If you or your entity may be required to be registered as a payment service provider under the Retail Payment Activities Act, and you have not yet prepared your application materials, please contact us as soon as possible and we will help.
Last month ASIC announced that it is calling upon product issuers to ensure distribution practices are ‘up to scratch’. This announcement follows the release of Report 795 Design and distribution obligations: Compliance with the reasonable steps obligation by ASIC. Alan Kirkland, ASIC Commissioner, has said that improvements across the board are still required to ensure that consumers feel confident that the financial products they purchase will suit their needs.
Acting with other US regulators, the Commodities Futures Trading Commission (“CFTC” or “Commission”) recently issued two consent orders (“CFTC Orders”) and filed a complaint (“CFTC Complaint”) alleging fraud and false, misleading, or inaccurate reports relating to voluntary carbon credits (“VCCs”). As noted by CFTC Director of Enforcement Ian McGinley, “[these actions] demonstrate [the CFTC’s] commitment to vigorously fight frauds in its markets, whether long-established or new and evolving, such as the carbon credit markets.” These are the first CFTC actions for fraud in the VCC market, and closely follow the CFTC’s recently published final Commission Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts (“Final Guidance”).
On 24 October 2024, the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority of Singapore (IMDA) announced that the Shared Responsibility Framework (SRF) for phishing scams will be implemented on 16 December 2024 via a set of guidelines. Under the SRF, financial institutions (FIs) and telecommunication operators are assigned duties to mitigate phishing scams. The MAS and IMDA expect responsible entities to bear any scam losses arising from failure to fulfill any of the relevant duties under the “waterfall” approach.
The new EU Capital Requirements Directive establishes a new harmonized and more restrictive framework for cross-border banking and lending into the EU. The new third country branch rules will prohibit the provision of certain banking services into the EU on a cross-border basis by firms outside the EU, unless done in accordance with limited exemptions.
On 11 September 2024, the Australian Government released a much-anticipated bill which proposes to extend the anti-money laundering and counter-terrorism financing regime to real estate professionals, professional service providers including lawyers, accountants and trust and company service providers, and dealers in precious stones and metals.
On 4 October 2024, the Monetary Authority of Singapore (MAS) published the Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 (P010-2024) (“Consultation Paper”).
The Consultation Paper, which includes a number of Annexes, sets out the MAS’ proposed new regulatory framework for digital token service providers (DTSPs) that will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). The MAS’ key proposals for the new regulatory framework for DTSPs center around licensing requirements, anti-money laundering and countering the financing of terrorism compliance, financial obligations and governance requirements
On 19 July 2024, pursuant to the National Payment Systems Act, the Bangko Sentral ng Pilipinas (BSP; Philippine Central Bank) issued Circular No. 1198, Series of 2024 on the Regulatory Framework for Merchant Payment Acceptance Activities (MPAA). The regulatory framework aims to establish standards and best practices to safeguard customer funds and protect merchants’ rights when dealing with operators of payment systems (OPS) engaged in MPAA.
BSP Circular No. 1198 took effect on 8 August 2024, 15 days after the circular’s publication in a newspaper of general circulation.
Tax News and Developments September 2024 In brief Many litigants argue that FBAR penalties, which can exceed the…
The Guidelines on the Provision of Consumer Protection Safeguards by Digital Payment Token Service Providers was first issued by the Monetary Authority of Singapore on 2 April 2024 and was recently revised on 19 September 2024 to include further consumer protection measures that were discussed in the MAS’ Response to Public Consultation on Proposed Regulatory Measures for Digital Payment Token Services (Part 2).