US, UK Tighten AML Rules; SEC Enhances Order Reporting
The US and UK financial regulators have recently proposed significant changes to anti-money laundering rules, transparency, and stock market governance. Meanwhile, the CFTC is working on codifying a key letter into regulation, and the SEC has updated order execution reporting requirements.
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed expanding anti-money laundering (AML) and countering the financing of terrorism (CFT) program requirements. This expansion would cover SEC registered investment advisers (RIAs) and SEC exempt reporting advisers (ERAs).
In the UK, the Law Commission has published a consultation on its draft Digital Assets Bill. Two key clauses confirm that digital assets can be recognized as personal property under English law. This move aims to provide clarity and legal certainty in the digital assets sector.
The Financial Conduct Authority (FCA) has proposed to publicly identify firms it investigates when doing so is 'in the public interest'. This change aims to enhance transparency and accountability.
The Commodity Futures Trading Commission (CFTC) is working on codifying Letter 19-17 into a new Regulation 1.44. This move addresses the processing of margin withdrawals by customers of futures commission merchants (FCMs).
The CFTC has also proposed new rules and amendments to establish governance and fitness requirements for market regulation functions. These changes also include conflict of interest standards for designated contract markets (DCMs) and swap execution facilities (SEFs).
On March 6, the Securities and Exchange Commission (SEC) adopted changes to Rule 605 under Regulation NMS. These changes expand reporting requirements for order execution quality, enhancing transparency in the stock market.
These proposed changes and updates reflect the ongoing efforts by financial regulators to strengthen market integrity, enhance transparency, and ensure robust governance. Stakeholders are encouraged to review and provide feedback on these proposals.
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