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Writer's pictureDeborah

1. For the first time, the UK Financial Conduct Authority ("FCA") granted (https://register.fca.org.uk) a Multilateral Trading Facility (MTF) license to a London-based crypto trading platform (CTP), Crypto Facilities Ltd. The licence will enable Crypto Facilities to expand its service offering to institutional investors.

The company is a subdivision of Kraken a US-based cryptocurrency exchange.

2. On July 9, the FCA published FS20/10 feedback statement and finalised guidance "Coronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firms".

  • FS20/10 feedback statement were issued in response to a short consultation focusing on matters such as safeguarding (safeguarded funds held on trust, audit reports, unallocated funds, misleading wording, small payment institutions and account names etc.…) and prudential risk (stress testing, capital adequacy, liquidity risk management and governance& controls). https://www.fca.org.uk/publication/feedback/fs20-10.pdf


  • Coronavirus and safeguarding customers’ funds: additional guidance for payment and e-money firms included requirement relating to safeguarding (keeping records and accounts and making reconciliations, safeguarding accounts and acknowledgement letters, selecting, appointing and reviewing third parties, when the safeguarding obligation starts, unallocated funds, Annual audit of compliance with safeguarding requirements, small payment institutions and disclosing information on treatment of funds on insolvency to customers), prudential risk (governance and controls, liquidity and capital stress testing, Risk-management arrangements and Capital adequacy) and wind-down plans considering a solvent and insolvent scenario (e.g. information which would help an administrator or liquidator to quickly identify customer funds and return them as a priority, funding to cover the solvent wind-down of the firm,...) https://www.fca.org.uk/publication/finalised-guidance/coronavirus-safeguarding-customers-funds-additional-guidance-payment-e-money-firms.pdf

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