Archive: May 2023

On 23 May 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report containing 18 proposed recommendations intended to help IOSCO members apply IOSCO’s Objectives and Principles for Securities Regulation and relevant supporting IOSCO standards, recommendations and good practices to crypto-asset activities within their jurisdictions.

On 25 May 2023, the European Systemic Risk Board (ERSB) issued a report which considers the role of financial stability and macroprudential policy for cryptoassets, their service providers and decentralised finance (DeFi) applications. The report also covers the systemic implications of the cryptoasset market, its service providers and DeFi applications in the EU.

On 25 May 2023, the FCA published Consultation Paper CP23/13: Strengthening protections of borrowers in financial difficulty: Consumer credit and mortgages, which sets out proposed changes to FCA sourcebooks to reflect the planned withdrawal of the Tailored Support Guidance (TSG).

An abridged version of the article was published in IFLR on May 16, 2023.

The Tulip Trading v van der Laan litigation may impact the use and legal enforcement of cryptocurrency in the United Kingdom, following a recent decision of the Court of Appeal.

As digital banks gain global momentum, traditional banks face challenges from these new players that offer simple, user-friendly products, data-driven interactions, and quick loan approvals, often eliminating fees and commissions. With its tech-savvy population, Turkey is no exception to the worldwide shift in customer preferences toward digital platforms.

On 17 May 2023, the FCA published selected statistics from its latest Financial Lives cost of living survey, carried out over the six months to January 2023, to give an insight into the financial situation UK adults experienced during that period. The FCA found that the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 and reminded borrowers that they can seek help from their lenders if they are struggling to keep up with payments.

On 16 May 2023, the Council of the EU issued a press release stating that it had adopted the Regulation on information accompanying transfers of funds and certain cryptoassets and amending Directive (EU) 2015/849 (recast). The Council agreed its position on the proposed Regulation on 1 December 2021. Trilogue negotiations started on 28 April 2022 and ended in a provisional agreement on 29 June. The formal adoption on 16 May 2023 is the final step in the legislative process. The Regulation enters into force on the twentieth day following its publication in the Official Journal of the EU. The Regulation applies from 18 months after the date of entry into force.

On 17 May 2023, the House of Commons Treasury Committee published a report on regulating crypto, in which it calls for consumer trading in unbacked cryptoassets to be regulated as gambling.

On 11 May 2023, members of the European Parliament passed their compromise text of the AI Act (the AI Act) at the committee stage, taking this law a step closer to being finalised.

On 12 May 2023, there was published a report from the European Commission to the European Parliament and the Council regarding the application of the Payment Accounts Directive (PAD). The report has been published in response to Article 28 of the PAD which requires the Commission to provide a report on the application of the Directive by 18 September 2019. The Commission delayed the publication of the report due to the need to ensure that the Directive had been in application for a certain amount of time.