{ "dataset": "Protegra Licensing Atlas", "licence": "CC BY 4.0", "url": "https://protegra.io/licensing/data/", "generated": "2026-09-24", "count": 44, "laws": [ { "id": "ae-adgm-fsmr-2015", "title": { "value": "Financial Services and Markets Regulations 2015", "source": "https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Financial Services and Markets Regulations 2015", "short_name": "FSMR", "citation": "Financial Services and Markets Regulations 2015", "jurisdiction": "AE-ADGM", "law_type": "regulation", "date_adopted": "2015-10-04", "in_force_from": "2015-10-04", "official_url": { "value": "https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0", "source": "https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://en.adgm.thomsonreuters.com/sites/default/files/net_file_store/ADGM1547_12483_VER29210526.pdf", "source": "https://en.adgm.thomsonreuters.com/rulebook/financial-services-and-markets-regulations-2015-0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2026-05-19", "http_status": 403, "bytes": 118, "file_check": { "content_type": "application/pdf", "size": 2610593, "sha256": "a8f33a9d380b62299d89ec919837af0eea168d80f62921ab8f5fbb67ffc10eae", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "public domain under UAE copyright law (Federal Decree-Law No. 38 of 2021, Art. 3(2))" }, "summary": "The Financial Services and Markets Regulations 2015 (FSMR) provide the foundational regulatory framework for financial services in Abu Dhabi Global Market (ADGM), enacted under Abu Dhabi Law No. 4 of 2013 and administered by the Financial Services Regulatory Authority (FSRA). The regulations apply to all firms, individuals, exchanges, and financial institutions conducting business in or from the financial free zone. Under the General Prohibition (Section 16), carrying on any regulated activity by way of business requires a Financial Services Permission (FSP) or exempt status. The regime establishes authorisations for banks, investment managers, broker-dealers, custodians, money service businesses, virtual asset service providers (VASPs), private financing platforms, and RegTech innovators in the RegLab, alongside recognitions for exchanges and clearing houses. Key statutory obligations encompass satisfying ongoing Threshold Conditions, maintaining prescribed capital and liquidity, appointing Approved Persons for controlled functions, adhering to market abuse prohibitions, submitting to change of control supervision, and complying with anti-money laundering requirements. The FSRA exercises extensive investigative, supervisory, and enforcement powers, including disciplinary sanctions and financial penalties.", "key_articles": [ { "article": "Section 1", "gist": "Establishes the regulatory objectives, functions, and broad supervisory mandate of the Financial Services Regulatory Authority (FSRA)." }, { "article": "Section 5A", "gist": "Empowers the FSRA to regulate and supervise Virtual Assets, Accepted Virtual Assets, Fiat-Referenced Tokens, and Spot Commodities activities." }, { "article": "Section 7", "gist": "Grants the FSRA comprehensive rule-making powers governing prudential standards, conduct of business, capital adequacy, and client money protection." }, { "article": "Section 15B", "gist": "Requires Relevant Persons (including DNFBPs) to comply with Federal AML Legislation; the DNFBP registration duty itself sits in the AML Rulebook (AML 15), not directly in s.15B." }, { "article": "Section 16", "gist": "Enacts the General Prohibition barring anyone from carrying on regulated financial activities by way of business in ADGM without authorization or exemption." }, { "article": "Section 17", "gist": "Prohibits Authorised Persons from conducting any regulated activity outside the scope specifically permitted in their Financial Services Permission." }, { "article": "Section 18", "gist": "Restricts communicating financial promotions or invitations to engage in investment activities unless authorized, exempt, or approved by an authorized person." }, { "article": "Section 27", "gist": "Governs formal applications submitted to the FSRA for obtaining or varying a Financial Services Permission." }, { "article": "Section 28", "gist": "Requires applicants and Authorised Persons to satisfy all applicable Threshold Conditions at authorization and on an ongoing basis." }, { "article": "Section 30", "gist": "Empowers the FSRA to grant a Financial Services Permission, specify permitted regulated activities, and attach operational conditions or restrictions." }, { "article": "Section 33", "gist": "Authorises the FSRA to vary, suspend, or cancel a firm's Financial Services Permission on its own supervisory initiative." }, { "article": "Section 44", "gist": "Mandates that individuals performing designated Controlled Functions within authorized firms obtain prior approval from the FSRA." }, { "article": "Section 105", "gist": "Requires regulatory approval for acquiring or changing control of Authorised Persons and empowers the FSRA to object to unacceptable controllers." }, { "article": "Section 107", "gist": "Governs the mandatory registration of Public Funds managed or distributed within Abu Dhabi Global Market." }, { "article": "Section 120", "gist": "Sets recognition standards and criteria for Recognised Investment Exchanges (RIEs) and Recognised Clearing Houses (RCHs)." }, { "article": "Section 218", "gist": "Establishes that failure to comply with the regulations or rules constitutes an actionable regulatory contravention." }, { "article": "Section 232", "gist": "Grants the FSRA authority to impose administrative financial penalties on any person contravening regulations or rules." }, { "article": "Section 233", "gist": "Authorises the FSRA to suspend financial services permissions or approvals and disqualify individuals from performing controlled functions." }, { "article": "Section 234", "gist": "Empowers the FSRA to issue Prohibition Orders barring individuals from performing functions in connection with regulated activities." }, { "article": "Schedule 1", "gist": "Defines all regulated activities, including deposit-taking, credit, dealing, managing assets, custody, money services, and operating multilateral trading facilities." }, { "article": "Schedule 1, Chapter 17A", "gist": "Establishes the RegLab framework permitting qualifying fintech innovators to develop and test financial services offerings under tailored conditions." }, { "article": "Schedule 1, Chapter 17C", "gist": "Specifies Operating a Private Financing Platform as a regulated activity covering electronic debt and equity crowdfunding services." }, { "article": "Schedule 1, Chapter 17D", "gist": "Regulates Providing Third Party Services, covering open banking data access, account information, and payment initiation activities." }, { "article": "Schedule 3", "gist": "Prescribes statutory exemptions from the General Prohibition and sets out transitional provisions for existing entities." } ], "licences_created": [ "Financial Services Permission (FSP)", "Category 1 Banking Licence (Accepting Deposits)", "Category 2 Credit Licence (Providing Credit)", "Category 3A Investment Firm Licence (Dealing in Investments as Principal)", "Category 3B Custody Licence (Providing Custody)", "Category 3C Asset Management Licence (Managing Assets / Managing a Collective Investment Fund)", "Category 4 Advisory & Arranging Licence (Arranging Deals in Investments / Advising on Investments or Credit)", "Money Services Business Licence (Providing Money Services)", "Virtual Asset Service Provider (VASP) Authorisation (Operating a Virtual Asset MTF / Providing Virtual Asset Custody / Dealing in Virtual Assets)", "Digital Banking Authorisation", "Private Financing Platform Licence (Operating a Private Financing Platform)", "Third Party Financial Services Provider Licence (Providing Third Party Services / Open Banking)", "RegLab FinTech Testing Licence (Developing Financial Services Offerings in the RegLab)", "Recognised Investment Exchange (RIE) Recognition", "Recognised Clearing House (RCH) Recognition", "Recognised Settlement Facility (RSF) Recognition", "Remote Body / Remote Member Recognition", "Approved Person Approval (Controlled Functions)", "Public Fund Registration", "Designated Non-Financial Business or Profession (DNFBP) Registration" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Financial Services and Markets Regulations 2015 (FSMR) are the primary financial services legislation of Abu Dhabi Global Market (ADGM), enacted under Abu Dhabi Law No. 4 of 2013. The regulations govern Financial Services Permissions (FSPs) issued by the FSRA for fintech business models, including virtual asset service providers (VASPs), digital banks, payment and money services, private financing platforms, open banking third-party providers, and RegLab testing participants.", "open_questions": [ "The official ADGM electronic rulebook portal hosted on Thomson Reuters (https://en.adgm.thomsonreuters.com) blocks automated HTTP GET requests with User-Agent 'Mozilla/5.0' via AWS WAF (returning HTTP 403 Forbidden, 118 bytes); the direct consolidated PDF URL (https://en.adgm.thomsonreuters.com/sites/default/files/net_file_store/ADGM1547_12483_VER29210526.pdf) was recorded and verified, but downloading via script requires standard browser headers." ], "type": "law" }, { "id": "ae-difc-regulatory-law-2004", "title": { "value": "Regulatory Law", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Regulatory Law 2004", "short_name": null, "citation": "DIFC Law No. 1 of 2004", "jurisdiction": "AE", "law_type": "act", "date_adopted": "2004-09-16", "in_force_from": "2004-09-16", "official_url": { "value": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://dfsaen.thomsonreuters.com/sites/default/files/net_file_store/DFSA1547_7446_VER301025.pdf", "source": "https://dfsaen.thomsonreuters.com/rulebook/regulatory-law-1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2025-10-30", "http_status": 200, "bytes": 1045499, "file_check": { "content_type": "application/pdf", "size": 1045499, "sha256": "d7f966cf87975b387c0dd081ab53affce3cfdbe2823fb3ac3b01a4f2f4161613", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20251121065112/https://dfsaen.thomsonreuters.com/sites/default/files/net_file_store/DFSA1547_7446_VER301025.pdf", "may_host": { "value": "no", "basis": "no public reuse licence found on the DFSA Rulebook site for the consolidated law text" }, "summary": "The Regulatory Law establishes the Dubai Financial Services Authority (DFSA) as the DIFC's financial regulator, sets its objectives, board structure, rule-making power and the Financial Markets Tribunal (Part 2). Part 3 creates the licensing regime: a person must hold a Licence (or Licence Endorsement) to carry on a Financial Service in or from the DIFC; the DFSA grants a Licence when the Article 45 requirements are met (Art. 48), and may reject applications or restrict a person from performing functions if not fit and proper (Art. 59). Article 64 empowers the DFSA to make Rules governing change of control of Authorised Persons (approving or objecting to a person becoming or increasing control as a 'controller'), with the concrete thresholds and procedures set out in the DFSA Rulebook (GEN module) rather than in the Law itself. Part 4 covers general regulation and AML, Parts 5-9 cover supervision, investigation, contraventions, enforcement, accounting/auditing and transfers. The DFSA's Innovation Testing Licence is a Rulebook (GEN Chapter 13) product built on the Law's general Licence power, not a separately named creature of the Law.", "key_articles": [ { "article": "Art. 45", "gist": "Sets requirements an applicant must meet to be granted a Licence, extension or Licence Endorsement." }, { "article": "Art. 48", "gist": "DFSA grants a Licence once Art. 45 requirements are met; informs the applicant of the decision without undue delay." }, { "article": "Art. 59", "gist": "DFSA may restrict a person from performing functions in the DIFC if not fit and proper; not a change-of-control provision." }, { "article": "Art. 64", "gist": "Empowers DFSA Rules on change of control of Authorised Persons: approving, objecting to, or acting against controllers." } ], "licences_created": [ "Licence for Financial Services", "Licence Endorsement" ], "status": "in force", "upcoming_changes": [], "fact_checks": [ { "claim": "Under Regulatory Law 2004 Article 59 and DFSA Rulebook General Module (GEN) Section 11.8, prior written approval from the DFSA is required before any person becomes a Controller, or increases their holding across 30% or 50% thresholds.", "law_check": "contradicted", "article": "Art. 64", "note": "Art. 59 is the fit-and-proper restriction power; the change-of-control/controller power is Art. 64, not 59." }, { "claim": "Statutory initial licence determination under Regulatory Law 2004 Article 48 is formulated as determining applications 'without undue delay' rather than specifying a fixed number of calendar days.", "law_check": "supported", "article": "Art. 48(3)", "note": "Art. 48(3) uses 'without undue delay' for informing the applicant of the grant decision; no fixed day-count found in the Law." } ], "answer": "The Regulatory Law 2004 (DIFC Law No. 1 of 2004) establishes the DFSA and its licensing regime for the Dubai International Financial Centre, creating the Licence for Financial Services and Licence Endorsement (Part 3), and the DFSA's power to govern change of control of Authorised Persons (Art. 64) and the Innovation Testing Licence sandbox under its Rulebook.", "open_questions": [ "The GEN Rulebook module (GEN Chapter 13 for the Innovation Testing Licence, GEN 11.8 for the concrete controller thresholds/90-day determination period) was not fetched in this session; only the primary Law (DIFC Law No. 1 of 2004, consolidated to 30 October 2025) was read, so those subsidiary-rule figures could not be checked against primary text." ], "type": "law" }, { "id": "ae-du-law-4-2022", "title": { "value": "قانون رقم (4) لسنة 2022 بشأن تنظيم الأصول الافتراضية في إمارة دبي", "source": "https://dlp.dubai.gov.ae/Legislation%20Ar%20Reference/2022/%D9%82%D8%A7%D9%86%D9%88%D9%86%20%D8%B1%D9%82%D9%85%20(4)%20%D9%84%D8%B3%D9%86%D8%A9%202022%20%D8%A8%D8%B4%D8%A3%D9%86%20%D8%AA%D9%86%D8%B8%D9%8A%D9%85%20%D8%A7%D9%84%D8%A3%D8%B5%D9%88%D9%84%20%D8%A7%D9%84%D8%A7%D9%81%D8%AA%D8%B1%D8%A7%D8%B6%D9%8A%D8%A9.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai", "short_name": "Dubai Virtual Assets Law", "citation": "Law No. (4) of 2022", "jurisdiction": "AE-DU", "law_type": "act", "date_adopted": "2022-02-28", "in_force_from": "2022-03-11", "official_url": { "value": "https://rulebooks.vara.ae/rulebook/law-no-4-2022-regulating-virtual-assets-emirate-dubai", "source": "https://rulebooks.vara.ae/rulebook/law-no-4-2022-regulating-virtual-assets-emirate-dubai", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_338_VER1.pdf", "source": "https://rulebooks.vara.ae/rulebook/law-no-4-2022-regulating-virtual-assets-emirate-dubai", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 405772, "file_check": { "content_type": "application/pdf", "size": 405772, "sha256": "4372ac71a5ea3e3d37547ac31e7289907917b69d26bba2b9dd36dc00d4d7c832", "as_of": "2026-09-24" } }, "english_translation": { "value": "https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_338_VER1.pdf", "source": "https://rulebooks.vara.ae/rulebook/law-no-4-2022-regulating-virtual-assets-emirate-dubai", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "archive_url": null, "may_host": { "value": "yes", "basis": "public domain under UAE copyright law (Federal Decree-Law No. 38 of 2021, Art. 3(1))" }, "summary": "Law No. (4) of 2022 establishes the comprehensive legal framework regulating virtual assets across the Emirate of Dubai. Enforced by the Dubai Virtual Assets Regulatory Authority (VARA), an autonomous body affiliated with the Dubai World Trade Centre Authority, the law applies to all virtual asset activities, platforms, and service providers across mainland Dubai and free zones, explicitly excluding the Dubai International Financial Centre (DIFC). It establishes a mandatory licensing regime requiring entities to obtain a VARA Permit before securing a commercial licence or commencing operations. Regulated activities comprise operating virtual asset platforms, crypto-to-fiat and crypto-to-crypto exchange, transfer services, safekeeping and custody management, wallet provision, and virtual token offerings. Key statutory obligations include establishing a legal business presence in Dubai, obtaining prior VARA approval for any permit assignment, complying with anti-money laundering rules, protecting client personal data, and adhering to market integrity standards. VARA is empowered to inspect premises, suspend trading, levy administrative fines, and suspend or revoke permits for non-compliance.", "key_articles": [ { "article": "Art. 3", "gist": "Applies the law to all virtual asset services across mainland Dubai and free zones, explicitly excluding the Dubai International Financial Centre." }, { "article": "Art. 4", "gist": "Establishes the Dubai Virtual Assets Regulatory Authority (VARA) as an autonomous public corporation affiliated with the Dubai World Trade Centre Authority." }, { "article": "Art. 6", "gist": "Empowers VARA to license providers, regulate token issuance, supervise platforms, counter price manipulation, collect fees, and coordinate with the UAE Central Bank." }, { "article": "Art. 10", "gist": "Mandates employee disclosure of personal and family virtual asset holdings, imposing perpetual confidentiality regarding proprietary market and participant data." }, { "article": "Art. 13", "gist": "Prohibits VARA from issuing, owning, or trading virtual assets, and bars any activities involving conflicts of interest." }, { "article": "Art. 15", "gist": "Prohibits conducting virtual asset activities without a VARA Permit, requiring Dubai incorporation and prior VARA approval before commercial licensing." }, { "article": "Art. 16", "gist": "Enumerates seven mandatory permit activities including platform operation, fiat-crypto exchange, crypto-crypto exchange, transfers, custody safekeeping, wallet services, and token trading." }, { "article": "Art. 17", "gist": "Bars the transfer or assignment of a VARA Permit without prior regulatory approval, declaring unauthorised assignments null and void." }, { "article": "Art. 18", "gist": "Authorises VARA to suspend permit issuance, halt provider operations, or suspend trading and issuance of virtual assets to protect the public interest." }, { "article": "Art. 19", "gist": "Empowers the Board of Directors to determine regulatory fees, service charges, and commissions collected by VARA." }, { "article": "Art. 20", "gist": "Authorises administrative penalties for violations, including fines, permit suspension for up to six months, and permit revocation alongside commercial licence cancellation." }, { "article": "Art. 21", "gist": "Grants judicial enforcement capacity to designated VARA inspectors to access premises, inspect records, issue violation reports, and request police assistance." }, { "article": "Art. 22", "gist": "Provides a 30-day statutory grievance process to contest regulatory decisions before the Director General, resolved finally by committee within 15 days." }, { "article": "Art. 26", "gist": "Grants implementing regulations issued by VARA and published on its website the full binding legal force of Official Gazette legislation." }, { "article": "Art. 28", "gist": "Mandates publication in the Official Gazette and establishes immediate entry into force on the date of publication." } ], "licences_created": [ "Virtual Asset Platform Operation and Management Permit", "Virtual Asset and Fiat Currency Exchange Services Permit", "Virtual Asset-to-Virtual Asset Exchange Services Permit", "Virtual Asset Transfer Services Permit", "Virtual Asset Safekeeping, Management, or Control Services Permit (Custody Permit)", "Virtual Asset Wallet Services Permit", "Virtual Token Offering and Trading Services Permit" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai is Dubai's primary digital asset statute. Applied by the Virtual Assets Regulatory Authority (VARA), it governs virtual asset activities across Dubai, excluding the DIFC. The law mandates licensing for Virtual Asset Service Providers, governing fintech permits for platform operation, crypto exchange, custody services, wallet provision, transfer settlement, and token offerings.", "open_questions": [], "type": "law" }, { "id": "ae-du-vara-regulations-2023", "title": { "value": "Virtual Assets and Related Activities Regulations 2023", "source": "https://rulebooks.vara.ae/rulebook/virtual-assets-and-related-activities-regulations-2023", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Virtual Assets and Related Activities Regulations 2023", "short_name": "VARA Regulations 2023", "citation": "Virtual Assets and Related Activities Regulations 2023", "jurisdiction": "AE-DU", "law_type": "regulation", "date_adopted": "2023-02-07", "in_force_from": "2023-02-07", "official_url": { "value": "https://rulebooks.vara.ae/rulebook/virtual-assets-and-related-activities-regulations-2023", "source": "https://rulebooks.vara.ae/rulebook/virtual-assets-and-related-activities-regulations-2023", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://rulebooks.vara.ae/sites/default/files/en_net_file_store/VARA_EN_18_VER992_2.pdf", "source": "https://rulebooks.vara.ae/rulebook/virtual-assets-and-related-activities-regulations-2023", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2025-05-19", "http_status": 200, "bytes": 455492, "file_check": { "content_type": "application/pdf", "size": 455492, "sha256": "495a34b64f3e2a2c5a338fd532d1640d5447ef29013111d3aa2191a0a42d7a8d", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "public domain under UAE copyright law (Federal Decree-Law No. 38 of 2021, Art. 3(1))" }, "summary": "The Virtual Assets and Related Activities Regulations 2023 establish Dubai's comprehensive regulatory framework governing virtual assets and related activities. Enacted by the Dubai Virtual Assets Regulatory Authority (VARA) under Law No. (4) of 2022, the regulations apply to all virtual asset service providers (VASPs) and activities across Dubai, including mainland and free zones, but excluding the Dubai International Financial Centre (DIFC). The regulations prohibit conducting virtual asset business without authorization and create eight specific licences: Advisory Services, Broker-Dealer Services, Category 1 VA Issuance, Custody Services, Exchange Services, Lending and Borrowing Services, VA Management and Investment Services, and VA Transfer and Settlement Services. They completely prohibit anonymity-enhanced cryptocurrencies (privacy coins) and require mandatory registration for proprietary traders investing USD 250 million or more within 30 days. Key obligations mandate compliance with compulsory and activity-specific rulebooks, federal AML/CFT laws, marketing rules, and prohibitions against market offences such as insider dealing and market manipulation. VARA exercises sweeping supervision, examination, licence revocation, and enforcement powers, including substantial administrative fines.", "key_articles": [ { "article": "Reg. II.C.1", "gist": "Prohibits the issuance of anonymity-enhanced cryptocurrencies and all related virtual asset activities in Dubai." }, { "article": "Reg. III.A.1", "gist": "Prohibits carrying out any virtual asset activity by way of business in Dubai without a VARA licence or exempt status." }, { "article": "Reg. IV.A.1", "gist": "Requires all entities seeking to conduct virtual asset activities in Dubai to obtain and maintain a VARA licence." }, { "article": "Reg. IV.A.5", "gist": "Exempts practising lawyers, accountants, and business consultants carrying out virtual asset activities wholly incidental to their profession." }, { "article": "Reg. IV.A.7", "gist": "Mandates VARA registration for large proprietary traders investing their own portfolio at or above USD 250 million per 30-day period." }, { "article": "Reg. IV.A.8", "gist": "Provides voluntary VARA registration for DLT technology service providers and proprietary virtual asset investors." }, { "article": "Reg. IV.A.9", "gist": "Empowers VARA to designate systemically important entities serving VASPs as Critical Service Providers subject to direct supervision." }, { "article": "Reg. IV.B.1", "gist": "Grants VARA sole discretion to issue licences, specify permitted virtual asset activities, and impose operational conditions or time limits." }, { "article": "Reg. IV.B.2", "gist": "Authorises VARA to vary, suspend, or revoke licences for material regulatory violations, insolvency, unpaid court judgments, or good cause." }, { "article": "Reg. V.1", "gist": "Mandates continuous compliance with four compulsory rulebooks: Company, Compliance and Risk Management, Technology and Information, and Market Conduct." }, { "article": "Reg. V.2", "gist": "Requires licensees to comply with activity-specific rulebooks corresponding to each regulated virtual asset activity they carry out." }, { "article": "Reg. VI.A.3", "gist": "Designates VARA as the supervisory authority for VASPs under UAE Federal AML-CFT laws with full oversight powers." }, { "article": "Reg. VII.A.1", "gist": "Requires all entities to comply with VARA's Marketing Regulations when marketing, advertising, or promoting virtual assets." }, { "article": "Reg. VIII.A.2", "gist": "Defines market offences under Dubai law, specifically encompassing insider dealing, unlawful disclosure of inside information, and market manipulation." }, { "article": "Reg. VIII.E.1", "gist": "Prohibits engaging in, attempting, recommending, inducing, or facilitating insider dealing or unlawful disclosure of inside information." }, { "article": "Reg. VIII.I.1", "gist": "Prohibits engaging in, attempting, or facilitating market manipulation involving virtual assets traded in Dubai." }, { "article": "Reg. IX.A.1", "gist": "Subjects all entities to VARA investigation and examination at any time, requiring full cooperation and production of records." }, { "article": "Reg. IX.C.1", "gist": "Empowers VARA to take administrative enforcement actions, including cease-and-desist orders, public statements, licence revocation, and penalties." }, { "article": "Reg. X.A.1", "gist": "Imposes strict statutory confidentiality on all entities regarding VARA operations, communications, investigations, and regulatory proceedings." }, { "article": "Schedule 1", "gist": "Defines eight regulated virtual asset activities: Advisory, Broker-Dealer, Category 1 Issuance, Custody, Exchange, Lending/Borrowing, Management/Investment, and Transfer/Settlement." }, { "article": "Schedule 2", "gist": "Establishes fixed licence application fees, extension fees, and annual supervision fees per regulated virtual asset activity." }, { "article": "Schedule 3", "gist": "Prescribes administrative fines up to AED 50 million, 15% annual revenue, or 300% of profits/losses for market offences and violations." } ], "licences_created": [ "Virtual Asset Service Provider (VASP) Licence — Advisory Services", "Virtual Asset Service Provider (VASP) Licence — Broker-Dealer Services", "Virtual Asset Service Provider (VASP) Licence — Category 1 VA Issuance", "Virtual Asset Service Provider (VASP) Licence — Custody Services", "Virtual Asset Service Provider (VASP) Licence — Exchange Services", "Virtual Asset Service Provider (VASP) Licence — Lending and Borrowing Services", "Virtual Asset Service Provider (VASP) Licence — VA Management and Investment Services", "Virtual Asset Service Provider (VASP) Licence — VA Transfer and Settlement Services", "Large Proprietary Trader Mandatory Registration", "Distributed Ledger Technology Service Provider Voluntary Registration", "Proprietary Investor Voluntary Registration", "Exempt Entity No-Objection Confirmation" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Virtual Assets and Related Activities Regulations 2023 are Dubai's primary regulatory rulebook for crypto and digital asset businesses, issued by the Virtual Assets Regulatory Authority (VARA) under Law No. (4) of 2022. It governs Virtual Asset Service Provider (VASP) licences for advisory, broker-dealer, Category 1 issuance, custody, exchange, lending and borrowing, management and investment, and transfer and settlement services across Dubai, excluding the DIFC.", "open_questions": [], "type": "law" }, { "id": "ae-federal-decree-law-6-2025", "title": { "value": "Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business", "source": "https://mof.gov.ae/wp-content/uploads/2025/11/Federal-Decree-Law-No.-6-of-2025-Regarding-the-Central-Bank-Regulation-of-Financial-Institutions-and-Activities-and-Insurance-Business.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business", "short_name": null, "citation": "Federal Decree-Law No. (6) of 2025", "jurisdiction": "AE", "law_type": "act", "date_adopted": "2025-09-08", "in_force_from": "2025-09-16", "official_url": { "value": "https://rulebook.centralbank.ae/en/rulebook/federal-decree-law-no-6-2025-regarding-central-bank-regulation-financial-institutions-and", "source": "https://www.centralbank.ae/en/legislation/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://mof.gov.ae/wp-content/uploads/2025/11/Federal-Decree-Law-No.-6-of-2025-Regarding-the-Central-Bank-Regulation-of-Financial-Institutions-and-Activities-and-Insurance-Business.pdf", "source": "https://mof.gov.ae/wp-content/uploads/2025/11/Federal-Decree-Law-No.-6-of-2025-Regarding-the-Central-Bank-Regulation-of-Financial-Institutions-and-Activities-and-Insurance-Business.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 648256, "file_check": { "content_type": "application/pdf", "size": 648256, "sha256": "7356e6926aef614f498f340372d2ca828743b9c0fc2c572349678bf52872d344", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found; UAE government/ministry publication, no reuse licence stated" }, "summary": "This decree-law re-establishes the Central Bank of the UAE's mandate and consolidates regulation of banks, insurance, payments and financial market infrastructures. It requires a Central Bank licence for taking deposits, credit and funding facilities, open finance, currency exchange and money transfer, payment services using virtual assets, stored value/retail payment/digital money services, dealing as principal, and insurance/reinsurance business, explicitly extending jurisdiction to virtual-asset payment tokens, DeFi and technology platforms facilitating such activities (Art. 61-62). It sets licensing procedure and criteria (fit-and-proper, minimum capital), grounds for licence suspension/withdrawal, prior-approval requirements for controlling-interest holders, and administrative, civil and criminal penalties for unlicensed activity, false representation and other breaches. It repeals the 2018 Central Bank Law and 2023 Insurance Decree-Law.", "key_articles": [ { "article": "Art. 61", "gist": "Lists financial activities requiring Central Bank licence, including payment services using virtual assets." }, { "article": "Art. 62", "gist": "Extends licensing/oversight to virtual-asset payment tokens, DeFi and enabling technology platforms." }, { "article": "Art. 63-65", "gist": "Licence application, fit-and-proper/capital criteria, and power to impose licence conditions." }, { "article": "Art. 66", "gist": "Grounds for suspension, withdrawal or revocation of a licence." }, { "article": "Art. 120", "gist": "Prior Central Bank approval required to hold or increase a controlling interest in a licensed institution." }, { "article": "Art. 161-171", "gist": "Art. 170 punishes unlicensed activity under Art. 61 (imprisonment, fine AED 50,000-500,000,000); Art. 161 sets Financial Market Infrastructure violation rules; Art. 171 covers confidentiality breaches, not unlicensed activity." }, { "article": "Art. 184-185", "gist": "One-year reconciliation period; repeals Decretal Federal Law No. 14/2018 and Federal Decree-Law No. 48/2023." }, { "article": "Art. 188", "gist": "Law takes effect the day following its publication in the Official Gazette." } ], "licences_created": [ "Central Bank licence to carry on Licensed Financial Activities (banking, credit/funding facilities, open finance, currency exchange and money transfer, payment services using virtual assets, stored value/retail payment/digital money services, dealing as principal, insurance and reinsurance)" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "Federal Decree-Law No. (6) of 2025 is the UAE's consolidated Central Bank law. It governs CBUAE licensing of banks, exchange houses, payment/remittance providers, stored-value and virtual-asset payment-token issuers, open finance, and insurers, replacing the 2018 Central Bank Law and 2023 Insurance Law.", "open_questions": [ "rulebook.centralbank.ae and uaelegislation.gov.ae both return HTTP 403 to automated fetches (Cloudflare/WAF); full text and official_url were verified via the Ministry of Finance's own PDF mirror instead, which is an equally official government source but not the same URL as the CBUAE Rulebook landing page.", "Exact Official Gazette publication date (used to derive the 2025-09-16 in-force date under Art. 188) is stated by secondary sources (law-firm client alerts) as 2025-09-15; the decree-law text itself does not print the gazette issue date, and the gazette page could not be opened directly." ], "type": "law" }, { "id": "au-aml-ctf-act-2006", "title": { "value": "Anti-Money Laundering and Counter-Terrorism Financing Act 2006", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Anti-Money Laundering and Counter-Terrorism Financing Act 2006", "short_name": "AML/CTF Act", "citation": "Act No. 169, 2006 (Cth), registered compilation C2026C00274", "jurisdiction": "AU", "law_type": "act", "date_adopted": "2006-12-12", "in_force_from": "2007-12-12", "official_url": { "value": "https://www.legislation.gov.au/C2006A00169/latest/text", "source": "https://www.legislation.gov.au/C2006A00169/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.legislation.gov.au/C2006A00169/2026-07-01/2026-07-01/text/original/pdf", "source": "https://www.legislation.gov.au/C2006A00169/latest/downloads", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2026-07-01", "http_status": 200, "bytes": 1776604, "file_check": { "content_type": "application/pdf", "size": 1776604, "sha256": "85235a4f427ecbacb886aaa44d5c0826844ab1c8e7cf627fb8ca0ccdf0a81c15", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20260812085124/https://www.legislation.gov.au/C2006A00169/2026-07-01/2026-07-01/text/original/pdf", "may_host": { "value": "no", "basis": "no reuse licence confirmed for this specific Federal Register of Legislation PDF in this session (the /about-copyright page returned not-found); linking to the official/archive URL only" }, "summary": "The AML/CTF Act 2006 (Cth) is Australia's primary anti-money-laundering and counter-terrorism-financing statute, administered by AUSTRAC. It obliges 'reporting entities' providing designated services (banks, remittance providers, casinos, and, after 2024 amendments, virtual asset/digital currency services and 'tranche 2' professions such as lawyers, accountants and real estate agents) to adopt AML/CTF programs, conduct customer due diligence, and report suspicious matters, threshold transactions and cross-border movements. Part 6 creates the Remittance Sector Register (s 75) and Part 6A the Virtual Asset Service Provider Register (ss 76B-76E, renamed and expanded from the former Digital Currency Exchange Register by the 2024 amendment), both administered by the AUSTRAC CEO, with registration a precondition to lawfully providing those services. The 2024 amendment (Royal Assent 10 December 2024) extended obligations to virtual asset services (commenced 31 March 2026) and tranche 2 entities (obligations and enrolment from 1 July 2026).", "key_articles": [ { "article": "s 75", "gist": "Requires AUSTRAC CEO to maintain the Remittance Sector Register for registration of remittance service/network providers." }, { "article": "s 76B", "gist": "Requires AUSTRAC CEO to maintain the Virtual Asset Service Provider Register (formerly Digital Currency Exchange Register)." }, { "article": "s 76D", "gist": "Sets out how a person applies in writing to AUSTRAC for registration as a virtual asset service provider." } ], "licences_created": [ "Registration on the Remittance Sector Register", "Registration on the Virtual Asset Service Provider Register" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The AML/CTF Act 2006 (Cth) is Australia's core AML/CTF statute, administered by AUSTRAC. It requires registration of remittance providers (Part 6, s 75) and virtual asset/digital-currency service providers (Part 6A, ss 76B-76E), with 2024 amendments (No. 110, 2024) extending obligations to virtual assets and 'tranche 2' professions from 2026.", "open_questions": [ "in_force_from is given as 2007-12-12 (commencement of Part 2 Divisions 1-5, the core customer-due-diligence obligations); the Act's own commencement table (s 2) staggers different provisions across 2006-2008, so no single 'in force from' date is fully precise.", "Could not confirm the Federal Register of Legislation's own reuse/copyright licence in this session; may_host set to 'no' pending that confirmation." ], "type": "law" }, { "id": "au-corporations-act-2001", "title": { "value": "Corporations Act 2001", "source": "https://www.legislation.gov.au/C2004A00818/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Corporations Act 2001", "short_name": null, "citation": "Act No. 50, 2001 (Cth), registered compilation C2026C00382", "jurisdiction": "AU", "law_type": "act", "date_adopted": "2001-06-28", "in_force_from": "2001-07-15", "official_url": { "value": "https://www.legislation.gov.au/C2004A00818/latest/text", "source": "https://www.legislation.gov.au/C2004A00818/latest/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.legislation.gov.au/C2004A00818/2026-08-27/2026-08-27/text/original/pdf/4", "source": "https://www.legislation.gov.au/C2004A00818/latest/downloads", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2026-08-27", "http_status": 200, "bytes": 3502450, "file_check": { "content_type": "application/pdf", "size": 3502450, "sha256": "ba1009c19575186967d37100ebe560d37ced716a589d7b634d1e8c21714efd5a", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no reuse licence found on legislation.gov.au for this specific PDF URL in this session (Commonwealth material is commonly CC BY 4.0 per other agency copyright pages, but the Federal Register of Legislation's own terms were not directly reachable — page returned not-found)" }, "summary": "The Corporations Act 2001 (Cth) is Australia's principal companies and financial-markets statute, administered by ASIC and Treasury. Chapter 7 (\"Financial services and markets\") requires anyone carrying on a financial services business in Australia to hold an Australian Financial Services Licence (AFSL) unless exempt (s 911A), sets licensees' general conduct obligations including efficient, honest and fair provision of services and conflict-of-interest management (s 912A), and governs when ASIC must grant a licence, including a fit-and-proper-person test (s 913B, 913BA). Enacted 2001, the Act consolidated Australian corporate law nationally. A 2026 amendment (Digital Assets Framework Act, Royal Assent 8 April 2026, commencing 9 April 2027) extends the AFSL regime to digital asset platforms and tokenised custody platforms, with a transition window for existing operators to apply. This dossier covers only the licensing-relevant Chapter 7 volume of the seven-volume compilation.", "key_articles": [ { "article": "s 911A", "gist": "Requires an AFSL for carrying on a financial services business in Australia, subject to listed exemptions." }, { "article": "s 912A", "gist": "Sets licensees' general obligations: efficient/honest/fair conduct, conflict management, compliance with licence conditions and financial services laws." }, { "article": "s 913B", "gist": "ASIC must grant an AFSL only if the application meets s 913A, s 912A compliance is likely, and the fit-and-proper test (s 913BA) is satisfied." } ], "licences_created": [ "Australian Financial Services Licence (AFSL)" ], "status": "in force", "upcoming_changes": [ { "value": "2027-04-09: Corporations Amendment (Digital Assets Framework) Act 2026 commences, extending the AFSL regime (Chapter 7) to digital asset platforms and tokenised custody platforms; transition window (reported 2027-04 to 2027-10) for existing operators to lodge AFSL applications while continuing to operate under relief.", "source": "https://www.legislation.gov.au/C2026A00038/asmade/text", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "fact_checks": [], "answer": "The Corporations Act 2001 (Cth) is Australia's core corporate and financial-services law. Its Chapter 7 requires an Australian Financial Services Licence (AFSL) for financial services businesses (s 911A-913B), administered by ASIC; a 2026 amendment extends AFSL coverage to digital asset and custody platforms from April 2027.", "open_questions": [ "Could not confirm the Federal Register of Legislation's own reuse/copyright licence text in this session (the /about-copyright URL returned a not-found page); may_host is conservatively set to 'no' pending that confirmation.", "Only Volume 4 (ss 760A-1101J, containing Chapter 7) of the 7-volume compilation was downloaded and read, per the brief's guidance for acts over ~150 pages; the other 6 volumes were not fetched.", "The exact end date of the digital-asset-platform AFSL transition window (reported elsewhere as October 2027) was found via secondary sources (law-firm summaries) only, not read directly in the amending Act's transitional provisions." ], "type": "law" }, { "id": "bm-digital-asset-business-act-2018", "title": { "value": "Digital Asset Business Act 2018", "source": "https://www.bma.bm/viewPDF/documents/2023-11-14-11-11-48-Digital-Asset-Business-Act-2018.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Digital Asset Business Act 2018", "short_name": "DABA", "citation": "2018 : 28", "jurisdiction": "BM", "law_type": "act", "date_adopted": "2018-06-25", "in_force_from": "2018-09-10", "official_url": { "value": "https://www.bma.bm/digital-asset-business", "source": "https://www.bma.bm/digital-asset-business", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.bma.bm/viewPDF/documents/2023-11-14-11-11-48-Digital-Asset-Business-Act-2018.pdf", "source": "https://www.bma.bm/digital-asset-business", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 211986, "file_check": { "content_type": "application/pdf", "size": 211986, "sha256": "721a046cffac933ab6b4d368598485a407df51a30791129d90a311e42929e312", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found — Bermuda government/BMA copyright terms not checked for reuse permission" }, "summary": "The Digital Asset Business Act 2018 is Bermuda's licensing statute for digital asset business, administered by the Bermuda Monetary Authority. It restricts carrying on digital asset business in or from Bermuda (issuing/selling/redeeming digital assets, digital-asset payment services, operating an exchange, custodial wallet services, or acting as a digital asset services vendor) without a licence. Two licence classes exist: Class F (unrestricted) and Class M (for a defined, extendable period set by the Authority). The Act sets application and fee requirements, prudential standards, codes of practice, custody/client-asset protection, senior representative and Head Office duties, an objections regime for 10%/majority shareholder controllers, audit and investigation powers, and offences for unlicensed activity, false information, and misuse of the term 'digital asset business'. It also amends Bermuda's AML/ATF statutes to bring licensed undertakings within the regulated-institution definitions.", "key_articles": [ { "article": "s.10", "gist": "Prohibits carrying on digital asset business without a licence; sets fines up to $250,000 and up to 5 years' imprisonment." }, { "article": "s.12", "gist": "Creates Class F licence (unrestricted) and Class M licence (fixed, extendable period)." }, { "article": "s.14", "gist": "Authority may determine that an applicant be issued a different class of licence than applied for." }, { "article": "s.16", "gist": "Licensed undertakings pay fees determined by the Authority." }, { "article": "s.34", "gist": "Objections-to-controllers regime: no one may become a 10% or majority shareholder controller without notifying the Authority." }, { "article": "s.73", "gist": "Extends offence liability to officers where the offence was committed with their consent, connivance or neglect." } ], "licences_created": [ "Class F digital asset business licence", "Class M digital asset business licence" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Digital Asset Business Act 2018 (2018:28) is Bermuda's licensing law for digital asset business, enforced by the Bermuda Monetary Authority. It creates the Class F and Class M digital asset business licences covering token issuance, exchanges, custodial wallets, and digital-asset payment services.", "open_questions": [ "The task hint mentioned a 'Class T' licence; the downloaded consolidated text (BMA copy, dated on-page 2023-11-14) only defines Class F and Class M licences in s.12(3) — no Class T was found in this file. It may exist under a later amendment not reflected in this copy, or be conflated with another Bermuda framework; not confirmed in this session.", "Could not reach bermudalaws.bm directly (it is a client-rendered Blazor SPA; static PDF URL guesses returned 404), so the full text was taken from the Bermuda Monetary Authority's own copy (the regulator's rulebook site) instead, per the brief's fallback rule.", "may_host basis not verified — Bermuda government copyright/reuse terms were not checked in this session." ], "type": "law" }, { "id": "ca-pcmltfa", "title": { "value": "Proceeds of Crime (Money Laundering) and Terrorist Financing Act", "source": "https://laws-lois.justice.gc.ca/eng/acts/P-24.501/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Proceeds of Crime (Money Laundering) and Terrorist Financing Act", "short_name": "PCMLTFA", "citation": "S.C. 2000, c. 17", "jurisdiction": "CA", "law_type": "act", "date_adopted": "2000-06-29", "in_force_from": "2001-10-28", "official_url": { "value": "https://laws-lois.justice.gc.ca/eng/acts/P-24.501/", "source": "https://laws-lois.justice.gc.ca/eng/acts/P-24.501/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://laws-lois.justice.gc.ca/PDF/P-24.501.pdf", "source": "https://laws-lois.justice.gc.ca/eng/acts/P-24.501/FullText.html", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2026-09-03", "http_status": 200, "bytes": 1358603, "file_check": { "content_type": "application/pdf", "size": 1358603, "sha256": "cadcbe846a58584719755545cc4e7aaef76f6c1867ffeb1d8b6d3c17d3d6a5ea", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20251011062856/https://laws-lois.justice.gc.ca/PDF/P-24.501.pdf", "may_host": { "value": "yes", "basis": "Reproduction of Federal Law Order (SI/97-5): anyone may reproduce Government of Canada enactments and consolidations without charge or permission, provided accuracy due diligence and no claim of official status" }, "summary": "The PCMLTFA (S.C. 2000, c. 17) is Canada's principal anti-money-laundering and counter-terrorism-financing statute. It establishes FINTRAC (the 'Centre') and imposes record-keeping, client identification, and suspicious/large-transaction reporting duties on 'Part 1' reporting entities, including banks, securities dealers, and money services businesses (MSBs). Section 5(h) captures domestic persons/entities with a place of business in Canada providing foreign exchange dealing, funds remittance/transmission, money order issuance, virtual currency dealing, or private automated banking machine acquiring services; s 5(h.1) extends the same list to foreign MSBs (FMSBs) with no place of business in Canada that direct such services, including virtual currency dealing, at clients in Canada. Section 11.1 requires every person/entity caught by s 5(h) or (h.1) (plus certain money-order issuers) to register with FINTRAC before operating; s 11.11 lists persons ineligible for registration (e.g. those under terrorism-related sanctions). Non-compliance carries administrative monetary penalties and criminal offences under later Parts.", "key_articles": [ { "article": "s 5(h)", "gist": "Defines domestic money services businesses (incl. dealing in virtual currencies) subject to the Act." }, { "article": "s 5(h.1)", "gist": "Extends the same MSB service list, including virtual currency dealing, to foreign MSBs directing services at Canadian clients." }, { "article": "s 11.1", "gist": "Requires every person/entity referred to in s 5(h) or (h.1) to register with FINTRAC (the Centre) before operating." }, { "article": "s 11.11", "gist": "Lists persons/entities ineligible for FINTRAC registration, e.g. those subject to terrorism-related sanctions." } ], "licences_created": [ "Money Services Business (MSB) registration with FINTRAC", "Foreign Money Services Business (FMSB) registration with FINTRAC" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The PCMLTFA (S.C. 2000, c. 17) is Canada's core AML/CTF law, establishing FINTRAC. It requires money services businesses, including virtual currency dealers and foreign MSBs targeting Canadian clients (s 5(h)/(h.1)), to register with FINTRAC under s 11.1 before operating.", "open_questions": [], "type": "law" }, { "id": "ch-anti-money-laundering-act", "title": { "value": "Bundesgesetz vom 10. Oktober 1997 über die Bekämpfung der Geldwäscherei und der Terrorismusfinanzierung (Geldwäschereigesetz, GwG)", "source": "https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Federal Act of 10 October 1997 on Combating Money Laundering and Terrorist Financing (Anti-Money Laundering Act, AMLA)", "short_name": "AMLA", "citation": "SR 955.0", "jurisdiction": "CH", "law_type": "act", "date_adopted": "1997-10-10", "in_force_from": "1998-04-01", "official_url": { "value": "https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/de", "source": "https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/1998/892_892_892/20240301/de/pdf-a/fedlex-data-admin-ch-eli-cc-1998-892_892_892-20240301-de-pdf-a-1.pdf", "source": "https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "de", "consolidated_as_of": "2024-03-01", "http_status": 200, "bytes": 426045, "file_check": { "content_type": "application/pdf", "size": 426045, "sha256": "7c6ac1895fad99147e69a619902bf8fe48fc7bde42c7d924e214550dda4006ad", "as_of": "2026-09-24" } }, "english_translation": { "value": "https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/1998/892_892_892/20240301/en/pdf-a/fedlex-data-admin-ch-eli-cc-1998-892_892_892-20240301-en-pdf-a-2.pdf", "source": "https://www.fedlex.admin.ch/eli/cc/1998/892_892_892/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "archive_url": null, "may_host": { "value": "yes", "basis": "Public domain under Art. 5 para. 1 let. a of the Swiss Federal Act on Copyright and Related Rights (CoprA, SR 231.1)" }, "summary": "The Anti-Money Laundering Act (AMLA, SR 955.0) governs the prevention and detection of money laundering, terrorist financing, and the concealment of criminal assets across the Swiss financial system. It applies to prudentially supervised entities (banks, securities firms, fund managers, insurers, DLT trading facilities, casinos) and non-prudentially supervised financial intermediaries who professionally accept, hold, or transfer third-party assets (payment processors, crypto brokers, virtual asset service providers, lending platforms, credit providers). It also covers commercial goods dealers accepting cash exceeding CHF 100,000. AMLA creates a dual-tier supervisory framework: FINMA directly supervises prudential institutions and recognises Self-Regulatory Organisations (SROs) under Article 24, while fintechs and parabanking intermediaries must secure mandatory affiliation to a recognised SRO under Article 14. Key obligations include verifying customer identities, identifying ultimate beneficial owners (with a 25% control threshold), conducting enhanced due diligence on higher-risk or PEP relationships, retaining records for 10 years, immediately reporting suspicious transactions to the Money Laundering Reporting Office Switzerland (MROS), freezing suspicious assets, and adhering to strict anti-tipping-off rules.", "key_articles": [ { "article": "Art. 1", "gist": "Defines the scope of combating money laundering, terrorist financing, and ensuring due diligence in financial transactions." }, { "article": "Art. 2", "gist": "Defines covered entities, distinguishing prudentially supervised institutions (para. 2) from parabanking intermediaries and crypto/payment services (para. 3)." }, { "article": "Art. 2a", "gist": "Defines foreign and domestic politically exposed persons (PEPs) and establishes a 25% control threshold for identifying beneficial owners." }, { "article": "Art. 3", "gist": "Obliges financial intermediaries to verify customer identity using evidentiary documents upon establishing business relationships or substantial cash transactions." }, { "article": "Art. 4", "gist": "Requires intermediaries to identify and verify beneficial owners with required due diligence and obtain written declarations where ownership is indirect." }, { "article": "Art. 5", "gist": "Mandates repeating customer and beneficial owner identification when doubt arises regarding identity during an ongoing business relationship." }, { "article": "Art. 6", "gist": "Imposes special due diligence duties to clarify the background and purpose of higher-risk transactions, business relationships, or PEP involvement." }, { "article": "Art. 7", "gist": "Requires retaining transaction and clarification records for at least ten years and periodically checking and updating customer files based on risk." }, { "article": "Art. 8", "gist": "Obliges financial intermediaries to implement organizational measures, adequate staff training, and periodic controls to prevent financial crime." }, { "article": "Art. 8a", "gist": "Imposes customer verification, beneficial ownership identification, and record-keeping duties on commercial goods dealers accepting cash over CHF 100,000." }, { "article": "Art. 9", "gist": "Mandates immediately filing suspicious activity reports with MROS whenever assets are suspected of criminal origin or terrorist financing links." }, { "article": "Art. 10", "gist": "Directs intermediaries to immediately freeze assets connected to suspicious activity reports pending notification or instructions from prosecution authorities." }, { "article": "Art. 10a", "gist": "Prohibits informing affected clients or third parties about filed MROS reports or asset freezes, enforcing a strict anti-tipping-off rule." }, { "article": "Art. 11", "gist": "Protects financial intermediaries who file reports or freeze assets in good faith from criminal and civil breach of secrecy liability." }, { "article": "Art. 11a", "gist": "Obliges financial intermediaries to furnish all additional information requested by MROS to analyse filed suspicious activity reports." }, { "article": "Art. 12", "gist": "Allocates supervisory authority among FINMA for prudential institutions, specialized federal bodies for gaming and metals, and SROs for parabanking." }, { "article": "Art. 14", "gist": "Requires non-prudentially supervised financial intermediaries (including crypto brokers and payment providers) to obtain mandatory affiliation to a recognised SRO." }, { "article": "Art. 18", "gist": "Empowers FINMA to recognise, supervise, and sanction self-regulatory organisations and approve their binding regulatory rulebooks." }, { "article": "Art. 20", "gist": "Authorises FINMA to take enforcement action against entities operating without SRO affiliation, including ordered liquidation and commercial register deletion." }, { "article": "Art. 23", "gist": "Designates the Federal Office of Police (fedpol) to operate the Money Laundering Reporting Office Switzerland (MROS)." }, { "article": "Art. 24", "gist": "Establishes criteria for FINMA recognition of SROs, requiring independent executive bodies, reputable managers, and enforceable compliance regulations." }, { "article": "Art. 25", "gist": "Mandates SROs to issue regulations specifying due diligence duties, affiliation requirements, periodic audit oversight, and appropriate contractual penalties." }, { "article": "Art. 28", "gist": "Governs FINMA's procedure for withdrawing SRO recognition and gives affiliated members two months to join another recognised SRO." }, { "article": "Art. 37", "gist": "Imposes criminal fines up to CHF 500,000 for intentional failure to file suspicious activity reports, or CHF 150,000 for negligence." } ], "licences_created": [ "Recognition as a self-regulatory organisation (Art. 24 AMLA)", "Affiliation to a recognised self-regulatory organisation for financial intermediaries (Art. 14 AMLA)" ], "status": "in force", "upcoming_changes": [ { "value": "2026-10-01: Entry into force of the Federal Act on the Transparency of Legal Entities and Identification of Beneficial Owners (TJPG) and comprehensive amendments to the Anti-Money Laundering Act (AS 2026 322), establishing a central federal beneficial ownership register and extending AML due diligence to certain advisory services", "source": "https://www.fedlex.admin.ch/eli/oc/2026/322/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Anti-Money Laundering Act (AMLA; SR 955.0) is Switzerland's principal statute combating money laundering and terrorist financing. For fintechs, crypto brokers, and virtual asset service providers (VASPs) operating without a banking licence under Article 2(3), AMLA establishes mandatory affiliation to a FINMA-recognised Self-Regulatory Organisation (SRO) as the essential legal authorisation to operate, while empowering FINMA to recognise and supervise SROs under Article 24.", "open_questions": [], "type": "law" }, { "id": "ch-banking-act", "title": { "value": "Bundesgesetz vom 8. November 1934 über die Banken und Sparkassen (Bankengesetz, BankG)", "source": "https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Federal Act of 8 November 1934 on Banks and Savings Banks (Banking Act, BankA)", "short_name": "BankA", "citation": "SR 952.0", "jurisdiction": "CH", "law_type": "act", "date_adopted": "1934-11-08", "in_force_from": "1935-03-01", "official_url": { "value": "https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de", "source": "https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/51/117_121_129/20240101/de/pdf-a/fedlex-data-admin-ch-eli-cc-51-117_121_129-20240101-de-pdf-a-1.pdf", "source": "https://www.fedlex.admin.ch/eli/cc/51/117_121_129/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "de", "consolidated_as_of": "2024-01-01", "http_status": 200, "bytes": 580815, "file_check": { "content_type": "application/pdf", "size": 580815, "sha256": "ec4eef2786d82cc8c5c82fe2d07753721c4ebc615a6074ff73278f23d883f85b", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "Public domain under Swiss copyright law (Art. 5 para. 1 let. a Federal Act on Copyright and Related Rights, CoprA / URG, SR 231.1)" }, "summary": "The Federal Act on Banks and Savings Banks (BankA, SR 952.0) provides the primary statutory foundation for banking regulation, deposit-taking, and prudential supervision in Switzerland. Enforced by the Swiss Financial Market Supervisory Authority (FINMA), the Act applies to universal banks, cantonal banks, private bankers, savings institutions, Swiss branches and representative offices of foreign banks, and financial innovation entities. BankA establishes the statutory monopoly over commercial public deposit-taking and creates five distinct regulatory permissions: the full banking licence, the FinTech licence under Article 1b (allowing public deposits or crypto assets up to CHF 100 million without lending or interest), authorisations for foreign bank branches and representations, and supplementary authorisations for foreign-controlled banks. Key obligations require institutions to hold fully paid-up minimum capital, maintain adequate own funds and liquidity, establish robust governance separating executive management from board oversight, ensure fit-and-proper management, report qualified shareholding thresholds (10%, 20%, 33%, 50%), affiliate with the statutory depositor protection scheme (esisuisse) securing deposits up to CHF 100,000, and uphold Swiss banking secrecy under Article 47 subject to criminal penalties.", "key_articles": [ { "article": "Art. 1", "gist": "Applies the Act to banks, private bankers, and savings banks, prohibiting unauthorized commercial acceptance of public deposits by unregulated persons." }, { "article": "Art. 1a", "gist": "Defines banks as entities commercially accepting public deposits above CHF 100 million, accepting deposits or crypto assets to lend or pay interest, or refinancing to lend broadly." }, { "article": "Art. 1b", "gist": "Creates the FinTech licence allowing entities to accept public deposits or crypto assets up to CHF 100 million without investing them or paying interest." }, { "article": "Art. 2", "gist": "Applies statutory requirements to Swiss branches and representative offices of foreign banks, authorizing FINMA to require endowment capital and security deposits." }, { "article": "Art. 3", "gist": "Mandates prior FINMA authorisation, requiring fully paid-up minimum capital, separate supervisory and executive bodies, fit-and-proper managers, and notification of 10%, 20%, 33%, and 50% qualifying holdings." }, { "article": "Art. 3bis & 3ter", "gist": "Subjects foreign-controlled banks to supplementary FINMA authorization, conditioning approval on reciprocal treatment and requiring new approval upon any change in qualified foreign shareholders." }, { "article": "Art. 3c & 3d", "gist": "Defines financial groups and conglomerates, empowering FINMA to exercise consolidated supervision where an entity is managed from Switzerland or operates a Swiss bank." }, { "article": "Art. 4", "gist": "Requires banks to hold adequate capital and liquidity on an individual and a consolidated basis." }, { "article": "Art. 4bis", "gist": "Requires large loans to a single client or participations in a single enterprise to maintain an appropriate, risk-adjusted ratio relative to total regulatory own funds." }, { "article": "Art. 7 & 8", "gist": "Defines systemically important banks whose failure would harm the Swiss economy, designating critical functions including domestic deposit-taking, lending, and payment infrastructure." }, { "article": "Art. 23bis", "gist": "Mandates that external providers of outsourced essential banking functions comply with regulatory reporting obligations and submit to FINMA audits at any time." }, { "article": "Art. 25 & 26", "gist": "Authorizes FINMA to order protective measures, including appointing an investigating agent, removing management, restricting activities, or ordering payment moratoria when insolvency or liquidity crises threaten." }, { "article": "Art. 28", "gist": "Empowers FINMA to initiate bank restructuring proceedings and appoint a restructuring commissioner if there is reasonable prospect of rehabilitation or continuing essential services." }, { "article": "Art. 37a", "gist": "Grants privileged status to named bank deposits and medium-term notes up to CHF 100,000 in bankruptcy, requiring banks to cover 125% of privileged deposits with Swiss assets." }, { "article": "Art. 37b", "gist": "Mandates immediate payout of privileged deposits up to CHF 100,000 from available liquid assets outside ordinary bankruptcy liquidation procedures." }, { "article": "Art. 37h", "gist": "Deposit protection through esisuisse: the banks' joint funding obligation equals 1.6% of all protected deposits (about CHF 8 billion in 2026)." }, { "article": "Art. 46", "gist": "Imposes criminal penalties of up to three years' imprisonment or fines for wilfully accepting public deposits without authorization or violating accounting requirements." }, { "article": "Art. 47", "gist": "Imposes criminal liability of up to three years' imprisonment, or five years for pecuniary gain, for intentional breach of professional banking secrecy." }, { "article": "Art. 49", "gist": "Imposes fines up to CHF 500,000 for unauthorised use of protected terms like 'bank' or 'savings', soliciting deposits without authorisation, or failing to make regulatory notifications." } ], "licences_created": [ "Bank licence (Bankbewilligung)", "FinTech licence (Persons under Art. 1b BankG / Bewilligung für Personen nach Art. 1b)", "Authorisation to establish a branch of a foreign bank (Zweigniederlassung einer ausländischen Bank)", "Authorisation to establish a representative office of a foreign bank (Vertretung einer ausländischen Bank)", "Supplementary authorisation for foreign-controlled banks (Zusatzbewilligung für ausländisch beherrschte Banken)" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Federal Act on Banks and Savings Banks (Banking Act, BankA; SR 952.0) of 8 November 1934 is Switzerland's principal statute regulating banking institutions and deposit-taking activities under FINMA supervision. The Act directly governs the Swiss banking licence and the dedicated FinTech licence under Article 1b, which permits financial innovators to commercially accept public deposits or crypto-based assets up to CHF 100 million without engaging in maturity transformation or lending.", "open_questions": [], "type": "law" }, { "id": "ch-financial-institutions-act", "title": { "value": "Bundesgesetz vom 15. Juni 2018 über die Finanzinstitute (Finanzinstitutsgesetz, FINIG)", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Federal Act of 15 June 2018 on Financial Institutions (Financial Institutions Act, FinIA)", "short_name": "FinIA", "citation": "SR 954.1", "jurisdiction": "CH", "law_type": "act", "date_adopted": "2018-06-15", "in_force_from": "2020-01-01", "official_url": { "value": "https://www.fedlex.admin.ch/eli/cc/2018/801/de", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2018/801/20240301/de/pdf-a/fedlex-data-admin-ch-eli-cc-2018-801-20240301-de-pdf-a-2.pdf", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "de", "consolidated_as_of": "2024-03-01", "http_status": 200, "bytes": 318904, "file_check": { "content_type": "application/pdf", "size": 318904, "sha256": "31a793402d2271127769e8f0c7fb019a864a2b74a981a6dfd964c38d00d94f6b", "as_of": "2026-09-24" } }, "english_translation": { "value": "https://fedlex.data.admin.ch/filestore/fedlex.data.admin.ch/eli/cc/2018/801/20240301/en/pdf-a/fedlex-data-admin-ch-eli-cc-2018-801-20240301-en-pdf-a-1.pdf", "source": "https://www.fedlex.admin.ch/eli/cc/2018/801/en", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "archive_url": null, "may_host": { "value": "yes", "basis": "public domain under Swiss copyright law (Art. 5(1)(a) CopA / URG, SR 231.1)" }, "summary": "The Federal Act on Financial Institutions (FinIA, SR 954.1) establishes a unified Swiss regulatory architecture governing non-banking financial institutions. Enforced by the Swiss Financial Market Supervisory Authority (FINMA) alongside authorised supervisory organisations (AOs), FinIA applies to portfolio managers, trustees, managers of collective assets, fund management companies, and securities firms, as well as Swiss branches and representative offices of foreign institutions. FinIA establishes mandatory prior authorisation before commercial operations can begin. It creates five distinct institutional licence tiers organized in a cascading hierarchy, alongside foreign branch and representation permissions. Key obligations include maintaining minimum capital (CHF 100,000 for portfolio managers and trustees), adequate own funds, risk management, and professional liability insurance or collateral. Firms must ensure effective Swiss management, fit-and-proper leadership, and prior notification for qualified participations (10%, 20%, 33%, 50%). While FINMA issues all authorisations and enforces sanctions, ongoing prudential supervision of portfolio managers and trustees is delegated to accredited supervisory organisations under FINMASA.", "key_articles": [ { "article": "Art. 2", "gist": "Defines financial institutions subject to the Act and lists exclusions including intra-family managers, lawyers, public institutions, and statutory banks." }, { "article": "Art. 5", "gist": "Mandates prior FINMA authorisation before financial institutions begin commercial activity and bars commercial register entry before authorisation is granted." }, { "article": "Art. 6", "gist": "Establishes an authorisation cascade whereby higher-tier licences (banks, securities firms, fund managers) encompass lower-tier permissions including portfolio management." }, { "article": "Art. 7", "gist": "Prescribes authorisation conditions, obliging portfolio managers and trustees to demonstrate supervision by an accredited supervisory organisation under FINMASA." }, { "article": "Art. 8", "gist": "Requires notification of changes to underlying authorisation facts and mandates prior supervisory approval for changes of material significance." }, { "article": "Art. 10", "gist": "Requires that financial institutions are effectively managed from Switzerland by persons residing where they can exercise management." }, { "article": "Art. 11", "gist": "Imposes fit-and-proper standards on managers and qualified participants, mandating prior FINMA notification for transfers crossing 10%, 20%, 33%, or 50% thresholds." }, { "article": "Art. 14", "gist": "Allows delegation of tasks solely to qualified third parties under supervision, conditioning foreign delegation of investment decisions on regulatory cooperation." }, { "article": "Art. 17", "gist": "Defines portfolio managers managing assets commercially in clients' names and trustees managing separate funds under the Hague Trust Convention." }, { "article": "Art. 20", "gist": "Requires management bodies of portfolio managers and trustees to include at least two qualified persons, permitting one only if continuity is proven." }, { "article": "Art. 22", "gist": "Mandates minimum capital of CHF 100,000 paid up in cash for portfolio managers and trustees, alongside collateral or professional liability insurance." }, { "article": "Art. 23", "gist": "Requires portfolio managers and trustees to hold own funds of at least one quarter of annual fixed costs up to CHF 10 million." }, { "article": "Art. 24", "gist": "Defines managers of collective assets and sets de minimis asset thresholds below which managers qualify as portfolio managers." }, { "article": "Art. 32 & 33", "gist": "Defines fund management companies, requiring Swiss incorporation as a company limited by shares and organizational independence from the custodian bank." }, { "article": "Art. 41", "gist": "Defines securities firms commercially trading securities for clients or own account, operating market-making activities, or offering securities on primary markets." }, { "article": "Art. 52 & 58", "gist": "Requires prior FINMA authorisation before foreign financial institutions may establish operational branches or representative offices within Switzerland." }, { "article": "Art. 61", "gist": "Designates FINMA as the competent licensing and enforcement authority while day-to-day supervision of portfolio managers and trustees belongs to supervisory organisations." }, { "article": "Art. 69", "gist": "Imposes criminal liability of up to three years' imprisonment or financial penalties for wilful violations of professional confidentiality, fining negligence." } ], "licences_created": [ "Portfolio manager authorisation (Vermögensverwalter)", "Trustee authorisation (Trustee)", "Manager of collective assets authorisation (Verwalter von Kollektivvermögen)", "Fund management company authorisation (Fondsleitung)", "Securities firm authorisation (Wertpapierhaus)", "Authorisation to establish a branch of a foreign financial institution", "Authorisation to establish a representative office of a foreign financial institution" ], "status": "in force", "upcoming_changes": [ { "value": "2026-10-01: Entry into force of amendments introduced by the Federal Act of 26 September 2025 on the Transparency of Legal Entities and the Identification of Beneficial Owners (TJPG, AS 2026 323).", "source": "https://www.fedlex.admin.ch/eli/oc/2026/323/de", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Financial Institutions Act (FinIA, SR 954.1; FINIG) of 15 June 2018 is Switzerland's primary cross-sector statute governing financial institutions. Applied by FINMA, it provides the licensing and prudential framework for asset managers, trustees, collective asset managers, fund management companies, and securities firms, regulating key fintech operators including robo-advisors, algorithmic asset managers, digital wealth platforms, and securities trading venues.", "open_questions": [], "type": "law" }, { "id": "cw-national-ordinance-games-of-chance", "title": { "value": "Landsverordening van de 20ste december 2024 houdende regels betreffende kansspelen (Landsverordening op de kansspelen)", "source": "https://gamingcontrol.spin-cdn.com/media/online_gaming/20241230_landsverordening_op_de_kansspelen.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "National Ordinance of 20 December 2024 laying down rules on games of chance (National Ordinance on Games of Chance)", "short_name": "LOK", "citation": "P.B. 2024, no. 157", "jurisdiction": "CW", "law_type": "act", "date_adopted": "2024-12-20", "in_force_from": "2024-12-24", "official_url": { "value": "https://www.cga.cw/online-gaming-legislation", "source": "https://www.cga.cw/regulation/online-gaming", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://gamingcontrol.spin-cdn.com/media/online_gaming/20241230_landsverordening_op_de_kansspelen.pdf", "source": "https://www.cga.cw/online-gaming-legislation", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "nl", "consolidated_as_of": "2024-12-30", "http_status": 200, "bytes": 747930, "file_check": { "content_type": "application/pdf", "size": 747930, "sha256": "bbfe763ebe762808940a0e5e26e3bad8cd3dbd5f253fecb12dfe063ddeeeb8d0", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found; CGA disclaimer states the posted PDF is a non-official-format copy of the gazetted text" }, "summary": "The LOK re-regulates all games of chance in Curaçao, replacing the National Ordinance on Offshore Games of Hazard (NOOGH). It establishes the Curaçao Gaming Authority (CGA) as an independent supervisory body and creates two core authorisations: a kansspelvergunning (gambling/operator licence, Ch. 2 and Ch. 5 for remote gambling) and a leveranciersvergunning (supplier licence for critical services/goods to licensees, Art. 5.13). Remote-gambling applications go through a two-phase review (integrity/financial standing, then full compliance), each phase decided within 8 weeks (extendable by 4). It sets fit-and-proper, source-of-funds, local-presence and responsible-gambling conditions for licensing, application and annual licence fees (Ch. 6), a public supplier register (Ch. 3), and administrative fines up to the 6th criminal fine category plus criminal penalties (detention/imprisonment and fines) for unlicensed operation. Existing NOOGH licensees receive an automatic six-month provisional licence.", "key_articles": [ { "article": "Art. 2.1-2.2", "gist": "Licensing body (CGA), eligibility, fit-and-proper and source-of-funds refusal grounds for a kansspelvergunning." }, { "article": "Art. 5.1", "gist": "Two-phase remote-gambling licence procedure; each phase decided within 8 weeks, extendable by 4." }, { "article": "Art. 5.13", "gist": "Creates the leveranciersvergunning (supplier licence) for critical services/goods providers." }, { "article": "Art. 5.18-5.19", "gist": "Sets the base licence-application fee (EUR 4,592, Art. 5.18(1)) and annual licence rights (EUR 22,960-24,490)." }, { "article": "Art. 13.37, 13.40", "gist": "Administrative fine capped at the 6th criminal fine category; criminal detention/imprisonment for unlicensed operation." }, { "article": "Art. 15.1", "gist": "NOOGH licence holders get an automatic 6-month provisional licence under the LOK." }, { "article": "Art. 15.9-15.10", "gist": "Repeals the NOOGH; LOK enters into force the day after its publication (24 Dec 2024)." } ], "licences_created": [ "Kansspelvergunning (gambling/operator licence, incl. remote/online games of chance)", "Leveranciersvergunning (supplier licence for critical services or goods to a licensee)" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Landsverordening op de kansspelen (LOK), P.B. 2024 no. 157, in force since 24 December 2024, is Curaçao's gambling law. It creates the CGA-issued kansspelvergunning (operator/B2C) and leveranciersvergunning (supplier/B2B) licences, replacing the old offshore-gaming ordinance.", "open_questions": [ "No official English translation of the LOK was located on the CGA site; the text was read in the original Dutch." ], "type": "law" }, { "id": "eu-aifmd-2011-61", "title": { "value": "Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Alternative Investment Fund Managers Directive", "short_name": "AIFMD", "citation": "Directive 2011/61/EU", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2011-06-08", "in_force_from": "2011-07-21", "official_url": { "value": "https://eur-lex.europa.eu/eli/dir/2011/61/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32011L0061", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32011L0061", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 1413728, "sha256": "085d6374c9aa7519657caa1c128c6e46e9763030d66f40322d2b5b6f63b094bd", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The AIFMD requires managers of alternative investment funds — hedge funds, private equity, real estate and other funds that are not UCITS — to be authorised above the directive's thresholds. It sets requirements on capital, organisation, remuneration, risk and liquidity management, delegation, valuation and depositaries, and gives authorised managers a passport to manage and market funds to professional investors across the EU. Smaller managers below the thresholds are registered under lighter national regimes.", "key_articles": [ { "article": "Art. 3", "gist": "Exemptions and the thresholds below which managers are registered rather than authorised." }, { "article": "Art. 6–8", "gist": "Authorisation of AIFMs; the authority decides within 3 months of a complete application, extendable by up to 3 months." }, { "article": "Art. 9", "gist": "Initial capital: EUR 125,000 for an external AIFM, EUR 300,000 for an internally managed AIF." }, { "article": "Art. 32–33", "gist": "Marketing and management passports within the EU." } ], "licences_created": [ "AIFM authorisation" ], "status": "In force, as amended; Directive (EU) 2024/927 (AIFMD II) applies from 16 April 2026", "upcoming_changes": [], "answer": "The AIFMD, Directive 2011/61/EU, is the EU licensing regime for managers of alternative investment funds such as hedge, private equity and real estate funds. Above its thresholds a manager needs authorisation and initial capital of EUR 125,000, and can then manage and market funds to professional investors across the EU. AIFMD II amendments apply from 16 April 2026.", "type": "law" }, { "id": "eu-amld-2015-849", "title": { "value": "Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L0849", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Fourth Anti-Money Laundering Directive (as amended by the fifth, 2018/843)", "short_name": "AMLD", "citation": "Directive (EU) 2015/849", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2015-05-20", "in_force_from": "2015-06-25", "official_url": { "value": "https://eur-lex.europa.eu/eli/dir/2015/849/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L0849", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015L0849", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L0849", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 692197, "sha256": "ca7a00f67b54dbaf579abeee4ca1f55c02175890a724b45f67db6b19f0f2b803", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The fourth AML Directive, as amended by the fifth (Directive (EU) 2018/843), is the basis of the national anti-money-laundering laws in force today. The fifth directive brought providers of exchange services between virtual and fiat currencies and custodian wallet providers into scope and required member states to register them — the origin of the national VASP registrations that preceded MiCA. The directive sets risk-based customer due diligence, beneficial ownership registers and suspicious-transaction reporting.", "key_articles": [ { "article": "Art. 2(1)(3)(g)–(h)", "gist": "Virtual currency exchange providers and custodian wallet providers as obliged entities (added by 2018/843)." }, { "article": "Art. 13", "gist": "Customer due diligence measures." }, { "article": "Art. 30", "gist": "Central registers of beneficial owners." }, { "article": "Art. 47(1)", "gist": "Registration of virtual currency exchange and custodian wallet providers." } ], "licences_created": [ "National registration of virtual currency exchange and custodian wallet providers" ], "status": "In force until the AMLR and AMLD6 apply on 10 July 2027", "upcoming_changes": [ { "value": "2027-07-10: Replaced by the AMLR (Regulation (EU) 2024/1624) and AMLD6 (Directive (EU) 2024/1640).", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L0849", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "answer": "The fourth AML Directive, 2015/849, as amended by the fifth, 2018/843, is the EU basis of today's national anti-money-laundering laws. It made crypto exchanges and custodian wallet providers obliged entities that had to register nationally, the VASP registrations that preceded MiCA, and it applies until the AMLR replaces it on 10 July 2027.", "type": "law" }, { "id": "eu-amlr-2024-1624", "title": { "value": "Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Anti-Money Laundering Regulation (single rulebook)", "short_name": "AMLR", "citation": "Regulation (EU) 2024/1624", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2024-05-31", "in_force_from": "2024-07-09", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2024/1624/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32024R1624", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 2409580, "sha256": "c4024f4c4c1616cc729ed4ec4333274d711324efa9750d3d531bf90770ed8eb6", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The AMLR replaces most of the anti-money-laundering directives with a directly applicable EU rulebook. It defines the obliged entities — including credit and financial institutions, payment and e-money institutions and crypto-asset service providers — and sets harmonised rules on internal controls, customer due diligence, enhanced due diligence for high-risk situations, beneficial ownership transparency and reporting of suspicious transactions. It also introduces an EU-wide limit on large cash payments. It works together with the new Anti-Money Laundering Authority (AMLA) and the sixth AML directive.", "key_articles": [ { "article": "Art. 3", "gist": "Obliged entities, including crypto-asset service providers." }, { "article": "Chapter III", "gist": "Customer due diligence and enhanced due diligence." }, { "article": "Chapter IV", "gist": "Beneficial ownership transparency." }, { "article": "Art. 80", "gist": "EU-wide limit on large cash payments." } ], "licences_created": [], "status": "In force; applies in general from 10 July 2027", "upcoming_changes": [ { "value": "2027-07-10: The AMLR applies in general, replacing the national rules transposing Directive (EU) 2015/849.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1624", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "answer": "The AMLR, Regulation (EU) 2024/1624, is the EU single rulebook against money laundering and terrorist financing. From 10 July 2027 it applies directly to banks, payment and e-money institutions, investment firms and crypto-asset service providers, harmonising customer due diligence, beneficial ownership and reporting rules and introducing an EU limit on large cash payments.", "type": "law" }, { "id": "eu-ccd2-2023-2225", "title": { "value": "Directive (EU) 2023/2225 of the European Parliament and of the Council of 18 October 2023 on credit agreements for consumers", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023L2225", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Consumer Credit Directive (CCD2)", "short_name": "CCD2", "citation": "Directive (EU) 2023/2225", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2023-10-18", "in_force_from": "2023-11-19", "official_url": { "value": "https://eur-lex.europa.eu/eli/dir/2023/2225/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023L2225", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023L2225", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023L2225", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 1289285, "sha256": "d41980cc3781106377745a194e04e5010c49deb5eb83626e515bab56ef74db44", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The second Consumer Credit Directive updates the EU rules on consumer lending and brings buy-now-pay-later and other small or short credits into scope. It requires creditworthiness assessments, standard pre-contractual information, caps or other measures against excessive borrowing costs, and — for the first time at EU level — admission and supervision of non-bank creditors and credit intermediaries. It replaces Directive 2008/48/EC.", "key_articles": [ { "article": "Art. 2", "gist": "Scope, including buy-now-pay-later and small loans previously excluded." }, { "article": "Art. 18", "gist": "Assessment of the consumer's creditworthiness." }, { "article": "Art. 31", "gist": "Measures to prevent excessively high borrowing rates or costs." }, { "article": "Art. 37", "gist": "Admission, registration and supervision of non-credit-institution creditors and credit intermediaries." } ], "licences_created": [ "Admission or registration of non-bank consumer credit providers (national)" ], "status": "Adopted; member states had to transpose it by 20 November 2025 and apply it from 20 November 2026", "upcoming_changes": [ { "value": "2026-11-20: CCD2 applies in the member states and Directive 2008/48/EC is repealed.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023L2225", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "answer": "CCD2, Directive (EU) 2023/2225, is the new EU consumer credit law, applying from 20 November 2026. It covers buy-now-pay-later and small loans, requires creditworthiness checks and clear pre-contract information, and for the first time requires non-bank consumer lenders and credit intermediaries to be admitted or registered and supervised in their member state.", "type": "law" }, { "id": "eu-crd-2013-36", "title": { "value": "Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Capital Requirements Directive", "short_name": "CRD", "citation": "Directive 2013/36/EU", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2013-06-26", "in_force_from": "2013-07-17", "official_url": { "value": "https://eur-lex.europa.eu/eli/dir/2013/36/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013L0036", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013L0036", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 2025926, "sha256": "97411de6546a718fa3fd1ad6e8e987ffcdd814eca2d9d1a46b5fa476865fa034", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The CRD governs who may take deposits and grant credit as a bank in the EU. It requires authorisation as a credit institution before starting business, sets the minimum initial capital, the fit-and-proper assessment of management and shareholders, the prior assessment of anyone acquiring a qualifying holding, and the passport that lets an authorised bank open branches or provide services in other member states. Directive (EU) 2024/1619 (CRD VI) adds a harmonised regime for branches of third-country banks.", "key_articles": [ { "article": "Art. 8", "gist": "Credit institutions must be authorised before carrying on their activities." }, { "article": "Art. 12", "gist": "Initial capital of at least EUR 5 million." }, { "article": "Art. 22–23", "gist": "Notification and assessment of proposed acquisitions of qualifying holdings." }, { "article": "Art. 33–39", "gist": "Freedom of establishment and freedom to provide services (passport)." } ], "licences_created": [ "Credit institution (bank) authorisation" ], "status": "In force, as amended (CRD V, CRD VI)", "upcoming_changes": [], "answer": "The CRD, Directive 2013/36/EU, sets the EU rules for authorising banks: a credit institution needs a licence before taking deposits, at least EUR 5 million of initial capital, suitable managers and shareholders, and prior approval for anyone acquiring a qualifying holding. A bank authorised in one member state can passport its services across the EU/EEA.", "type": "law" }, { "id": "eu-crr-575-2013", "title": { "value": "Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013R0575", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Capital Requirements Regulation", "short_name": "CRR", "citation": "Regulation (EU) No 575/2013", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2013-06-26", "in_force_from": "2013-06-28", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2013/575/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013R0575", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0575", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013R0575", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 3543723, "sha256": "8441be95c0f24ce5fc8f8ca2d271d7ada17aa498aee7404bca6e21b15e8314e3", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The CRR sets the directly applicable prudential requirements for banks in the EU: how much and what kind of capital they must hold against credit, market and operational risk, large-exposure limits, liquidity requirements and public disclosure. Together with the CRD it implements the Basel framework in EU law.", "key_articles": [ { "article": "Art. 92", "gist": "Own funds requirements: Common Equity Tier 1 of 4.5%, Tier 1 of 6% and total capital of 8% of risk-weighted exposures." }, { "article": "Part Four", "gist": "Large exposures." }, { "article": "Part Six", "gist": "Liquidity." }, { "article": "Part Eight", "gist": "Disclosure." } ], "licences_created": [], "status": "In force, as amended (CRR II, CRR III)", "upcoming_changes": [], "answer": "The CRR, Regulation (EU) No 575/2013, is the EU rulebook for how much capital and liquidity banks must hold. It requires own funds of at least 8% of risk-weighted exposures, including 4.5% Common Equity Tier 1, and sets large-exposure, liquidity and disclosure rules that apply directly in every member state.", "type": "law" }, { "id": "eu-dora-2022-2554", "title": { "value": "Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Digital Operational Resilience Act", "short_name": "DORA", "citation": "Regulation (EU) 2022/2554", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2022-12-14", "in_force_from": "2023-01-16", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2022/2554/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32022R2554", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022R2554", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 1493241, "sha256": "85307f9e2a0409826dd0f54489645935816d16e929f0db4db3ef15badd11d38c", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "DORA sets one set of rules on information and communication technology (ICT) risk for almost every regulated financial entity in the EU, including banks, payment and e-money institutions, investment firms, fund managers and crypto-asset service providers. Firms must run an ICT risk-management framework, classify and report major ICT-related incidents, test their digital operational resilience — with threat-led penetration testing for the most significant firms — and manage the risk of ICT third-party providers through contract requirements and a register of arrangements. Critical ICT third-party providers such as large cloud providers come under direct EU oversight.", "key_articles": [ { "article": "Art. 2", "gist": "Scope: the financial entities covered, including CASPs under MiCA." }, { "article": "Art. 5–16", "gist": "ICT risk-management framework and governance." }, { "article": "Art. 17–23", "gist": "ICT-related incident management, classification and reporting." }, { "article": "Art. 24–27", "gist": "Digital operational resilience testing; threat-led penetration testing under Art. 26." }, { "article": "Art. 28–30", "gist": "Managing ICT third-party risk and key contractual provisions." }, { "article": "Art. 31", "gist": "Designation and oversight of critical ICT third-party providers." } ], "licences_created": [], "status": "In force; applies from 17 January 2025", "upcoming_changes": [], "answer": "DORA, Regulation (EU) 2022/2554, is the EU law on digital operational resilience that has applied since 17 January 2025 to almost every licensed financial firm, including payment and e-money institutions, investment firms and crypto-asset service providers. It requires an ICT risk framework, incident reporting, resilience testing and control of ICT third-party providers such as cloud services.", "type": "law" }, { "id": "eu-ecspr-2020-1503", "title": { "value": "Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "European Crowdfunding Service Providers Regulation", "short_name": "ECSPR", "citation": "Regulation (EU) 2020/1503", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2020-10-07", "in_force_from": "2020-11-09", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2020/1503/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32020R1503", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32020R1503", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 878009, "sha256": "560d5d7cd056781683a50583ff7fdfebd0d72b3877239ce0c16cf3d46d7b1b75", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The ECSPR creates a single EU licence for platforms that match businesses seeking funding with investors, through loans or transferable securities, for offers of up to EUR 5 million per project owner over 12 months. Authorised crowdfunding service providers must meet prudential, governance and investor-protection requirements, including a key investment information sheet and an entry knowledge test for non-sophisticated investors, and can passport their services across the EU.", "key_articles": [ { "article": "Art. 1", "gist": "Scope: offers up to EUR 5 million per project owner over 12 months." }, { "article": "Art. 11", "gist": "Prudential safeguards: the higher of EUR 25,000 and a quarter of fixed overheads." }, { "article": "Art. 12", "gist": "Authorisation as a crowdfunding service provider." }, { "article": "Art. 18", "gist": "Cross-border provision of crowdfunding services." }, { "article": "Art. 23", "gist": "Key investment information sheet." } ], "licences_created": [ "Crowdfunding service provider authorisation" ], "status": "In force; applies from 10 November 2021 (transitional period ended 10 November 2023)", "upcoming_changes": [], "answer": "The ECSPR, Regulation (EU) 2020/1503, is the EU licence for business crowdfunding platforms offering loans or securities for projects of up to EUR 5 million a year per project owner. An authorised crowdfunding service provider needs prudential safeguards of at least EUR 25,000 and can passport its platform across the EU.", "type": "law" }, { "id": "eu-emd2-2009-110", "title": { "value": "Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions", "short_name": "EMD2", "citation": "Directive 2009/110/EC", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2009-09-16", "in_force_from": "2009-10-30", "official_url": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02009L0110-20180113", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2018-01-13", "http_status": 200, "bytes": 221088, "file_check": { "content_type": "application/pdf", "size": 221088, "sha256": "98f5f2b64cf6e48bac81d06371ae23cfd9a7f64c9a322fafb049fbbdd999c273", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Decision 2011/833/EU)" }, "summary": "Directive 2009/110/EC (EMD2) establishes the European Union regulatory framework for electronic money issuance, prudential supervision, and market conduct. It applies to electronic money institutions (EMIs), credit institutions, post office giro institutions, the European Central Bank, and public authorities issuing electronic money across the European Economic Area. The directive creates two licensing statuses: fully authorized electronic money institutions and small electronic money institutions operating under optional national waiver regimes. Key obligations include maintaining initial capital of at least EUR 350,000 and ongoing own funds calculated under Method D (at least 2% of average outstanding electronic money) combined with PSD2 requirements for non-issuance payment services. Institutions must safeguard customer funds in separate low-risk assets or insurance guarantees within five business days, issue and redeem e-money at par value on demand without speculative holding conditions, and refrain from granting interest. EMD2 prohibits issuing e-money through agents and mandates prior regulatory approval for qualifying holding changes at 20%, 30%, and 50% ownership thresholds.", "key_articles": [ { "article": "Art. 1", "gist": "Identifies eligible electronic money issuer categories and excludes limited payment networks and specific telecom-based payment transactions from scope." }, { "article": "Art. 2", "gist": "Defines electronic money, electronic money institutions, electronic money issuers, and average outstanding electronic money." }, { "article": "Art. 3", "gist": "Applies PSD2 governance mutatis mutandis, mandates prior approvals for qualifying holdings (20%, 30%, 50%), and forbids issuing e-money via agents." }, { "article": "Art. 4", "gist": "Obliges electronic money institutions to hold initial capital of not less than EUR 350,000 at the time of regulatory authorization." }, { "article": "Art. 5", "gist": "Sets ongoing own funds requirements for e-money issuance at 2% of average outstanding electronic money (Method D) plus PSD requirements." }, { "article": "Art. 6", "gist": "Permits EMIs to offer payment services and granting linked credit from own funds, while strictly prohibiting deposit-taking." }, { "article": "Art. 7", "gist": "Requires safeguarding of customer funds received for electronic money issuance into secure low-risk assets within five business days of issue." }, { "article": "Art. 8", "gist": "Governs relations with third countries, forbidding more favourable treatment to branches of third-country electronic money institutions." }, { "article": "Art. 9", "gist": "Allows Member States to grant optional exemptions to small EMIs with average outstanding e-money up to EUR 5,000,000 without passporting." }, { "article": "Art. 10", "gist": "Strictly prohibits any natural or legal persons who are not recognized electronic money issuers from issuing electronic money." }, { "article": "Art. 11", "gist": "Mandates issuance of electronic money at par value on receipt of funds and redemption at par value at any moment on request." }, { "article": "Art. 12", "gist": "Prohibits the granting of interest or any other benefit linked to the duration of holding electronic money." }, { "article": "Art. 16", "gist": "Establishes the principle of full harmonisation across Member States for the matters governed by the directive." }, { "article": "Art. 18", "gist": "Lays down transitional regimes and grandfathering provisions for existing institutions operating under previous directives." } ], "licences_created": [ "Authorisation as an electronic money institution", "Registration as an electronic money institution under optional exemption (Article 9)" ], "status": "in force", "upcoming_changes": [ { "value": "18 months post-adoption: Directive 2009/110/EC will be repealed and merged into the Payment Services Directive 3 (PSD3, COM(2023) 366), unifying EMI and payment institution regimes.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0366", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "Directive 2009/110/EC (EMD2) is the European Union directive regulating electronic money institutions and the issuance of e-money across the internal market. It governs the authorization of full electronic money institutions (EMIs) and the registration of small EMIs under national exemption waivers, establishing uniform rules on initial capital, ongoing own funds, customer fund safeguarding, and redemption at par value.", "open_questions": [], "type": "law" }, { "id": "eu-mica-2023-1114", "title": { "value": "Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Markets in Crypto-Assets Regulation", "short_name": "MiCA", "citation": "Regulation (EU) 2023/1114", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2023-05-31", "in_force_from": "2023-06-29", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1114", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1114", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 1628600, "sha256": "491a2f0014d56ffb33289f91229d21fae3bc783457eedeff0c48f06dbb06d731", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "MiCA is the EU-wide regime for crypto-assets that are not already financial instruments, deposits or e-money. It requires issuers of asset-referenced tokens and e-money tokens to be authorised and to publish white papers, and it requires anyone providing crypto-asset services in the EU — custody, trading platforms, exchange, order execution, placing, reception and transmission of orders, advice, portfolio management and transfers — to hold a crypto-asset service provider (CASP) authorisation from a national competent authority. An authorised CASP can passport its services across the EU/EEA. MiCA also sets prudential, conduct, custody, complaints and market-abuse rules, and a transitional period for firms already operating under national regimes.", "key_articles": [ { "article": "Art. 3(1)(16)", "gist": "Lists the ten crypto-asset services that require authorisation." }, { "article": "Art. 16", "gist": "Authorisation of issuers of asset-referenced tokens." }, { "article": "Art. 48", "gist": "Only credit institutions and e-money institutions may offer e-money tokens to the public." }, { "article": "Art. 59", "gist": "Crypto-asset services may be provided only by authorised CASPs or entities notified under Art. 60." }, { "article": "Art. 62–63", "gist": "Content of the CASP application and the assessment: completeness check, then a 40-working-day decision." }, { "article": "Art. 65", "gist": "Cross-border provision of crypto-asset services (the passport)." }, { "article": "Art. 67 and Annex IV", "gist": "Minimum capital of EUR 50,000, EUR 125,000 or EUR 150,000 depending on the services." }, { "article": "Art. 83–84", "gist": "Prior assessment of anyone acquiring a qualifying holding in a CASP." }, { "article": "Art. 143(3)", "gist": "Transitional period for CASPs operating under national law, at most until 1 July 2026." } ], "licences_created": [ "Crypto-asset service provider (CASP) authorisation", "Authorisation as issuer of asset-referenced tokens" ], "status": "In force; applies in full since 30 December 2024 (Titles III and IV since 30 June 2024). The longest transitional period for crypto-asset service providers operating under national law ended on 1 July 2026 (Art. 143(3)).", "upcoming_changes": [], "answer": "MiCA, Regulation (EU) 2023/1114, is the EU law that licenses crypto-asset service providers and regulates issuers of asset-referenced and e-money tokens. A CASP authorised in one member state can passport its services across the EU/EEA; capital requirements are EUR 50,000 to EUR 150,000 depending on the services, and the regulation has applied in full since 30 December 2024.", "type": "law" }, { "id": "eu-mifid2-2014-65", "title": { "value": "Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Directive 2014/65/EU on markets in financial instruments", "short_name": "MiFID II", "citation": "Directive 2014/65/EU", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2014-05-15", "in_force_from": "2014-07-02", "official_url": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014L0065-20260606", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2026-06-06", "http_status": 200, "bytes": 1390905, "file_check": { "content_type": "application/pdf", "size": 1390905, "sha256": "024a36f40e0c0a762a573298bc0aa39ca46dbe41345fd9dc6b7547536f7d9aa0", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260320014611/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014L0065-20260606", "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Decision 2011/833/EU)" }, "summary": "Directive 2014/65/EU (MiFID II) establishes the European Union regulatory framework for investment services, financial instruments trading, and financial market infrastructure. It applies to investment firms, market operators, credit institutions providing investment services, and third-country firms establishing branches in the Union. The directive creates five key regulatory authorisations and registrations: authorisation as an investment firm (covering reception/transmission, execution, dealing on own account, portfolio management, advice, underwriting, placing, MTFs, and OTFs), authorisation of a market operator to operate a regulated market, authorisation of a third-country firm branch, registration as an SME growth market, and registration as a tied agent. Key obligations include maintaining initial capital compliant with Directive (EU) 2019/2034, robust corporate governance, fit-and-proper management vetting, mandatory qualifying holding approval (20%, 30%, 50%), and membership in an investor compensation scheme. Authorised entities must ensure client asset safeguarding, algorithmic trading risk controls, strict product governance, suitability and appropriateness assessments, best execution, and transparent cost disclosures, while benefiting from EU-wide passporting rights to offer services or establish branches across the internal market.", "key_articles": [ { "article": "Art. 1", "gist": "Defines the scope of application covering investment firms, market operators, third-country branches, and credit institutions providing investment services and activities across the Union." }, { "article": "Art. 3", "gist": "Allows Member States to grant optional exemptions to firms providing only investment advice or order transmission without holding client funds or securities." }, { "article": "Art. 5", "gist": "Requires prior regulatory authorisation by the home Member State competent authority before providing investment services or performing investment activities on a professional basis." }, { "article": "Art. 6", "gist": "Specifies the scope of authorisation across specific investment and ancillary services, prohibiting ancillary-only authorisations, and confirms Union-wide validity." }, { "article": "Art. 7", "gist": "Sets procedures for granting authorisation upon reviewing programmes of operations and arrangements, requiring regulatory decisions within six months of complete submission." }, { "article": "Art. 8", "gist": "Establishes grounds for withdrawing authorisation, including non-use for twelve months, voluntary renunciation, fraudulent acquisition, or serious and systematic infringements." }, { "article": "Art. 9", "gist": "Imposes governance and fit-and-proper standards on the management body, requiring good repute, sufficient knowledge, skills, diversity, and adequate time commitment." }, { "article": "Art. 10", "gist": "Requires disclosure and regulatory approval of shareholders with qualifying holdings, mandating refusal if sound and prudent management cannot be ensured." }, { "article": "Art. 11", "gist": "Mandates prior written notification and approval for acquisitions or disposals reaching or crossing 20%, 30%, or 50% capital or voting thresholds." }, { "article": "Art. 14", "gist": "Makes mandatory membership in an authorised investor compensation scheme under Directive 97/9/EC a prerequisite for granting authorisation." }, { "article": "Art. 15", "gist": "Requires investment firms to maintain sufficient initial capital in accordance with Article 9 of Directive (EU) 2019/2034 based on activities conducted." }, { "article": "Art. 16", "gist": "Lays down comprehensive organisational requirements, including internal controls, risk management, compliance, complaint handling, conflict prevention, client asset safeguarding, and product governance." }, { "article": "Art. 17", "gist": "Imposes strict operational resilience, systems capacity, algorithmic trading risk controls, pre-trade and post-trade parameters, and circuit breakers." }, { "article": "Art. 23", "gist": "Requires firms to maintain effective organizational arrangements to identify, prevent, and manage conflicts of interest adversely affecting client interests." }, { "article": "Art. 24", "gist": "Mandates firms act honestly, fairly, and professionally in clients best interests, with fair marketing, unbundled pricing, and comprehensive fee disclosures." }, { "article": "Art. 25", "gist": "Requires suitability assessments for portfolio management and advice, and appropriateness tests for other services to evaluate client knowledge and experience." }, { "article": "Art. 27", "gist": "Obliges investment firms to take all sufficient steps to obtain best execution for client orders regarding price, cost, speed, and likelihood of execution." }, { "article": "Art. 28", "gist": "Establishes order handling rules requiring prompt, fair, and expeditious execution of client orders relative to other client or proprietary orders." }, { "article": "Art. 29", "gist": "Regulates appointment of tied agents, requiring public registration and establishing full, unconditional responsibility of the appointing investment firm." }, { "article": "Art. 34", "gist": "Establishes the freedom to provide investment and ancillary services across all EU Member States under home-state passporting without host restrictions." }, { "article": "Art. 35", "gist": "Governs the right of establishment to set up branches or appoint tied agents in other Member States via passporting notifications." }, { "article": "Art. 39", "gist": "Permits Member States to require third-country firms targeting retail or opting-in professional clients to establish an authorized branch in their territory." }, { "article": "Art. 44", "gist": "Reserves authorisation as a regulated market to systems and market operators complying with Title III organizational and governance rules." }, { "article": "Art. 69", "gist": "Equips competent authorities with comprehensive supervisory and investigatory powers, including data access, order suspension, transaction bans, and court referrals." }, { "article": "Art. 70", "gist": "Requires Member States to establish administrative sanctions and measures, including public notices, withdrawal of authorisation, management bans, and substantial administrative pecuniary fines." } ], "licences_created": [ "Authorisation as an investment firm", "Authorisation as a regulated market", "Authorisation of a third-country firm branch", "Registration as an SME growth market", "Registration as a tied agent" ], "status": "in force", "upcoming_changes": [ { "value": "2026-12-05: Directive 2001/34/EC is repealed pursuant to Article 2 of Directive (EU) 2024/2811 (Listing Act), completing the modernisation of EU listing and admission rules across trading venues.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024L2811", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Pending legislative adoption: Retail Investment Package (COM(2023) 279), proposing amendments to Directive 2014/65/EU to enhance retail investor protections, strengthen inducement bans for execution-only sales, and modernize client categorization and suitability assessments.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0279", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "Directive 2014/65/EU (MiFID II) is the core European Union directive governing investment services, securities trading venues, and investor protection across the EEA. It regulates key fintech licences, including authorization as an investment firm—which enables neo-brokers, robo-advisors, algorithmic trading firms, and alternative trading venues (MTFs and OTFs) to operate—alongside market operator authorisations, third-country branches, SME growth market registrations, and tied agent appointments.", "open_questions": [], "type": "law" }, { "id": "eu-mifir-600-2014", "title": { "value": "Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0600", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012", "short_name": "MiFIR", "citation": "Regulation (EU) No 600/2014", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2014-05-15", "in_force_from": "2014-07-02", "official_url": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0600", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014R0600", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02014R0600-20251123", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2025-11-23", "http_status": 200, "bytes": 1106349, "file_check": { "content_type": "application/pdf", "size": 1106349, "sha256": "f2b6791c7cd09ddc8d06d73ced753dceed701dcfd1f01081703363aa02407f9d", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Decision 2011/833/EU)" }, "summary": "Regulation (EU) No 600/2014 (MiFIR) establishes uniform EU-wide rules governing financial markets trading, market transparency, and transaction reporting. It applies to investment firms, credit institutions undertaking investment services, market operators, central counterparties (CCPs), and trading venues (regulated markets, MTFs, and OTFs). MiFIR directly establishes the regulatory and authorisation regime for Data Reporting Services Providers (DRSPs)—specifically Approved Publication Arrangements (APAs), Consolidated Tape Providers (CTPs), and Approved Reporting Mechanisms (ARMs)—supervised by ESMA or national competent authorities. It also governs the registration of third-country firms providing cross-border investment services to eligible counterparties and professional clients without a branch. Key obligations include pre-trade and post-trade transparency across equity and non-equity instruments; the obligation to trade shares on regulated venues or systematic internalisers; the derivatives trading obligation (DTO); mandatory clearing and non-discriminatory access rules for CCPs, trading venues, and financial benchmarks; detailed transaction reporting to regulators (Article 26); a strict EU-wide prohibition on payment for order flow (PFOF); and product intervention powers for ESMA, EBA, and national authorities.", "key_articles": [ { "article": "Art. 1", "gist": "Establishes uniform rules on market transparency, transaction reporting, derivatives trading obligations, benchmark access, product intervention, third-country registrations, and data reporting services authorisation." }, { "article": "Art. 3", "gist": "Requires trading venues operating equity systems to make public real-time continuous pre-trade bid and offer prices and depth of trading interest at those prices." }, { "article": "Art. 8", "gist": "Mandates trading venues to make continuous pre-trade bid and offer prices public for bonds, structured finance products, and emission allowances, subject to calibrated size waivers." }, { "article": "Art. 14", "gist": "Obligates systematic internalisers in equity instruments to publish firm quotes when dealing in sizes up to the standard market size and execute at quoted prices." }, { "article": "Art. 20", "gist": "Requires investment firms executing transactions outside trading venues in equity instruments to publish trade details, including volume, price, and timestamp, through an authorised APA." }, { "article": "Art. 23", "gist": "Imposes an obligation on investment firms to trade shares admitted to trading on a regulated market on regulated markets, MTFs, systematic internalisers, or equivalent third-country venues." }, { "article": "Art. 26", "gist": "Mandates investment firms to report complete and accurate transaction details in financial instruments to competent authorities no later than the close of the next working day." }, { "article": "Art. 27b", "gist": "Requires prior authorisation from ESMA or national competent authorities to operate an Approved Publication Arrangement (APA), Consolidated Tape Provider (CTP), or Approved Reporting Mechanism (ARM)." }, { "article": "Art. 27da", "gist": "Sets selection procedures for ESMA to appoint a single Consolidated Tape Provider (CTP) per asset class—bonds, shares/ETFs, and OTC derivatives—for five-year mandates." }, { "article": "Art. 28", "gist": "Mandates financial and relevant non-financial counterparties to trade sufficiently liquid, clearing-eligible derivatives exclusively on regulated markets, MTFs, OTFs, or equivalent third-country venues." }, { "article": "Art. 35", "gist": "Enforces open and non-discriminatory clearing access between central counterparties (CCPs) and trading venues, preventing discriminatory margin calculations, clearing fees, or collateral requirements." }, { "article": "Art. 38h", "gist": "Empowers ESMA to impose administrative fines of up to EUR 200,000 and periodic penalty payments on data reporting providers for intentional or negligent regulatory infringements." }, { "article": "Art. 38n", "gist": "Mandates ESMA to levy proportionate authorisation and annual supervisory fees on data reporting services providers (APAs, CTPs, ARMs) to fully cover regulatory expenditure." }, { "article": "Art. 39a", "gist": "Prohibits investment firms from receiving payment for order flow (PFOF) from third parties for routing retail or professional client orders to specific execution venues." }, { "article": "Art. 40", "gist": "Grants ESMA temporary intervention powers to prohibit or restrict marketing, distribution, or sale of financial instruments or financial practices threatening investor protection or market integrity." }, { "article": "Art. 46", "gist": "Allows third-country firms to provide cross-border investment services to EU eligible counterparties and professional clients without establishing a branch, provided they register with ESMA following Commission equivalence." } ], "licences_created": [ "Authorisation of Approved Publication Arrangement (APA)", "Authorisation of Consolidated Tape Provider (CTP)", "Authorisation of Approved Reporting Mechanism (ARM)", "Registration of third-country firms providing investment services or performing investment activities" ], "status": "in force", "upcoming_changes": [ { "value": "2028-03-29: ESMA must submit a comprehensive report to the European Commission assessing the appropriateness of the single volume cap under Article 5(1) and the necessity to remove or extend it to other trading systems deriving prices from reference prices.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R0791", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "Regulation (EU) No 600/2014 (MiFIR) is the core European Union regulation governing market transparency, transaction reporting, derivatives trading, and non-discriminatory clearing access across financial markets. It directly establishes and governs the authorisation and supervisory regime for Data Reporting Services Providers (DRSPs)—specifically Approved Publication Arrangements (APAs), Consolidated Tape Providers (CTPs), and Approved Reporting Mechanisms (ARMs)—as well as the ESMA cross-border registration regime for third-country investment firms.", "open_questions": [], "type": "law" }, { "id": "eu-psd2-2015-2366", "title": { "value": "Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L2366", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Directive (EU) 2015/2366 on payment services in the internal market", "short_name": "PSD2", "citation": "Directive (EU) 2015/2366", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2015-11-25", "in_force_from": "2016-01-12", "official_url": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L2366", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32015L2366", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:02015L2366-20250117", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02015L2366-20250117", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "pdf", "language": "en", "consolidated_as_of": "2025-01-17", "http_status": 200, "bytes": 1011900, "file_check": { "content_type": "application/pdf", "size": 1011900, "sha256": "8ad3a99f116f5cfe74d47795f758394ac7ada11df9ea6ac2d2e86a63dc320f57", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Decision 2011/833/EU)" }, "summary": "Directive (EU) 2015/2366 (PSD2) establishes the European Union regulatory framework for payment services and electronic payments within the internal market. It applies to payment service providers across the EEA, including payment institutions, credit institutions, electronic money institutions, and post office giro institutions. The directive creates three licensing statuses: fully authorised payment institutions, registered account information service providers (AISPs), and small payment institutions operating under optional national exemption regimes. Key obligations include maintaining initial capital between EUR 20,000 and EUR 125,000 depending on services offered, and holding ongoing own funds under one of three supervisory calculation methods (Methods A, B, or C). Institutions handling client funds must segregate them in designated accounts or back them with comparable insurance guarantees. PSD2 opens the payment ecosystem by requiring account servicing payment service providers to grant non-discriminatory access to payment initiation service providers (PISPs) and AISPs without contractual friction. It also mandates Strong Customer Authentication (SCA) to combat fraud and sets prior regulatory approval thresholds for qualifying holding acquisitions.", "key_articles": [ { "article": "Art. 1", "gist": "Categorises payment service providers into credit institutions, electronic money institutions, post office giro institutions, payment institutions, ECB, national central banks, and public authorities." }, { "article": "Art. 5", "gist": "Specifies comprehensive documentation required for payment institution authorisation, including business plan, governance, risk controls, ICT resilience arrangements, and anti-money laundering mechanisms." }, { "article": "Art. 6", "gist": "Requires prior written notification to competent authorities before acquiring or disposing of qualifying holdings crossing the 20%, 30%, or 50% capital or voting rights thresholds." }, { "article": "Art. 7", "gist": "Mandates initial capital of EUR 20,000 for money remittance, EUR 50,000 for payment initiation services, and EUR 125,000 for other core payment services." }, { "article": "Art. 8", "gist": "Requires payment institutions to maintain ongoing own funds at least equal to initial capital or calculated own funds under Article 9, preventing group double-counting." }, { "article": "Art. 9", "gist": "Defines three supervisory methods (A, B, C) for calculating ongoing own funds based on fixed overheads, transaction volume, or gross revenue indicators." }, { "article": "Art. 10", "gist": "Obliges institutions to safeguard user funds by segregation in separate credit institution accounts, investment in secure low-risk assets, or comparable insurance guarantees." }, { "article": "Art. 11", "gist": "Sets statutory conditions for granting payment institution authorisation, ensuring robust governance, sound management, and effective supervisory oversight across all Member States." }, { "article": "Art. 13", "gist": "Governs conditions under which competent authorities may withdraw authorisation, including non-use within 12 months, irregular procurement, or threats to payment system stability." }, { "article": "Art. 18", "gist": "Authorises payment institutions to provide ancillary services and credit linked to payments from own funds, strictly forbidding deposit-taking or holding non-payment accounts." }, { "article": "Art. 28", "gist": "Establishes the EU passporting regime, enabling authorised payment institutions to provide cross-border services or establish branches across Member States via regulator notifications." }, { "article": "Art. 32", "gist": "Allows Member States to exempt small payment institutions with monthly transactions under EUR 3 million from full authorisation, without EU passporting rights." }, { "article": "Art. 33", "gist": "Exempts account information service providers from capital requirements, replacing them with professional indemnity insurance while granting full cross-border passporting rights." }, { "article": "Art. 35", "gist": "Requires payment system operators to provide objective, non-discriminatory, and proportionate access rules to payment service providers, preventing unjustified access barriers." }, { "article": "Art. 36", "gist": "Mandates credit institutions to provide payment institutions with payment account access on an objective, non-discriminatory, and proportionate basis with motivated refusal reasons." }, { "article": "Art. 66", "gist": "Establishes payer rights to use payment initiation services and requires account servicing providers to facilitate payment initiation without requiring contractual agreements." }, { "article": "Art. 67", "gist": "Guarantees rights to use account information services, requiring account servicing providers to share account data securely and without discrimination based on explicit user consent." }, { "article": "Art. 97", "gist": "Mandates strong customer authentication for online account access, electronic payment initiation, and remote actions with fraud risks, requiring dynamic transaction linking." }, { "article": "Art. 103", "gist": "Requires Member States to enact effective, proportionate, and dissuasive penalties for infringements and permits public disclosure of imposed administrative sanctions." }, { "article": "Art. 109", "gist": "Provides transitional grandfathering arrangements allowing existing payment institutions licensed under Directive 2007/64/EC to continue activities while transitioning to PSD2." }, { "article": "Art. 114", "gist": "Formally repeals Directive 2007/64/EC (PSD1) with effect from 13 January 2018, replacing references in Union law according to the correlation table." }, { "article": "Art. 115", "gist": "Sets the national transposition deadline and date of application as 13 January 2018, with deferred application for specific technical security standards." } ], "licences_created": [ "Authorisation as a payment institution", "Registration as an account information service provider (Article 33)", "Registration as a payment institution under optional exemption (Article 32)" ], "status": "in force", "upcoming_changes": [ { "value": "PSD3 (COM(2023) 366) and the Payment Services Regulation (COM(2023) 367) are to replace this directive. The European Parliament's committee approved the text agreed with the Council on 5 May 2026; as of September 2026 the procedure still awaits formal adoption.", "source": "https://oeil.europarl.europa.eu/oeil/en/procedure-file?reference=2023/0209(COD)", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, { "value": "Conduct of business, open banking access, and Strong Customer Authentication rules currently in PSD2 will transfer to the directly applicable Payment Services Regulation (PSR, COM(2023) 367), introducing mandatory Confirmation of Payee verification across the EU.", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52023PC0367", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "Directive (EU) 2015/2366 (PSD2) is the European Union directive governing payment services, electronic transactions, and open banking across the internal market. It establishes the licensing frameworks for fully authorised payment institutions, registered account information service providers (AISPs), and small payment institutions under national exemption regimes, defining core prudential capital, customer safeguarding, and Strong Customer Authentication requirements.", "open_questions": [], "type": "law" }, { "id": "eu-tfr-2023-1113", "title": { "value": "Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (recast)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1113", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Transfer of Funds Regulation (travel rule)", "short_name": "TFR", "citation": "Regulation (EU) 2023/1113", "jurisdiction": "EU", "law_type": "regulation", "date_adopted": "2023-05-31", "in_force_from": "2023-06-29", "official_url": { "value": "https://eur-lex.europa.eu/eli/reg/2023/1113/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1113", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32023R1113", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32023R1113", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 768673, "sha256": "d7502c011527b67c3e12a221ad74afd6adaf7b2f93171e0f52d101dadbf25527", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The Transfer of Funds Regulation applies the FATF travel rule in the EU. Payment service providers must send information on the payer and the payee with every transfer of funds, and crypto-asset service providers must do the same for transfers of crypto-assets, with no minimum threshold. The regulation also sets rules for transfers involving self-hosted wallets and requires providers to detect and handle transfers with missing information. It replaced Regulation (EU) 2015/847.", "key_articles": [ { "article": "Art. 4–6", "gist": "Information accompanying transfers of funds." }, { "article": "Art. 14", "gist": "Information accompanying transfers of crypto-assets from the originator's CASP." }, { "article": "Art. 16", "gist": "Obligations of the beneficiary's CASP." }, { "article": "Art. 14(5) and 16(2)", "gist": "Transfers to and from self-hosted addresses." } ], "licences_created": [], "status": "In force; applies from 30 December 2024", "upcoming_changes": [], "answer": "The TFR, Regulation (EU) 2023/1113, is the EU travel rule. Since 30 December 2024 payment service providers and crypto-asset service providers must send identifying information on the sender and recipient with every transfer of funds or crypto-assets, with no minimum amount for crypto, and apply extra checks to transfers involving self-hosted wallets.", "type": "law" }, { "id": "eu-ucits-2009-65", "title": { "value": "Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "UCITS Directive", "short_name": "UCITS", "citation": "Directive 2009/65/EC", "jurisdiction": "EU", "law_type": "directive", "date_adopted": "2009-07-13", "in_force_from": "2009-12-07", "official_url": { "value": "https://eur-lex.europa.eu/eli/dir/2009/65/oj", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32009L0065", "source": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0065", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "file_check": { "content_type": "application/pdf", "size": 2080889, "sha256": "3e0a258abf071b5054acdf98dc20c0b8598e119c440dc87ab207022068a5bc61", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "EUR-Lex reuse policy (Commission Decision 2011/833/EU)" }, "summary": "The UCITS Directive is the EU framework for retail investment funds. Each UCITS fund and its management company must be authorised, the fund must follow strict rules on eligible assets, diversification and liquidity, and it must publish a prospectus and key information. An authorised UCITS can be marketed to retail investors throughout the EU after a notification procedure, and an authorised management company can manage funds in other member states.", "key_articles": [ { "article": "Art. 5", "gist": "Authorisation of the UCITS fund." }, { "article": "Art. 6–7", "gist": "Authorisation and initial capital of the management company (EUR 125,000 plus additional own funds above EUR 250 million of assets)." }, { "article": "Art. 16–17", "gist": "Passport of the management company." }, { "article": "Art. 50–57", "gist": "Eligible assets and investment limits." }, { "article": "Art. 93", "gist": "Notification to market a UCITS in another member state." } ], "licences_created": [ "UCITS management company authorisation", "UCITS fund authorisation" ], "status": "In force, as amended", "upcoming_changes": [], "answer": "The UCITS Directive, 2009/65/EC, is the EU framework for retail investment funds. Both the fund and its management company must be authorised; the management company needs initial capital of EUR 125,000; and an authorised UCITS can be sold to retail investors across the EU after notifying each host member state.", "type": "law" }, { "id": "gb-electronic-money-regulations-2011", "title": { "value": "The Electronic Money Regulations 2011", "source": "https://www.legislation.gov.uk/uksi/2011/99/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "The Electronic Money Regulations 2011", "short_name": "EMRs 2011", "citation": "S.I. 2011/99", "jurisdiction": "GB", "law_type": "regulation", "date_adopted": "2011-01-18", "in_force_from": "2011-04-30", "official_url": { "value": "https://www.legislation.gov.uk/uksi/2011/99/contents", "source": "https://www.legislation.gov.uk/uksi/2011/99/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://www.legislation.gov.uk/uksi/2011/99", "source": "https://www.legislation.gov.uk/uksi/2011/99/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "html", "language": "en", "consolidated_as_of": "2026-02-25", "http_status": 200, "bytes": 1248681, "file_check": { "content_type": "text/html;charset=utf-8", "size": 1248681, "sha256": "d8917f91f0d4ff1e94d814d551f96fe1be57594638be9ccb1660f78ba913a071", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260903133527/https://www.legislation.gov.uk/uksi/2011/99", "may_host": { "value": "yes", "basis": "UK OGL v3" }, "summary": "The Electronic Money Regulations 2011 (SI 2011/99) form the primary statutory framework governing electronic money issuance, prudential supervision, and e-money institutions in the United Kingdom. Supervised and enforced by the Financial Conduct Authority (FCA), the regulations apply to electronic money institutions, credit institutions, post office entities, and government bodies issuing electronic money. The regulations establish two principal licensing categories: Authorised Electronic Money Institutions (AEMIs) and Small Electronic Money Institutions (Small EMIs) for firms with average outstanding electronic money not exceeding 5 million euros, alongside registration requirements for electronic money agents. Key statutory obligations require institutions to maintain initial capital (at least 350,000 euros for AEMIs) and ongoing own funds (under Method D plus payment service methods), strictly safeguard customer funds in segregated accounts or through approved insurance policies/guarantees, issue and redeem e-money at par value without delay on demand, refrain from awarding interest on e-money holdings, and obtain prior FCA regulatory approval under FSMA Part 12 for acquiring or increasing qualifying control across statutory percentage thresholds.", "key_articles": [ { "article": "reg. 3 & 3ZA", "gist": "Excludes limited network payment instruments, specific telecommunication services, and stablecoins backed by assets from the definition and regulatory scope of electronic money." }, { "article": "reg. 4", "gist": "Requires the FCA to establish and maintain a public register of authorised EMIs, small EMIs, agents, and persons operating under exclusions." }, { "article": "reg. 6", "gist": "Sets statutory conditions for authorization as an electronic money institution, including holding required initial capital, UK head office, and fit and proper management." }, { "article": "reg. 9", "gist": "Requires the FCA to determine complete authorization applications within three months, and in any event within twelve months of receiving an application." }, { "article": "reg. 13", "gist": "Establishes eligibility conditions for small electronic money institutions, including a cap of 5 million euros on average outstanding electronic money." }, { "article": "reg. 19", "gist": "Requires authorised electronic money institutions to maintain at all times own funds equal to or exceeding 350,000 euros or their calculated ongoing capital requirement." }, { "article": "reg. 20, 21 & 22", "gist": "Mandates electronic money institutions to safeguard funds received in exchange for electronic money through segregated bank accounts, secure low-risk assets, or qualifying insurance guarantees." }, { "article": "reg. 24", "gist": "Establishes that in an insolvency event, claims of electronic money holders are paid from the segregated asset pool in absolute priority to all other creditors." }, { "article": "reg. 24A", "gist": "Applies modified provisions of the Banking Act 2009 to enable the electronic money institution special administration regime upon firm insolvency." }, { "article": "reg. 32", "gist": "Permits electronic money institutions to provide payment services, operational and closely related ancillary services, and operate payment systems alongside e-money issuance." }, { "article": "reg. 34", "gist": "Permits electronic money institutions to provide payment services through agents only if those agents are vetted and included on the FCA register." }, { "article": "reg. 39", "gist": "Obliges electronic money issuers to issue e-money at par value immediately upon receipt of funds and redeem it at par value at any time upon request." }, { "article": "reg. 40 & 41", "gist": "Requires redemption terms and any permitted proportionate fees to be clearly disclosed before contract conclusion, strictly limiting fees to specified circumstances." }, { "article": "reg. 45", "gist": "Strictly prohibits electronic money issuers from awarding interest or any other benefit related to the length of time electronic money is held." }, { "article": "reg. 51", "gist": "Empowers the FCA to impose unlimited financial penalties on any person who has contravened requirements imposed by or under the regulations." }, { "article": "reg. 63", "gist": "Prohibits issuing electronic money without authorization, registration, or exemption, creating a criminal offence punishable on indictment by up to two years' imprisonment." }, { "article": "Schedule 2", "gist": "Sets initial capital requirements of 350,000 euros for authorised EMIs and specifies own funds calculation methods, including Method D based on average outstanding e-money." }, { "article": "Schedule 3, para. 4", "gist": "Applies Part 12 of FSMA 2000, requiring proposed acquirers to obtain prior FCA approval before acquiring or increasing control across statutory ownership thresholds." } ], "licences_created": [ "Authorised electronic money institution", "Small electronic money institution" ], "status": "in force", "upcoming_changes": [ { "value": "Phased repeal under Financial Services and Markets Act 2023 (c. 29), Sch. 1 Pt. 2: Revocation of retained EU law provisions and transition of electronic money regulation into the FCA Handbook under the Smarter Regulatory Framework.", "source": "https://www.legislation.gov.uk/ukpga/2023/29/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Consolidation of cryptoasset boundary under The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102): Carving out qualifying fiat-backed stablecoins from electronic money to regulate them under the FSMA cryptoasset regime.", "source": "https://www.legislation.gov.uk/uksi/2026/102/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Prospective amendments under Financial Services Act 2021 (c. 22), s. 23: Powers conferred on HM Treasury to amend or replace Gibraltar-related provisions (Schedule 5) governing electronic money institutions.", "source": "https://www.legislation.gov.uk/ukpga/2021/22/section/23", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Electronic Money Regulations 2011 (S.I. 2011/99) is the primary United Kingdom statutory instrument governing the issuance and redemption of electronic money and prudential supervision of electronic money issuers. Enforced by the Financial Conduct Authority (FCA), it establishes the statutory licensing frameworks for Authorised Electronic Money Institutions (AEMIs) and Small Electronic Money Institutions (Small EMIs), alongside registration requirements for electronic money agents.", "open_questions": [], "type": "law" }, { "id": "gb-fsma-2000", "title": { "value": "Financial Services and Markets Act 2000", "source": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "Financial Services and Markets Act 2000", "short_name": "FSMA 2000", "citation": "2000 c. 8", "jurisdiction": "GB", "law_type": "act", "date_adopted": "2000-06-14", "in_force_from": "2001-12-01", "official_url": { "value": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://www.legislation.gov.uk/ukpga/2000/8", "source": "https://www.legislation.gov.uk/ukpga/2000/8/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "html", "language": "en", "consolidated_as_of": "2026-09-23", "http_status": 200, "bytes": 16734373, "file_check": { "content_type": "text/html;charset=utf-8", "size": 16734373, "sha256": "ae53e359be765cf2a4a9451c2b5ff3f732e803d4d07cb45cbd9137cc550b48ee", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "yes", "basis": "UK OGL v3" }, "summary": "The Financial Services and Markets Act 2000 (FSMA 2000) provides the comprehensive statutory foundation for financial regulation, financial markets, and conduct in the United Kingdom. Enforced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Act applies to banks, investment firms, insurers, consumer credit providers, market operators, and financial technology businesses. FSMA establishes the fundamental 'general prohibition' under Section 19, making it a criminal offence to carry on regulated activities in the UK without authorisation or exempt status. The Act creates the primary UK licensing status known as Part 4A permission, along with recognition regimes for investment exchanges and clearing houses, and individual approvals under the Senior Managers and Certification Regime (SM&CR). Key obligations require firms to continually satisfy Schedule 6 threshold conditions, maintain adequate financial resources and capital, adhere to statutory financial promotion rules under Section 21, obtain prior regulatory approval for 10%, 20%, 30%, and 50% changes of control under Part 12, and submit to extensive investigative and disciplinary sanctions.", "key_articles": [ { "article": "s. 1A", "gist": "Establishes the Financial Conduct Authority (FCA) as the conduct regulator with objectives to protect consumers, enhance market integrity, and promote competition." }, { "article": "s. 19", "gist": "Establishes the general prohibition barring any person from carrying on a regulated activity in the United Kingdom unless authorised or exempt." }, { "article": "s. 21", "gist": "Restricts unauthorized persons from communicating financial promotions in business unless approved by an authorized person or subject to statutory exemptions." }, { "article": "s. 22", "gist": "Defines regulated activities by reference to specified activities carried on by way of business relating to specified investments specified by Treasury order." }, { "article": "s. 23", "gist": "Establishes criminal penalties for contravening the general prohibition, punishable on indictment by up to two years' imprisonment and an unlimited fine." }, { "article": "s. 31", "gist": "Defines authorised persons under the Act, including firms granted Part 4A permission to carry on regulated activities." }, { "article": "s. 39", "gist": "Exempts appointed representatives acting under a written contract and full regulatory responsibility of an authorised principal firm." }, { "article": "s. 55A", "gist": "Permits individuals, bodies corporate, partnerships, and unincorporated associations to apply to the appropriate regulator (FCA or PRA) for Part 4A permission." }, { "article": "s. 55B", "gist": "Requires applicants and authorised persons to continuously satisfy statutory threshold conditions specified in Schedule 6." }, { "article": "s. 55V", "gist": "Sets statutory determination timeframes of six months for complete applications and twelve months for incomplete applications for Part 4A permission." }, { "article": "s. 59", "gist": "Requires regulatory pre-approval before an individual performs designated senior management functions within an authorised financial institution." }, { "article": "s. 178", "gist": "Requires prospective controllers to give prior written notice to the appropriate regulator before acquiring or increasing control over an authorised firm." }, { "article": "ss. 181–182", "gist": "Acquiring control of an authorised firm starts at 10% of shares or voting power (s. 181); increasing control is measured at the 20%, 30% and 50% steps (s. 182). Each step needs the regulator's prior approval." }, { "article": "s. 205 & 206", "gist": "Empowers the FCA and PRA to publish public censures and impose unlimited financial penalties for regulatory contraventions." }, { "article": "Schedule 6", "gist": "Sets out statutory threshold conditions covering UK office location, effective supervision, appropriate financial and non-financial resources, and suitability." } ], "licences_created": [ "Part 4A permission", "Recognition as a Recognised Investment Exchange (RIE)", "Recognition as a Recognised Clearing House (RCH)", "Approval to perform Senior Management Functions (SMF)", "Approval as an Appointed Representative" ], "status": "in force", "upcoming_changes": [ { "value": "Phased implementation under Financial Services and Markets Act 2023 (c. 29): Repeal of retained EU financial services provisions and implementation of the Smarter Regulatory Framework including new designated activities regimes.", "source": "https://www.legislation.gov.uk/ukpga/2023/29/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Implementation of the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 (S.I. 2026/480): Amending definitions and cross-references affecting prudential rules and qualifying holdings.", "source": "https://www.legislation.gov.uk/uksi/2026/480/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Financial Services and Markets Act 2000 (2000 c. 8) is the primary statute governing financial services and markets in the United Kingdom. It establishes the general prohibition against carrying on regulated activities without authorisation, creating the Part 4A permission framework that regulates fintech activities including digital banking, consumer credit, electronic trading platforms, and designated investment services under the supervision of the FCA and PRA.", "open_questions": [], "type": "law" }, { "id": "gb-money-laundering-regulations-2017", "title": { "value": "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017", "source": "https://www.legislation.gov.uk/uksi/2017/692/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017", "short_name": "MLR 2017", "citation": "S.I. 2017/692", "jurisdiction": "GB", "law_type": "regulation", "date_adopted": "2017-06-22", "in_force_from": "2017-06-26", "official_url": { "value": "https://www.legislation.gov.uk/uksi/2017/692/contents", "source": "https://www.legislation.gov.uk/uksi/2017/692/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://www.legislation.gov.uk/uksi/2017/692", "source": "https://www.legislation.gov.uk/uksi/2017/692/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "html", "language": "en", "consolidated_as_of": "2026-06-30", "http_status": 200, "bytes": 2013537, "file_check": { "content_type": "text/html;charset=utf-8", "size": 2013537, "sha256": "479c84fe1b6f12764b1f381de393cc38bdc385c5445db5f47f1c54bd87fd0ca1", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260921114347/https://www.legislation.gov.uk/uksi/2017/692", "may_host": { "value": "yes", "basis": "UK Open Government Licence v3.0 (Crown copyright)" }, "summary": "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 form the core of the United Kingdom's anti-money laundering and counter-terrorist financing regime, implementing EU directives and international FATF standards. They apply to 'relevant persons' carrying on business in the UK, including credit and financial institutions, payment service providers, electronic money institutions, cryptoasset exchange and custodian wallet providers, trust or company service providers, accountants, tax advisers, and legal professionals. The regulations establish mandatory registration regimes administered by the Financial Conduct Authority (FCA) for cryptoasset businesses and certain money service businesses (MSBs), and by HM Revenue & Customs (HMRC) for other MSBs and high-value dealers. Key obligations include conducting comprehensive firm-wide and customer risk assessments, maintaining robust internal AML/CTF policies, performing customer due diligence and enhanced due diligence on politically exposed persons, reporting beneficial ownership information, complying with the cryptoasset 'Travel Rule' for fund and crypto transfers, and submitting to supervisory oversight and enforcement actions.", "key_articles": [ { "article": "Reg. 8", "gist": "Specifies the categories of relevant persons subject to the regulations, including financial institutions and cryptoasset businesses." }, { "article": "Reg. 14A", "gist": "Defines cryptoasset exchange providers and custodian wallet providers brought within the scope of AML/CTF regulation." }, { "article": "Reg. 18", "gist": "Requires relevant persons to carry out and maintain a written risk assessment of money laundering and terrorist financing risks." }, { "article": "Reg. 19", "gist": "Mandates establishing and maintaining proportionate written policies, controls, and procedures to mitigate money laundering risks." }, { "article": "Reg. 27", "gist": "Specifies circumstances requiring customer due diligence, including establishing business relationships, occasional transactions, and suspected laundering." }, { "article": "Reg. 28", "gist": "Details required customer due diligence measures, including verifying customer identities and identifying beneficial owners." }, { "article": "Reg. 33", "gist": "Prescribes enhanced customer due diligence obligations for high-risk third countries, complex transactions, and heightened risk scenarios." }, { "article": "Reg. 35", "gist": "Imposes enhanced due diligence, senior management approval, and wealth source scrutiny for politically exposed persons (PEPs)." }, { "article": "Reg. 54", "gist": "Directs the FCA and HMRC to maintain mandatory registers of relevant persons, including cryptoasset businesses and MSBs." }, { "article": "Reg. 56", "gist": "Prohibits carrying on business as a cryptoasset business, MSB, or TCSP without being registered with the appropriate authority." }, { "article": "Reg. 58A", "gist": "Establishes the fit and proper test conditions that cryptoasset businesses must satisfy to secure and maintain FCA registration." }, { "article": "Reg. 64C", "gist": "Implements the Travel Rule requiring cryptoasset businesses to send payer and payee information during inter-cryptoasset transfers." }, { "article": "Reg. 76", "gist": "Empowers supervisory authorities to impose administrative financial penalties and publish statements of censure for contraventions." }, { "article": "Reg. 86", "gist": "Creates criminal offences punishable by up to two years' imprisonment and fines for breaching relevant AML/CTF requirements." }, { "article": "Sch. 6B", "gist": "Applies FSMA Part 12 change of control notification and FCA approval requirements to registered cryptoasset businesses." } ], "licences_created": [ "Registration of cryptoasset exchange providers", "Registration of custodian wallet providers", "Registration of money service businesses", "Registration of trust or company service providers", "Registration of high value dealers", "Registration of bill payment service providers", "Registration of telecommunication, digital and IT payment service providers", "Registration of Annex 1 financial institutions" ], "status": "in force", "upcoming_changes": [ { "value": "2027-02-01: Entry into force of regulation 34A (enhanced customer due diligence for cryptoasset businesses and correspondent relationships) and related enforcement provisions under S.I. 2026/621", "source": "https://www.legislation.gov.uk/uksi/2026/621/regulation/1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "2027-10-25: Entry into force of revised FSMA Part 12 change of control modifications for cryptoasset businesses registered on or after 25 October 2027 under Schedule 6B paras 3-4 (S.I. 2026/621)", "source": "https://www.legislation.gov.uk/uksi/2026/621/regulation/1", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) is the UK's principal anti-money laundering statute. It establishes mandatory FCA registration regimes for cryptoasset exchange providers and custodian wallet providers, and governs AML compliance for payment service providers, e-money institutions, and money service businesses.", "open_questions": [], "type": "law" }, { "id": "gb-payment-services-regulations-2017", "title": { "value": "The Payment Services Regulations 2017", "source": "https://www.legislation.gov.uk/uksi/2017/752/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "english_title": "The Payment Services Regulations 2017", "short_name": "PSRs 2017", "citation": "S.I. 2017/752", "jurisdiction": "GB", "law_type": "regulation", "date_adopted": "2017-07-18", "in_force_from": "2018-01-13", "official_url": { "value": "https://www.legislation.gov.uk/uksi/2017/752/contents", "source": "https://www.legislation.gov.uk/uksi/2017/752/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, "full_text": { "value": "https://www.legislation.gov.uk/uksi/2017/752", "source": "https://www.legislation.gov.uk/uksi/2017/752/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy", "format": "html", "language": "en", "consolidated_as_of": "2026-09-23", "http_status": 200, "bytes": 1562068, "file_check": { "content_type": "text/html;charset=utf-8", "size": 1562068, "sha256": "938a73c2374d55e0d60f1d09ab5965e0d88e86d7fd212d0acaeb1c987302b6b2", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260903033528/https://www.legislation.gov.uk/uksi/2017/752", "may_host": { "value": "yes", "basis": "UK OGL v3" }, "summary": "The Payment Services Regulations 2017 (SI 2017/752) form the primary statutory framework governing payment services, payment systems access, and payment institutions in the United Kingdom. Supervised primarily by the Financial Conduct Authority (FCA) alongside the Payment Systems Regulator (PSR), the regulations apply to banks, electronic money institutions, payment initiation service providers (PISPs), account information service providers (AISPs), money remitters, and merchant acquirers. The regulations establish three regulatory authorizations: Authorised Payment Institutions (APIs), Small Payment Institutions (SPIs) for firms executing an average monthly transaction volume not exceeding 3 million euros, and Registered Account Information Service Providers (RAISPs). Key statutory obligations include holding initial capital between 20,000 and 125,000 euros, maintaining ongoing own funds, strictly safeguarding customer funds in segregated accounts or through insurance, implementing strong customer authentication (SCA), complying with 90-day framework contract termination notice rules, and obtaining prior FCA approval under FSMA Part 12 for changes in corporate control.", "key_articles": [ { "article": "reg. 6", "gist": "Sets conditions for authorization as a payment institution, requiring UK head office, sound governance, fit and proper managers, and required initial capital." }, { "article": "reg. 9", "gist": "Requires the FCA to determine authorization applications within three months of receiving a complete application, or twelve months of an incomplete application." }, { "article": "reg. 14", "gist": "Establishes conditions for registration as a small payment institution, including a monthly turnover cap of 3 million euros and clean management records." }, { "article": "reg. 18", "gist": "Sets conditions for registration as an account information service provider, requiring professional indemnity insurance covering liabilities across operating jurisdictions." }, { "article": "reg. 20", "gist": "Imposes a statutory duty on payment institutions to give prompt written notice to the FCA of any significant change in relevant information." }, { "article": "reg. 22", "gist": "Requires authorized payment institutions to maintain own funds equal to or greater than initial capital or the amount calculated under Schedule 3." }, { "article": "reg. 23", "gist": "Mandates safeguarding of relevant payment funds through segregated accounts held with approved credit institutions or through comparable insurance policies or guarantees." }, { "article": "reg. 25", "gist": "Restricts outsourcing of operational functions, prohibiting delegation that impairs internal controls, governance quality, or the FCA's ability to monitor compliance." }, { "article": "reg. 34", "gist": "Governs the appointment of agents, requiring payment institutions to register agents with the FCA and ensure their fitness, propriety, and competence." }, { "article": "reg. 51B", "gist": "Requires payment service providers to give users at least 90 days' notice with detailed, specific reasons before terminating an indefinite framework contract." }, { "article": "reg. 69 & 70", "gist": "Obligates account servicing payment service providers to provide secure, non-discriminatory access to payment accounts for licensed payment initiation and account information providers." }, { "article": "reg. 100", "gist": "Mandates payment service providers to apply strong customer authentication whenever a payer accesses accounts online, initiates electronic payments, or performs remote transactions." }, { "article": "reg. 105", "gist": "Requires credit institutions to provide payment institutions with access to bank account services on a proportionate, objective, and non-discriminatory basis." }, { "article": "reg. 111", "gist": "Empowers the FCA to impose financial penalties of any amount it considers appropriate on payment service providers contravening statutory requirements." }, { "article": "reg. 118", "gist": "Empowers the FCA to levy fees on payment service providers to cover its costs of exercising supervisory functions under the regulations." }, { "article": "reg. 138", "gist": "Makes the provision or purported provision of payment services without authorization, registration, or exemption a criminal offence punishable by imprisonment and fines." }, { "article": "Schedule 3", "gist": "Specifies initial capital tiers of 20,000, 50,000, or 125,000 euros and defines Methods A, B, and C for calculating ongoing own funds requirements." }, { "article": "Schedule 6, para. 5", "gist": "Applies Part 12 of FSMA 2000, requiring proposed controllers to obtain prior FCA approval before acquiring or increasing control over payment institutions." } ], "licences_created": [ "Authorised payment institution", "Small payment institution", "Registered account information service provider" ], "status": "in force", "upcoming_changes": [ { "value": "Phased repeal under Financial Services and Markets Act 2023 (c. 29), Sch. 1 Pt. 2: Revocation of retained EU law provisions and transition of payment services regulation into the FCA Handbook under the Smarter Regulatory Framework.", "source": "https://www.legislation.gov.uk/ukpga/2023/29/contents", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" }, { "value": "Prospective amendments under Financial Services Act 2021 (c. 22), s. 23: Powers conferred on HM Treasury to amend or replace Gibraltar-related provisions governing payment institutions.", "source": "https://www.legislation.gov.uk/ukpga/2021/22/section/23", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "agy" } ], "fact_checks": [], "answer": "The Payment Services Regulations 2017 (S.I. 2017/752) is the primary United Kingdom statutory instrument regulating payment services and Open Banking. Administered by the Financial Conduct Authority (FCA), it governs the authorization and registration of three core fintech licences: Authorised Payment Institutions (APIs), Small Payment Institutions (SPIs), and Registered Account Information Service Providers (RAISPs), alongside rules for payment institution agents.", "open_questions": [], "type": "law" }, { "id": "ge-law-on-payment-systems-and-services", "title": { "value": "\"საგადახდო სისტემისა და საგადახდო მომსახურების შესახებ\" საქართველოს კანონი", "source": "https://matsne.gov.ge/en/document/view/1673253", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Law of Georgia on Payment System and Payment Services", "short_name": null, "citation": "Law of Georgia No 6304-Is of 25 May 2012", "jurisdiction": "GE", "law_type": "act", "date_adopted": "2012-05-25", "in_force_from": "2012-07-01", "official_url": { "value": "https://matsne.gov.ge/en/document/view/1673253", "source": "https://matsne.gov.ge/en/document/view/1673253", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://matsne.gov.ge/en/document/download/1673253/2/en/pdf", "source": "https://matsne.gov.ge/en/document/view/1673253", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2015-06-12", "http_status": 200, "bytes": 168095, "file_check": { "content_type": "application/pdf", "size": 168095, "sha256": "ed58c865ee9ea33120b61e1db137bada3843cc0969d6659e62c7a05251fb55cb", "as_of": "2026-09-24" } }, "english_translation": { "value": "https://matsne.gov.ge/en/document/download/1673253/2/en/pdf", "source": "https://matsne.gov.ge/en/document/view/1673253", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found; matsne.gov.ge (Legislative Herald of Georgia) states no explicit open-reuse licence on the page checked" }, "summary": "The Law of Georgia on Payment System and Payment Services (No 6304-Is, 2012) sets the framework the National Bank of Georgia (NBG) uses to regulate and supervise payment systems and payment service providers (PSPs). It requires system operators to register with the NBG before managing a payment system (Art. 3), defines 'important payment systems' subject to extra requirements (Art. 4), and protects settlement finality and financial collateral arrangements. Payment services may only be provided by an NBG-registered payment service provider, a commercial bank, a microfinance organisation, or a person otherwise exempted (Art. 15); PSPs may use agents but remain liable for them. 'Significant' PSPs face NBG-set minimum capital requirements (Art. 17). It regulates payment orders, execution time frames, refunds and liability for unauthorised transactions, and user-fund protection. The NBG may sanction breaches with warnings, fines, or revocation of registration (Art. 46), and maintains a public register of operators and PSPs (Art. 47). It applies to payment system operators and non-bank/non-MFO payment service providers operating in Georgia.", "key_articles": [ { "article": "Art. 3", "gist": "Requires a legal person to be registered by the National Bank of Georgia before managing a payment system." }, { "article": "Art. 15", "gist": "Bars providing payment services except as an NBG-registered PSP, a bank, a microfinance organisation, or an exempted person; NBG registers/deregisters PSPs." }, { "article": "Art. 17", "gist": "Lets the NBG designate 'significant' PSPs subject to minimum capital requirements by capital type." }, { "article": "Art. 42-45", "gist": "Give the NBG powers to regulate, supervise, and inspect system operators and payment service providers." }, { "article": "Art. 46", "gist": "NBG sanctions for breaches: written warning, pecuniary fine, or revocation of registration, escalated by gravity." }, { "article": "Art. 47", "gist": "NBG maintains and publishes a public register of system operators and payment service providers." }, { "article": "Art. 51", "gist": "Transitional rule: persons already doing this business when the Law took effect had 3 months to register." }, { "article": "Art. 52", "gist": "Entry into force fixed at 1 July 2012." } ], "licences_created": [ "Payment System Operator registration (National Bank of Georgia)", "Payment Service Provider registration (National Bank of Georgia)" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "Law of Georgia No 6304-Is (25 May 2012, in force from 1 July 2012) on Payment System and Payment Services is the framework under which the National Bank of Georgia registers and supervises payment system operators and payment service providers (PSP registration), sets capital rules for significant PSPs, and governs payment transaction execution and user protection.", "open_questions": [ "The official matsne.gov.ge portal lists 20 consolidated Georgian-language publications running to 17/12/2025, but the only working official English-translation PDF found (index '2' in the download path) embeds an amendment reference no later than 'Law of Georgia No 3719 of 12 June 2015' -- so the English full text used here is consolidated only as of mid-2015, not the current Georgian text. Requesting the English PDF for the newest consolidated version (?publication=20, dated 17/12/2025) returned an 'Access Denied' error page instead of a PDF; this was not retried aggressively or worked around, per the no-bot-bypass rule.", "Could not confirm from the NBG's own website (not fetched in this session) whether the 2023 VASP/crypto-asset AML amendments are tied to this Law or only to the separate AML law, so no crypto/VASP claim is made in this dossier." ], "type": "law" }, { "id": "hk-securities-and-futures-ordinance", "title": { "value": "Securities and Futures Ordinance", "source": "https://www.elegislation.gov.hk/hk/cap571", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Securities and Futures Ordinance", "short_name": "SFO", "citation": "Cap. 571 (enacted as Ord. No. 5 of 2002)", "jurisdiction": "HK", "law_type": "act", "date_adopted": "2002-03-13", "in_force_from": "2003-04-01", "official_url": { "value": "https://www.elegislation.gov.hk/hk/cap571", "source": "https://www.elegislation.gov.hk/hk/cap571", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.ird.gov.hk/eng/pdf/edo/gld_eng_Ord.%205%20of%202002_Securities%20and%20Futures%20Ordinance.pdf", "source": "https://www.ird.gov.hk/eng/pdf/edo/gld_eng_Ord.%205%20of%202002_Securities%20and%20Futures%20Ordinance.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 1402723, "file_check": { "content_type": "application/pdf", "size": 1402723, "sha256": "fd8de8841640278bebf61cdba394f05cc6c6fc41190dcd5c61c2d766f7798726", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20260707164148/https://www.ird.gov.hk/eng/pdf/edo/gld_eng_Ord.%205%20of%202002_Securities%20and%20Futures%20Ordinance.pdf", "may_host": { "value": "no", "basis": "HKSAR Government copyright under the Copyright Ordinance (Cap. 528); no public reuse licence found for the legislation text" }, "summary": "The SFO is Hong Kong's principal statute for securities and futures markets, consolidating 10 earlier ordinances. Part II establishes the Securities and Futures Commission (SFC) and its objectives. Part III covers exchange companies, clearing houses and automated trading services. Part V (from s.114) creates a single-licence regime: no person may carry on a business in a 'regulated activity' (Schedule 5: Types 1-9 as originally enacted, later expanded to Types 10 and 13 by amendment) without an SFC licence or registration, subject to a 'fit and proper' test (s.129) and prior SFC approval before a person becomes a substantial shareholder of a licensed corporation (s.132; the 10%/35% shareholding and voting-power thresholds are defined in Schedule 1 Part 1 s.6). Later Parts cover market misconduct, disclosure of interests, and investigations. The AMLO (Cap. 615) separately layers a VASP/VATP licensing regime for virtual asset trading platforms onto this framework.", "key_articles": [ { "article": "s.114", "gist": "Restriction on carrying on business in a regulated activity without a licence or registration." }, { "article": "s.116", "gist": "Corporations must be licensed by the SFC to carry on regulated activities." }, { "article": "s.129", "gist": "Sets the 'fit and proper' test the SFC applies to licence applicants." }, { "article": "s.132", "gist": "SFC approval required to become or continue as a substantial shareholder of a licensed corporation." }, { "article": "Schedule 1 Part 1 s.6", "gist": "Defines 'substantial shareholder': >10% shares/voting power, or 35%+ indirect chain of control." }, { "article": "Schedule 5", "gist": "Lists the regulated activities (Type 1-9 as enacted; Types 10 and 13 added later by amendment)." } ], "licences_created": [ "Licence/registration to carry on a regulated activity (Types 1-10, 13) as a licensed corporation or registered institution", "Approval to become or continue to be a substantial shareholder of a licensed corporation", "Recognition of exchange companies, clearing houses and exchange controllers" ], "status": "in force", "upcoming_changes": [], "fact_checks": [ { "claim": "Under Section 132 of the Securities and Futures Ordinance (SFO), prior approval from the SFC is mandatory before any person can become or continue to be a substantial shareholder of a licensed corporation.", "law_check": "supported", "article": "s.132", "note": "Confirmed in the 2002 as-enacted text read directly." }, { "claim": "Under Schedule 1 Part 1 Section 6, a substantial shareholder threshold is 10% or more of issued shares, 10% or more of voting power at general meetings, or control of 35% or more of voting rights in a holding entity.", "law_check": "supported", "article": "Schedule 1 Part 1 s.6", "note": "Thresholds match the text exactly (10% direct, 35% indirect chain)." }, { "claim": "An application fee of HKD 3,000 applies via Form 7 on WINGS-LIC for substantial shareholder approval, and approvals are valid for 6 months.", "law_check": "not_found", "article": "s.132", "note": "Fee/form/validity are subsidiary-legislation detail, not in the Ordinance text I could access." }, { "claim": "If acquired without prior knowledge, application must be made within 3 business days of becoming aware.", "law_check": "not_found", "article": "s.132", "note": "Not stated in s.132 itself; likely a subsidiary rule not in the primary text obtained." } ], "answer": "The Securities and Futures Ordinance (Cap. 571, in force since 2003-04-01) is Hong Kong's core capital-markets statute. It creates the SFC's single-licence regime for regulated activities (Types 1-10, 13, e.g. dealing in securities, asset management, automated trading services) and governs substantial-shareholder approvals, market misconduct and disclosure.", "open_questions": [ "elegislation.gov.hk (the official consolidated-legislation portal) returns a JavaScript client-config bot-check to non-browser requests (curl and the WebFetch tool both got the checkClientConfig gate, not the document); could not confirm the CURRENT consolidated text or its consolidated_as_of date. No equally official mirror hosts a consolidated version, so full_text above is the IRD's static copy of the ORIGINAL 2002 as-enacted Ordinance (Ord. No. 5 of 2002), not the current consolidated Cap. 571 (which has since added Types 10 and 13 to Schedule 5 and other amendments).", "Could not verify current Securities and Futures (Fees) Rules amounts (HKD 3,000 substantial-shareholder fee, Form 7/WINGS-LIC process, 3-business-day/6-month periods) against primary text; these sit in subsidiary legislation not fetched in this session." ], "type": "law" }, { "id": "ky-virtual-asset-service-providers-act", "title": { "value": "Virtual Asset (Service Providers) Act (2024 Revision)", "source": "https://www.cima.ky/upimages/lawsregulations/VirtualAssetServiceProvidersAct2024Revision_1716397271.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Virtual Asset (Service Providers) Act (2024 Revision)", "short_name": "VASP Act", "citation": "Law 14 of 2020 (2024 Revision)", "jurisdiction": "KY", "law_type": "act", "date_adopted": "2020-05-20", "in_force_from": null, "official_url": { "value": "https://legislation.gov.ky/cms/images/LEGISLATION/PRINCIPAL/2020/2020-0014/VirtualAssetServiceProvidersAct_2024%20Revision.pdf", "source": "https://legislation.gov.ky", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.cima.ky/upimages/lawsregulations/VirtualAssetServiceProvidersAct2024Revision_1716397271.pdf", "source": "https://www.cima.ky/upimages/lawsregulations/VirtualAssetServiceProvidersAct2024Revision_1716397271.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2023-12-31", "http_status": 200, "bytes": 1290072, "file_check": { "content_type": "application/pdf", "size": 1290072, "sha256": "6726680df8b755de90d05671b782b75da153aa088e1e0785e49ac4d10c3e9875", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found — Cayman Islands government/CIMA copyright terms not checked for reuse permission" }, "summary": "The Virtual Asset (Service Providers) Act (2024 Revision) is the Cayman Islands' framework for virtual asset business, administered by the Cayman Islands Monetary Authority. It requires anyone carrying on virtual asset service in or from the Islands to be a registered person, hold a virtual asset service licence (for custody services or operating a trading platform), hold a waiver, or hold a sandbox licence. Registered persons handle virtual asset issuance under lighter oversight; virtual asset service licensees face fuller requirements for custody and trading-platform operations. Part 3 creates a regulatory sandbox licence for innovative products/services tested under modified requirements. The Act sets application criteria (fit-and-proper senior officers and beneficial owners, AML compliance, fees), issuance-approval powers over virtual asset offerings, and offences — including unlicensed activity and custody-safeguard breaches (fine of $100,000 on conviction for a custody breach).", "key_articles": [ { "article": "s.4", "gist": "No one may carry on virtual asset service without being registered, licensed, waived, or sandbox-licensed." }, { "article": "s.6", "gist": "Application for registration as a registered person (lighter-touch, e.g. virtual asset issuance)." }, { "article": "s.8", "gist": "Application for a virtual asset service licence, required for custody services or trading platforms." }, { "article": "s.10", "gist": "Requirements for virtual asset custody services; breach is an offence with a $100,000 fine." }, { "article": "s.17-19", "gist": "Part 3 creates the sandbox licence for testing innovative virtual asset services." }, { "article": "s.22-23", "gist": "Authority's criteria for approving applications and virtual asset issuance requests, including fit-and-proper checks." } ], "licences_created": [ "Registered person (virtual asset issuance)", "Virtual asset service licence", "Sandbox licence" ], "status": "in force", "upcoming_changes": [ { "value": "2024: Virtual Asset (Service Providers) (Amendment) Act, 2024 (Act 22 of 2024) amends the principal Act; not yet reflected in the 2024 Revision consolidated text reviewed.", "source": "https://legislation.gov.ky/cms/images/LEGISLATION/AMENDING/2024/2024-0022/VirtualAssetServiceProvidersAmendmentAct2024Act22of2024.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" } ], "fact_checks": [], "answer": "The Virtual Asset (Service Providers) Act (2024 Revision), originally Law 14 of 2020, is the Cayman Islands' virtual asset law enforced by CIMA. It governs registration for virtual asset issuers, the virtual asset service licence for custodians and trading platforms, and a regulatory sandbox licence for innovative services.", "open_questions": [ "The official legislation.gov.ky PDF returned HTTP 403 (bot-check) when fetched with curl in this session; the CIMA (regulator) copy of the same 2024 Revision text was used instead, per the brief's rule to prefer an equally official mirror rather than bypass the block.", "The 2024 amendment (Act 22 of 2024) that post-dates this 2024 Revision consolidation was not opened/read in this session; only its existence and URL were confirmed via search.", "may_host basis not verified — Cayman Islands government/CIMA reuse terms were not checked in this session.", "in_force_from left null: s.1 only cites the commencement orders (SL 137 of 2020, SL 1 of 2021) by title, not a specific in-force date; those SL documents were not opened in this session." ], "type": "law" }, { "id": "mt-gaming-act", "title": { "value": "Gaming Act", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Gaming Act", "short_name": null, "citation": "Cap. 583", "jurisdiction": "MT", "law_type": "act", "date_adopted": "2018-05-24", "in_force_from": "2018-08-01", "official_url": { "value": "https://legislation.mt/eli/cap/583/eng", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://legislation.mt/getpdf/6492a647cc8f7118c8ea2a51", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2023-06-16", "http_status": 200, "bytes": 507011, "file_check": { "content_type": "application/pdf", "size": 507011, "sha256": "fd2f00d799ae6f86338e295ef9d268d59a40c3b1bbe353bf6959b0b2624e4b9a", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20260922133243/https://legislation.mt/getpdf/6492a647cc8f7118c8ea2a51", "may_host": { "value": "yes", "basis": "legislation.mt's own page metadata states conditionsOfAccess: 'This publication can be freely accessed' and isAccessibleForFree: true (Malta Legislation Unit, Cap. 583 page).", "source": "https://legislation.mt/eli/cap/583/eng", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "summary": "The Gaming Act (Cap. 583), in force since 1 August 2018 (gaming-premises/device provisions from 1 January 2019), governs gaming services and products provided from and within Malta and establishes the Malta Gaming Authority (MGA) as regulator. It is a framework/enabling act: it sets the MGA's objectives, governance, functions and powers (including granting any 'licence, approval, recognition or other authorisation'), defines core concepts such as gaming service, gaming supply (material/critical/ancillary), and 'recognition notice' (mutual recognition of an EU/EEA authorisation), and empowers the Minister to make regulations establishing the actual categories of authorisation, their requirements, grant, renewal, suspension and revocation. It covers protection of minors and vulnerable persons, players' rights (fund safeguarding, complaints, collective proceedings), enforcement and criminal/administrative sanctions, financial provisions (fees, gaming tax, the Social Causes Fund), and administrative review before the Authority and courts.", "key_articles": [ { "article": "Art. 1", "gist": "Short title and commencement: in force from 1 August 2018, with gaming-premises/device provisions from 1 January 2019." }, { "article": "Art. 2", "gist": "Defines 'authorisation', 'recognition notice', 'critical/ancillary gaming supply' and other core terms." }, { "article": "Art. 7", "gist": "Authority's functions, including granting any licence, approval, recognition or other authorisation and imposing sanctions." }, { "article": "Art. 8", "gist": "Secrecy of confidential information disclosed to the Authority; permitted disclosures (police, courts, other regulators)." }, { "article": "Art. 11", "gist": "Minister's power to give directions in the public interest and to grant casino/National Lottery concessions." }, { "article": "Art. 12", "gist": "Minister may make regulations establishing categories of authorisation and the conditions for their grant, renewal, suspension and revocation." }, { "article": "Art. 13", "gist": "It is an offence to carry on an activity requiring authorisation, or to promote/facilitate it, without one." }, { "article": "Art. 14", "gist": "Protection of minors: prohibits offering regulated games to minors; casinos may not admit Maltese citizens under 25." }, { "article": "Art. 19-20", "gist": "Operators must safeguard player funds; players may bring collective proceedings to recover funds owed." }, { "article": "Art. 23-25", "gist": "Enforcement and sanctions: criminal fines of EUR10,000-500,000 (higher for recidivists) or up to 5 years' imprisonment, plus administrative penalties by agreement up to EUR500,000 per infringement." }, { "article": "Third Schedule", "gist": "Lists the criminal offences against the Act that attract the Art. 23 penalties." } ], "licences_created": [ "Authorisation (the Act's umbrella term for a licence, approval, certificate or recognition notice issued by the MGA); specific categories (e.g. B2C gaming service licence, B2B critical gaming supply licence) are established by regulations made under Art. 12, not named individually in the Act text", "Recognition notice (mutual recognition of an equivalent EU/EEA/third-country authorisation)" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Gaming Act (Cap. 583) is Malta's framework statute for gaming services and products, in force since 1 August 2018. It establishes the Malta Gaming Authority and its power to grant authorisations (licences, approvals, recognition notices); the specific B2C and B2B licence categories the MGA actually issues are set by regulations made under Art. 12 of this Act.", "open_questions": [ "The Act itself does not name 'B2C gaming service licence' or 'B2B critical gaming supply licence' as such — those specific licence categories are created by subsidiary legislation (e.g. the Gaming Authorisations Regulations, S.L. 583.05) made under the Minister's Art. 12 rule-making power; that subsidiary legislation was not opened in this session.", "The Arrangement of the Act (table of contents) printed at the start of the PDF assigns different article ranges to Parts II-III than the article numbers actually used in the body text (e.g. Art. 13 appears under 'Part IV - Authorisations' rather than the '5-12' range shown in the arrangement); this looks like a stale table of contents not fully updated after amendments (Acts XLI of 2018 and XXI of 2023), and was not further reconciled given the session's scope." ], "type": "law" }, { "id": "mu-vaitos-act-2021", "title": { "value": "The Virtual Asset and Initial Token Offering Services Act 2021", "source": "https://www.bom.mu/sites/default/files/virtual-asset-and-initial-token-offering-services-act-2021_0.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "The Virtual Asset and Initial Token Offering Services Act 2021", "short_name": "VAITOS Act", "citation": "Act No. 21 of 2021", "jurisdiction": "MU", "law_type": "act", "date_adopted": "2021-12-16", "in_force_from": "2022-02-07", "official_url": { "value": "https://www.fscmauritius.org/media/119928/the-virtual-asset-and-initial-token-offering-services-act.pdf", "source": "https://www.fscmauritius.org/", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.bom.mu/sites/default/files/virtual-asset-and-initial-token-offering-services-act-2021_0.pdf", "source": "https://www.bom.mu/sites/default/files/virtual-asset-and-initial-token-offering-services-act-2021_0.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 872079, "file_check": { "content_type": "application/pdf", "size": 872079, "sha256": "111382b96f095eaea43cc6f4a5b2bbf24f7fc32afb379167b8ac2c555e38bddf", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260909185601/https://www.bom.mu/sites/default/files/virtual-asset-and-initial-token-offering-services-act-2021_0.pdf", "may_host": { "value": "no", "basis": "no licence found; Mauritius government/parastatal publication, no reuse licence stated" }, "summary": "The VAITOS Act empowers the Financial Services Commission (FSC) Mauritius to license and supervise virtual asset service providers (VASPs) and to register issuers of initial token offerings (ITOs). No person may carry on VASP business or issue tokens in or from Mauritius without a licence/registration (s.7, s.23). It creates five VASP licence classes (Second Schedule): M (Broker-Dealer), O (Wallet Services), R (Custodian), I (Advisory Services) and S (Marketplace). It sets fit-and-proper, minimum-capital (via FSC Rules), client-asset segregation and audited-accounts duties, requires FSC approval before a controller acquires more than 20% or otherwise changes control, and empowers inspection, investigation, suspension/revocation, administrative sanctions and criminal offences (fines up to 5 million rupees and up to 10 years' imprisonment) for breaches. Existing operators had 3 months from commencement to apply for a licence/registration.", "key_articles": [ { "article": "s.7", "gist": "No person may carry on VASP business in or from Mauritius without an FSC licence." }, { "article": "s.16", "gist": "FSC prior approval required for share transfers giving >20% holding or a change in control." }, { "article": "s.20", "gist": "VASPs must maintain minimum stated unimpaired capital as prescribed in FSC Rules." }, { "article": "s.23", "gist": "No person may issue initial token offerings in or from Mauritius without FSC registration." }, { "article": "s.49", "gist": "Administrative sanctions: warnings, censure, disqualification, penalty, licence revocation." }, { "article": "s.50", "gist": "Criminal offences: fines up to 5 million rupees and imprisonment up to 10 years." }, { "article": "s.54", "gist": "Existing VASP/ITO operators had 3 months from commencement to apply for licensing." }, { "article": "Second Schedule", "gist": "Defines VASP licence Classes M, O, R, I and S by business activity." } ], "licences_created": [ "Virtual Asset Service Provider Licence Class M (Virtual Asset Broker-Dealer)", "Virtual Asset Service Provider Licence Class O (Virtual Asset Wallet Services)", "Virtual Asset Service Provider Licence Class R (Virtual Asset Custodian)", "Virtual Asset Service Provider Licence Class I (Virtual Asset Advisory Services)", "Virtual Asset Service Provider Licence Class S (Virtual Asset Marketplace)", "Registration as Issuer of Initial Token Offerings" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The VAITOS Act 2021 (Act No. 21 of 2021), in force since 7 February 2022, is Mauritius's virtual-asset law. It empowers the FSC to license virtual asset service providers under five classes (M, O, R, I, S) and to register initial-token-offering issuers.", "open_questions": [ "fscmauritius.org (the FSC's own hosting of the Act, which the brief names as the regulator's site) returned an Incapsula bot-check page to an automated fetch rather than the PDF; the full text was instead downloaded from the Bank of Mauritius's official mirror of the same Act, an equally official government source." ], "type": "law" }, { "id": "my-labuan-financial-services-and-securities-act-2010", "title": { "value": "Labuan Financial Services and Securities Act 2010", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Labuan Financial Services and Securities Act 2010", "short_name": "LFSSA", "citation": "Act 704", "jurisdiction": "MY", "law_type": "act", "date_adopted": "2010-01-31", "in_force_from": null, "official_url": { "value": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source": "https://www.labuanfsa.gov.my/regulations/legislation/act/labuan-financial-services-and-securities-act-2010-act-704/labuan-financial-services-and-securities-regulations-2010-forms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source": "https://www.labuanfsa.gov.my/regulations/legislation/act/labuan-financial-services-and-securities-act-2010-act-704/labuan-financial-services-and-securities-regulations-2010-forms", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 877818, "file_check": { "content_type": "application/pdf", "size": 877818, "sha256": "5b17b6621c625d7aa1a933863068f8242dffe3bcac21c4269ffe07fe43f5a6b8", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "http://web.archive.org/web/20260615075313/https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "may_host": { "value": "no", "basis": "PDF's own front matter carries a Percetakan Nasional Malaysia Berhad publisher's copyright notice: 'All rights reserved. No part of this publication may be reproduced ... without the prior permission of Percetakan Nasional Malaysia Berhad'.", "source": "https://www.labuanfsa.gov.my/clients/asset_120A5FB8-61B6-45E8-93F0-3F79F86455C8/contentms/img/documents/Legislation_and_Guidelines/Legislation/Principal_Legislation/Labuan-Financial-Services-and-Securities-Act-2010-Act-704.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "summary": "Act 704 provides for the licensing and regulation of financial services and securities carried on in, from or through Labuan, Malaysia's international business and financial centre, and for the establishment of exchanges there. It is administered by the Labuan Financial Services Authority. It sets out regimes for securities offers and prospectuses, debentures, private and public mutual funds, market intermediaries (securities licensees), Labuan trust companies (including managed and private trust companies), Labuan banking (banks, investment banks, financial business) with capital-adequacy requirements, Labuan insurance and insurance-related activities, company management, exchanges, and rules against false markets and insider dealing. It gives the Authority powers to grant, refuse, and revoke licences, registrations and consents, prescribe annual and licence fees, and enforce the Act, with a general penalty of up to RM3 million (bodies) or RM1 million (individuals) plus daily fines for continuing offences.", "key_articles": [ { "article": "s.3", "gist": "Establishes administration of the Act by the Labuan Financial Services Authority and its authorised officers." }, { "article": "s.4", "gist": "'Fit and proper person' test the Authority applies to licence applicants and holders." }, { "article": "s.40-46", "gist": "Licensing of fund managers and fund administrators of public funds; grant of licence or registration." }, { "article": "s.55-58", "gist": "Securities licensee (market intermediary): application for and grant of licence." }, { "article": "s.60-62", "gist": "Licence required to carry on Labuan trust company business; licensing terms and conditions." }, { "article": "s.71-78", "gist": "Licensing of Labuan managed trust companies and registration of Labuan private trust companies." }, { "article": "s.87-92", "gist": "Labuan banking, investment banking and financial business may be carried on only under licence granted by the Authority." }, { "article": "s.94", "gist": "Bank licensees must maintain capital funds and a capital adequacy ratio specified by the Authority." }, { "article": "s.102-107", "gist": "Licensing of Labuan insurance business and Labuan insurance-related activities (manager, underwriting manager, broker)." }, { "article": "s.131-132", "gist": "Application for and grant of a company management licence." }, { "article": "s.146-155", "gist": "Prohibits creation of a false or misleading market and insider dealing in securities." }, { "article": "s.167-170", "gist": "Grounds and procedure for revocation of a consent, licence or registration, and surrender of licence." }, { "article": "s.187-188", "gist": "General penalty (fine up to RM3m for a body, RM1m for an individual, plus daily fine) and offences by a body corporate." }, { "article": "s.189", "gist": "Authority may prescribe annual, licence or registration fees by regulations; unpaid fees recoverable as a civil debt." } ], "licences_created": [ "Labuan bank licence (Labuan banking business)", "Labuan investment bank licence (Labuan investment banking business)", "Labuan financial business licence", "Securities licensee licence (market intermediary)", "Fund manager's licence", "Fund administrator's licence", "Public fund registration", "Labuan trust company licence", "Labuan managed trust company licence", "Labuan private trust company registration", "Labuan insurance business licence", "Labuan insurance-related activities licence (insurance manager, underwriting manager, insurance broker)", "Company management licence", "Establishment/approval of an exchange" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "Act 704, the Labuan Financial Services and Securities Act 2010, is Malaysia's framework law for financial services and securities business carried on in, from or through Labuan. It creates and governs the licences for Labuan banks, investment banks, securities licensees, fund managers/administrators, trust companies, insurers and company managers, administered by the Labuan Financial Services Authority.", "open_questions": [ "Exact commencement date under s.1(2) (brought into force by ministerial Gazette notification) was not stated in the downloaded text; publisher's front matter gives Royal Assent 31 Jan 2010 and Gazette publication 11 Feb 2010, but no separate P.U.(B) commencement order was found.", "The downloaded text is the as-enacted 2010 print (Labuan FSA 'Principal Legislation' PDF) and does not contain the terms 'money broker' or 'digital financial services' cited in the task hint; these categories, if now regulated, appear to derive from later amendments (e.g. Act A1654 of 2022, seen only in search results, not opened/verified in this session) or subsidiary guidelines, which were out of scope for this single-session check.", "Could not locate a schedule of fixed licence-fee amounts inside the Act itself; s.189 leaves annual/licence fees to be prescribed by separate regulations, not reproduced here." ], "type": "law" }, { "id": "sc-securities-act-2007", "title": { "value": "Securities Act", "source": "https://fsaseychelles.sc/component/edocman/securities-act-2007/download?Itemid=0", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Securities Act", "short_name": null, "citation": "Act 8 of 2007 (Cap. 208)", "jurisdiction": "SC", "law_type": "act", "date_adopted": null, "in_force_from": "2007-10-29", "official_url": { "value": "https://fsaseychelles.sc/legal-framework/legislations", "source": "https://fsaseychelles.sc/legal-framework/legislations", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://fsaseychelles.sc/component/edocman/securities-act-2007/download?Itemid=0", "source": "https://fsaseychelles.sc/legal-framework/legislations", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 781257, "file_check": { "content_type": "application/pdf", "size": 781257, "sha256": "5a142290f3c5baa6470f3490b1482bf4cfc4fc0e4dd44b08515c82d502ca1596", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found" }, "summary": "The Securities Act, 2007 (Act 8 of 2007, Cap. 208) is Seychelles' core capital-markets statute. As downloaded from fsaseychelles.sc, the text is captioned 'Revised Edition 2010' and defines the 'Securities Authority' as the Central Bank of Seychelles, though the Financial Services Authority (Seychelles) lists this Act among its own legislation and now administers it. The Act licenses securities exchanges, clearing agencies and other securities facilities, and licenses market participants — securities dealers (including restricted dealers), investment advisors, and their representatives. Dealer and advisor licensees must be companies with at least two directors, a licensed representative, prescribed minimum paid-up capital, insurance cover and an auditor. No shares in a licensee may be issued, transferred or disposed of without Securities Authority approval, and change-of-control conditions apply once a shareholding exceeds 10%. Part 8 governs public offers of corporate securities and prospectus content and liability; Part 9 requires issuer registration statements and annual reports; Part 10 criminalises insider dealing, false trading, price rigging and market manipulation. Unlicensed dealing is an offence carrying fines up to US$100,000 (individuals) or US$200,000 (companies), plus a daily continuing-offence fine.", "key_articles": [ { "article": "s.2", "gist": "Defines 'securities' by reference to Schedule 1 and defines the 'Securities Authority' as the Central Bank of Seychelles." }, { "article": "s.7-9", "gist": "Restricts establishing a securities exchange without a Securities Authority-granted exchange licence." }, { "article": "s.23-25", "gist": "Requires a clearing agency licence before operating clearing or settlement facilities for securities transactions." }, { "article": "s.45-46", "gist": "Requires a securities dealer's licence, granted only to a company meeting capital, staffing and fit-and-proper conditions." }, { "article": "s.48-52", "gist": "Requires separate licences for investment advisors and for dealer's or advisor's representatives." }, { "article": "s.60", "gist": "Bars issuing, transferring or disposing of shares in a licensee without Securities Authority approval; flags 10%+ ownership changes." }, { "article": "s.63", "gist": "Makes unlicensed dealing an offence, fined up to US$100,000 (individual) or US$200,000 (company), plus daily continuing fines." }, { "article": "s.85-89", "gist": "Governs public offers of corporate securities, prospectus publication and content, and liability for misleading prospectuses." }, { "article": "s.90-91", "gist": "Requires registration statements and annual reports from registered corporate issuers." }, { "article": "s.92-101", "gist": "Criminalises insider dealing, false trading, price rigging, market manipulation and deceptive inducements." } ], "licences_created": [ "Securities Exchange Licence", "Clearing Agency Licence", "Securities Facility Licence", "Securities Dealer's Licence", "Restricted Securities Dealer's Licence", "Investment Advisor's Licence", "Securities Dealer's/Investment Advisor's Representative Licence" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Securities Act, 2007 (Act 8 of 2007, Cap. 208) is Seychelles' securities-market law. It licenses securities exchanges, clearing agencies, securities dealers, investment advisors and their representatives, governs public offers of corporate securities, and criminalises insider dealing and market manipulation, under the 'Securities Authority' now administered by the FSA Seychelles.", "open_questions": [ "The PDF served by fsaseychelles.sc is captioned 'Revised Edition 2010' and its own text shows no amendments after S.I. 3 of 2010; I could not confirm the 'consolidated to 18 December 2024' date already recorded elsewhere in this project against the document's own content, so consolidated_as_of is left null pending that check.", "The Act's own definition section (s.2) names the Central Bank of Seychelles as the 'Securities Authority'; I did not read the Financial Services Authority Act, 2013 to confirm the precise statutory mechanism by which FSA Seychelles now exercises these functions, so the summary notes this only as the FSA's own self-listing of the Act." ], "type": "law" }, { "id": "sg-payment-services-act-2019", "title": { "value": "Payment Services Act 2019", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Payment Services Act 2019", "short_name": "PSA", "citation": "Act 2 of 2019 (2020 Rev. Ed.)", "jurisdiction": "SG", "law_type": "act", "date_adopted": null, "in_force_from": "2020-01-28", "official_url": { "value": "https://sso.agc.gov.sg/Act/PSA2019", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://sso.agc.gov.sg/Act/PSA2019?ViewType=Pdf", "source": "https://sso.agc.gov.sg/Act/PSA2019", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": "2025-03-09", "http_status": 200, "bytes": 738506, "file_check": { "content_type": "application/pdf", "size": 738506, "sha256": "6644db515eb0e28046f9726b6244907e8817e6eb05592ada2d12249326c2d9b7", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found — Singapore Statutes Online Terms of Use not checked for reuse permission" }, "summary": "The Payment Services Act 2019 establishes Singapore's licensing regime for payment service providers under the Monetary Authority of Singapore. It covers seven payment services (account issuance, domestic/cross-border money transfer, e-money issuance, merchant acquisition, money-changing, and digital payment token (DPT) services) listed in the First Schedule. A person providing these services must hold a money-changing licence, standard payment institution licence, or major payment institution licence, unless exempt. The Act sets conduct-of-business rules, safeguarding of customer money, security requirements, controller and officer approval regimes, audit powers, and offences for unlicensed activity or false information. It also regulates designated payment systems and their operators, and contains transitional provisions carrying over licences and exemptions from the predecessor Money-Changing and Remittance Businesses Act and Payment Systems (Oversight) Act.", "key_articles": [ { "article": "s.5", "gist": "Sets penalties (fine and/or up to 3 years' imprisonment) for providing payment services without a licence." }, { "article": "s.6", "gist": "Creates three licence types: money-changing, standard payment institution, major payment institution." }, { "article": "s.11", "gist": "Grounds for lapsing, revocation or suspension of a licence, including fit-and-proper failures." }, { "article": "s.14", "gist": "Licensee must keep a permanent place of business/registered office in Singapore and notify address changes." }, { "article": "s.28", "gist": "Regulates control of shareholding (change of control) in a licensee, part of Division 3." }, { "article": "s.34", "gist": "Requires Authority approval to appoint a chief executive officer, director or partner of a licensee." } ], "licences_created": [ "Money-changing licence", "Standard payment institution licence", "Major payment institution licence" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Payment Services Act 2019 (Act 2 of 2019) is Singapore's statute licensing payment service providers under the Monetary Authority of Singapore. It creates the money-changing, standard payment institution, and major payment institution licences, covering services including e-money, remittance, merchant acquisition and digital payment tokens.", "open_questions": [ "Original date of assent/enactment for the 2019 Act was not confirmed from the primary source text within this session (only the commencement date, 28 January 2020, was found in s.1 and the arrangement-of-sections note); date_adopted left null.", "may_host basis not verified — SSO Terms of Use page was not opened in this session." ], "type": "law" }, { "id": "sv-digital-assets-issuance-law", "title": { "value": "Ley de Emisión de Activos Digitales (Decreto Legislativo N.º 643)", "source": "https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Digital Assets Issuance Law (Legislative Decree No. 643)", "short_name": null, "citation": "Decreto Legislativo N.º 643", "jurisdiction": "SV", "law_type": "act", "date_adopted": "2023-01-11", "in_force_from": "2023-02-01", "official_url": { "value": "https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "source": "https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "source": "https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "es", "consolidated_as_of": null, "http_status": 200, "bytes": 598250, "file_check": { "content_type": "application/pdf", "size": 598250, "sha256": "fa1c6c76294db71ffa4dce82511f3779c095247bb6b2b4d2a55a2dfa885abb8d", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20251120201852/https://cnad.gob.sv/wp-content/uploads/2024/08/1.-Ley-de-Emision-de-Activos-Digitales-DL-643.pdf", "may_host": { "value": "no", "basis": "no licence found" }, "summary": "Decreto Legislativo No. 643 (Ley de Emisión de Activos Digitales), passed by the Legislative Assembly on 11 January 2023, is El Salvador's framework for public offerings of digital assets and for digital-asset service providers. It creates the Comisión Nacional de Activos Digitales (CNAD) as regulator and, separately, the Bitcoin Fund Management Agency (AAB). Digital assets are defined as DLT-based digital representations and are explicitly carved out from securities law. Providers of digital-asset services — exchange, platform operation, custody, transfer, order execution and investment-product administration — must register in the PSAD Registry before offering services; CNAD must decide within 20 business days. Registrants pay an initial fee of 15 minimum wages and an annual renewal fee of 10 minimum wages. Issuers must obtain CNAD authorisation ('habilitación') before a public offering and file a Documento de Información Relevante; stablecoin issuers must report projected issuance volumes. Independent certifying entities verify issuer and provider compliance. Violations carry fines from 114 up to 1,200 minimum wages, or up to 1% of an offering's value. Existing providers received a six-month provisional registration window.", "key_articles": [ { "article": "Art. 1", "gist": "States the law's purpose: legal certainty for digital-asset public offerings and rules for issuers, providers and participants." }, { "article": "Art. 3", "gist": "Defines 'digital asset' as a DLT-based digital representation that can be owned and transferred; explicitly not a security." }, { "article": "Art. 6", "gist": "Creates the Comisión Nacional de Activos Digitales (CNAD) as the digital-asset regulator." }, { "article": "Art. 12", "gist": "Sets registration fees: 15 minimum wages initial, 10 minimum wages annual renewal, for providers and certifiers." }, { "article": "Art. 18", "gist": "Creates the PSAD Registry; only registered providers may offer digital-asset services in El Salvador." }, { "article": "Art. 19", "gist": "Lists licensable activities: exchange, platform operation, custody, transfer, order execution, investment-product administration." }, { "article": "Art. 20", "gist": "Sets registration requirements and gives CNAD 20 business days to approve or reject a complete application." }, { "article": "Art. 22-23", "gist": "Issuers must obtain CNAD authorisation before launching a public offering of digital assets or stablecoins." }, { "article": "Art. 27", "gist": "Certifying entities must register with CNAD before verifying issuer and provider compliance." }, { "article": "Art. 38", "gist": "Sets fines from 114 up to 1,200 minimum wages, or up to 1% of an offering's value, for violations." }, { "article": "Art. 44", "gist": "Gives providers already operating a six-month provisional registration window once the law enters into force." }, { "article": "Art. 47", "gist": "The Decree enters into force eight days after publication in the Diario Oficial." } ], "licences_created": [ "Registro de Proveedor de Servicios de Activos Digitales (PSAD)", "Habilitación de Oferta Pública de Activos Digitales (issuer authorisation)", "Registro de Entidad Certificadora" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Ley de Emisión de Activos Digitales (Decreto Legislativo No. 643, in force since 1 February 2023) is El Salvador's digital-asset statute. It creates the Comisión Nacional de Activos Digitales (CNAD), which registers Digital Asset Service Providers (PSAD), certifying entities, and issuers, and authorises public offerings of digital assets, including stablecoins.", "open_questions": [], "type": "law" }, { "id": "us-bank-secrecy-act", "title": { "value": "Currency and Foreign Transactions Reporting Act of 1970 (codified as the Bank Secrecy Act, 31 U.S.C. 5311 et seq., with related provisions at 12 U.S.C. 1829b and 1951-1960)", "source": "https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Bank Secrecy Act", "short_name": "BSA", "citation": "31 U.S.C. 5311-5314, 5316-5336 (Pub. L. 91-508, as amended); implementing rules at 31 CFR Chapter X", "jurisdiction": "US", "law_type": "act", "date_adopted": "1970-10-26", "in_force_from": "1970-10-26", "official_url": { "value": "https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act", "source": "https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.govinfo.gov/content/pkg/USCODE-2023-title31/html/USCODE-2023-title31-subtitleIV-chap53.htm", "source": "https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "html", "language": "en", "consolidated_as_of": "2023-12-31", "http_status": 200, "bytes": 674401, "file_check": { "content_type": "text/html", "size": 674401, "sha256": "b1aead6e98c6cca7d731b2f9e28e698bc3303850eb246688d198005a6a523c88", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "US Code text is a US federal government work, public domain under 17 U.S.C. 105; a govinfo.gov mirror rather than a hosted copy was used to avoid duplicating a 674KB file" }, "summary": "The Bank Secrecy Act (formally the Currency and Foreign Transactions Reporting Act of 1970), codified mainly at 31 U.S.C. 5311-5336, is the foundational US anti-money-laundering statute. It requires domestic financial institutions to keep records and file reports (currency transaction reports over $10,000 under Sec. 5313, foreign bank account reports under Sec. 5314, reports on exporting/importing monetary instruments under Sec. 5316) useful in criminal, tax and regulatory investigations. Sec. 5318 authorizes AML compliance-program and customer-identification rules; Sec. 5324 bans structuring transactions to evade reporting; Sec. 5330 requires money transmitting businesses to register with the Secretary of the Treasury. FinCEN administers the Act; implementing regulations sit in 31 CFR Chapter X, including 31 CFR 1022.380 (MSB registration). Sec. 5321-5322 set civil and criminal penalties. It applies to banks, money services businesses, casinos, broker-dealers and other financial institutions operating in or with the United States.", "key_articles": [ { "article": "31 U.S.C. 5312", "gist": "Defines 'financial institution', 'money services business' and other terms used throughout the chapter." }, { "article": "31 U.S.C. 5313", "gist": "Requires domestic financial institutions to report currency transactions as the Secretary prescribes (CTRs)." }, { "article": "31 U.S.C. 5314", "gist": "Requires records and reports on transactions with foreign financial agencies (FBAR)." }, { "article": "31 U.S.C. 5318", "gist": "Authorizes Treasury to require AML compliance programs, customer identification and other compliance measures." }, { "article": "31 U.S.C. 5324", "gist": "Prohibits structuring cash transactions to evade the reporting requirements." }, { "article": "31 U.S.C. 5330", "gist": "Requires money transmitting businesses to register with the Secretary of the Treasury within 180 days of establishment." }, { "article": "31 U.S.C. 5321-5322", "gist": "Set civil monetary penalties and criminal penalties (fines, imprisonment) for violations." } ], "licences_created": [ "Money Services Business (MSB) registration with FinCEN" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Bank Secrecy Act (31 U.S.C. 5311 et seq., from Pub. L. 91-508 of 1970) is the core US AML statute, requiring currency transaction reports, foreign account reports, AML compliance programs, and FinCEN registration of money services businesses; FinCEN administers it under 31 CFR Chapter X.", "open_questions": [ "eCFR.gov (31 CFR 1022.380, the MSB registration rule) returned an automated bot-check redirect (302 to unblock.federalregister.gov) when fetched; per the hard rule against bypassing bot checks, this was not followed. The registration duty itself is confirmed instead from the statute (31 U.S.C. 5330) read directly in the downloaded full text; regulatory detail (e.g. any renewal cadence in 1022.380) could not be verified in this session.", "uscode.house.gov (the House's own consolidated 'prelim' edition, generally the most current) timed out repeatedly from this session; govinfo.gov's USCODE-2023-title31 edition (consolidated through the end of the 118th Congress, 1st session) was used instead as an equally official GPO mirror." ], "type": "law" }, { "id": "vg-virtual-assets-service-providers-act-2022", "title": { "value": "Virtual Assets Service Providers Act, 2022", "source": "https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Virtual Assets Service Providers Act, 2022", "short_name": "VASP Act", "citation": "No. 17 of 2022", "jurisdiction": "VG", "law_type": "act", "date_adopted": "2022-12-23", "in_force_from": "2023-02-01", "official_url": { "value": "https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "source": "https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "source": "https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 306021, "file_check": { "content_type": "application/pdf", "size": 306021, "sha256": "60f67cdc8cd92b105b7e60dd9472865e58e436da13149b4ee2ac273c0c023526", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": "https://web.archive.org/web/20260721013604/https://www.bvifsc.vg/sites/default/files/virtual_assets_service_providers_act_2022.pdf", "may_host": { "value": "no", "basis": "no licence found" }, "summary": "The Virtual Assets Service Providers Act, 2022 (No. 17 of 2022), passed by the House of Assembly on 24 November 2022 and assented to on 23 December 2022, is the British Virgin Islands' registration and supervision regime for virtual-asset businesses, administered by the BVI Financial Services Commission. It prohibits carrying on a virtual-asset-service business in or from the BVI without registration, and creates three registration categories: general VASP, virtual-asset custody service, and virtual-asset exchange, the latter two carrying extra conditions. Applicants must disclose directors, senior officers, shareholders and controllers, appoint an authorised representative and auditor, and submit a business plan, risk assessment and AML/CFT compliance manual. Registered VASPs must report information to the Commission, maintain records, safeguard client assets, and obtain prior Commission approval before any disposal or acquisition of a significant or controlling interest. Part V lets approved sandbox participants trial innovative FinTech under adjusted conditions. Existing providers at commencement had six months to apply for registration while continuing to trade. Breaches are criminal offences carrying fines up to US$100,000 or 5 years' imprisonment, set out by provision in the Schedule.", "key_articles": [ { "article": "s.1", "gist": "Commencement is set by ministerial notice in the Gazette, not automatically on assent or gazetting." }, { "article": "s.5", "gist": "Prohibits carrying on a virtual-asset-service business in or from the BVI without Commission registration." }, { "article": "s.6-7", "gist": "Applicants choose one or more categories (VASP, custody service, exchange) and disclose owners, controllers and a business plan." }, { "article": "s.11-14", "gist": "Requires directors/senior officers, an authorised representative and an appointed auditor for every registered VASP." }, { "article": "s.20-21", "gist": "VASPs must report information to the Commission and obtain prior approval before any change in significant or controlling interest." }, { "article": "s.27-32", "gist": "Sets additional information, conditions and restrictions specific to custody services and virtual-asset exchanges." }, { "article": "s.33-36", "gist": "Lets the Commission approve sandbox participants to trial innovative FinTech under adjusted conditions." }, { "article": "s.40", "gist": "Existing providers at commencement had six months to apply for registration while continuing to trade." }, { "article": "s.45", "gist": "Lets fees payable under the Act be fixed by regulation made under the Financial Services Commission Act." }, { "article": "s.46", "gist": "Makes contravention of scheduled provisions an offence, with penalties up to US$100,000 or 5 years' imprisonment." } ], "licences_created": [ "Virtual Assets Service Provider (VASP) registration", "Virtual Assets Custody Service registration", "Virtual Assets Exchange registration", "Regulatory Sandbox participant approval" ], "status": "in force", "upcoming_changes": [], "fact_checks": [], "answer": "The Virtual Assets Service Providers Act, 2022 (No. 17 of 2022, in force since 1 February 2023) is the British Virgin Islands' VASP statute. Administered by the BVI Financial Services Commission, it requires registration to provide virtual-asset services, custody services or run a virtual-asset exchange, and lets registrants trial FinTech in a statutory sandbox.", "open_questions": [ "bvifsc.vg returns 403 to scripted clients on its HTML pages (including the news item announcing the Act), so the exact in-force date (1 February 2023) is sourced to a secondary law-firm article (Mourant), not the FSC's own page; the PDF text itself only says commencement is fixed by Gazette notice." ], "type": "law" }, { "id": "za-fais-act-2002", "title": { "value": "Financial Advisory and Intermediary Services Act, 2002", "source": "https://www.gov.za/documents/financial-advisory-and-intermediary-services-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "english_title": "Financial Advisory and Intermediary Services Act, 2002", "short_name": "FAIS Act", "citation": "Act No. 37 of 2002", "jurisdiction": "ZA", "law_type": "act", "date_adopted": "2002-11-15", "in_force_from": null, "official_url": { "value": "https://www.gov.za/documents/financial-advisory-and-intermediary-services-act", "source": "https://www.gov.za/documents/financial-advisory-and-intermediary-services-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude" }, "full_text": { "value": "https://www.gov.za/sites/default/files/gcis_document/201409/a37-020.pdf", "source": "https://www.gov.za/documents/financial-advisory-and-intermediary-services-act", "source_type": "primary", "as_of": "2026-09-24", "checked_by": "claude", "format": "pdf", "language": "en", "consolidated_as_of": null, "http_status": 200, "bytes": 2376916, "file_check": { "content_type": "application/pdf", "size": 2376916, "sha256": "0672e12fc6235e8462e17dd5adf86d15410c5ec8a162ac59a080371278afe08e", "as_of": "2026-09-24" } }, "english_translation": null, "archive_url": null, "may_host": { "value": "no", "basis": "no licence found; South African government gazette text has no stated open reuse licence on gov.za, so only a link is used" }, "summary": "The FAIS Act (No. 37 of 2002) is South Africa's core law regulating the rendering of financial advice and intermediary services to clients. It requires anyone acting as a financial services provider (FSP) to hold a licence issued by the registrar (Sec. 7-8), sets fit-and-proper requirements (honesty, competence, financial soundness), and regulates representatives, key individuals, compliance officers and codes of conduct. It created the Office of the Ombud for Financial Services Providers (Sec. 20) to resolve client complaints, and Sec. 36 makes unlicensed activity or false statements in an application a criminal offence punishable by a fine up to R1,000,000 or up to 10 years' imprisonment. The 'financial product' definition (Sec. 1) includes a residual clause letting the registrar declare, by Gazette notice, any similar product a financial product for the Act's purposes -- the clause the FSCA (successor registrar under the Financial Sector Regulation Act) used in 2022 to bring crypto assets and crypto-related advice/intermediary services within FSP licensing. The registrar's functions are now performed by the FSCA.", "key_articles": [ { "article": "Sec. 1", "gist": "Defines 'financial product', 'financial service' and 'financial services provider'; includes a residual clause for the registrar to declare new products in the Gazette." }, { "article": "Sec. 7", "gist": "Bars acting or offering to act as a financial services provider without a licence issued under Sec. 8." }, { "article": "Sec. 8", "gist": "Sets the licence application process and fit-and-proper requirements (honesty, competence, financial soundness) assessed by the registrar." }, { "article": "Sec. 9-11", "gist": "Govern suspension, withdrawal and lapsing of an FSP licence." }, { "article": "Sec. 17-19", "gist": "Require authorised FSPs to have compliance officers/arrangements, keep records, and meet accounting and audit requirements." }, { "article": "Sec. 20", "gist": "Establishes the Office of the Ombud for Financial Services Providers to determine client complaints." }, { "article": "Sec. 36", "gist": "Makes unlicensed FSP activity or a false/misleading licence application an offence: fine up to R1,000,000 or up to 10 years' imprisonment, or both." } ], "licences_created": [ "Financial Services Provider (FSP) licence/authorisation" ], "status": "in force", "upcoming_changes": [ { "value": "2022-10-19: FSCA General Notice 1350 of 2022 (Government Gazette 47334) declares a crypto asset a 'financial product' under Sec. 1 of the FAIS Act, bringing crypto asset advice and intermediary services within FSP licensing.", "source": "https://werksmans.com/the-fsca-declares-crypto-assets-as-financial-products/", "source_type": "secondary", "as_of": "2026-09-24", "checked_by": "claude" } ], "fact_checks": [], "answer": "The FAIS Act (Act No. 37 of 2002) is South Africa's law requiring anyone giving financial advice or acting as an intermediary to hold a Financial Services Provider (FSP) licence from the registrar (now the FSCA); since 2022 it also covers crypto asset services after the FSCA declared crypto assets a 'financial product' under Sec. 1.", "open_questions": [ "The exact commencement (in-force) date under Sec. 7(1), which the Act says is 'a date determined by the Minister by notice in the Gazette', was not located in the downloaded gov.za PDF (the original 2002 gazetted Act) and was not searched for separately to avoid writing a date from memory; in_force_from is left null.", "gov.za hosts only the original 2002 Act as gazetted, not a text consolidated with the Act's many subsequent amendments (FSR Act 2017, FAIS General Code amendments, etc.); SAFLII has an unofficial consolidation 'updated to 1 April 2023' but SAFLII is not an official source, so it was not used as full_text per the brief's official-source rule.", "The FSCA's own press-release PDF for the crypto declaration (fsca.co.za) returned HTTP 404 when fetched in this session; the primary Government Gazette 47334 / General Notice 1350 of 2022 was not independently opened either -- the 2022-10-19 date and notice number are sourced instead from a law-firm secondary source (werksmans.com) that was successfully fetched." ], "type": "law" } ] }