Esma cryptocurrency derivatives

When did the reporting obligation for Crypto CFDs commence? We are of the view that Crypto CFDs will fall under the definition of derivatives. Hence the reporting of Crypto CFDs would have the same commencement date as all other derivatives contracts. Is there a backloading requirement for reporting Crypto CFDs?

The reporting obligation applies to derivative contracts which: a were entered into before 12 February and remain outstanding on that date; b were entered into on or after 12 February What should I do next? We suggest that you review your current product offering and determine whether your Investment Firm has offered or transacted in any cryptocurrency derivatives or CFDs.

Where you have done so, this is what you need to do: Check if they have been reported Where any crypto CFDs have not been reported: Consider whether all previous transactions should be backloaded under EMIR and MiFIR Consider whether you need to lodge a breach report to your NCA Make sure you update your systems and processes to ensure daily reporting of all cryptocurrency derivatives along with your other reportable transactions.

The European Securities and Markets Authority ESMA recently published product intervention measures limiting the amount of leverage available on the opening of a cryptocurrency CFD to , amongst other measures. When is a firm offering cryptocurrency derivatives caught by regulation in the UK? As a result, the FCA takes the view that dealing in, arranging transactions in, advising on or providing other services that amount to regulated activities in relation to derivatives referencing cryptocurrencies or tokens distributed through an initial coin offering ICO in the UK will likely require authorisation under the Financial Services and Markets Act FSMA.

What does authorisation entail? Authorisation requires an application to the FCA, together with the payment of certain fees. This application process, which is the same as for investment firms offering traditional derivative products, is complex and involved. Applicants will be required to have in place specified processes, policies and procedures as well as regulatory capital. Certain key individuals will also need to be approved.

A complete application is typically approved within six months. If authorisation is granted, the regulated firm will need to pay an annual fee and comply with all applicable FCA rules on an ongoing basis. What happens if not authorised?

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