The UK FCA issues a POLICY AND GUIDE on financial promotion rules for CRYPTOASSETS
09/06/2023
The Financial Conduct Authority has published their
- Policy Statement on financial promotion rules for cryptoassets
- Guidance Consultation for cryptoasset financial promotions.
In Summary :
- The Guidance Consultation (GC)
- Sets out the high standards the FCA expect of firms marketing cryptoassets to UK consumers so that their promotions are fair, clear and not misleading.
- Focuses on cryptoassets (stablecoins and commodity tokens) and related cryptoasset models that the FCA believe can cause significant consumer harm, such as algorithmic stablecoins and complex yield cryptoasset models, e.g., borrowing, lending, and staking.
- The FCA has also
- Included further guidance for financial promotions on social media, due diligence before communicating a financial promotion, and providing clarity over legal and beneficial ownership of cryptoassets and firms regulated status.
- Intend to use the GC to gather views on the risks and benefits of complex yield models to consumers to build an evidence base regarding the potential benefits, risks and use cases for borrowing, lending and staking models.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.