The European Securities and Markets Authority has published two consultation papers on proposed guidelines under the EU Markets in Crypto Assets Regulation, one on reverse solicitation and the other on the classification of...more
Der deutsche Gesetzgeber hat auf die Vereinheitlichung der europäischen Finanzmarktvorschriften geantwortet: Im Oktober 2023 hat das Bundesministerium der Finanzen den Referentenentwurf für das Gesetz über die Digitalisierung...more
On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU’s revised...more
French Financial Markets Authority, Enforcement Committee (Commission des sanctions), Decision No. 4 dated 26 April 2022 (SAN-2022-05) The Enforcement Committee of the French Financial Markets Authority (Autorité des...more
On 5 June 2020, the European Securities and Markets Authority (ESMA) published its final guidelines on certain aspects of the recast Markets in Financial Instruments Directive (MiFID II) compliance function requirements (the...more
On 3 June 2020, the European Securities and Markets Authority (ESMA) published two Opinions clarifying how European Union investment firms trading financial instruments on third-country trading venues (TCTVs) should, from 3...more
The European Securities and Markets Authority has published Technical Advice on the impact and functioning of the product intervention rules in the Markets in Financial Instruments Regulation. MiFIR gives ESMA powers...more
The European Securities and Markets Authority has published a working paper setting out its findings on the market impacts of “circuit breakers”, instruments used by trading venues to interrupt excessive price movements in...more
In the course of the “Panama Paper” scandal, Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing – known as 4. Anti-Money Laundering...more
The U.K. Financial Conduct Authority has published the outcome of its review of the research unbundling reforms implemented in the EU by the revised Markets in Financial Instruments Directive. MiFID II has applied across the...more
The European Securities and Markets Authority has issued a Statement clarifying the application and interaction of the EU derivatives clearing and trading obligations following the entry into force of the revised European...more
An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/565) on requirements for participants in SME growth markets has been published in the Official Journal of the...more
The European Securities and Markets Authority has published its final report and technical advice to the European Commission on incorporating sustainability risks and factors into European regulation. The European Commission...more
Individuals who act outside their trade or profession when instructing brokers to execute FOREX contracts on their behalf must be regarded as "consumers" for the purposes of the Recast Brussels Regulation, according to a...more
Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more
The Situation: On January 9, 2019, the European Securities and Markets Authority ("ESMA") issued advice to the EU Commission, Council, and Parliament on initial coin offerings ("ICOs") and crypto assets. The Result: ESMA...more
Following its commitment within the report issued on 30 October 2018 by the UK’s Cryptoassets Taskforce1, on 23 January 2019 the FCA issued a Consultation Paper (“CP 19/3”)2 setting out draft regulatory guidance in respect of...more
• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinSA on 15 June...more
With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties....more
The European Securities and Markets Authority has published a call for evidence on periodic auctions for equity instruments. ESMA wishes to gather more information on the functioning of so-called frequent batch auction...more
Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more
3 April - The Financial Conduct Authority ("FCA") published a press release, warning that it intends to take action against general insurance firms that fail to properly implement the rules aimed at increasing...more
Postponement of IDD implementing provisions - On 14 February the EU Council agreed the text of the proposed Directive to postpone the deadline for the transposition into Member States of Directive 2016/97 on insurance...more
It is now only two months until the 3 January 2018 compliance deadline for the revised Markets in Financial Instruments Directive (MiFID II) and the 1 January 2018 compliance deadline for the EU Packaged Retail Investment and...more
From 3 January 2018 all legal entities (no matter where they are based or incorporated) involved in buying, selling or issuing financial instruments on EU regulated markets, multilateral trading facilities or organised...more