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Promotion of Cryptoassets to UK Consumers to be Regulated by the UK Financial Conduct Authority

As expected, the UK Government has announced, in its January 2022 consultation response (“the Response”), that the promotion of cryptoassets to UK consumers is to be regulated. This represents a significant step towards...more

New UK Insolvency Regime For Payment And Electronic Money Institutions

On 8 July 2021, the Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations) will come into force in the UK and introduce a new special administration regime for insolvent payment institutions...more

Can You Withhold A Payment Of Interest To Comply With U.S. Secondary Sanctions Law?- Lamesa Investments Ltd v Cynergy Bank Ltd...

The Court of Appeal, in Lamesa Investments Ltd v Cynergy Bank Ltd [2020] EWCA Civ 281, has found that a party in an English law governed “Tier 2 Capital” subordinated facility agreement with contractual language addressing...more

Basel Committee And IOSCO Suggest Delay In Final Implementation Phases Of Margin Requirements For Non-Centrally Cleared...

On 3 April 2020, the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) announced that, due to the impact on the global financial system of the rapid spread of...more

Brexit Withdrawal Agreement Receives Royal Assent

Following the result of the UK’s referendum in 2016 on leaving the European Union, the Withdrawal Agreement negotiated between the United Kingdom and the European Union on 23 January 2020 finally received Royal Assent from...more

1/27/2020  /  EU , UK , UK Brexit , Withdrawal Agreement

The UK’s Implementation Of The EU’s Fifth Money Laundering Directive: What You Need To Know

On 10 January 2020, updates to the UK anti-money laundering and counter-terrorist financing (together “AML”) laws come into force that bring the UK in line with international standards set by the Financial Action Task Force...more

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 6

In this issue of Structured Thoughts, we discuss: ..European Commission consultation on EU benchmark regulation ..FINRA: Suitability and sales practices remain an issue ..SEC charges Switzerland-based dealer for selling...more

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 5

In this issue of Structured Thoughts, we discuss: ..FINRA sanctions for a broker for failing to reasonably supervise sales of complex securities. ..NASAA’s report warning about the risks of leveraged and/or inverse...more

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 4

In this issue of Structured Thoughts, we discuss: ..The SEC’s newly released margin rules for security-based swap dealers. ..U.K.’s Financial Conduct Authority consultation on its proposal to ban the sale, marketing, and...more

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 3

In this issue of Structured Thoughts, we discuss: ..New Regulation Best Interest, and its impact on the structured products market. ..The SEC’ June 2019 request for comment on simplifying, harmonizing and improving the...more

MoFo European Funds Playlist – Summer is Coming

The MoFo European Private Funds Group knows you are busy, so we don’t waste your time. Below are the tracks we are listening to right now – and why they matter...more

A Regulatory Update for AIF Managers

In this alert, we provide an update on EU regulatory issues that are relevant to all managers of alternative investment funds, both for European and non-European funds. This includes the effect of a possible no-deal Brexit,...more

FCA Guidance on UK Crypto-Assets Regulation

The United Kingdom’s Financial Conduct Authority (the “FCA”) recently published a Consultation Paper (CP19/3), titled “Guidance on Crypto-assets”. The Consultation Paper provides draft guidance as to which financial services...more

Structured Thoughts: News for the Financial Services Community, Volume 9, Issue 7

FINRA EXAMINATION FINDINGS AND STRUCTURED PRODUCT SALES - On December 7, 2018, FINRA released its report describing its examination findings. A number of FINRA’s findings in the report directly relate to the structured...more

The Advent of Crypto-Asset Regulation in the UK?

The UK’s House of Commons Treasury Committee (Committee) published a report (Report) on September 12, 2018, in relation to the current and future regulation in the UK of crypto-assets. The Report finishes by setting out the...more

UK PRA's 'Dear CEO' Letter on Exposure to Crypto-Assets

Summary - On 28 June 2018, the United Kingdom Prudential Regulation Authority (PRA) published a letter to the CEOs of banks, insurance companies and designated investment firms to communicate the PRA’s expectations...more

Structured Thoughts: News for the financial services community Volume 9, Issue 5

UK FINANCIAL CONDUCT AUTHORITY CALLS FOR INPUT ON PRIIPS - On July 26, 2018, the Financial Conduct Authority (FCA) of the United Kingdom issued a Call for Input in relation to the Packaged Retail and Insurance-based...more

Announcing the Global Financial Innovation Network

On 7 August, 2018, the UK’s Financial Conduct Authority (FCA) announced that it has, in collaboration with 11 other financial regulators and related organisations, including the Monetary Authority of Singapore and the Hong...more

Structured Thoughts: News for the financial services community Volume 9, Issue 3

FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES - In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more

The Decision of the U.S. Court of Appeals Rules in Favour of LSTA in CLO Risk Retention Suit

This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more

Structured Thoughts: News for the financial services community, Volume 9, Issue 1

Linking to ETFs vs. Linking to Indices - A person studying structured products issuances for the first time might think he is having a case of double vision. On the one hand, there are a variety of products linked to...more

2018: Business As (Un)usual – European Financial & Regulatory Developments into 2018

2017 in the UK and the rest of Europe seems to have been primarily a year devoted to implementation – both of political decisions already made and of legislation that had already been enacted. On the political front, Brexit...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 9

Structured Product Red Herrings: Rule 433 and Rule 424(b) - Red herrings for most offerings of structured products registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as...more

SEC Staff Solves Section 28(e)-MiFID II Compliance Conundrum—For Now

In a series of three “no-action” letters, the staff of the Securities and Exchange Commission (SEC) published guidance to address concerns by U.S. broker-dealers and investment advisers about how to comply with Markets in...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 7

LIBOR: The End Game - Since the announcement on July 27, 2017 by the UK Financial Conduct Authority (the FCA) that the LIBOR rate would be phased out after 2021, much has been written about the complications of switching...more

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