The proposed regulation will provide greater consumer and investor protection and lessen the risks of participating in digital finance.
The EU Commission has published a proposal for a wide-ranging EU regulation covering...more
Crypto-asset trading is a fast-growing part of the financial sector. Some countries have wholeheartedly embraced crypto-assets; others have been reticent to permit widespread adoption. Generally, countries have interpreted...more
ESMA advises the European Commission to consider some, but not all, of ESMA’s original proposals — and gives guidance on pre-hedging and market soundings along the way.
Key Points:
..Pre-hedging / front running: ESMA...more
Elisabeth Stheeman of the Financial Policy Committee outlined the new frameworks for building operational resilience against cyber risks and protection of payment chains.
On 9 September 2020, Elisabeth Stheeman, an...more
Andrew Bailey outlined what payments market participants can expect from regulators seeking to address financial stability risk in the world of payments, including as part of the rise and adoption of global stablecoins.
On...more
Many of the wide-ranging amendments address the perceived barriers MiFID II introduced in capital markets and are likely to be welcomed by industry.
Key Points:
..The amendments aim to remove administrative burdens that...more
The additional temporary guidance aims to strengthen the arrangements for safeguarding customers’ funds and firms’ prudential risk management in light of the impact of COVID-19.
On 9 July 2020, the FCA published its...more
HM Treasury is planning significant changes to the financial promotion regime, including expanding its scope to certain cryptoassets, and amending the approval process for promotions of unauthorised firms.
On 20 July 2020,...more
The Fintech Strategic Review aims to ensure the ongoing growth and success of UK fintech as a world leader in financial innovation.
On 20 July 2020, HM Treasury announced the launch of an independent review into the UK’s...more
Bank for International Settlements selects Bank of England as the UK centre to host new FinTech hub.
On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International...more
Important changes ahead for investment firms as the FCA’s Discussion Paper (DP20/2) indicates that the UK may depart from EU capital rules.
Key Points:
..FCA consults on a UK capital regime that in some respects breaks...more
The English High Court’s findings are likely to have wide implications, not just for SIPP operators but for all regulated firms.
Key Points:
..Regulatory obligations are not intended to take precedence over contractual...more
An ECON draft report on digital finance recommends legislative action in relation to cryptoassets and cyber resilience and a framework for digital onboarding.
On 4 June 2020, the European Parliament’s Economic and Monetary...more
The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation.
Key Points:
..The measures follow amendments...more
The report encourages the G20 to consider a broad set of supervisory principles when evaluating global stablecoin arrangements.
On April 14, 2020, the G20’s Financial Stability Board (FSB) published a consultation on the...more
The resource aims to help businesses create more resilient supply chains and trusted data by responsibly deploying blockchain technology.
The World Economic Forum has launched a new, first-of-its-kind resource -...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks.
Key Points:
..The draft RTS contain new guidance that makes clear who is responsible for which...more
Call for input: market players need to engage with the process for the procurement of the NPA -
This Call for Input is part of the development of the Payment Systems Regulator’s (PSR) policy for the future regulation of...more
The FCA is moving towards formalising issuers’ compliance with the TCFD recommendations.
Key Points:
..The FCA is proposing that premium listed commercial companies will need to disclose how they have implemented the...more
The consultation provides a key opportunity for market participants to provide feedback on the regime.
Key Points:
..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more
2/27/2020
/ Commodities ,
Derivatives ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FinTech ,
Foreign Exchanges ,
Investors ,
MiFID II ,
MiFIR ,
Public Consultations ,
Small and Medium-Sized Enterprises (SMEs)
ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made.
Key Points:
..ESMA’s response to the European...more
The AMF has published a report containing a number of new proposals relating to production of research under MiFID II.
Key Points:
..The report pointedly criticises the original MiFID requirements (most of which were...more
2/19/2020
/ AMF ,
Asset Management ,
Cross-Border Transactions ,
EU ,
European Commission ,
Federal Agency Taskforce ,
Financial Conduct Authority (FCA) ,
France ,
MiFID II ,
Research Reports ,
UK ,
UK Brexit ,
Unbundling
ESMA’s consultation papers on MiFID non-equities SI and equities transparency regimes propose important changes.
Key Points:
..ESMA’s recent consultation papers on the MiFID transparency regime raise queries and make...more
Financial services regulators have been particularly vocal in the last 12 months, specifically about the impact on the financial services sector as the world experiences, and attempts to respond to, climate change.
Mark...more
The FCA is considering whether alternative data could introduce new risks to market integrity.
The FCA’s recently published Insight article explores how alternative data might give rise to market abuse risks. The article...more