Podcast: ESMA Report: Undue Pressure on Companies
Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more
BROKER-DEALER - FINRA Publishes Notice to Members Encouraging Continued Disclosure of Digital Assets Activities – On July 18, the Financial Industry Regulatory Authority (FINRA) published Regulatory Notice 19-24...more
BROKER-DEALER - FINRA Releases 2019 Annual Risk Monitoring and Examination Priorities Letter - On January 22, the Financial Industry Regulatory Authority (FINRA) issued its annual Risk Monitoring and Examination...more
The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission's request in its FinTech...more
On 9 January 2019, the European Banking Authority (EBA)1 and the European Securities and Markets Authority (ESMA)2 published two reports with their advice on cryptoassets for the European Commission (EC) (and in ESMA's case,...more
U.S. Developments - Regulatory Updates - Texas Clarifies that Stablecoins Backed by Sovereign Currency Qualify as “Money” Under Money Transmission Statute - The Texas Department of Banking recently issued a Supervisory...more
BROKER-DEALER - SEC Approves New Supplement to Options Disclosure Document - On November 9, the Securities and Exchange Commission approved a new supplement (Supplement) to the Characteristics & Risks of Standardized...more
BROKER-DEALER - FINRA Publishes Information Notice Regarding Enhancements to the Disclosure Review Process Relating to Public Financial Records - On May 18, the Financial Industry Regulatory Authority (FINRA) published...more
US CFTC and UK FCA Sign Arrangement to Collaborate on FinTech Innovation - On February 19, The US Commodity Futures Trading Commission ("CFTC") and the UK's Financial Conduct Authority ("FCA") signed an arrangement that...more
Three European regulators have warned investors about the risks associated with dealing with virtual currencies, saying they are unsuitable “for most purposes, including investment and retirement planning”....more
SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more
CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions - On January 9, 2018, the U.S. Commodity Futures Trading Commission (the "CFTC") approved final rules that update Parts 3 and 9...more
Chairman Giancarlo Statement on Virtual Currencies - On January 4, 2018, the Commodity Futures Trading Commission (CFTC) Chairman, J. Christopher Giancarlo, issued a statement on virtual currencies. "The CFTC's Market Risk...more
CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions - On December 15, 2017, the Commodity Futures Trading Commission ("CFTC") announced a Proposed Interpretation concerning its...more
Following the European Securities and Markets Authority‘s (“ESMA“) observation in rapid-growth initial coin offerings (“ICOs“)s, on November 13, 2017, ESMA issued two statements on ICOs. ESMA notes in a statement for firms...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the amendments to the European Venture Capital and Social Entrepreneurship Fund...more
EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more
The European Securities and Markets Authority (ESMA) has published a Discussion Paper on “The Distributed Ledger Technology Applied to Securities Markets“....more
District Court Holds that Assignee is Not Entitled to Safe Harbor Protections - On May 28, 2015, the United States District Court for the Central District of California affirmed a bankruptcy court order finding that a...more
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD - The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
ESMA Says “No for Now” to Granting Passport Rights to US Fund Managers Under AIFMD: The European Securities and Markets Authority told the European Commission last week that it was premature to grant passport rights to...more
On April 22, 2015, the European Securities and Markets Authority (“ESMA”) – the European Union’s (“EU”) securities watchdog agency – issued a formal call for evidence regarding investments using virtual currency or...more
The European Union has recently demonstrated additional interest in the potential uses of blockchain technology for financial services outside of virtual currencies. On April 22, 2015, the European Securities and Markets...more
On April 22, the European Securities and Markets Authority (ESMA) issued a call for information (Call for Evidence) on virtual currency. Unlike recent studies performed by the European Banking Authority and HM Treasury, ESMA...more
On April 22, 2015, the European Securities and Markets Authority (ESMA) published a call for evidence on investments using virtual currency (vc) or distributed ledger technology. ESMA has been monitoring and analyzing VC...more