News & Analysis as of

Financial Instruments

China Issues New Measures to Regulate Equity Holdings in Insurance Companies

by Hogan Lovells on

After two rounds of consultation, the China Insurance Regulatory Commission (“CIRC“) released the final version of the Administrative Measures for Equity Interests in Insurance Companies (the “New Measures“) on March 7, 2018,...more

Blockchain: Coming to a CMBS Near You

by Polsinelli on

Although at first glance the underlying technology behind Bitcoin and mortgaged backed securities have little in common, blockchain technology has the potential to revolutionize securitizations because it permits value and...more

FinCEN Letter to U.S. Senate Committee on Finance Purports to Thread Needle of Potentially Competing Jurisdictions by Regulators...

by Ballard Spahr LLP on

As we previously have blogged, the Financial Crimes Enforcement Network (“FinCEN”) became one of the first regulators to wade into the regulation of cryptocurrency when it released interpretive guidance in March 2013 stating...more

Federal court rules virtual currency is commodity regulated by CFTC

by Ballard Spahr LLP on

A decision this week from a New York federal district court ruling that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business represents the first opinion from a federal...more

Virtual Currency Is a Commodity Regulated by the CFTC, Eastern District of New York Rules

by Ballard Spahr LLP on

A federal court this week found that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business, raising the possibility of jurisdictional tension among the CFTC and other...more

Get Ready to Pay More for Recording a Document in California

by Nossaman LLP on

For several years, we have been describing the (increasingly successful) efforts by California state and local government agencies to increase their tax take through new and expanded fees and taxes on real estate...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The US government’s determination that Broadcom’s hostile takeover bid of Qualcomm “could pose a national security risk” is complicating an already high-stakes (and unwelcomed) overture by Broadcom. The Committee on Foreign...more

German Federal Supervisory Authority (BaFin) provides guidance on regulation of ICOs

by McDermott Will & Emery on

On 20 February 2018, the German Federal Supervisory Authority (BaFin) issued its highly anticipated statement (GZ: WA 11-QB 4100-2017/0010) on the requirements for a token to be classified as a “financial instrument” under...more

Issuers of Tokens Beware: Class Action Lawsuits Are Coming

by Polsinelli on

Initial Coin Offerings, or ICOs, were an extremely popular way of raising capital in exchange for crypto tokens in 2017 and have led to class action litigation in 2017 and 2018. While ICOs have been around since 2013, they...more

Italian insurance legal framework: latest news for insurers and distributors

by Hogan Lovells on

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

Profiles In Innovation: Editor Of Wired Discusses AI, Blockchain, And Tech Trends

by Orrick - IP Landscape on

Wired’s editor-in-chief Nicholas Thompson is interviewed by Orrick on tech trends with commentary by Annette Hurst, IP attorney on AI legal considerations. Please see full Publication below for more information. ...more

ESMA Update Q&A to Clarify Definition of "Closely Related Person" for Purposes of Article 3(1)(26) of MAR, European Capital...

by Jones Day on

On 6 July 2017, ESMA updated its Q&A relating to the Market Abuse Regulation ("MAR") which included a clarification on the definition of a "closely associated person" for the purposes of Article 3(1)(26) of MAR. Under Article...more

Enabling environment needed to grow Kenya’s Islamic finance landscape

by Hogan Lovells on

Last week, Hogan Lovells joined representatives of the private and public sector as well as government officials at the Islamic Finance News Kenya Forum 2017. The event was organised by Red Money Events, in collaboration with...more

The Sukuk Handbook: A Guide To Structuring Sukuk - Second Edition

by Latham & Watkins LLP on

The development of modern Shari’ah compliant financial products is relatively new, dating back to the early 1970s and the emergence of the first Islamic banks. In recent years, Shari’ah scholars and market participants have...more

Frequently Asked Questions on Virtual Currency and CFTC Jurisdiction

On October 17, 2017, the Commodity Futures Trading Commission’s (CFTC) newly formed financial technology (fintech) innovation group, LabCFTC, released its first fintech primer, “A CFTC Primer on Virtual Currencies” (VC...more

MiFID II and PRIIPs: The final countdown begins

by Dechert LLP on

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

Judge Alex Kozinski On Debt Versus Equity

by Allen Matkins on

Judge Alex Kozinski succinctly frames the debt versus equity battle in this opinion issued yesterday...more

Legal Entity Identifiers under MiFID II

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

Introduction of Fair Disclosure Rules in Japan

by Morrison & Foerster LLP on

1. Introduction - A bill amending the Financial Instruments and Exchange Act, the main statute codifying securities laws and regulating securities companies in Japan, including new rules requiring fair information...more

Legal Entity Identifiers: A call to action for listed companies and issuers by the Luxembourg Stock Exchange

by Dechert LLP on

The Luxembourg Stock Exchange (the LSE) has called upon Luxembourg and foreign issuers (collectively Issuers) of financial instruments listed in Luxembourg, whether on the LSE’s regulated market (Bourse de Luxembourg) or...more

Corporate News – August 2017

by Hogan Lovells on

FCA proposes a new premium listing category for sovereign controlled companies - On 13 July 2017, the Financial Conduct Authority published consultation paper CP 17/21 which proposes to create a new premium listing...more

The Markets in Financial Instruments Directive II – the UK Rules for Investment Managers

by Goodwin on

Separate account managers and fund managers in the EU will need to comply with the regulatory rules under the new Markets in Financial Instruments Directive (MiFID II) with effect from 3 January 2018. There has been...more

Debt Dialogue: July 2017 - When Claims Travel With the Debt: a Review of NY GOL §13-107

A recent case in New York State Supreme Court, One Williams Street Capital Management LP v. U.S. Education Loan Trust IV, LLC (Sup. Ct. N.Y. Cty. May 15, 2015), affords a useful opportunity to review the applicability and...more

I recenti sviluppi del Decreto Madia ed il regime transitorio

1. L'APPROVAZIONE DEL DECRETO CORRETTIVO A SEGUITO DELLA SENTENZA DELLA CORTE COSTITUZIONALE N. 251/2016 - Il Consiglio dei Ministri del 9 giugno 2017, su proposta del Ministro per la semplificazione e la pubblica...more

UK beneficial ownership registers – how recent developments affect finance transactions

by Dentons on

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU...more

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