Professional investors will benefit from increased exposure to cryptoassets via traditional financial instruments, though retail investors’ exposure remains limited. In the fast-paced world of cryptocurrency, regulatory...more
The UK’s Financial Conduct Authority (“FCA”) has introduced robust new rules for those marketing cryptoassets to UK consumers. In Policy Statement PS23/6, new requirements covering financial promotions for all firms aimed at...more
The UK Financial Conduct Authority (FCA) has issued decision notices to Banque Havilland and three individuals for failing to act with integrity by preparing advice recommendations involving manipulative trading strategies. ...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
The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. Regardless of whether they are operating from the UK or from abroad, cryptoasset providers are...more
The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities...more
On 25 January 2023, the FCA published its key findings on the state of implementation of firms’ plans to embed the new Consumer Duty within their businesses. The Consumer Duty will apply from 31 July 2023 in relation to new...more
Innovate Finance and Shearman & Sterling has submitted a comprehensive evidence paper to the House of Commons Treasury Committee inquiry into crypto-assets. Analysis produced by Innovate Finance specially for the...more
The Growing Trend of Gender Bonds in 2022 - Sustainable investing has experienced significant growth in recent years due to a continued and increasing focus on environmental, social and governance (“ESG”) factors by...more
On 19 January 2022, the UK Financial Conduct Authority (“FCA”) published a consultation paper (CP22/2) (the “Consultation”) setting out its proposals to strengthen its financial promotion rules for high-risk investments...more
Draft Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 HM Treasury has published a draft version of the Markets in Financial Instruments, Benchmarks and Financial...more
UK rules will diverge from the much-criticised EU framework. On 20 July 2021, the FCA published a Consultation Paper (CP21/23) on amending the UK PRIIPs Regulation. The FCA has long held concerns about the PRIIPs...more
SMCR: PRA PS11/21 and FCA Handbook Notice 88 on temporary, long-term absences - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS11/21, which confirms its final policy relating to temporary,...more
Post-Brexit transition period: migrating to FCA FIRDS and FITRS - The UK Financial Conduct Authority (FCA) has published a press release announcing details of the cutover plan for firms migrating to the FCA Financial...more
A number of regulators across the globe responded to recent market volatility by introducing temporary short selling bans and/or market restrictions. Such bans have since expired as of 18 May 2020. Other regulators (including...more
Further bans on all types of short selling have been extended by financial regulators in Austria, Belgium, France, Greece, Italy and the UK (in respect of the shares identified by the Spanish and Italian regulators) and now...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
BROKER-DEALER - SEC Proposes to Require Proposed NMS Plan Fee Amendments to Follow Public Notice, Comment and Approval Procedure - On October 1, the Securities and Exchange Commission proposed an amendment to...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 announced that it will not again renew its product intervention measure for Contracts for Differences. ESMA's product intervention powers under the Markets in Financial...more
The U.K. Financial Conduct Authority has launched a consultation proposing to restrict the sale, marketing and distribution of derivatives and exchange-traded notes that reference certain types of unregulated, transferable...more
The European Securities and Markets Authority has ended its temporary prohibition on the marketing, distribution or sale of binary options to retail clients. ESMA's product intervention powers under the Markets in Financial...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 Financial Conduct Authority has published a "Dear CEO" letter addressed to loan-based peer-to-peer crowdfunding platforms requesting the platforms to review their wind-down arrangements. The FCA implemented rules...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