In his famous 2018 speech, William Hinman, Digital Asset Transactions: When Howey Met Gary (Plastic), the Director of the U.S. Securities and Exchange Commission (“SEC”), asked...more
In its last regulatory action for 2022, on December 23, the U.S. Commodity Futures Trading Commission (“CFTC”) published its staff no-action letter No. 22-21 (“NAL”) allowing commodity brokers – Futures Commission Merchants...more
In the generally opaque emerging world of “DAOs”, a rare public dispute recently played out between the Web3 investment group Yield Guild Games (“YGG”) and Merit Circle DAO, a decentralized autonomous organization, or “DAO”,...more
A recent study found that 16 percent of Americans have invested in, traded or used cryptocurrencies such as Bitcoin and Ether. This widespread use, coupled with the cryptocurrency industry having limited to no regulatory...more
On 6 July 2021, the Hong Kong Exchanges and Clearing Limited (the “HKEx”) published its conclusions in response to its concept paper on the introduction of a new IPO settlement platform – Fast Interface for New Issuance...more
The Luxembourg law on securitisation dated 22 March 2004 (the “Securitisation Law”) has been tremendously successful in providing a flexible and secure framework for Luxembourg securitisation vehicles (“SVs”), attracting a...more
Con la legge di Bilancio 2021, il legislatore ha prorogato anche per il 2021 la possibilità di rideterminare il valore di acquisto dei terreni e delle partecipazioni non negoziate nei mercati regolamentati. Si tratta della...more
On 23 November 2020, the Belgian FSMA launched a consultation on its draft Q&As regarding the requirements applicable to advertisements for investment instruments (the Draft Q&As).The Draft Q&As aim to ensure compliance with...more
The battle in federal court between the SEC and Telegram continues to progress at breakneck speed. The SEC commenced its action less than four months ago, on October 11, 2019, by seeking a temporary restraining order against...more
The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more
France took another step towards becoming a major hub for initial coin offerings (“ICOs”) with the publication by the Accounting Rules Authority (Autorité des normes comptables or “ANC”) of Regulation No. 2018-07 of December...more
This is Part 3 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. ...more
This is Part 2 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. State and federal regulators, especially the SEC, have moved aggressively to halt unregistered initial coin...more
E' di pochi giorni orsono la risposta della Direzione Centrale della Agenzia delle Entrate ad una istanza di Interpello avente ad oggetto il regime fiscale applicabile ad un prestito obbligazionario non negoziato su ExtraMOT...more
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
Among the plethora of investment products available, index funds have historically been considered among the more respectable, reliable and generally safe options for investors and markets alike....more
On 29 December 2016, the China Insurance Regulatory Commission (“CIRC“) commenced public consultation on the amended Administrative Measures for Equities of Insurance Companies (Draft for comments) (the “Draft Measures“),...more
The EU Regulation on Market Abuse (“MAR”) came into effect on 3 July 2016, replacing the previously existing Market Abuse Directive and expanding the application of the EU’s market abuse regime. In addition to detailing...more
Changes to the UCITS Directive (known as “UCITS V”) were published in the Official Journal of the European Union and came into force on 17 September 2014. EU Member States are required to transpose UCITS V into national law...more