On 22 February 2024, the UK’s Law Commission (Commission) published a consultation (Consultation) in relation to its draft Digital Assets Bill (Draft Bill), including two key clauses confirming that digital assets are capable...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
12/14/2023
/ Artificial Intelligence ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
EU ,
False Claims Act (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Machine Learning ,
Non-Fungible Tokens (NFTs) ,
Stablecoins ,
UK
On 30 October 2023, HM Treasury (HMT) published a response (the Response) to its February 2023 consultation and call for evidence on its proposals for the future financial services regulatory framework for cryptoassets used...more
On 2 November 2023, the Financial Conduct Authority (FCA) published finalised non-handbook guidance on cryptoasset financial promotions in the United Kingdom (FG23/3) together with a press release (Press Release) to further...more
On 25 October 2023, the FCA published a statement (Statement) warning about common issues with cryptoasset marketing in the UK.
The FCA has been supervising firms’ compliance with its new cryptoasset financial...more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
10/24/2023
/ CFTC ,
Corporate Transparency Act ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Diversity and Inclusion Standards (D&I) ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FinCEN ,
Securities and Exchange Commission (SEC) ,
UK
UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more
8/22/2023
/ Cryptoassets ,
Cryptocurrency ,
Data Privacy ,
DTCC ,
EU-US Privacy Shield ,
European Commission ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Human Rights ,
Supply Chain ,
Transparency ,
UK
The Financial Conduct Authority (FCA) has published a statement (Statement) on its expectations for UK cryptoasset businesses (CBs) complying with the Travel Rule (as defined below).
From 1 September 2023, CBs will be...more
Katten ESG Guidepost is a monthly publication highlighting the latest news, legal and regulatory developments involving environmental, social and governance matters....more
7/19/2023
/ Acquisitions ,
Affirmative Action ,
Cryptocurrency ,
Diversity and Inclusion Standards (D&I) ,
Employer Liability Issues ,
Employment Policies ,
Energy Tax Incentives ,
Environmental Social & Governance (ESG) ,
EU ,
Greenwashing ,
Inflation Reduction Act (IRA) ,
Mergers ,
SCOTUS ,
Students for Fair Admissions v Harvard College ,
Students for Fair Admissions v University of North Carolina ,
Supply Chain ,
Sustainability ,
UK
On 28 June 2023, the UK’s Law Commission (“Commission”) published its final report (“Report”) setting out its recommendations to UK Parliament on proposed changes to UK law to ensure it better recognises and protects digital...more
The European Commission (“Commission”) published its ‘Single Currency Package’ on 28 June 2023 with proposals to establish a legal framework for the creation of a potential digital euro alongside the cash euro. The...more
The International Organization of Securities Commissions (“IOSCO”) recently published a consultation report (CR01/2023) (“Consultation”) on draft policy recommendations (“Recommendations”) to support greater regulatory and...more
Daniel Davis Shares Views on Digital Asset Regulation During House Subcommittee Hearing -
In testimony before the US House of Representatives Subcommittee on Commodity Markets, Digital Assets, and Rural Development, Daniel...more
5/31/2023
/ Biden Administration ,
Bitcoin ,
Cryptoassets ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
European Parliament ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
New York ,
Non-Fungible Tokens (NFTs) ,
Privacy Laws ,
Securities and Exchange Commission (SEC) ,
State Privacy Laws ,
UK
After many delays, the European Parliament has approved the long-awaited proposed regulation on markets in cryptoassets (MiCA), alongside the proposed regulation on information accompanying transfers of funds and certain...more
Katten Named Leader in Blockchain and Cryptocurrency in Chambers FinTech 2023 Guide -
Katten announced that the firm had attained a superior ranking in the Chambers FinTech 2023 guide. Katten was recognized as a leader in...more
Digital asset investment among proprietary trading firms, family offices, and asset managers peaked in the fall of 2021, dipped a bit in the summer of 2022, and now it’s on the rise again — even with the turbulence in the...more
Cryptoassets are particularly unique assets that are sources of deep and rapid innovation in global financial markets. Given the volatility of the crypto market, their value can dramatically rise and fall. Insolvency...more
The blockchain technology that powers cryptocurrency originated in an obscure white paper, anonymously published under the name Satoshi Nakamoto in 2008. In the 13 years following its publication, the cryptocurrency industry...more
7/16/2021
/ Blockchain ,
CFTC ,
Corporate Culture ,
Corporate Governance ,
Corporate Social Responsibility ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
EU ,
Green Initiatives ,
Human Rights ,
Popular ,
Securities and Exchange Commission (SEC) ,
Sustainability
BROKER-DEALER -
SEC Issues Guidance on Substituted Compliance Applications by Non-US Security-Based Swap Dealers and Major Security-Based Swap Participants -
On November 25, the Securities and Exchange Commission’s...more
12/16/2019
/ Broker-Dealer ,
Capital Requirements ,
CFTC ,
Cryptocurrency ,
Economic and Financial Affairs Council (ECOFIN) ,
Emissions Trading System ,
European Banking Authority (EBA) ,
Final Rules ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Green Finance ,
Popular ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Senior Management Regime (SMR) ,
Swap Dealers ,
Swaps
SEC/CORPORATE -
SEC Division of Corporation Finance Issues C&DIs Regarding Inline XBRL -
On August 20, the staff of the Division of Corporation Finance (the staff) of the Securities and Exchange Commission released...more
8/26/2019
/ C&DIs ,
CFTC ,
Cryptocurrency ,
Derivatives ,
Enforcement Actions ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
FDIC ,
Investment Adviser ,
Proxy Season ,
Proxy Voting Guidelines ,
Regulation FD ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
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
7/22/2019
/ Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
New Guidance ,
Proposed Rules ,
Public Offerings ,
Reporting Requirements ,
Virtual Currency
BROKER-DEALER -
Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities -
On July 8, in response to questions raised by market participants regarding...more
7/15/2019
/ AML/CFT ,
Books & Records ,
Broker-Dealer ,
CFTC ,
Cryptocurrency ,
Customer Protection Rule ,
Debt Securities ,
Derivatives ,
Digital Assets ,
FATF ,
Financial Conduct Authority (FCA) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Markets ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Virtual Currency
FINANCIAL MARKETS -
IOSCO Consults on Regulating Crypto-Asset Trading Platforms -
On May 28, the International Organization of Securities Commissions (IOSCO) published a consultation paper on regulating crypto-asset...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
11/19/2018
/ Amended Rules ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
European Securities and Markets Authority (ESMA) ,
MiFID II ,
Personal Data ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
UK Brexit ,
Virtual Currency
DERIVATIVES -
SEC Issues Statement on Swap Business Conduct Rules -
On October 31, the Securities and Exchange Commission took an unusual additional step towards implementing its rules for security-based swaps (SBS) by...more
11/5/2018
/ Alternative Investment Fund Managers Directive (AIFMD) ,
CFTC ,
Cryptoassets ,
Cryptocurrency ,
Derivatives ,
EU ,
European Securities and Markets Authority (ESMA) ,
Futures Commission Merchants (FCMs) ,
No-Action Relief ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
UCITS ,
UK ,
UK Brexit