News & Analysis as of October 18, 2024

Financial Services Industry

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Global Legal Insights FinTech 2024: Ireland chapter

Walkers on 9/27/2024

The Irish government has been supportive of the development of the financial services sector in Ireland and this extends to fintech. The government’s strategy for the development of Ireland’s international financial services...more

Regulatory monitoring: EU version Newsletter - July 2024

A&O Shearman on 8/6/2024

1. Bank regulation - 1.1 Prudential Regulation - (a) General - (i) International - BCBS: Consultation on report regarding various technical amendments and FAQs - Status: Consultation - Deadline for the submission of...more

News update: ESMA publishes second package of final draft technical standards under MiCAR

A&O Shearman on 7/11/2024

On 4 July 2024, the European Securities and Markets Authority (ESMA) published its second package of final draft technical standards under the Markets in Cryptoassets Regulation (MiCAR), including six draft regulatory...more

UK Financial Insights from Katten | Issue 9

Katten Muchin Rosenman LLP on 3/20/2024

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

European Union Markets in Crypto Assets Legislation

Lathrop GPM on 12/6/2023

The European Union’s (“EU”) “Markets in Crypto-Assets Regulation” (“MiCAR”) defines crypto-assets as digital assets that may depend on cryptography and exist on a distributed ledger. A basic taxonomy distinguishes between (1)...more

A New UK Cryptoasset Framework: UK Government Publishes Consultation Response

Skadden, Arps, Slate, Meagher & Flom LLP on 11/10/2023

On 30 October 2023, the HM Treasury (HMT) published its much-anticipated response (Consultation Response) to its March 2023 consultation paper (Consultation) on the UK’s future financial services regime for cryptoassets....more

B2B, B2C, BVI – Crypto Disputes in the Caribbean

Conyers on 11/9/2023

In the crypto world, does it really matter where you are? Is there a sunny offshore paradise perspective on the click of a button and a fintech trade? The answer lies as usual in how to unravel a problem should it arise. Both...more

UK Enacts Legislation to Bring Cryptoassets Within Scope of Existing Financial Services Regulatory Regime

Akin Gump Strauss Hauer & Feld LLP on 9/21/2023

In a move with significant implications for the crypto sector, the UK has enacted legislation to bring cryptoassets within the scope of the existing financial services regulatory regime. The relevant provisions of the...more

MiCAR under the microscope – Part 2: Are you in or out of scope?

A&O Shearman on 7/27/2023

The Regulation on Markets in Crypto-assets (MiCAR) seeks to regulate a broad range of crypto-related products and services that do not currently fall within the scope of existing EU financial services legislation. It does not...more

Regulation of virtual asset service providers (VASPs) in Guernsey

Walkers on 7/19/2023

This briefing is the fourth in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCFL"), and provides an overview of the licensing regime applicable to Virtual Asset...more

IOSCO Proposes Policy Recommendations for the Regulation of Crypto Markets

Skadden, Arps, Slate, Meagher & Flom LLP on 6/13/2023

In May 2023, the board of the International Organization of Securities Commissions (IOSCO) published its Policy Recommendations for Crypto and Digital Asset Markets Consultation Report, which proposes 18 policies it plans to...more

UNIDROIT Publishes Principles on Digital Assets and Private Law

A&O Shearman on 6/6/2023

On May 18, 2023, the International Institute for the Unification of Private Law (UNIDROIT), the intergovernmental organization for modernizing and coordinating private law, published a set of draft Principles on Digital...more

Global Payments Newsletter, April 2023

Hogan Lovells on 5/4/2023

Key developments of interest over the last month include: the UK FCA’s publication of a portfolio letter to payments and e-money firms; the U.S. Federal Reserve announcing the July 2023 launch of its FedNow Service; and...more

Blockchain III Law: Luxembourg implements the EU DLT Pilot Regime and recognizes the use of DLT for financial collateral...

Dechert LLP on 4/7/2023

On 9 March 2023, the Luxembourg Parliament adopted the Blockchain III Law. The Blockchain III Law – which was published on 17 March 2023 – amends, amongst others, the Financial Sector Law2 and the Financial Collateral Law....more

U.S.-EU release statement on Joint Financial Regulatory Forum

Orrick, Herrington & Sutcliffe LLP on 2/15/2023

On February 7-8, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to continue their...more

What's Next for the UK and the EU?

Cadwalader, Wickersham & Taft LLP on 12/21/2022

As we make the transition from 2022 to 2023, this is a good time to look ahead to developments in the UK and the EU that will likely impact the financial services industry. Here are some observations....more

UK Government Publishes Edinburgh Reforms for Financial Services

A&O Shearman on 12/21/2022

The U.K. Government announced on 9 December 2022 a series of initiatives, billed as the Edinburgh Reforms, to reform the laws for the U.K. financial services sector. In this note, we consider these reforms in detail and what...more

Skadden’s 2023 Insights – Five Critical Areas for the Year Ahead

Skadden, Arps, Slate, Meagher & Flom LLP on 12/14/2022

The pandemic’s impact may be subsiding, but businesses are encountering new challenges across the globe, including the potential for an economic retrenchment, rising interest rates, shifting regulatory and litigation...more

MiCA – Overview of the New EU Crypto-Asset Regulatory Framework (Part 3)

K&L Gates LLP on 12/2/2022

This is the final part of our series of alerts on the EU’s new Market in Crypto-assets Regulation (MiCA). In this part, we will discuss the authorisation regime under MiCA for specified crypto-asset services which is largely...more

EU Close to Introducing Groundbreaking Law to Regulate Crypto

Akin Gump Strauss Hauer & Feld LLP on 10/28/2022

In October 2022 the European Council approved the Markets in Crypto-Assets (MiCA) Regulation, one of the first attempts globally at comprehensive regulation of cryptocurrency markets. The regulation extends to money...more

EU Announces Final Text of Crypto-Assets Regulations

Cadwalader, Wickersham & Taft LLP on 10/7/2022

The Council of the EU published two information notes (13198/22) and (13215/22) yesterday, with the final text of the following two new regulations...more

Sector trends - July 2022: Stock Exchanges/Trading Venues

White & Case LLP on 8/4/2022

UK & European Financial Services M&A: Sector trends H2 2021 | H1 2022 — Stock Exchanges/Trading Venues - Europe's FMI goes digital—data analytics, capital markets solutions, RegTech and DLT-based tech acquisitions feed the...more

Crypto Custody Services and Regulation – A Review

Barnea Jaffa Lande & Co. on 7/21/2022

Institutional investors, corporations, exchanges, individuals, and crypto miners all have strong demand for crypto custody services, as provided by special market participants. These services intend to safeguard customers’...more

Global Payments Newsletter, March 2022

Hogan Lovells on 3/31/2022

Key developments of interest over the last month include: In this Newsletter: For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page. On 9 March 2022, President Biden signed...more

Luxembourg Financial Services Regulator CSSF Issues White Paper On Distributed Ledger Technology - DLT Financial Instruments on...

K&L Gates LLP on 2/17/2022

In the context of enhanced interest in digital financial services technologies, Luxembourg’s financial sector regulator (the CSSF) has recently published a white paper named “Distributed Ledger Technologies & Blockchain –...more

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