The Luxembourg Stock Exchange (“LuxSE”) introduced a new platform, the Euro MTF Specialist Securities Segment (“EM3S”), on which issuers are able to offer more sophisticated securities to professional investors while being...more
Introduction - Convertible bonds are, customarily, fixed rate debt instruments issued by a company (the “issuer”), the terms of which allow the holders of the bonds to convert them into ordinary shares (common stock) of...more
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments under Article 2(5) of...more
Small Business Investment Companies (SBICs), which invest in qualifying small businesses in the United States, are eligible to receive Small Business Administration (SBA)-guaranteed debentures at favorable rates to finance...more
It’s apt to name a blog post after one of history’s great action movies when the case involves a “conceptual artillery duel” that “ends in a draw,” and that is exactly how U.S. District Judge Gerald Austin McHugh Jr. of the...more
Le Conseil d'Etat considère que la mise en place d'actions convertibles inverses accompagnées de divers contrats d'option de vente et d'achat peut être constitutive d'un abus de droit fiscal sur le fondement de l'article L....more
The Financial Conduct Authority has updated its perimeter report. The report describes issues the FCA has identified with its regulatory perimeter and the action it is taking in response....more
This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets. While the use cases for blockchain...more
Our Unclaimed Property and State & Local Tax teams review the state legislation that impacted businesses’ gift card programs in 2024. Notably, Idaho now expressly exempts gift cards that do not expire or impose fees but...more
As the European Union doubles down on its commitment to reducing greenhouse gas emissions, EU Emission Trading System (EU ETS) allowances have become not only an environmental tool but also a valuable financial asset. While...more
The European Securities and Markets Authority has published a consultation on the review of regulatory technical standards on transaction data reporting and on order book data under the revised Markets in Financial...more
The National Association of Insurance Commissioners’ (NAIC’s) proposed changes to credit ratings for structured finance instruments aim to increase regulatory scrutiny and reduce risks tied to perceived arbitrage. These...more
While the nation was preoccupied with the significant developments in the Presidential race, advocates and promoters of the blockchain ecosystem were particularly attentive to the news, given the perception that the current...more
Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more
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
Leveraging oil and gas assets for capital has become a strategic imperative for independent producers grappling with limited traditional financing options and economic volatility. Asset-backed securities (ABS) in the oil and...more
Demand for tokenized real-world assets (RWAs) is rapidly growing across the decentralized finance (DeFi) community, with growing interest among existing crypto-native participants and across the traditional finance industry...more
On March 26, 2024, a decree was published in the Mexican Federal Official Gazette amending, adding, and repealing certain provisions of the General Law on Negotiable Instruments and Credit Transactions and the General Law of...more
Stablecoin, Wallet Products Launch; German Bank Launches Crypto Services - Circle, a global fintech firm and issuer of the USDC stablecoin, has announced new smart contract functionality to allow holders of BUIDL, a...more
On March 26, 2024, the President of Mexico published the reform passed by the Mexican Congress to the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito, “LGTOC”),...more
The Mexican Congress has approved a bill regarding promissory notes, negotiable instruments and other financial transactions using electronic means. On March 26, 2024, a decree was published in the Official Journal of the...more
For the first time ever, a court in France has examined the compatibility of the statutory netting safe harbor with the French Constitution. The French High Court of Justice (Cour de cassation) addressed the preliminary...more
In 2023, the Patent Trial and Appeal Board (PTAB) reversed examiners’ decisions in about 30% of appeals, and only in about 7% of appeals related to patent applications for business methods, which include financial technology...more
The European Securities and Markets Authority has published two consultation papers on proposed guidelines under the EU Markets in Crypto Assets Regulation, one on reverse solicitation and the other on the classification of...more
La Cour administrative d'appel de Paris rejette la requête de l'administration fiscale tendant à la requalification en salaires de gains réalisés par la holding personnelle d’un dirigeant lors de la cession de titres acquis...more