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On September 5, the German Federal Government published a proposal relating to a draft law implementing Regulation (EU) 2019/834 (EMIR REFIT), which also clarifies the licensing requirements for non-EU firms (which would include UK firms after Brexit) that conduct cross-border proprietary trading with German counterparties or on German trading venues.…
On September 3, the UK Financial Conduct Authority (FCA) updated its webpage on the national private placement regime (NPPR) to announce changes to submission of notification and material change by alternative investment fund managers (AIFMs) under the Alternative Investment Fund Managers Directive (AIFMD). The NPPR allows AIFMs to market AIFs that cannot otherwise be marketed in the EEA under the AIFMD domestic marketing or passporting regimes.…
On July 30, the House of Commons Library published a briefing paper on the status of retained EU law after Brexit. The briefing provides a useful consolidated summary of how the European Union (Withdrawal) Act 2018 will repeal the European Communities Act 1972 while also transposing existing EU law into domestic law. The briefing is available here.…
On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19. The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see…
On July 29, the European Commission (EC) published a communication on equivalence in the area of financial services (Communication). The EC states that, in light of recent policy developments, it is timely to take stock of the EU’s approach to equivalence. The Communication discusses the purpose and importance of equivalence. The EC states that each new decision is looked at individually and in detail to ensure that the policies of third countries are compatible with…
On July 3, the Financial Action Task Force (FATF) published an updated version (dated June 2019) of its anti-money laundering (AML) and counter-terrorist financing (CTF) standards. This version includes a recently adopted interpretative note to recommendation 15 (new technologies), in which the FATF explains how its standards apply to virtual asset activities and virtual asset service providers (VASPs).…
On July 3, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/22) on prohibiting the sale, marketing and distribution to retail clients of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets by firms acting in, or from, the UK.…
On July 1, the UK Financial Conduct Authority (FCA) published a policy statement (PS19/18) containing rules on restricting contract for difference (CFD) products and CFD-like options sold to retail clients. The FCA consulted on the rules in December 2018 in CP18/38 (for more information, see the December 14, 2018 edition of Corporate & Financial Weekly Digest). In PS19/18, the FCA confirms that for CFDs and CFD-like options sold to retail clients, firms will be…
On June 21, 2019, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available updated results of the annual transparency calculations for equity and equity-like instruments. The results are published pursuant to delegated regulations under the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The calculations include: Liquidity assessments. The determination of the most relevant market in terms of liquidity (MRM). The determination…
On June 18, 2019, the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 (the Regulations) were published on legislation.gov.uk with an explanatory memorandum. The Regulations make amendments to UK legislation to ensure that the regulation amending the European Market Infrastructure Regulation (EMIR REFIT) is fully effective and enforceable in the United Kingdom. As explained in the explanatory memorandum, the changes introduced by the EMIR REFIT…