Brett Hillis

Firm/Organization: Reed Smith LLP

Blogs: FinTech Update, Global Regulatory Enforcement Law Blog, Technology Law Dispatch

Latest Articles

FCA publishes final guidance on cryptoassets regulation

By Brett Hillis, Alex Murawa & Christos Antoniou

August 14, 2019

On 31 July 2019, the United Kingdom Financial Conduct Authority (“FCA”) published its final guidance on the types of cryptoassets that fall within the FCA’s current regulatory framework, clarifying the resulting obligations for firms and regulatory protections for consumers (“PS 19/22” or “the Policy Statement”).[1] The Policy Statement provides market participants welcome pointers as to how the FCA applies the regulatory perimeter to different types of cryptoassets. It remains the case that definitive judgements…

FinTech Update

FCA proposes retail ban on cryptocurrency derivatives

By Brett Hillis, Alex Murawa & Christos Antoniou

July 8, 2019

On 3 July 2019, the United Kingdom Financial Conduct Authority (the “FCA”) published its consultation paper on a proposed ban on the sale, marketing and distribution to retail clients of derivatives that reference certain types of cryptoassets (“CP 19/22”).[1] Background…

Technology Law Dispatch

The FCA Speaks Out on Initial Coin Offerings

By Brett Hillis, Kari Larsen & Alex Murawa

September 15, 2017

The initial coin offerings (ICOs) regulatory map has begun to take shape with the U.S. Securities and Exchange Commission (SEC), the Canadian Securities Administrators (CSA), the UK’s Financial Conduct Authority (FCA), Singapore, Hong Kong, China and Australia offering their opinions on ICOs. The FCA recently stated that ICOs are “very high-risk, speculative investments.” The Dubai Financial Services Authority has also voiced that these products are high-risk. The People’s Bank of China has gone even further…

Technology Law Dispatch

Busy Summer for Distributed Ledger Technology

By Brett Hillis, Kari Larsen, Michael Selig & Alex Murawa

September 7, 2017

Distributed Ledger Technology (DLT) and cryptocurrency have been a hot topic this summer. DLT has begun its transition from a proof-of-concept phase, to a real world deployment. Some of the changes over the last six weeks include: Bitcoin splitting into two currencies; the Securities Exchange Commission (SEC), the Canadian Securities Administrators (CSA), and the Monetary Authority of Singapore (MAS) began exercising authority over initial coin offerings (ICOs); China’s central bank has led a committee criticizing…

FinTech Update

Suitability of Swaps Documentation to the Blockchain Considered by ISDA

By Kari Larsen, Brett Hillis, Michael Selig & Alex Murawa

August 15, 2017

On August 3, 2017, the International Swaps and Derivatives Association (“ISDA”) released a whitepaper that considers whether derivative contracts could operate on a blockchain (the “Whitepaper”).[1] The Whitepaper, titled “Smart Contracts and Distributed Ledger – A Legal Perspective,” concludes that many of the provisions of the ISDA Master Agreement and related documentation can be translated into conditional logic and coded into “smart contracts.”[2] While we are still in the early days…

Technology Law Dispatch

The UK FCA Publish Discussion Paper on Distributed Ledger Technology

By Kari Larsen, Brett Hillis & Shariq Gilani

June 15, 2017

The UK FCA Publish Discussion Paper on Distributed Ledger Technology Regulators globally are focused on understanding industry consumers’ views on distributed ledger technology’s (DLT) potential risks and opportunities. On 10 April 2017, the UK Financial Conduct Authority (FCA) published a discussion paper DP17/3 on DLT, and followed it with a speech at the Innovate Finance Global Summit by the Executive Director of Strategy and Competition at the FCA, Christopher Woolard. The FCA’s Project Innovate is…

Global Regulatory Enforcement Law Blog

North Korea Facing New Wave of International Trade Sanctions

By Leigh T. Hansson, David Myers, Julianne Nowicki, Chloe Rogers, Brett Hillis & Philippa Rowe

May 18, 2016

As a direct result of nuclear and ballistic weapons tests conducted by the Democratic Peoples’ Republic of North Korea earlier this year, the United Nations, the European Union and the United States imposed increased sanctions against the country. These new restrictions affect various industries, including minerals, energy, shipping, banking, finance, and aviation. In keeping with Reed Smith’s continued efforts to keep clients abreast of the latest global developments in sanctions enforcement, the firm recently issued…

Global Regulatory Enforcement Law Blog

The Latest on Cuban Sanctions

By Leigh T. Hansson, Siân Fellows, David Myers, Brett Hillis & Julianne Nowicki

March 23, 2016

Reed Smith has been closely monitoring developments in U.S.-Cuba relations. With President Obama’s historic visit to Cuba in the books, we invite you to take a closer look at some recent amendments that were made to Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR). These changes provide significant benefits in the travel, shipping, finance, humanitarian and educational sectors. For more information on this topic, please click here.…

Global Regulatory Enforcement Law Blog

News on Iran Sanctions: Adoption Day of the Joint Comprehensive Plan of Action

By Siân Fellows, Leigh T. Hansson, David Myers, Brett Hillis & Alexandra Gordon

October 22, 2015

18 October 2015, marked ‘Adoption Day’ for the Joint Comprehensive Plan of Action (JCPOA). The JCPOA was agreed upon 90 days earlier, between the United States, Russia, China, the United Kingdom, France, and Germany, together with Iran. While the latest measures taken by the EU, the United States and Iran make the necessary legal preparations for sanctions to be lifted, the International Atomic Energy Agency (IAEA) will need to verify that Iran has met its…

Global Regulatory Enforcement Law Blog

ISDA determines Credit Event occurred in Greece

By Brett Hillis & Rosanne Kay

March 12, 2012

This post was also written by Georgia Quenby. The EMEA Determinations Committee of the International Swaps and Derivatives Association (ISDA) met on Friday last week (9 March) to discuss the Greek debt swap deal and to determine whether the deal amounts to a “Restructuring Credit Event”, thus triggering settlement under credit default swaps (CDS) referencing the Greek sovereign. The Determinations Committee decided that a “Restructuring Credit Event” has occurred. For a more detailed analysis, please…

Brett Hillis

FCA publishes final guidance on cryptoassets regulation

FCA proposes retail ban on cryptocurrency derivatives

The FCA Speaks Out on Initial Coin Offerings

Busy Summer for Distributed Ledger Technology

Suitability of Swaps Documentation to the Blockchain Considered by ISDA

The UK FCA Publish Discussion Paper on Distributed Ledger Technology

North Korea Facing New Wave of International Trade Sanctions

The Latest on Cuban Sanctions

News on Iran Sanctions: Adoption Day of the Joint Comprehensive Plan of Action

ISDA determines Credit Event occurred in Greece

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