“Bitcoin is evil.” “Bitcoin is a pyramid scheme.” “Bitcoin is worthless.” These are just some of the comments that have been levied against cryptocurrency generally and Bitcoin specifically. Whatever views one might hold about whether these criticisms of cryptocurrencies are well-taken or not, these harsh statements by prominent and respected members of the financial community
EU Market Abuse Regulation: not just an EU compliance issue
The EU Market Abuse Regulation (MAR) came into effect on July 3, 2016. It replaced the EU Market Abuse Directive (MAD) and contains rules on insider dealing, unlawful disclosure of inside information and market manipulation that apply throughout the EU. In addition, the prohibitions and requirements set out in MAR apply to acts or omissions
Implementation of PSD2 in the Netherlands delayed
On 22 September 2017, the Dutch Minister of Finance (the Minister) announced that the implementation of the revised Payment Services Directive (PSD2) in the Netherlands by the 13 January 2018 deadline will no longer be feasible.
The Minister has indicated that the draft legislative proposal implementing the PSD2, which was published for
Consultation on the Decree implementing PSD2
On 26 September 2017, the Dutch Minister of Finance published a first draft of the Decree implementing the revised Payment Services Directive (PSD2) (Implementatiebesluit herziene richtlijn betaaldiensten, the Implementation Decree) for consultation. The Implementation Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings (Besluit Gedragstoezicht
Hong Kong: Hong Kong Monetary Authority circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market
On 28 September 2017, the Hong Kong Monetary Authority (HKMA) issued a circular on the Global Code of Conduct Standards and Practices for the Wholesale Foreign Exchange Market (the FX Global Code).
The circular notes that the Hong Kong Treasury Markets Association (TMA) has incorporated the FX Global Code into its Code of Conduct. In
Compliance with the EBA’s Guidelines on disclosure – SS6/17
The PRA has published Supervisory Statement 6/17: Compliance with the EBA’s Guidelines on disclosure (SS6/17).
Paragraph 122 of the European Banking Authority’s (EBA) guidelines on disclosure requirements under Part Eight of the Capital Requirements Regulation (CRR) allows Member State competent authorities to waive the requirement to disclose template ‘EU
LEI ROC consults on funds relationships in the Global LEI System
The Regulatory Oversight Committee (ROC) of the Global Legal Identifier (LEI) System has issued a consultation report that proposes a limited update to the way relationships affecting funds are recorded in the Global LEI System (GLEIS), with the objectives of making sure that the implementation of relationship data is consistent
ECB draft guidelines on a Trans-European Automated Real-time Gross Settlement Express Transfer System
The European Central Bank (ECB) has published draft guidelines that amend earlier ECB guidelines on a Trans-European Automated Real-time Gross Settlement Express Transfer System (earlier ECB guidelines).
On 9 June 2016, the Governing Council of the ECB approved the harmonisation of the remuneration of the guarantee funds of financial market infrastructures
Upcoming seminar on cryptocurrency and ICOs
On 18 October 2017, Norton Rose Fulbright LLP is holding a seminar exploring trends in the industry as well as the key legal and regulatory issues that frequently arise in relation to cryptocurrency and ICOs. To learn more and register please lick here
Latest European update on MiFID II
We are pleased to advise that the recording for our September 2017 MiFID II Academy webinar is now available. To access the recording, please click here