On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Transparency Directive (TD). The updated Q&As modify question 26 which deals with the situation where the UK leaves the EU without a Withdrawal Agreement and concerns a third country issuer and their disclosure of a
On 11 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Prospectus Regulation.
The updated Q&As amend question 103 which has been modified in the event the UK withdraws from the EU without a Withdrawal Agreement and concerns the position where third country issuers have chosen
On 4 April 2019, the Securities and Futures Commission (SFC) released the conclusions of its consultation on proposed guidelines for securities margin financing activities (the Guidelines).
The existing conduct requirements for securities margin financing activities are mainly prescribed in the Code of Conduct for Persons Licensed by or Registered with the SFC
The EU Withdrawal (No.5 Bill) received Royal Assent earlier this week becoming the European Union (Withdrawal) Act 2019 (the 2019 Act).
Section 1 of the 2019 Act places a legal obligation on the Government, requiring a Minister to move a motion in the House of Commons which states: “That this House agrees for the purposes
On 10 April 2010, the Financial Conduct Authority (FCA) published a press release in respect of work undertaken to ensure that customers of general insurance (GI) products are getting value for money. The FCA will continue to undertake diagnostic work on product value in GI distribution chains and will expect firms to meet its expectations for product value.
The press release is published alongside the report on the thematic review recently undertaken on general insurance distribution chains (General insurance distribution chain (TR19/2), a ‘Dear CEO’ letter setting out the FCA’s expectations of general insurance firms and a consultation on guidance for firms that manufacture and distribute insurance products (GC19/2: General insurance distribution chain: proposed guidance for insurance product manufacturers and distributors).
On 10 April 2019, there was published in the Official Journal of the EU:
On 10 April 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published two pieces of joint advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan:
On April 3, 2019, the Securities and Exchange Commission (“SEC”) issued its first no-action letter related to the offering and sale of digital tokens. The beneficiary is TurnKey Jet, Inc. (“TurnKey”) which proposes to offer and sell blockchain-based digital assets in the form of “tokenized” jet cards (“Tokens”).
The no-action letter, which some see as a turning point in the digital asset regulatory space, is unlikely to provide much encouragement to other issuers desiring to offer and sell their tokens without registration. The no-action letter, which is a letter indicating that the SEC staff will not recommend legal action against the requesting entity if the requesting entity complies with the requirements set forth in the letter, provided for a multitude of requirements that TurnKey must comply with that are likely not possible across most token projects.
On 9 April 2019, the Financial Stability Board (FSB) published a letter from its Chair to the G20 Finance Ministers and Central Bank Governors. The letter comes ahead of the G20 meeting of 11 – 12 April 2019.
Key points in the letter include:
On 9 April 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question within section 19 – defined list of instruments. The new question asks: How should operators of trading venue(s) report instrument reference data in accordance with Article