The Economic Secretary to the Treasury & City Minister, John Glen, announced the publication of two consultation papers today. The consultations contain proposals to increase the oversight of financial promotions issued by unauthorised firms, and to bring the promotion of certain types of cryptoassets under Financial Conduct Authority (FCA) regulation for the first time.
The
On 17 July 2020, the European Commission updated its web page concerning implementing and delegated acts on the Benchmarks Regulation (BMR) by adding the following:
On 17 July 2020, the European Securities and Markets Authority (ESMA) published an opinion providing guidance on pre-trade transparency waiver for equity and non-equity instruments. The opinion replaces the earlier guidance from the Committee of European Securities Regulators and ESMA’s opinions on waivers from pre-trade transparency under MiFID II.
The guidance provides market
On 17 July 2020, the FCA issued a new web page stating that at the end of the transition period, the exclusion from host state regulation for e-commerce activities provided from one EEA state to a person in another EEA state under the Electronic Commerce Directive (eCommerce Directive) will fall away.
In the
On 17 July 2020, HM Treasury issued a statement clarifying which amendments made to the Capital Requirements Regulation (CRR) and the Second Capital Requirements Regulation (CRR 2) in response to the COVID-19 pandemic will be transposed by the UK before the end of the transition period. The European Commission made amendments
On 17 July 2020, the European Securities and Markets Authority (ESMA) issued a statement on its website urging market participants to finalise their preparations and implement suitable contingency plans in advance of the end of the transition period. ESMA also refers to its previous Brexit statements, in particular its general opinion to support
On 17 July 2020, the FCA published Consultation Paper 20/10: Extending implementation deadlines for the certification regime and conduct rules (CP20/10).
HM Treasury will lay a Statutory Instrument (SI) before Parliament to delay the deadline to the certification regime until 31 March 2021. The delay is intended to give firms significantly
On 17 July 2020, the European Commission adopted a legislative proposal for a new Regulation on cross-border payments in the EU. It has also published the annexes to the proposed Regulation.
The purpose of the proposed Regulation is to undertake a codification of Regulation (EC) No 924/2009 of the European Parliament and of the Council
Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here.
Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has
On 15 July 2020, there was published on legislation.gov.uk a draft of The Greenhouse Gas Emissions Trading Scheme Order 2020 together with a draft explanatory memorandum.
The purpose of the draft Order is to establish a UK-wide greenhouse gas emissions trading scheme (ETS), to encourage cost-effective emissions reductions which will contribute to