On 26 October 2022, the European Commission adopted a legislative proposal to make instant payments in euro available to all citizens and businesses holding a bank account in the EU and EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU.
The proposal
The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) makes use of its product intervention powers under the European Markets in Financial Instruments Regulation (MiFIR): Under a general administrative act (Allgemeinverfügung) dated 30 September 2022 (link to English convenience translation), BaFin prohibited the marketing, distribution and sale of
Germany further broadens the scope of its new legislative regime for electronic securities: On 18 June 2022, the German Regulation on Crypto Fund Units (Verordnung über Kryptofondsanteile – KryptoFAV; link) entered into force. The KryptoFAV introduces the possibility to issue units in common funds (Sondervermögen) via decentralised crypto securities registers
As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion.
1. An increase in fraud-related investigations
On 19 January 2021, the European Commission published a Communication on the European economic and financial system: fostering openness, strength and resilience . The Communication and strategy set out therein for development of the European financial markets is designed as one of the early steps of the Commission under Ursula von der Leyen’s leadership to
On Thursday, 21 January, the Portuguese presidency of the Council holds its first working group on the review of the European Commission’s proposal for a Regulation on digital operational resilience for the financial sector (DORA). The Council is still in its initial phase of examining the proposal. The Council Presidency Is taking an
We are pleased to announce that the Regulation Tomorrow Podcast is now available on the Apple Podcasts app (and also on iTunes). Please click here to listen and subscribe to the podcast. Episode 1 focusses on Brexit, featuring interviews with Jonathan Herbst, Imogen Garner and Hannah Meakin.
On 1 September 2020 the European Services and Markets Authority (ESMA) published a call for evidence to gather insights and feedback from market participants relating to the practical implementation of MiFID II and MiFIR provisions for equity and non-equity instruments. ESMA seek responses on a dedicated template on or before 31 October 2020.
On 26 August the European Securities and Markets Authority (ESMA) published its final report relating to the postponement of the effective date of new regulatory technical standards (RTS) on settlement discipline pursuant to Central Securities Depositories Regulation (CSDR).
The RTS was initially planned to come into force on 13
On 2 June 2020 the European Parliament posed questions relating to the registration and monitoring of Virtual Asset Service Providers (VASPs) in Member States as required by the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD). VASPs include virtual currencies, fiat currencies and custodian wallet providers.
Responses were received