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Member States consider amendments to MiCA proposal

On 18 March 2021, the Portuguese Presidency of the Council hosted a meeting of a working group where representatives of Member States continued discussions over the proposed regulation on markets in crypto-assets (MiCA). The agenda for the meeting included discussion on the MiCA provisions concerning cross-border and supervision issues, as well as the Presidency’s drafting … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

ECON Rapporteur publishes draft report on DLT market infrastructures pilot regime

On 12 March 2021, European Parliament rapporteur Johan van Overtveldt (BE, ECR) published his draft report on the European Commission’s proposal for a Regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLT) [link]. The proposal is part of the Commission’s September 2020 legislative package, which also includes a proposal for … Continue Reading

Member States consider amendments to MiCA

On 24 February 2021, the Portuguese Presidency of the Council held a working group meeting dedicated to continue the review of the European Commission’s proposal for the regulation on markets in crypto-assets (MiCA). The agenda for the meeting included a discussion on select issues under Title I, IV and V of the proposed regulation, as well … Continue Reading

GLEIF unveils issuance and infrastructure models for verifiable LEI system

On 11 February 2021, the Global Legal Entity Identifier Foundation (GLEIF) published issuance and technical infrastructure models for its recently announced verifiable LEI (vLEI) system. A vLEI is a secure digital attestation of a conventional LEI. When fully developed, the vLEI will enable instant and automated identity verification between counterparties operating across all industry sectors, … Continue Reading

Part 3: The expansion of virtual currencies – Are virtual assets businesses ready for regulators?

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Our financial crime compliance specialists, located in the UK, … Continue Reading

European Commission asks ESAs for technical advice on digital finance

On 2 February 2021, the European Commission (the Commission) sent a request to the European Supervisory Authorities (ESAs) for technical advice  on digital finance and related issues. Specifically, the Commission requested advice on how to address “same activity, same risk, same rules” issues, more fragmented value chains, the scope of the supervisory perimeters, the prudential … Continue Reading

ESAs letter on legislative proposal for a regulation on digital operational resilience for the financial sector

On 9 February 2021, the European Supervisory Authorities (ESAs) published a letter they had sent to the Chair of ECON, the President of the ECOFIN Council and the EU Commissioner in charge of Financial stability, financial services and capital markets. The letter concerns the legislative proposal for a regulation on digital operational resilience for the … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

Member States continue review of proposed EU legislation on markets in crypto-assets

On 4 February 2021 the Portuguese Presidency of the Council held a first working group during its term in office to continue Member States’ discussions over the proposed regulation on markets in crypto-assets (MiCA). Two main issues on the agenda included discussion on selected issues related to asset-referenced tokens (ART) with payment purposes and those … Continue Reading

Commission call for advice from the ESAs on digital finance and related issues

On 2 February 2021, the European Commission published a call for advice to the European Supervisory Authorities (ESAs) regarding digital finance and related issues. It calls on the three ESAs to provide advice on the regulation and supervision of more fragmented or non-integrated value chains, platforms and bundling of services, and risks of groups combining … Continue Reading

EIOPA launches a public consultation on ‘open insurance’

On 28 January 2021, the European Insurance and Occupational Pensions Authority (EIOPA) launched a consultation on what is known as ‘open insurance’, namely the access to, and sharing of, insurance-related data. EIOPA has also published a discussion paper in which it considers whether and the extent to which insurance value chains can be opened up … Continue Reading

Member States continue MiCA review

On 14 December 2020, the outgoing German Presidency of the Council hosted the last working group under its leadership for Member States representatives with a purpose of continuing discussions on the recently proposed regulation on markets in crypto-assets (MiCA). The meeting’s agenda covered the fundamental issue of scope and definitions, as well as own fund … Continue Reading

New EU Cybersecurity Strategy and new rules to make physical and digital critical entities more resilient

On 16 December 2020, the European Commission published a new EU cybersecurity strategy. Key components of the strategy include: A proposed Directive on measures for a high common level of cybersecurity across the EU (revised NIS Directive or ‘NIS 2′), in order to increase the level of cyber resilience of critical public and private sectors. … Continue Reading

Member States continue DORA review

On Tuesday, 8 December 2020, the outgoing German Presidency of the Council held another working group to continue its substantive review of the European Commission’s proposal for regulation on digital operational resilience in financial services (DORA). On the agenda for discussion was, among other, in-depth review of certain provisions concerning third-party ICT service providers. Key … Continue Reading

DeFi: Insurance / Alternative Risk Coverage

In this series of blogposts, we explore some of the main types of decentralised finance (DeFi) applications (dApps), and key areas of legal risk that may be of particular relevance for that type of application or product. In this second blogpost in the series, we consider the nature of tokenised insurance or alternative risk coverage … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

EU regulation on markets in crypto-assets: Member States continue MiCA review

In September we published a blog setting out 10 key things that firms needed to know about the draft regulation on markets in crypto-assets (MiCA). We have since published an update on what’s been happening and as we continue our close monitoring of the key developments regarding the MiCA review, in this blog we provide … Continue Reading

MiCA: Regulating provision of services in crypto-assets

On September 24, 2020 the European Commission published its long-anticipated Digital Finance package, comprising legislative proposals and non-legislative communications. One of the legislative proposals published included a draft regulation on markets in crypto-assets (MiCA). MiCA is the first European-level legislative initiative aiming to introduce a harmonized and comprehensive framework for the issuance, application and provision … Continue Reading

Monthly Global FinTech regulatory updater

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 brought … Continue Reading

EU regulation on markets in crypto-assets: Member States start MiCA review

In September we published a blog setting out 10 key things that firms needed to know about the draft regulation on markets in crypto-assets (MiCA). In this blog we provide an update on what’s been happening. On 13 November 2020, the German Presidency of the Council hosted a meeting of a working party on financial … Continue Reading

EFAMA launches Cyber Resilience Working Group

On 28 October 2020, the European Fund and Asset Management Association (EFAMA) published updates to the ‘IIFA Cybersecurity Program Basics, a document that lays out the key cyber-prevention standards for investment management companies. The document sets out key cyber-prevention standards for investment management companies. The commonly-shared principles that firms should apply in order to minimize … Continue Reading

Member States start discussions on content of digital operational resilience proposal

The proposal for a Regulation on digital operational resilience in the EU financial sector (DORA) is making its first steps through the EU legislative process. The proposal, which would introduce a detailed legislative framework on operational resilience for financial institutions in the EU, has entered the negotiating phase in the Council. Member States are discussing … Continue Reading
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