Banking & Finance

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Recent Articles

  •  
    28/03/2024
    Luxembourg

    Third country branches regime under the CRD 6

    Discussions regarding the proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU (Capital requirements directive, “CRD”) as regards supervisory powers, sanctions, third-country branches (“TCBs”), and environmental, social and governance risks, and amending Directive 2014/59/EU (Bank recovery and resolution directive, “BRRD”) (the “CRD 6”) are well advanced.In this alert, we will focus on the regime applicable to entities established in a third country (i.e. outside the European Union – “EU”)...
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  •  
    28/03/2024
    United Kingdom

    UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 2)

    In Part 1 of this two-part series, we provided an overview of the myriad developments in the regulation of cryptoasset activities in the UK in 2023 and the first two months of 2024, and looked ahead to what is still to come.In Part 2, we take a step back to assess what these developments mean in the round for cryptoasset businesses providing services in or to the UK, and how that is set to change.A. Overview of the current and future landscapeCurrent position  Key takeawaysNon-security tokens: A business currently needs to be registered...
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  •  
    28/03/2024
    Bulgaria

    Bulgarian finance ministry publishes draft Introduction of Euro into the Republic of Bulgaria Act

    On 25 March 2024, the Bulgarian Ministry of Finance (MF) introduced for public consultation the long-awaited bill of Introduction of Euro into the Republic of Bulgaria Act (IERBA), which closely follows the main points under the blueprint published by the MF in late 2022.The IERBA addresses the main issues identified by the preliminary assessment of the adoption of the euro through the following:the establishment of general and specific rules in relation to rounding after conversion from BGN to EUR with the “general rule” being the converting of values at the specified rate and rounding...
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  •  
    26/03/2024
    Bulgaria

    Legal modernization and financial instruments: Bulgaria takes steps to introduce a close-out netting regime

    Several proposed amendments to Bulgaria's financial laws are poised to significantly enhance the country's financial infrastructure and legal framework. Foremost among these amendments is the Draft Law on Amendments and Additions to the Law on Financial Collateral Contracts (FCC Act), which would introduce crucial modifications to address practical challenges and improve legal certainty in the financial sector.A key focus of the proposed amendments is to establish a comprehensive legal framework for close-out netting. Close-out netting serves as a fundamental credit risk management mechanism, allowing...
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  •  
    25/03/2024
    EU

    Publication in the Official Journal of the European Union of the Regulation on instant credit transfers

    On 19 March 2024, Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) (i) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro, (ii) 2021/1230 on cross-border payments in the Union as regards instant credit transfers in euro and Directives (i) 98/26 on settlement finality in payment and securities settlement systems and (ii) 2015/2366 on payment services in the internal market (“PSD 2”) (the “Regulation”) as regards instant credit transfers in euro was published...
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  •  
    25/03/2024
    United Kingdom

    Introduction to the Crypto-Asset Reporting Framework

    The market for Crypto Assets is growing rapidly. Crypto Assets can be issued, recorded, transferred and stored in a decentralised manner, without the need to rely on traditional financial intermediaries or central administrators. Further, the Crypto-Asset market has given rise to a new set of intermediaries and other service providers, such as Crypto-Asset exchanges and wallet providers, which may currently only be subject to limited regulatory oversight. Overall, the characteristics of the Crypto-Asset sector have reduced tax administrations’ visibility on tax-relevant activities carried...
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