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  • The Wholesale Markets Review – fine-tuning the MiFID II regime?

    On 1 July 2021, HM Treasury published a consultation paper launching its Wholesale Markets Review, which is pitched as an opportunity to make the UK’s financial services rulebook “nimble and fit for purpose” following the UK’s departure from the EU. The consultation paper addresses a number of areas under the ...
  • 5 things to take away from the FCA’s Business Plan

    On 15 July, the FCA published its Business Plan and set out its key priorities for the year ahead. There is much talk about the FCA’s own internal transformation programme and how the organisation intends to become a forward-looking, proactive data-led regulator which is prepared to meet future disruption head ...
  • China Futures Law: netting, collateral and prudential requirements for banks

    The Standing Committee of the National People’s Congress of the People’s Republic of China (the “NPC”) published a draft Futures Law in May. The main purpose of the Futures Law is to codify the law in relation to futures (being standardized exchange-traded derivatives). The Futures Law also regulates other markets, ...
  • Germany: New law with regard to remuneration of insurance intermediaries

    Germany: New law published regarding remuneration of insurance intermediaries for the distribution of PPI contracts On 3 June 2021, a new law has been published in Germany which also has effect on the future remuneration of insurance intermediaries who distribute PPI contracts. The new law ("Law on the accompanying implementation ...
  • Bitesize Briefings: FCA - Difficult Conversations

    FCA - Difficult Conversations Sometimes things don't go to plan and when that happens, firms may find themselves having difficult conversations with the FCA. Our bitesize breakfast briefings are packed with practical tips based on our collective experiences, designed to help you navigate those conversations and manage challenging situations. Episode ...
  • Cryptoassets and fraud – remedies available from English courts

    In ION Science Ltd v Persons Unknown and others[1], the English Commercial Court added to a string of recent judgments which offer effective remedies for dealing with frauds and thefts related to cryptoassets. The judgment further reinforces that cryptoassets can be treated as “property” under English law and is a ...
  • FCA’s findings into cryptoasset consumer research 2021 – what does the public think of crypto?

    On the 17th of June 2021, the Financial Conduct Authority (“FCA”) released a new publication covering insights gathered from research into consumer attitudes towards the ownership of cryptocurrencies.[1] This is the fourth study on this topic that the FCA has conducted since October 2018, examining potential harms and benefits to ...
  • PRA publishes draft rules and statement of enforcement policy for bank holding companies

    On 21 June 2021, the Prudential Regulation Authority (“PRA”) published a Consultation Paper (CP12/21) detailing its proposals to apply its existing rules for consolidated prudential requirements and certain notification requirements at the level of UK bank holding companies directly, rather than at the level of their regulated subsidiaries as has ...
  • Pay for your coffee with crypto? In El Salvador you can!

    The FCA announced on 3rd June 2021 that they were extending the end date of the Temporary Registrations Regime (“TRR”) for existing cryptoasset businesses from 9th June 2021 to 31st March 2022. On 8th June 2021, El Salvador President Nayib Bukele’s proposal to make bitcoin legal tender was approved by ...
  • Risk-weighting cryptoassets: BCBS consults on the prudential treatment of cryptoasset exposures

    On 10 June 2021, global standard setter the Basel Committee on Banking Supervision (“BCBS”) published a consultation on the prudential treatment of banks’ cryptoasset exposures, with comments to be submitted by 10 September 2021. This anticipated consultation follows earlier international and domestic statements on this topic, including the Financial Stability ...