Report: Issues of Legal Uncertainty Arising in the Context of Monetary Finance: 6 January

This note, published in pursuit of the FMLC’s educational remit, outlines some of the legal issues which arise in the context of monetary policy and monetary financing, and considers a recent judicial decision in relation to the distinction between monetary policy and monetary financing, so as to highlight particular consequences for stimulus policies by National Central Banks.

Report: The Use of Electronic Signatures in Authenticating Global Notes: 31 December 2020

In March 2020, governments around the world took action to stall the advent of the novel coronavirus (Covid-19) by implementing a range of “social distancing” rules.  These measures have meant that market participants may be unable to print and sign documents with “wet ink” in accordance with usual practice.  In this context, the FMLC has published this paper surveying the position of electronic signatures under key jurisdictions.

Response to Call for Evidence: U.K.’s International Regulatory Cooperation Strategy: 25 November 2020

The FMLC has submitted a response drawing attention to its work on cross-border cooperation in relation to financial services regulation, especially in the aftermath of the Global Financial Crisis.  Divergent national approaches and differences present a serious challenge to effective cross-border regulation.  Additionally, in the context of the U.K.’s withdrawal from the E.U., the FMLC has drawn attention to the legal and operational complexities which may arise when authorities in the U.K. are no longer party to cooperation arrangements

Response to ESAs’ Joint Consultation Paper: ESG disclosures: 1 September 2020

The FMLC has submitted a response drawing attention to the divergence in relation to international standards on sustainability-related disclosure requirements, which creates uncertainty in relation to reporting obligations vis-à-vis cross-border investment activities.  There is also some divergence across EU law in relation to disclosure obligations set out under the SFDR, the Non-Financial Reporting Directive and the Taxonomy Regulation.