The FMLC has drafted a response to the Consultation in the form of two complementary reports. Part I comprises comments on the classification of cryptoassets. Part II comprises comments in response to the section of the Consultation dealing with cryptoassets which fall within the E.U. regulatory perimeter.
Category: Publications
Response to European Commission Roadmap: Preventing and Combating Money Laundering and Terrorism Financing: 3 March 2020
On 24 July 2019, the European Commission adopted a Communication to the European Parliament and the Council which observed that, although many risks and shortcomings in the regulatory framework for anti-money laundering and preventing terrorist financing had been addressed, structural shortcomings remained.
Response to Consultation: Changes to the Trust Registration Service under the Fifth Money Laundering Directive: 21 February 2020
While certain sections of 5MLD have already been implemented in the U.K., changes required by 5MLD in respect of the registration of the beneficial ownership of trusts have not yet come into force. HM Treasury and HM Revenue and Customs are now jointly consulting on this aspect of the regime.
Solvency II 2020 Review: Response to EIOPA Consultation: 15 January 2020
Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (the “Solvency II Directive”) sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure. In February 2019,
Benchmark Regulation: Response to the European Commission’s 2019 Review: 31 December 2019
On 11 October 2019, the European Commission published a public consultation document on the review of the BMR (the “Consultation”). The FMLC has submitted a response
Response to ESMA Consultation: Review of Market Abuse Regulation: 29 November 2019
On 3 October 2019, the European Securities and Markets Authority (“ESMA”) issued a Consultation Paper as part of a review of certain aspects of MAR. The FMLC submitted a response drawing attention to complexities in respect of two areas.
Letter to HM Treasury: Article 59 of BRRD II: 20 November 2019
The Bank Recovery and Resolution Directive (2014/59/EU) (the “BRRD”) was amended by Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 (“BRRD II”), which […]
Letter to European Commission: Article 59 of BRRD II: 20 November 2019
The Bank Recovery and Resolution Directive (2014/59/EU) (the “BRRD”) was amended by Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 (“BRRD II”), which […]
Addendum: Brexit Analysis on Third Country Regimes in E.U. Legislation: 5 November 2019
The FMLC published a report titled “Issues of Legal Uncertainty Arising in the Context of the Withdrawal of the U.K. from the E.U.–the Provision and Application of Third Country Regimes […]
Letter to European Commission: Article 5(1)(e) of the E.U. Securitisation Regulation: 5 November 2019
Article 5(1)(e) of the EUSR requires institutional investors to verify that “the originator, sponsor or SSPE has, where applicable, made available the information required by Article 7 in accordance with […]