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.
Tag: Report
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
Report: Exchange Tokens: 23 October 2019
In this paper, the FMLC explores the ways in which regulators and legislators have attempted to grapple with the many varieties of virtual currencies and in particular those which have arguably come to function as money for legal purposes. The definition of “virtual currencies” in the E.U.’s Fifth Money Laundering
Report: The Recognition of Choice of Court Agreements under the 2005 Hague Convention: 23 October 2019
The U.K.’s accession to the Hague Convention in its own right has not, however, been the panacea for which market participants and HM Government had hoped. A number of questions have arisen regarding the timing of the Convention’s entry into force in the U.K. and its application to exclusive choice-of-court agreements concluded in the period
“Onshoring” Statutory Instruments Comment Series: Benchmark Regulation: 23 October 2019
This paper considers legal uncertainties arising from the changes proposed by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (the “BMR SI”).
Report: Initial Coin Offerings: 30 July 2019
Initial Coin Offerings (“ICOs”) typically use Distributed Ledger Technology (“DLT”) to offer transferable units (“coins” or “digital tokens”) that confer various rights on the holder of record. ICOs can be […]
Report: U.S. Sanctions and the E.U. Blocking Regulation: 14 June 2019
On 8 May 2018, the United States announced its withdrawal from the Joint Comprehensive Plan of Action (the “JCPOA”) and the re-introduction of its nuclear-related economic sanctions on Iran that […]
Report: Issues of Legal Uncertainty Arising in the Context of Emissions Allowances after Brexit: 31 January 2019
The U.K.’s withdrawal from the E.U. raises various issues of legal uncertainty relating to the E.U. Emissions Trading Scheme (the “E.U. ETS”) and the European emissions allowances (“EAUs”), whether the […]
“Onshoring” Statutory Instruments Comment Series: Markets in Financial Instruments: 19 December 2018
Under the European Union (Withdrawal) Act 2018—which aims, inter alia, to incorporate into U.K. law all applicable E.U. legislation and to give powers to Ministers to make such amendments to […]
“Onshoring” Statutory Instruments Comment Series: Investment Funds and their Managers: 29 November 2018
Under the European Union (Withdrawal) Act 2018—which aims, inter alia, to incorporate into U.K. law all applicable E.U. legislation and to give powers to Ministers to make such amendments to […]