The FMLC has also drawn attention to the possible overlap of the new regime for stablecoins with the existing regime under the E-Money Regulations.
Tag: Report
Response to FCA: Consultation on the proposed policy with respect to the exercise of its powers in relation to LIBOR Transition: 18 January 2021
To facilitate the transition of “tough legacy” contracts away from LIBOR, HM Government has introduced the Financial Services Bill 2019-21 (the “Financial Services Bill”) which grants new powers under to the Financial Conduct Authority (“FCA”) to help it manage an orderly “wind-down of critical benchmarks”.
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 European Commission Consultation: Framework for Markets in Cryptoassets: 17 March 2020
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.
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 […]