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Horizon-scanning Meetings
The Secretariat is considering convening a stakeholder teleconference to discuss such issues in the first half of April. Should you wish to join such a call, please email Venessa Parekh at research@fmlc.org.
You may also like to know that issues affecting particular sectors will be discussed on an ad hoc basis by the FMLC’s discussion groups, known as Scoping Forums. Details about the fields in which these Forums convene, as well as minutes of previous meetings which provide an indicative overview of the topics normally discussed, can be found here. If you would like to join one of these Forums, please contact Katja Trela-Larsen at forums@fmlc.org.
20 March 2020
The novel coronavirus (COVID-19) is having an immense, if rapidly evolving, impact on individuals, communities, and organisations. In addition to effects on the supply and demand, COVID-19 has jolted the financial markets. Since February 21, 2020, bond yields, oil, and equity prices have sharply fallen, and trillions of dollars, across almost all asset classes, have sought safety. In the United States, 10-year bond yields have tumbled below 0.5 percent and equity prices on major stock indices around the world have fallen.
Given the response by governments around the world to COVID-19, which has included steps such as closing down places of business and restricting the movement of people, several legal issues are likely to arise in the context of the financial markets.
A short note highlighting key issues of legal uncertainty arising in the context of the wholesale financial markets can be found here.
The FMLC will convene for a closed meeting via teleconference next week to discuss these issues. Should you wish to bring any other and/or related issues to the Committee’s attention, please email Venessa Parekh at research@fmlc.org by COB Tuesday 24 March 2020.
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.
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.