On November 13, the European Commission (EC) published a statement by Vice-President Valdis Dombrovskis on the regulation of cryptoassets and initial coin offerings (ICOs), which he presented at the European Parliament Plenary debate in Strasbourg.
Key takeaways include:
Continue Reading European Commission Publishes Statement on Regulating Cryptoassets and ICOs
On October 29, the UK “Cryptoasset Taskforce,” consisting of HM Treasury, the UK Financial Conduct Authority (FCA) and the Bank of England, published its final report setting out the United Kingdom’s policy and regulatory approach to cryptoassets and distributed ledger technology (DLT) in financial services. The Cryptoassets Taskforce was established in March 2018 as part of the United Kingdom’s strategy on the financial technology (FinTech) sector (for further details see the March 23edition of the Corporate & Financial Weekly Digest).
Continue Reading Cryptoassets Taskforce Publishes Final Report
On October 19, the European Securities and Markets Authority (ESMA) published an own-initiative report, produced by its Securities and Markets Stakeholder Group (SMSG), on initial coin offerings (ICOs) and crypto assets. The report gives advice to ESMA on steps it can take to contain the risks of ICOs and crypto assets, on top of existing regulation.
Continue Reading ESMA Publishes Stakeholder Group Advice on Containing Risks of ICOs and Crypto Assets
On October 19, the UK Financial Conduct Authority (FCA) published a webpage announcing the launch of its “Green FinTech Challenge”, an initiative to support firms developing innovative products and services in the green, financial technology (FinTech) sector.
The Challenge is open to start-ups, incumbents and technology providers. Firms developing broader ethical, environmental, social or governance products and services also may apply, so long as there is a link with or associated benefit to the green finance agenda (for further details on the FCA’s discussion paper on green finance, see the October 19 edition of Corporate & Financial Weekly Digest). The Challenge encourages firms to apply to participate if they require specific regulatory support. Applications are assessed according to the following criteria:
Continue Reading FCA Announces Launch of Green FinTech Challenge
The Commodity Futures Trading Commission (CFTC) has announced that its Technology Advisory Committee (TAC) will hold a meeting on Friday, October 5. The meeting will be held in the Conference Center at the CFTC’s Washington, DC headquarters from 10:00 am – 3:30 pm ET. Representatives of several TAC subcommittees, including the Automated and Modern Trading…
On September 19, the UK’s House of Commons Treasury Committee (Treasury Committee) published a report on its inquiry into crypto-assets, launched in February 2018. The report is an update of what was provided on its website in May 2018 (for further details, see the May 25, 2018 edition of Corporate & Financial Weekly Digest).
Key findings and conclusions in the Treasury Committee’s report include the following:
Continue Reading UK Treasury Committee Calls for Regulation of Crypto-Assets
On August 10, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published its draft report on the European Commission’s March 2018 proposal for a regulation on European crowdfunding service providers (CSPs).
The draft report contains a draft European Parliament legislative resolution, the text of which sets out suggested amendments to the European Commission’s proposal. It also contains an explanatory statement in which the rapporteur, Ashley Fox, summarizes the changes he considers would improve it.
Continue Reading ECON Publishes Draft Report on Proposed Regulation on European Crowdfunding Service Providers
On August 9, the National Futures Association (NFA) announced the effective date of its recently adopted Interpretive Notice, Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities. The Interpretative Notice will go into effect on October 31 (“Effective Date”).
Continue Reading NFA Announces the Effective Date of Disclosure Requirements for NFA Members Engaging in Virtual Currency Activities
On August 8, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter concerning cross-border booking arrangements.
In the letter, the FCA explains that the UK’s impending withdrawal from the EU has resulted in firms needing to put in place contingency plans that, when executed, will impact current business models, legal entity strategies and booking arrangements. The FCA states that it appreciates the information firms have already provided to it on their plans, and reminds firms of the importance of continuing to provide all necessary information. The FCA further states that firms should not make decisions without first speaking to the FCA.
Continue Reading FCA Publishes Dear CEO Letter on Cross-Border Booking Arrangements
On July 26, the Securities and Exchange Commission disapproved a Bats BZX Exchange proposed rule change that would have permitted the listing and trading of shares of the Winklevoss Bitcoin Trust (Trust) on BZX. This is the SEC’s second disapproval of the proposed rule change as it has previously disapproved the exchange’s original proposal in March 2017. Notably, Commissioner Hester Peirce dissented from the SEC’s most recent disapproval.
Continue Reading SEC Disapproves BZX Proposed Rule Change to List Shares of Bitcoin-Based Exchange-Traded Product
