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French and US authorities sign MOU to accelerate international cooperation on FinTech

Posted by Sébastien Praicheux, Célestine Barthout and Maxime di Maria on 4 June 2020

The French Autorité de contrôle prudentiel et de résolution (ACPR) announced on Wednesday 3 June that it entered into a FinTech coordination agreement with the New York State Department of Financial Services (NYSDFS) to promote regulatory compliance and ensure that fintech innovators have a smooth entry into both markets.

High Court provides guidance on SIPP administrators’ duties to execution-only clients

Posted by Michael McKee, Chris Whittaker and Erna Soljanin on 28 May 2020

On 18 May 2020,  the High Court delivered its judgement in Russell Adams v Options SIPP UK LLP regarding the potential liability of an execution-only Self-Invested Personal Pension (SIPP) provider to an investor whose underlying investment in the SIPP incurred significant losses.

New approval requirements for foreign investments in strategic sectors in Hungary

Posted by Péter Györfi-Tóth and Mark Seres on 28 May 2020

From 26 May 2020, new rules are applicable for foreign investments in relation to strategic companies in Hungary. Similar rules have been also introduced last year regarding foreign investments in companies operating in the “traditional strategic sectors” (e.g. ammunition, arms and military equipment manufacturing, production of dual-use items and intelligence service equipment, electricity services etc.).

Prohibition of the return of nationalized banks to their former owners in Ukraine

Posted by Oleksandr Kurdydyk and Illya Muchnyk on 26 May 2020

On 23 May 2020 the Law “On Improvement of Banking Regulation Mechanisms” (the Law) entered into force. The Law introduces significant amendments to the regulation of banking activity mainly in the field of the withdrawal of banks from the market. The adoption of the Law constituted one of the requirements of the International Monetary Fund for provision of financing to Ukraine.

FCA launches consultation on strengthening customer protections at payment firms

Posted by Michael McKee and Chris Whittaker on 26 May 2020

On 22 May 2020, the Financial Conduct Authority (FCA) launched a Consultation on additional guidance for payment firms to strengthen the way they safeguard customer funds.

The Consultation will last for two weeks and closes on 5 June 2020. If confirmed, the final guidance will be published at the end of June 2020.

EBA publishes inquiry into Dividend Arbitrage Trading Schemes and announces 10 point action plan

Posted by Michael McKee and Chris Whittaker on 21 May 2020

On 12 May 2020, the European Banking Authority (EBA) published its Report into dividend arbitrage trading schemes and announced a 10 point Action Plan to enhance the future regulatory framework.

Blockchain and Digital Assets News and Trends

Posted by Margo H. K. Tank and Mark F. Radcliffe on 21 May 2020

To remain competitive, companies find themselves increasing their efforts to digitally transform their businesses by developing new offerings based on emerging technologies and integrating these technologies into existing product and service offerings. This is our fifth monthly bulletin for 2020, aiming to help companies identify important and significant legal developments governing the use and acceptance of blockchain technology, smart contracts and digital assets.

French government increases the ceiling for contactless payments to mitigate the effects of COVID-19

Posted by Sébastien Praicheux, Célestine Barthout and Maxime di Maria on 20 May 2020

In the current context of the COVID-19 crisis, contactless payment has emerged in France and abroad as one of the barrier gestures likely to limit the risks of contamination during everyday purchases.

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