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Introduction of Electronic Fund Shares in Germany

Posted by Dennis Kunschke on 20 January 2021

On 16 December 2020, the German Federal Cabinet adopted the draft law on the introduction of electronic securities (Gesetz zur Einführung von elektronischen Wertpapieren – eWpG) jointly submitted by the Federal Ministry of Finance (Bundesfinanzministerium – BMF) and the Federal Ministry of Justice and Consumer Protection (Bundesministerium für Justiz und Verbraucherschutz – BMJV). Aim of the new law is to modernize the securities law and thus to strengthen Germany as a financial center, especially in the field of digitization.

Collaboration models form the basis for future success

Posted by Martin Bartlam and Bryony Widdup on 20 January 2021

The rollercoaster experience of disruption to long-term relationship has been a breathtaking and sometimes stomach-churning ride for fintech and banking alike. Commercial “collaboration” is often hard to achieve, so here we aim to pin down more closely, from a legal perspective, what is meant, what is covered and where the pitfalls might lie.

ESMA guidance on the application of reverse solicitation following the end of the Brexit transition period

Posted by Michael McKee, Chris Whittaker, Neil Millar and Nicole Georgiou on 14 January 2021

On 13 January 2021, the European Securities and Markets Authority (ESMA), the European Union’s (EU) securities markets regulator, issued a public statement to remind firms of the second Markets in Financial Instruments Directive 2014/65/EU (MiFID II) requirements on the provision of investments services to retail or professional clients by firms not established or situated in the EU.

HM Treasury consultation on regulatory approach to cryptoassets and stablecoins

Posted by Martin Bartlam, Michael McKee, Bryony Widdup, Chris Whittaker, Mariel Luna, Neil Millar and Marina Troullinou on 13 January 2021

On 7th January 2021, HM Treasury published a consultation paper outlining the UK’s proposed regulatory approach to cryptoassets and stablecoins (the “Consultation”). The Consultation represents the first stage of HM Treasury’s consultative process on the broader regulatory approach to these assets.

Diversity & inclusion in the FS sector: the CBI’s expectations

Posted by Eimear O'Brien and Louise McErlean on 7 January 2021

Diversity & Inclusion has become a key focus of the Central Bank of Ireland (CBI) in recent years. The CBI identified cultural failings within the financial services sector as having contributed to the financial crisis, and were a trigger for the CBI’s Tracker Mortgage Examination. 

UK-EU Trade Agreement: What’s next for financial services?

Posted by Paul Hardy, Michael McKee, Mark Dwyer, Tony Katz, Chris Whittaker and Mark Daley on 4 January 2021

On 24 December 2020, after intensive down-to-the-wire negotiations, the European Commission and the UK Government reached an agreement on the terms of future trade and cooperation between the European Union (EU) and United Kingdom (UK).

Brexit contingency measures in Spain: continuity of financial services agreements and temporary permission regime of 6 months

Posted by Ricardo Plasencia on 30 December 2020

Royal Decree-Law 38/2020, of 29 December 2020, published in the Spanish Official Gazette on 30 December 2020, contains relevant contingency measures for UK financial services entities operating in Spain in light of Brexit.

Non-performing loans - new EU measures

Posted by Conor Houlihan and Eileen Johnston on 22 December 2020

On 9 December 2020 the negotiators from the Economic and Monetary Affairs Committee and the European Council reached agreement on amendments to the Capital Requirements Regulation and the Securitisation Regulation (the Regulations). On 15 December, the European Council issued the final compromise text to the Permanent Representatives Committee. The formal adoption of the final texts is targeted for February 2021.

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