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For the first time in France, and one of the first times in Europe, a court decision characterises the legal nature of a cryptocurrency (bitcoin) and loans on such asset. On 26 February 2020, France's first instance commercial Court of Nanterre (a city belonging to greater Paris which has jurisdiction over leading French banks and corporates), issued a remarkable ruling involving the characterization of the nature of bitcoin (BTC) under French law.
The European Commission introduced proposals containing adjustments to the prospectus, capital requirements and securitization regulations and MiFID II reflecting supportive measures as a response to the COVID-19 pandemic.
Needless to say, this year has been a challenging one for the UAE economy. Not only did the UAE find itself particularly vulnerable to the economic disruption of COVID‑19 through its aviation, tourism and hospitality sectors, but the drop in oil prices has added an extra layer of strain. Like many other countries around the world, the UAE government has sought to provide support to the banking and financial services sector in the knowledge that a strong financial system will be key to minimising the impact of any economic downturn, while also ensuring that there is sufficient liquidity available to assist with the post‑COVID‑19 recovery.
There is no denying that that the EU has lofty and commendable ambitions when it comes to sustainability. With its aims to decouple economic growth from resource use and make Europe the first climate‑neutral continent by 2050, sustainability is firmly on Europe's agenda.
The Financial Conduct Authority (FCA) announced on 6 October 2020 the publication of final rules banning the sale of derivatives and exchange traded notes (ETNs) to retail consumers that reference certain types of cryptoassets.
UK regulatory and supervisory framework applicable to CCPs established in the UK to be recognized as equivalent to EU requirements
Under the European regulation (EU) No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), the entities interposing themselves between the counterparties to the contracts traded on one or more financial markets, namely the central counterparties (CCPs), established in a third country to the European Union (EU), may only provide clearing services (i.e. establish positions, including the calculation of net obligations, and ensure that financial instruments and/or cash are available to secure the transactions) in the EU where they are recognised by the European Securities and Markets Authorities (ESMA).
The Central Bank of Ireland (Central Bank) has updated its Fitness & Probity regime by adding to the list of Pre-Approval Control Functions (PCFs). Of particular note is the addition of Chief Information Officer and the introduction of Head of Material Business Line and Head of Market Risk.