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French court decision on the legal nature of bitcoin in the spotlight

Posted by Sébastien Praicheux and Célestine Barthout on 19 October 2020

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 capital markets recovery package

Posted by Laurent Massinon and Christina Nickel on 16 October 2020

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.

Renewed focus on reform of legal and regulatory framework for financial services in the UAE

Posted by Paul McViety, Paul Duke and Richard Dassin on 16 October 2020

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.

The EU Taxonomy Regulation - giving sustainable investing a good name

Posted by Ronan Mellon on 16 October 2020

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.

FCA bans crypto derivatives for retail investors

Posted by Martin Bartlam and Mariel Luna on 16 October 2020

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

Posted by Sébastien Praicheux and Célestine Barthout on 14 October 2020

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).

ISDA protocols and LIBOR definition amendment now published

Posted by Mark Daley on 13 October 2020

ISDA protocols and LIBOR definition amendment emerged on Friday and are all on the ISDA website.  The protocol opens for signing on 23 October and the effective date will be 25 January 2021. 

Central Bank Fitness & Probity Regime

Posted by Eimear O'Brien on 13 October 2020

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.

 

 

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