Legal Update – Financial Institutions Hub

Legal Update

A review of HMT’s proposed cryptoassets regime – and how it compares to MiCA

February 10, 2021 by Kimberly Everitt 1 Min Read

On 7 January 2021 HM Treasury (HMT) published consultation and call for evidence on the regulatory approach to cryptoassets and stablecoins. The consultation represents the first stage in HMT’s consultative process on the broader regulatory approach to cryptoassets and stablecoins. The consultation closes on 21 March 2021. Our crypto regulatory experts have published a briefing in which we explore the policy background underlying the consultation, set out the key points of HMT’s proposals, and provide a comparison to corresponding provisions in the European Commission’s recent proposal on a regulatory framework for cryptoassets.

Legal Update

Post-Brexit access regimes in key EEA member states

February 9, 2021 by Kimberly Everitt 2 Mins Read

This note sets out a brief guide to these Brexit-related transitional and other national measures in a number of key EEA member states, including temporary permissions regimes and contractual continuity arrangements, that have been enacted firms (or not) for UK financial services.

Legal Update

Is Ukraine about to join the “open banking” race?

February 9, 2021 by Maksym Hlotov 4 Mins Read

On 12 November 2020, the Ukrainian Parliament published a draft payment services law, that was prepared with the Ukrainian central bank (NBU). Among other things, the draft law would implement a regulatory framework for “open banking” similar to the EU’s PSD2 (Directive 2015/2366).

Legal Update

The UK Supreme Court’s Judgment in the Business Interruption Insurance Test Case

February 3, 2021 by Kimberly Everitt 1 Min Read

The UK Supreme Court has handed down judgment in the Financial Conduct Authority’s COVID-19 Business Interruption test case, providing much-needed clarity regarding the coverage generally afforded to businesses for their COVID-19 related financial losses.

Legal Update

Ukraine Opens Up Its Payments Market

November 25, 2020 by Maksym Hlotov 6 Mins Read

On 12 November 2020, Ukrainian Parliament registered a draft payment services law (available here in Ukrainian). This milestone work was coordinated by the Ukrainian central bank (“NBU”) with the aim to fully replace the existing regulatory framework for the payments business in Ukraine.

Legal Update

UK FCA takes first enforcement action for breach of the Short Selling Regulation: key lessons for firms

October 16, 2020 by Caitlin McErlane, Kimberly Everitt and Abigail King 1 Min Read

In its first enforcement action for a breach of the Short Selling Regulation (SSR), the UK Financial Conduct Authority (FCA) has imposed a fine of £873,118 on Asia Research and Capital Management Ltd (ARCM). The fine relates to ARCM’s failure to notify the FCA and to disclose to the public its net short position in Premier Oil plc, as required under the SSR. In our latest briefing, we explore the nature of ARCM’s breaches leading to the enforcement action, and discuss key learning points for firms going forward.