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Oct 25, 2024 | 
ashurst.com | Etay Katz |Bradley Rice
As the issuer of sterling and the guardian of UK monetary policy, the Bank recognises that market changes bring both opportunities and challenges. The spread of distributed ledger technology (DLT) has created new ways of recording and transferring value, outside of traditional bank accounts. Novel payment services have the potential to reduce financial exclusion and costs.
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Aug 12, 2024 | 
ashurst.com | Etay Katz |Bradley Rice
The Financial Conduct Authority (FCA) has published a report on its findings and expectations for firms promoting cryptoassets to retail consumers. The report follows the implementation of the FCA's rules for cryptoasset financial promotions, which were introduced in October 2023.
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Jul 25, 2024 | 
ashurst.com | Etay Katz |Bradley Rice
What kind of legal organisation or entity is a group of people linked by a computer network? If they are using distributed ledger technology (DLT) and following a common set of rules, then they could be described as a decentralised autonomous organisation (DAO).
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Jun 3, 2024 | 
lexology.com | Jake Green |Hubert Blanc-Jouvan |Detmar Loff |Pilar Lluesma |Bradley Rice |Lorraine Johnston | +2 more
ESMA has published a statement on the use of AI systems by investment firms and relevant MIFID considerations. This appears to be the most detailed and significant statement so far by ESMA for investment firms in relation to this area, (although ESMA officials have published speeches on the increasing use of AI systems by investment firms and the importance of investor protection) and contains important information for firms.
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Apr 15, 2024 | 
ashurst.com | Etay Katz
The Bank of England and the Financial Conduct Authority (FCA) are consulting on the implementation of the Digital Securities Sandbox (DSS). The DSS supports the issuance, trading and settlement of transactions in securities using distributed ledger technology (DLT). It will allow innovative market infrastructure to develop by adjusting financial services and potentially company legislation in the UK.
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Mar 28, 2024 | 
lexology.com | Etay Katz |Jake Green |Lorraine Johnston |Tim Cant |Bradley Rice |Detmar Loff | +9 more
Legislative amendments to MIFIR (Updated MiFIR) and MIFID (Updated MiFID) have been published in the Official Journal. The texts were introduced by the European Commission in November 2021 (see our briefing here).
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Mar 26, 2024 | 
lexology.com | Jake Green |Etay Katz |Tim Cant |Lorraine Johnston |Bradley Rice
The Government is scrapping the recent changes it made to the exemptions for high-net-worth individuals and self-certified sophisticated investors under the financial promotions regime. This was announced in the March 2024 Budget, where the Government confirmed it would be introducing legislation to reinstate the previous eligibility criteria to qualify for these exemptions.
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Feb 28, 2024 | 
lexology.com | Jake Green |Adam Jamieson |Nathan Willmott |Lorraine Johnston |Lynn Dunne |Ruby Hamid | +3 more
Financial Services Enforcement"The first rule of enforcement club is that you do in fact talk about enforcement club"The FCA has announced plans to change its enforcement strategy.
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Nov 9, 2023 | 
lexology.com | Tim Cant |Lorraine Johnston |Etay Katz |Bradley Rice |Jake Green
The FCA has published edition 75 of Market Watch, setting out weaknesses in the systems and controls of disclosing market participants (DMPs) and market sounding recipients (MSRs) under the market soundings regime. According to the FCA, these weaknesses allowed MSRs to identify details of transactions and identities of financial instruments and trade relevant financial instruments. This usually followed an initial communication from a DMP/request for MSR consent to receive a market sounding.
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Oct 23, 2023 | 
ffnews.com | Lauren Hinton |Etay Katz |HM Treasury
Global law firm Ashurst’s digital assets practice lead and chair of the bank industry sector, Etay Katz has been appointed to sit on the Bank of England (‘BOE’) and HM Treasury (‘HMT’) Engagement Forum for Central Bank Digital Currency (‘CBDC’). Etay is a senior partner in our financial regulatory practice specialising in Fintech transformation, with a particular focus on capital markets, payments and financial market infrastructure.
