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The recently enacted Markets in Financial Instruments Act 2018 (the '2018 Act'), sets out maximum sanctions available for certain offences under the European Union (Markets in Financial Instruments) Regulations 2017 [...]

On 6 November, 2018, ESMA published on its website the official translations of its revised Guidelines on aspects of the suitability requirements under the revised Markets in Financial Instruments Directive.ESMA [...]

On November 9, 2018, ESMA published a call for evidence on periodic auctions for equity instruments. ESMA wishes to gather more information on the functioning of so-called frequent batch auction [...]

On 23 October 2018, the European Securities and Markets Authority ('ESMA') adopted a Decision under Article 40 of Regulation (EU) No 600/2014 ('MiFIR') to restrict the marketing, distribution or sale [...]

Unlike in most other European jurisdictions the regulatory practice in Germany has been to treat Bitcoins as units of account and as such financial instruments pursuant to Section 1 German [...]

In its September 25, 2018 judgement, the 4th Criminal Division of Berlin Court of Appeal ruled that Bitcoin trading is not punishable because Bitcoins are not a financial instrument within [...]

MiFID II - Irish Developments (i) Central Bank publishes updated MiFID Reporting Requirements On 13 September 2018, the Central Bank of Ireland ('Central Bank') published a revised edition of its [...]

INTRODUCTION1 This Short Form Prospectus Guide is intended to serve as a reference tool in the context of prospectus offerings involving short form prospectuses, including Bought Deals. Although practices with [...]

1. INTRODUCTION The Negotiable Instruments (Amendment) Act, 2018 (the 'Amendment') was recently passed by parliament and came into effect from September 1, 2018. It introduces substantial changes to the Negotiable [...]

The Canadian Securities Administrators ('CSA') recently released CSA Multilateral Staff Notice 58-310 - Report on Fourth Staff Review of Disclosure regarding Women on Boards and in Executive Officer Positions, which [...]

The Negotiable Instruments Act, 1881 ('Act') was implemented with the intention of amending the law related to promissory notes, bills of exchange and cheques. The Act has been amended time [...]

On July 19, 2018, the Canadian Securities Administrators ('CSA') published amendments (the 'Amendments') to National Instrument 45-106 Prospectus Exemptions and Companion Policy 45-106CP Prospectus Exemptions (collectively, the 'Instruments'). The Amendments [...]

Preface This memorandum has been prepared for the assistance of clients considering creating a trust in the British Virgin Islands. It is intended to provide a summary of the main [...]

During the last five years the Cypriot Alternative Investment Fund (AIF) landscape has significantly changed and modernised. In the last year the Cypriot fund industry has seen steady growth (see [...]

Below we provide a summary of the current major rules governing the French corporate income tax (CIT) as applied to financial instruments. NB: Certain rules applicable to medium and small [...]

On September 3, 2018, the European Commission published a Communication (dated August 10, 2018) on proposed amendments by ESMA to a RTS, known as 'RTS 1,' supplementing the Markets in [...]

On September 5, 2018, HM Treasury published draft statutory instruments on the regulation of payments and e-money and on access to the Single Euro Payments Area in preparation for the [...]

SECTION 1: Market outlook 1.1 Please clarify which products or markets your jurisdiction hosts that are affected by Mifid II Mifid II impacts Irish investment firms (such as brokers, asset [...]

The Negotiable Instruments (Amendment) Bill was put forth before the Lok Sabha by the Finance Minister on January 2, 2018. It received the assent of the President and was notified [...]

1. INTRODUCTION The Reserve Bank of India (the 'RBI'), on September 1, 2018, released a user manual (the 'SMF Manual') to clearly set out the procedure for filing a single [...]

Overview Building on prior extensive Russia-related sanctions, the U.S. government has further sanctioned Russia by intensifying controls on exports and reexports to the country. Alone, this step is unlikely to [...]

On August 20, 2018, the Securities and Exchange Commission ('SEC') issued Release No. 34-83885 (the 'Release') adding two new events (the 'New Events') to the list of events that must [...]

The registration of a mortgage over a Malta flagged vessel, in favour of an individual/corporate lender or a security trustee (the 'Mortgagee'), requires the filing of a statutory mortgage instrument [...]

In June 2018, the International Financial Standards Board (IASB) published its discussion paper on financial instruments with characteristics of equity (FICE). As part of its conceptual framework project, the discussion [...]

A. INTRODUCTION By enacting the Virtual Financial Assets Act (VFAA), the Maltese Government has regulated the Blockchain / ICO / DLT industry. The law appoints the Malta Financial Services Authority [...]

On August 1, 2018, the International Organization of Securities Commissions published a report on mechanisms used by trading venues to manage extreme volatility and preserve orderly trading. Following its consultation [...]

Caveats are one of the most recognisable instruments when it comes to land transactions. They are also one of the most misunderstood. What is a caveat? A caveat is a [...]

IFRS 9 Financial Instruments, published in July 2014, is the new financial instruments standard which replaced IAS 39 Financial Instruments: Recognition and Measurement, and is effective for annual periods beginning [...]

While the 'crypto hype' seems to have the finance industry firmly under its spell, the EU Commission is persistently continuing its goal to develop a more attractive regulatory framework supporting [...]

In Brief: Businesses will need to analyse their tax affairs where there are beneficial tax treatments for payments and other financial arrangements The Treasury has issued draft legislation implementing the [...]

On July 17, the five main federal financial regulatory bodies - the Board of Governors of the Federal Reserve System (the Fed), the Securities and Exchange Commission, the Federal Deposit [...]

The revised Markets in Financial Instruments Directive (MiFID II) introduced new rules requiring investment managers to pay for investment research either from their own funds or via a research payment [...]

The Ontario Government introduced Bill 4: Cap and Trade Cancellation Act, 2018 (Act) on July 25. When it becomes law, the Act will repeal Ontario's cap and trade legislation and [...]

On 13 July, 2018, ESMA launched a consultation on proposed amendments to the RTS (Commission Delegated Regulation (EU) 2017/588, also known as RTS 11) providing for the tick size regime [...]

The Malta Financial Services Authority yesterday published the Financial Instrument Test, and its respective guidelines, that applies to issuers offering DLT assets to the public as well as to individuals [...]

On 06 June 2018, the Luxembourgish legislator issued a new law to locally implement the European Securities Financing Transactions Regulation (SFTR). This document, the SFT Law, shall give appropriate competence [...]

On 10 July 2018 the States of Jersey enacted regulations to permit the demerger of Jersey companies, which will come into force on 1 September 2018. Snapshot A new process [...]