Articles by author
The security token: will regulation allow it to take off?
In this article Ferdisha Snagg considers that for regulation to allow security tokens to take off, regulatory policy’s “technology-agnostic” approach may need to be revisited.
1 FEB 2021The European Commission’s targeted consultations on European Union settlement finality and financial collateral rules
The previous occasion on which we heard from the European Commission on the directives (an interpretative communication in March 2018)3 was somewhat of a non-event. In relation to key issues of interpretation, related to the question of which law governs the proprietary aspects of collateral transactions in book-entry securities, the Commission “clarified” that all the divergent approaches taken by member states were valid under the relevant directive provisions.4 In fact, despite their undoubted importance to the Commission’s longstanding aim of achieving integrated capital markets in Europe, relatively little has been said about the directives at EU-level, leaving it largely up to member states to define their scope and operation. In contrast, the consultations raised a number of important and interesting policy ideas. I will discuss a few of these below, as well as consider whether there are other material issues to be addressed in an eventual amendment to the directives in order to meet their objectives. I will argue that a review of the directives should prioritise the full resolution of the conflicts of laws that cross-border systems and financial collateral transactions present.
1 JUL 2021Why intermediated securities should be brought within scope of the expanded Dormant Assets legislation
In this article the authors set out an overview of the proposed expansion of the Dormant Bank and Building Society Accounts Act 2008 and a critical examination of the possible reasons for leaving intermediated securities out. They argue that bringing intermediated securities within scope of the legislation would reflect the operational reality of how UK public securities are held, maximise the legislation’s impact, and could generally be done without too much conceptual difficulty.
1 NOV 2021A MiCAR for the UK? Or something else altogether?
This article compares key aspects of the EU’s draft regulation on Markets in Cryptoassets (MiCAR) and the UK’s approach outlined in HM Treasury’s recent consultation, drawing out key similarities and differences and their implications.
1 APR 2023Reforming the UK’s e-money and payment services safeguarded funds regimes: better safe than sorry
This article examines the safeguarding requirements for e-money institutions and payment services firms and their treatment under the UK’s depositor protection regime, which was recently updated to address the legal uncertainty resulting from the Court of Appeal’s decision in the Re Ipagoo case and highlights the likelihood of further regulatory reform in this area.
1 MAY 2023What is in a name? The regulators seek to have the final word on the meaning of trading venue under MiFID
For the EU’s and UK’s securities and markets regulators nothing is in the name nor in the technology used when it comes to the need for a trading venue licence. Yet, noting some uncertainty around the application of key concepts to certain facilities, each regulator has sought to provide clarity for their respective markets via recently published guidance.
1 NOV 2023
