Direct ownership of crypto-assets or mere exposure to the value of crypto-assets is an investment decision, with both investment methods requiring specific approaches to mitigate and manage risks effectively....more
8/21/2025
/ Cryptoassets ,
EU ,
Exchange-Traded Products ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Investment ,
Investment Funds ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
UK
Following up on its earlier clarification around future incorporation by reference under Regulation (EU) 2017/1129 (the "Prospectus Regulation"), the European Securities and Markets Authority ("ESMA") published its final...more
8/12/2025
/ Capital Markets ,
Disclosure Requirements ,
EU ,
European Securities and Markets Authority (ESMA) ,
Green Bonds ,
Greenwashing ,
Prospectus ,
Regulation Technical Standards (RTS) ,
Regulatory Requirements ,
Securities Regulation ,
Sustainable Finance
Following the recent focus on two major regulatory frameworks—the Guiding and Establishing National Innovation for U.S. Stablecoins Act (known as the GENIUS Act) in the United States, and Regulation (EU) 2023/1114 of the...more
7/28/2025
/ Cryptocurrency ,
Digital Assets ,
EU ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Legislation ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Stablecoins ,
The GENIUS Act
The Trump administration continues its efforts to relax digital asset regulation, including most recently by exempting decentralized finance ("DeFi") apps and wallets from tax reporting and through Securities and Exchange...more
4/15/2025
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Disclosure Requirements ,
Financial Regulatory Reform ,
IRS ,
Offerings ,
Regulatory Reform ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Tax Liability ,
Trump Administration
As the Trump administration and Congress seek to establish clear digital asset regulation, uncertainty remains on whether federal agencies consider stablecoins to be "securities" under federal law....more
The United States lacks a regulatory framework geared toward digital assets. This raises consumer protection concerns, causes regulatory turf battles and duplicative enforcement actions, impedes innovation, and puts the...more
The EU Listing Act, approved by the EU Council on October 8, 2024, and entering into force on December 4, 2024, introduces key changes to the EU Prospectus Regulation, offering greater flexibility for issuers of debt...more
In a watershed moment for green and sustainability-linked bonds, on November 30, 2023, the Regulation on European Green Bonds ("EuGB Regulation") was published in the Official Journal of the European Union ("EU")....more
The Situation: On October 5, 2023, the European Parliament and the Council of the European Union adopted the European Green Bond Regulation ("EuGB Regulation"), establishing a voluntary harmonized standard open to both EU and...more
11/27/2023
/ EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Green Bonds ,
Green Finance ,
Investment ,
Investors ,
National Competent Authorities (NCA) ,
Sustainability ,
Sustainable Finance ,
Taxonomy ,
UK
In Short -
The Situation: Regulatory "sandboxes" are trending. They represent a unique approach to regulation that permits selected companies to test and experiment with new and innovative products and services....more
The Situation: An exemption to the market sounding regime under the Market Abuse Regulation ("MAR") that became applicable on 1 January 2021, will increase the attractiveness of private placements of bonds by easing...more
Takeaways from this discussion:
• Green bond issuance is surging worldwide, surpassing US$257 billion in 2019.
• Major corporates, including many not usually associated with climate initiatives, are bringing green...more
7/22/2020
/ Climate Change ,
Convertible Bonds ,
Energy Projects ,
Energy Sector ,
Environmental Social & Governance (ESG) ,
EU ,
Green Bonds ,
Green Finance ,
Greenwashing ,
Investors ,
Liability ,
Project Finance ,
Renewable Energy ,
Reporting Requirements
With the global spread of the coronavirus (COVID-19) pandemic and the lockdown measures imposed by governments across the world, international capital markets participants are looking for financings to address the social and...more
The Situation: The European Union ("EU") is on track to adopt the Taxonomy Regulation by the end of 2020, a key pillar of both the EU Action Plan on Financing Sustainable Growth and the European Green Deal.
The Result: The...more
The Situation: Three major pillars of the EU action plan on sustainable finance ("EU Action Plan") at varying stages of development have taken steps forward.
The Result: We now have a regulation on climate-related benchmarks...more
12/27/2019
/ Benchmarks ,
Capital Requirements Regulation (CRR) ,
Environmental Social & Governance (ESG) ,
EU ,
EU Action Plans ,
EU Benchmark Regulation ,
European Commission ,
Final Rules ,
Financial Regulatory Reform ,
Paris Agreement ,
Popular ,
Sustainable Finance ,
Taxonomy
On October 24, 2019, the European Supervisory Authorities ("ESAs"), consisting of the European Securities and Markets Authority, the European Banking Authority, and the European Insurance and Occupational Pensions Authority,...more
12/24/2019
/ Bond Markets ,
Comment Period ,
Consultation Papers ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Regulatory Reform ,
Joint Statements ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Popular ,
Regulation Technical Standards (RTS) ,
Retail Investors
Debt capital markets players are entering into the Prospectus 3 era, with three major changes impacting debt prospectuses.
Debt capital markets players are entering into the Prospectus 3 era. The Regulation (EU) 2017/1129...more
The Situation: As part of its drive to develop financing for sustainable growth, the European Union is developing an EU-wide classification system for sustainable activities. This common language will be used by market...more
The Situation: The European Union continues to roll out its Action Plan for Financing Sustainable Growth with its latest proposal concerning climate-related disclosures and the European Commission's launch of a public...more
3/18/2019
/ Climate Change ,
Corporate Counsel ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Policies ,
EU ,
European Commission ,
New Guidance ,
Popular ,
Public Interest Entities ,
Reporting Requirements
Due to the increasing awareness of the importance of environmental, social, and governance ("ESG") initiatives, the European Commission came forward at the end of May 2018 with a proposal related to this topic. The proposal...more
11/2/2018
/ Capital Markets ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Cross-Border Transactions ,
Environmental Policies ,
EU ,
Green Bonds ,
Investment ,
Loan Market Association ,
Member State ,
MiFID II ,
Popular ,
Proposed Regulation ,
Rulemaking Process ,
Shareholder Proposals
On May 10, 2017, an ordinance was adopted by the French government ("Ordinance") in order to promote the use of bonds governed by French law as a financing instrument. The Ordinance seeks to modernize the French legal...more