MiFID II: ESMA Technical Advice and Consultation

The European Securities and Markets Authority (ESMA) published the following MiFID II Level 2 materials on Friday, 19 December: ESMA’s final technical advice to the European Commission on delegated acts; and a Consultation Paper on draft technical standards The revised Markets in Financial Instruments Directive (MiFID II Directive) and Regulation (MiFIR) (together “MiFID II”) will … Read more

EU introduces new asset freezing measures against Yemen

On 19 December, the EU published Council Decision 2014/932/CFSP and Regulation 1352/2014 in relation to the situation in Yemen. The measures came into force immediately upon publication. The new measures impose an asset freeze on three individuals: Abdullah Yahya Al Hakim, Abd Al-Khaliq Al-Huthi and Ali Abdullah Saleh. These individuals were designated on the basis … Read more

US President signs Ukraine Freedom Support Act into law

On 13 December 2014, the US Congress passed legislation entitled the “Ukraine Freedom Support Act of 2014” (H.R. 5859) seeking to impose new sanctions against Russia and in support of Ukraine.  On Thursday, December 18, President Obama signed the Act into law, while stating that at present, the Administration does not intend to impose new … Read more

EU sanctions update: Russia

Our latest briefing summarises recent developments in the EU’s sanctions imposed against Russia.  In particular, we provide an overview of (a) new measures relating to Crimea and Sevastopol and (b) new European Commission guidance on certain of the financial sector restrictions applied to listed Russian entities.  For further background on these sanctions, please see our … Read more

Market abuse update – December 2014

The FCA has continued to build on the strong track record of civil and criminal enforcement action against abusive conduct and manipulation, notably in relation to insider dealing and benchmark manipulation.  The regulator remains committed to strong enforcement action and credible deterrence, and now benefits from enhanced powers and longer limitation periods to enable it … Read more

Hong Kong revises and further consults on draft rules for mandatory reporting of OTC derivatives and related record-keeping

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have published consultation conclusions on the draft rules for mandatory reporting of over-the-counter (OTC) derivatives and related record keeping.  The draft rules have been amended, taking into account the comments received and providing greater clarity to the proposed regulatory regime. Read more

US: Three Different Approaches to RICO Extraterritoriality

It is not uncommon for courts today to adjudicate claims arising outside their territorial jurisdiction.  Some jurisdictions, such as the US, stand out more in this regard than others.  The extraterritorial application of US law stokes fear that US courts will apply substantive US law whenever acts taking place beyond its shores have some alleged … Read more