AMLD 5 was published in the Official Journal of the EU on 19 June 2018 and called upon EU member states to transpose it by 10 January 2020. As the name would imply, it is the fifth iteration of the AML directive that was first introduced by the EU in 1991. It is, however, the … Continue reading AMLD 5 and the EU May 2020 AML/CFT Action Plan – where do crypto assets fit into the emerging landscape?
A keynote policy of UK financial regulation since the financial crisis has been the ‘ring-fencing’ of retail banks into separate and independently operated entities, so-called ‘ring-fenced bodies’ (RFBs), distinct from entities that carry on other, and especially investment, banking activities within the same corporate group. Such structural regulation of the banking sector – which entered … Continue reading In Two Minds: The Governance of Ring-Fenced Banks
The European Commission’s recent proposal for a pre-marketing definition both in the AIFMD and EuVECA-Regulation is a cause for concern. Not only is the definition too restrictive, thus conflicting with current market standards, it also leaves key aspects open to interpretation and, therefore, provokes legal uncertainty. This post is a short, critical analysis of the … Continue reading Killing Investor Appetite – The European Commission’s Proposal for a Harmonized Pre-Marketing Definition
In a recently published ECB legal working paper, I analyse regulatory solutions that have been adopted to address constitutional constraints imposed on the functioning of the Single Supervisory Mechanism (SSM), in which the ECB’s exclusive supervisory competence is carried out. I argue that the operational framework governing the functioning of the SSM has assimilated, to … Continue reading The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints
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Finance is international. Its regulation and supervision, however, are primarily conducted from a national perspective. This gap is increasingly being addressed by academics, lawyers and policy-shapers. In response to the financial crises of recent times, international legislators and regulators have ultimately begun to transpose proposals of this kind into legal action. This is impressingly documented … Continue reading Our Project