October 26, 2020

Volume X, Number 300

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October 26, 2020

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October 23, 2020

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European Parliament Adopts Resolution on Digital Finance and Data Sharing

On October 8, the European Parliament published a press release announcing that it had adopted a resolution regarding the creation of a robust EU framework for crypto-assets, cyber resilience, data sharing and customer safety (the Press Release).

The basis of the resolution originates from a previous report that the Economic and Monetary Affairs Committee (ECON) had voted to adopt in September 2020.

The European Parliament’s resolution expands on the previous ECON report by:

  • establishing a single European supervisor working alongside European Supervisory Authorities (ESA) and national competent authorities;

  • proposing legislative changes in the area of information and communication technology and to cyber security requirements for the EU financial sector with a focus on modernization, international compliance standards and operational resilience testing;

  • developing legislative framework on crypto-assets to facilitate a stable conversion rate between stablecoins and fiat currencies. Regulatory amendments should be made to existing provisions to prevent the potential increased risk of money laundering regarding crypto-assets;

  • promoting a free flow of data within the EU for innovative finance that would require monitoring and guidance through EU legislation on privacy and data protection; and

  • encouraging digital finance in developing financial markets to increase financing and investment opportunities for companies and citizens.

The Press Release is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 290
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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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