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Expert Analysis

• Insights On ESMA's Alternative Investment Fund Consultation

  

  Aaron Mulcahy at Maples Group discusses key points from the European Securities and Markets Authority鈥檚 recent consultation on open-ended loan-originating alternative investment funds, highlighting the growth in semi-liquid evergreen funds and explaining ESMA鈥檚 proposed standards.

• How UK Supreme Court May Assess Russia Sanctions Cases

  

  In two recent U.K. Supreme Court cases challenging the U.K. Russia sanctions regime, the forthcoming judgments are likely to focus on proportionality and European Convention on Human Rights compatibility, and will undoubtedly influence how future challenges are shaped, says Leigh Crestohl at Zaiwalla.

• New UK Order Offers Welcome Clarity To Crypto Staking Rules

  

  The recently effective Financial Services and Markets Act 2000 Amendment Order clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme, and by addressing an issue that curtailed staking activities in the U.K., facilitates the use of that practice, says Andrew Henderson at Goodwin.

• How EU's Anticoercion Tool May Counter New US Tariffs

  

  The never-before-used anticoercion instrument could allow the European Union to respond to the imposition of U.S. tariffs, potentially effective March 12, and gives EU companies a voice in the process as it provides for consultation with economic operators at different steps throughout the procedure, say lawyers at Crowell & Moring.

• Takeaways From BoE Progress Updates On UK Digital Pound

  

  The Bank of England鈥檚 recent update on a decision concerning a digital pound indicates that there is scope for innovation in the payments landscape that can help to boost economic growth, while keeping the U.K. firmly in the global conversation on digital currency development, say lawyers at Hogan Lovells.

• Key Themes From New PRA Supervisory Letters

  

  Two recent supervisory letters from the Prudential Regulation Authority outline priorities for international banks and U.K. deposit takers for the year ahead, including the need to strengthen risk culture, manage credit risk and govern data integrity, all of which indicate that banks will face greater regulatory interest in their internal controls, say lawyers at Skadden.

• Banker Remuneration Proposals Could Affect More Than Pay

  

  The Financial Conduct Authority and Prudential Regulation Authority鈥檚 pending proposals to reduce banker remuneration restrictions bring obvious personal financial advantages for bankers, but may have repercussions that result in increased scrutiny of bonus payments and wider changes to workplace culture and overall accountability, say lawyers at Fox Williams.

• Rethinking 'No Comment' For Clients Facing Public Crises

  

  鈥淣o comment鈥� is no longer a cost-free or even a viable public communications strategy for companies in crisis, and counsel must tailor their guidance based on a variety of competing factors to help clients emerge successfully, says Robert Bowers at Moore & Van Allen.

• EU Report May Influence Regulation Of Decentralized Finance

  

  The European supervisory authorities鈥� recent report on decentralized finance highlights the major regulatory challenges and increased cybersecurity risks of this ecosystem, and will likely provide useful guidance on how the market could be regulated to limit potential risks for investors, say Hubert de Vauplane and Hugo Bordet at Morgan Lewis.

• Market Infrastructure Regs Aim To Reinvigorate EU Trading

  

  The recently amended European Market Infrastructure Regulation, imposing a requirement on certain financial and nonfinancial institutions to maintain an active EU counterparty account, hopes to incentivize the central clearing of trades, although there are concerns that higher compliance costs will lead to a decrease in competitiveness, say lawyers at McDermott.

• Decoding Arbitral Disputes: Equal Rights Limit State Immunity

  

  The Court of Appeal of England and Wales' recent determination that Spain鈥檚 London embassy could not dodge a former U.K.-based employee鈥檚 discrimination claims by invoking sovereign immunity reaffirms its position that employment and human rights should come before the privileges of foreign powers, says Josep Galvez at 4-5 Gray鈥檚 Inn.

• How Proposed Private Share Trading System May Benefit Cos.

  

  The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.

• Nonfinancial Misconduct Lessons From Rail Worker's Win

  

  While financial services firms wait for the Financial Conduct Authority鈥檚 final policy statement on nonfinancial misconduct, an Employment Tribunal鈥檚 recent award to a railroad worker targeted by a hostile human resources team provides guidance on developing even-handed and inclusive company policies, say attorneys at Shoosmiths.

• Important Changes To Note In Accountant Ethics Code Update

  

  The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.

• A Look At Collateralized Loan Obligations Post-Reform

  

  The Financial Stability Board's recent report on global securitization reforms, analyzing resilience trends in the collateralized loan obligation market post-2008, suggests that, while risk retention rules have a limited impact on observable characteristics, other structural features play a significant role in ensuring risk alignment, says Kos Vavelidis at DLA Piper.