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Harmonising Crypto across the EU

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John Ho discusses the Regulation on Markets in Crypto-Assets or MiCA.

BIScom Subsection:

Cryptocurrencies and cryptoassets

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EU: Do you want to know where your taxes go?

The European Bank of Reconstruction and Development began life as a combination lender and aid agency to help bring relatively poor areas in the EU up to standards in the more well off areas. It funded bridges and drainage, hospitals and schools and it was good. It has no money other than what it raises from "donors" which is a fictitious term meaning member states which, of course, means EU taxpayers.

What is it spending money on now? Let's just say that it's not good and if you are a taxpayer in the EU, it's your money. The EBRD itself says that 35% of the money it spends comes from EU coffers. As you will see, more comes direct from member states.

CoNet Section:

Politics and Economies

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Another country tells websites to stop using Google Analytics.

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Several weeks, ago, Austria declared Google Analytics to be non-compliant with its data protection legislation.

Now France has followed suit.

CoNet Section:

GDPR

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Fake vaccines, fake vaccination centres, fake documents and real discrimination characterises the latest phase of Pandemic responses.

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We recently reported on Interpol's interception of fake CoVid-19 vaccines (here ). It was not the first: Brazil had identified, some weeks earlier, fake Sputnik vaccines. But this is just one aspect to a problem that is undermining both vaccination schemes and, therefore, public health but also undermining the possibility of "vaccination passports."

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Extra-territorial jurisdiction: borders in e-commerce

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Australia has once more taken action against an overseas corporation in respect of the terms and conditions it imposes on purchasers in Australia.

Is Australia's approach to policing e-commerce workable in a global economy?

CoNet Section:

Consumer Protection

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Withdrawal and CoVid-19 disruption.

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The current stance of both the EU and the UK is that the UK's withdrawal from the EU will not be delayed as a result of the coronavirus pandemic. But even the most optimistic must be aware that with governments both in disarray and fighting on all fronts to try to protect their citizens from the disease, the chances of meaningful work in the exit terms is remote.

And yet, with no constituencies to worry about, the EU's officials are pushing ahead with an ambitious legislative programme intending that such laws will be brought into effect before the UK departs and that the UK will, therefore be bound by them. And what will happen if the deadline is extended?

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EU to create coordinated supervision for money laundering etc. risk management and compliance for some businesses.

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This is a fascinating idea: if a financial services business operates in "more than three" EU member states, its regulators will create a "college" so as to make sure that it's not using regulatory arbitrage between member states.

Just one point: is this a recognition that the EU has failed to impose and enforce pan-European Regulation?

OK, there are lots more than one point.

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A new deal; now what?

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Both UK Prime Minister Boris Johnson and EU President Junker have announced that a revised deal has been done for the UK to withdraw from the European Union. But both accept that it's not a done deal. Junker has to go back to the European Commission and its 27 members some of whom are resistant to the principle of "Brexit." Johnson has to go back to the House of Commons where several party leaders are, in effect, filibustering to defeat the withdrawal on any terms. And in Brussels, in the EU Parliament, which also has to sign off on the deal, the UK's Brexit Party's leader, Nigel Farage, has already said he doesn't approve of it.

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EU risks trade spat with US over tech companies

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The European Union is risking a battle with US President Trump. Countries, individually and federally, have been looking at the effect on domestic industries and national revenues of US companies, their tax structures and their business practices. In short, they are saying exactly what the US says: if you want to do business here, you do it on our terms. The USA doesn't like this challenge to the commercial colonialism which it has practised, largely without official resistance, since the 1940s.

CoNet Section:

Anti-Competitive Practices

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Philippines bans German pork, proving Europe is not a country when it comes to food safety

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After the EU's fuss several years ago over horse meat in packs of beef, a fresh food safety and security issue has arisen with the result that the Philippines has banned all imports of pork from Germany.

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EU Cyber-Security Act comes into force tomorrow.

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The European Union has long had institutions for dealing with cyber-security issues. But there's an update and new features. And there are a couple of things it tells us about the EU itself, such as its continued progress to become a country and to have central instruments of government rather than to rely on member states to comply with Directives. But, equally importantly, what the update does is set the scene for more restructuring in the future, if the EU works out that it needs to develop efficiencies and reduce duplication.

CoNet Section:

IT & Communications

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What's the opposite of premature withdrawal?

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Seriously, it's becoming difficult to be serious about the farce that is "brexit." Last night, eight options for brexit were put before the UK House of Commons. The plan - it had one of those stupid names that the Blair government with its PR-driven actions would be proud of - was to put a series of "indicative votes" to the House and then, depending on what happened, to have a third "meaningful vote" which even has its own acronym: MV3. Behind the scenes (which is made of some kind of sheer fabric so we can all see what's happening) there is a backstage drama being played out with May's Faustian bargain with the EU being behind an Ides of March moment: so many members of her own party are being lined up to be Brutus to her Ceasar that there is a real prospect of an "I am Spartacus" moment. You think we're being too theatrical? Just wait until you read what happened last night. Carry on up the ...

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UK's Prudential Regulation Authority and the Financial Conduct Authority have agreed to maintain relations with the European Central Bank regulators even if there is a "no deal" UK withdrawal

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Press release: 20 March 2019 (verbatim)

The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are announcing today that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities.

BIScom Subsection:

Regulation

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UK offers lifeline to EU "passported" businesses operating in the UK if a "no deal" brexit happens.

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A temporary permissions regime was put in place in January after the House of Commons rejected the May/EU deal. Exit day may have been postponed for a short time but increasingly there is a possibility that contingency plans must be made. Time is running out to act under the regime, unless the FCA chooses to extend it. The deadline is, as of now, 28th March 2019.

BIScom Subsection:

Regulation

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EU decides UK's exit date

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The EU is quietly laughing up its sleeve at yet another example of how it exercises control over the UK's withdrawal process. While EU leaders are selling it as a concession, the extension that the 27 countries that will remain in the Union have told the UK it can have comes with strings that impose conditions on the UK Parliament.

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