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September 2018

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In March 2018 the European Commission issued a proposal for a regulation on crowdfunding service providers (“CSPs”) (the “Proposal”) as part of its broader FinTech action plan. CSPs operate online platforms which facilitate investments in innovative companies, start-ups and other unlisted firms companies by private investors. The Proposal plans to enable CSPs to offer their services across Europe more easily and also to improve access to CSP services across the EU. On 10th August 2018,…

On August 22, the Securities and Exchange Commission (“SEC”) issued three separate orders rejecting multiple applications which would have allowed the listing and trading of  Bitcoin exchange-traded funds (“ETFs”).  Two of the orders involved NYSE Arca, Inc., an exchange headquartered in Chicago.  NYSE Arca submitted proposed rule changes which would allow it to list shares on behalf of two Proshares ETFs and five Direxion ETFs.  The third order involved a proposed rule change by the…