The Financial Service of Issuance Business under MiFID in Europe
Introduction The realm of financial services is replete with complexities, particularly when it comes to the issuance of financial instruments. The European Markets in Financial Instruments Directive (MiFID 2 as amended) provides a legal framework that governs the issuance business, a term that encapsulates the issuance of financial instruments for one’s own risk or the …
Continue reading “The Financial Service of Issuance Business under MiFID in Europe”
Crypto-Asset Transparency 2.0 – How Liechtenstein’s Forthcoming CARF Act And CRS Revision Will Reshape Cross-Border Compliance From 2026
Hardly any other European financial centre has managed, within such a compact geographic perimeter, to translate the ever-accelerating OECD agenda on tax transparency into binding domestic law as swiftly and thoroughly as the Principality of Liechtenstein; and yet, with the draft Crypto-Asset Reporting Framework Act (“CARF-G”) and the amending statute to the Automatic Exchange of …
Reverse Solicitation Meets Stablecoin Scrutiny – How ESMA’s Guidelines and Statements Re‑shape Third‑Country Crypto‑Service Access to the European Single Market
When the European Securities and Markets Authority (“ESMA”) released, in close succession, (i) its Guidelines on situations in which a third‑country firm is deemed to solicit clients established or situated in the European Union and the supervision practices to detect and prevent circumvention of the reverse‑solicitation exemption under the Markets in Crypto‑Assets Regulation (“MiCA”) on 26 February 2025, …
From Forked Mandates to Regulatory Harmony: How the EBA’s No‑Action Letter Re‑maps the MiCAR–PSD2 Frontier for E‑Money‑Token Service Providers
When the European Banking Authority (“EBA”) released its 34‑page No‑Action Letter on 10 June 2025, it did rather more than grant a temporary supervisory reprieve to crypto‑asset service providers (“CASPs”) transacting electronic‑money tokens (“EMTs”); it exposed, with almost surgical precision, the structural incongruities created by the parallel application of the Markets in Crypto‑Assets Regulation (“MiCAR”), the Second Electronic Money …
AMLA’s New Bar for Crypto: What EU-Facing CASPs Must Build Now (and How Liechtenstein Can Lead)
The European Union’s new Anti-Money Laundering Authority (AMLA) is not simply another acronym in the alphabet soup of financial regulation; it is the linchpin of a redesigned supervisory architecture which, taken together with the Single Rulebook Anti-Money Laundering Regulation (AMLR), the Sixth AML Directive (6AMLD), the Funds/crypto “travel rule”, and MiCA’s prudential and conduct regime …
Liechtenstein’s MiFIDMiFIR Overhaul Payment-for-Order-Flow Ban, Consolidated Tape, and New Transparency Duties — What Banks, Investment Firms and Tokenized-Securities Platforms Must Implement by 2025–2026
Introduction In a move that is both evolutionary in its policy intent and revolutionary in its operational consequences, the European Union’s reform of MiFIR and MiFID II—adopted at EU level and already in force there—now cascades into Liechtenstein via a comprehensive legislative package that amends the Securities Services Act, the Investment Firms Act, the Asset …
AIFMD II & ELTIF 2.0 Liechtenstein’s 2025 Fund Law Overhaul—What Managers, Depositaries, and Investors Must Do Next
Introduction Liechtenstein is moving to transpose Directive (EU) 2024/927 (“AIFMD II”) and to operationalize the revamped ELTIF (European Long Term Investment Fund) regime (Regulation (EU) 2023/606 together with Delegated Regulation (EU) 2024/2759), by comprehensively amending the AIFM Act (AIFMG), UCITS Act (UCITSG), and, for consistency, the Investment Undertakings Act (IUG) and the Financial Market Authority …
MiCAR Transition Watch: Why Liechtenstein’s TVTG VASPs Should Prepare For An 30 June 2026 Cut-Off – And What To Do Now
Introduction As MiCAR’s full authorisation regime for crypto-asset service providers (“CASPs”) settles across the EU/EEA, the single date that defines strategy for every TVTG-registered firm in Liechtenstein is the end of the transitional (“grandfathering”) window; and while practitioners have so far worked to a 31 December 2025 national end-date, policy discussions in Vaduz are now …
Funding the Future: How TPF Complements Interim Finance under the IBC
In the evolving world of corporate insolvency, one quiet revolution is unfolding in courtrooms and boardrooms: the rise of third-party funding. For distressed companies, funding is often the difference between resolution and ruin. And for India, still navigating the growing pains of its insolvency regime, Third-Party Funding (“TPF”) and Interim Finance (“IF”) are beginning to …
Continue reading “Funding the Future: How TPF Complements Interim Finance under the IBC”
Ukraine’s Anti-Dumping Enforcement in Wartime: Trade Defence Practice, Key Cases and Strategic Implications
Olena Omelchenko, Partner at Ilyashev & Partners, Head of International Trade Practice, PhD in Law Anti-dumping investigations have become one of Ukraine’s key trade defence instruments, particularly since 2014 and following the full-scale war in 2022. Against the backdrop of disrupted supply chains and heightened economic security challenges, this mechanism provides effective protection for domestic …