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Articles by Sid Ulker
Digital Assets 101
"Writing a description for this thing for general audiences is bloody hard. There's nothing to relate it to." Satoshi Nakamoto (the pseudonymous founder of Bitcoin) A digital asset is any asset that is represented digitally or electronically. In financial services, digital assets include stocks and shares, investment funds, bonds, sovereign debt, central bank digital currencies (CBDCs), stablecoins and cryptocurrency. In simple terms, a ledger is a digital store of structured data.
Market Structure Update – What's going on in the market?
Welcome to the latest edition of the Ashurst Market Structure Update. The FCA statement Market Watch was not a good way to start the summer holiday, it puts the industry on notice that transaction reporting remediation work is on borrowed time (followed up shortly by the FCA's second MiFID transaction reporting fine). Less abrasively, the FCA's reach on the tick size regime finds the regime is working well (more or less) – readers are invited to give their views good and bad to the FCA on this.
Market Structure Update - What's going on?
Welcome to the latest edition of the Ashurst Market Structure Update. The FCA statement Market Watch was not a good way to start the summer holiday, it puts the industry on notice that transaction reporting remediation work is on borrowed time (followed up shortly by the FCA's second MiFID transaction reporting fine). Less abrasively, the FCA's reach on the tick size regime finds the regime is working well (more or less) – readers are invited to give their views good and bad to the FCA on this.
Market Structure Update - What's going on in the market?
Welcome to the latest edition of the Ashurst Market Structure Update, which covers key developments that took place in the market up to the 15th of July 2025. Over the last few weeks, the FCA has confirmed the end date for the non-equity SI regime, and set out concerns about the equity market: is too much liquidity draining away from central limit order books?
ESMA consultation on transaction data reporting and maintenance of order book data
ESMA has published a consultation paper on the transaction data reporting and order book record keeping requirements introduced by Regulation (EU) 2024/791 (Updated MiFIR). This is the latest in a series of consultations published by ESMA as it fulfils its various mandates as part of the MIFID Review (see our briefing here) in light of Updated MiFIR entering into force (see our briefing here).
UK Government Moves on Digital Assets
The new Government has taken its first steps to advance the legal framework for digital assets in the UK. In a statement to the House of Lords, the Parliamentary Under-Secretary of State for Justice (Lord Ponsonby of Shulbrede) announced that three key recommendations of the Law Commission of England and Wales would be taken forward: 1.
Post-trade risk reduction services and the DTO: FCA consultation paper
The FCA is making a few changes to the derivatives trading obligation and post-trade risk reduction services. This includes notification and disclosure requirements. Firms should review proposals to ensure adequate arrangements are in place in time for implementation of the rules.
EU changes to the MIFID regime are here
Legislative amendments to MIFIR (Updated MiFIR) and MIFID (Updated MiFID) have been published in the Official Journal. The texts were introduced by the European Commission in November 2021 (see our briefing here).
Global Digital Assests Digest February 2024
Welcome to this month's Global Digital Assets Digest. In this month's edition there are important papers from ESMA on reverse solicitation and the characterisation of financial instruments. In the UK, we have the response from UK regulators to their consultation on the digital pound. In APAC, there are a number of important developments, including the HKSAR Government's landmark digital green bonds offering.
Global Digital Assets Digest: January 2024
Welcome to the first Global Digital Assets Digest of the year. In this edition, we have news in relation to the UK Digital Securities Sandbox, with secondary legislation published to implement the regime. There's also the latest minutes from the CBDC Engagement Forum. In Hong Kong, there are a number of publications from the SFC in relation to the regulation of virtual assets.
UK Government Responds to Submissions on Cryptoassets Regulation - Part 1
The UK Government has published three documents that expound on its plans for the regulation of certain cryptoassets, including fiat-backed stablecoins used for payments: Update on Plans for the Regulation of Fiat-Backed Stablecoins (the Update) Future Financial Services Regulation of Cryptoassets: Response to the Consultation and Call for Evidence (the Response) Managing the Failure of Systemic Digital Settlement Asset (including Stablecoin) Firms: Government Response to Consultation (the...
Financial Services and Markets Act 2023: Setting out the post Brexit framework for financial services
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The Financial Services and Markets Act 2023 has been published following Royal Assent on 29 June 2023. The Financial Services and Markets Act Bill was first introduced in July 2022 (see our briefing here) and is the most significant piece of post-Brexit legislation since the Financial Services Act 2021.
By Etay Katz, Tim Cant, Lorraine Johnston, Vidhi Mahajan, Bradley Rice, Emma Tran, Sid Ulker, Sophie Skeet, Jamie Ng, Greg Patton, Jake Green Verified, Adam Clenton
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Lexology
Verified
UK acts on stablecoin risk Managing the failure of systemic Digital Settlement Asset firms
On 31 May 2022, HM Treasury issued a consultation paper "Managing the failure of systemic digital settlement asset (including stablecoin) firms". The consultation sets out the Government’s proposed approach to managing the failure of systemic digital settlement asset (including stablecoin) firms, by applying a modified Financial Market Infrastructure Special Administration Regime to these firms.
Europe steaming ahead on Open Finance, Payments, and the Digital Euro
On 28 June 2023 – dubbed "Super Wednesday" – the European Commission published its proposal for a revised payment services and e-money regime; a new data sharing regime which will form Europe's open finance framework and the launch of the digital euro. The changes to the payments and e-money regime are an evolution rather than a revolution, but changes aplenty and require a close review. PSD2 and EMD2 will be repealed and replaced by PSD3 and a new Payment Services Regulation (PSR).
Ashurst briefing on the Law Commission's Final Report on Digital Assets
The Law Commission, which recommends reforms to laws in England and Wales, has published its much-anticipated Final Report on Digital Assets. Almost a year after the Commission launched a public consultation on the status of crypto-tokens and other Digital Assets, it has concluded that only limited statutory changes are required to accommodate Digital Assets in the existing legal framework.
Crypto promotions: Material changes will come in on 8 October 2023
On 7 June 2023, the statutory instrument which brings qualifying cryptoassets into the financial promotions regime was made. Following in the Government's footsteps, yesterday, the FCA published its Policy Statement 23/6 with the near final rules for cryptoasset promotions, as well as a consultation 23/1 on a proposed guidance paper. In short, it will be daifficult (but not impossible) to mass-market cryptoassets in the UK.
EU DLT Pilot Regime: A practical guide
The European Union DLT Pilot Regime (DLT Pilot Regime), which has an implementation date of 23 March 2023, represents a significant step forward in the use of distributed ledger technology (DLT) in the European financial services sector. When originally drafted, EU financial services legislation did not envisage DLT and/or digital assets and therefore contains provisions which may prevent or constrain the use of DLT in the issuance, trading and settlement of financial instruments.
Basel Committee - Final standard on the prudential treatment of banks' cryptoassets
The Basel Committee on Banking Supervision (the Committee) has now published its finalised standard (the Standard) on the prudential treatment of banks' exposures to cryptoassets, taking into account stakeholder feedback to its initial proposals in the June 2021 consultation (see Ashurst briefing here), and the second public consultation in June 2022 (see the Ashurst briefing here).
Big Bang 2.0? The Edinburgh Reforms
On 9 December 2022, Chancellor of the Exchequer, Jeremy Hunt, outlined the Government’s Financial Services Package designed to drive growth and competitiveness in the UK financial services sector (the Edinburgh Reforms). The Package, consisting of 30 measures, was signalled in the Autumn Statement and is intended to complement the Financial Services and Markets Bill 2023-23 (see our briefing here).
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