Legal Aspects of Virtual Currencies
Dr Perkins addressed the question of how the existing legal system could accommodate virtual currencies. Should virtual currencies be classified as property or personal rights under common law? Would they be considered “negotiable chattels” like bank notes and coins? If virtual currencies qualify as money, does that mean they must be regulated as money, rather than commodities or securities?
MiFID II – Best Execution
MiFID II is due to become applicable on 3 January 2018. Dr Perkins provided an overview of the changes introduced by the Directive in relation to the scope of obligations, executions of behalf of clients, transaction reporting by brokers, and client order handling.
In her last presentation, Dr Perkins sought to shed light on the alphabet soup of bank resolution. She commented on varying standards on loss-absorbing capacity in different jurisdictions, including total loss-absorbing capacity (TLAC) as understood by the Financial Stability Board, the minimum requirement for own funds and eligible liabilities (MREL) according to the EU, and long-term debt requirements (LTD) recommended by the Federal Reserve.
A version of the presentation can be found here.