What operational and compliance changes should EU investment firms, insurers, and intermediaries plan for after the 18 December 2025 provisional political agreement between the European Parliament and the Council on the Retail Investment Strategy (RIS) package, covering retail advice and suitability, “value for money” checks, inducement controls, third‑party marketing (including financial influencers), and PRIIPs key information document disclosures? The 18 December 2025 deal

Generative AI providers are now facing materially different answers to a deceptively simple question: when does a model “contain” protected content, and who is responsible when that content shows up in outputs. In late 2025, the High Court of England and Wales (Chancery Division) and the Regional Court of Munich I each issued detailed rulings tied to real-world model behavior, while the USPTO’s Appeals Review Panel issued a precedential patent-eligibility decision that is dir

Many Web3 projects and individuals earn fees for introductions, referrals, and deal sourcing. In the European Union, the legal question is when an “introducer” crosses into regulated intermediation under MiFID II or MiCA. MiFID II: when an introduction becomes an investment service MiFID II Article 5 requires authorisation for investment services. “Investment advice” is a personal recommendation on transactions in financial instruments (Article 4(1)(4)). Annex I lists the key

The legal question: how can a tokenized real‑world asset (RWA) financing program for operating manufacturing facilities be structured so each investor contracts with the specific facility pool that owns and finances the facility assets, while a protocol-level entity coordinates issuance and voting mechanics across multiple facilities? This case study describes an implementation using a Republic of the Marshall Islands decentralized autonomous organization limited liability co

This case study documents the legal-structural implementation we executed for a protocol development client preparing a public token sale contemporaneous with mainnet launch. The engagement objective was to construct a governance-credible and operationally separable architecture in which ecosystem stewardship, sale execution, and commercial development operations were isolated into distinct legal entities, with defined authority boundaries, traceable funds flows, and publicat

Blockchain (a type of distributed ledger) is designed as a distributed, tamper-resistant, and transparent  data structure with no centralized control. Transactions are grouped into blocks cryptographically chained together, and a consensus mechanism  (e.g. proof of work or proof of stake) ensures all nodes agree on the valid state. These properties— decentralization  (many participants replicate data), immutability  (once recorded, data cannot be altered without detection), a

Scope and Objectives of PSD2 vs. MiCA PSD2 – Payment Services Directive (2015) : PSD2 provides the core legal framework for retail payment services in the EU, aiming to foster an integrated EU payments market and enhance innovation, competition, and security in electronic payments. Building on the first Payment Services Directive (2007), PSD2 addressed barriers to new types of payment services (e.g. fintech payment initiation and account aggregation) while improving consumer

Introduction and Official Source The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 , commonly known as the GENIUS Act , is a proposed U.S. federal law to create a comprehensive regulatory framework for payment stablecoins . The bill’s official text (S.1582 in the 119th Congress) is available on Congress.gov . It defines “payment stablecoin” as a digital asset used for payments or settlement that is redeemable for a fixed monetary value  (for ex

ESMA’s new guidelines stem directly from Article 92(3) of MiCA, which obliges the authority to harmonise how national competent authorities (NCAs) combat market abuse in crypto-asset markets by 30 June 2025. The final report, published on 29 April 2025, therefore fills a regulatory gap that MiCA itself created: the regulation outlawed insider dealing, unlawful disclosure and manipulation involving crypto-assets, yet supervisory cultures and data capabilities still vary widely

Artificial Intelligence (AI) is being integrated into arbitration as a tool to enhance efficiency and decision-making. In broad terms, AI refers to computer systems capable of tasks that typically require human intelligence, such as learning, pattern recognition, and natural language processing. In arbitration, AI’s role so far has been largely assistive – helping arbitrators and parties manage complex information and streamline procedures. For example, AI-driven software can

The Guidelines apply to competent authorities, financial market participants, and any individual or entity engaged in crypto-asset...

The Commission Guidelines on prohibited artificial intelligence practices established by Regulation (EU) 2024/1689 (AI Act)  (“the...

The European Commission (the ‘Commission’) issued the Guidelines on the definition of an artificial intelligence system under Regulation...

Decentralized Finance (DeFi) promises financial services without traditional intermediaries – but this very decentralization creates...

The EU's Markets in Crypto-Assets Regulation (MiCA) came into full effect on 30 December 2024 , following its initial entry into force on...

The Cyprus Securities and Exchange Commission (CySEC) has initiated a preliminary assessment phase for Crypto-Asset Service Providers...

The European Union's AI Act (Regulation (EU) 2024/1689) introduces a legal framework to regulate artificial intelligence systems across...

The Regulation on Markets in Crypto Assets (MiCAR) is set to reach a significant milestone on 30 June 2024, with the provisions...

How do electronic money (e-money) and electronic money tokens (EMTs) differ, and what are the regulatory frameworks governing them within...

The European Union has enacted a regulation on artificial intelligence (AI) designed to stimulate innovation, ensure the trustworthiness...