Kyoto Conference

11 December 2020

Kyoto, 11 December 2020

Introduction

Since the last Conference of the ILA, held in Sydney, Australia, in August 2018, the Committee (better known by its acronym, MOCOMILA) has continued its study of the legal aspects of money, payments, currency, and financial stability. Specifically, the Committee held two meetings: in Hong Kong, SAR, China (26-27 April 2019), and Basel, Switzerland (15-16 November 2019). MOCOMILA had a third meeting planned in Luxembourg for 20-21 March 2020, which unfortunately had to be cancelled because of the coronavirus pandemic.

The subjects of the foregoing meetings and other topics discussed by the Committee are reflected in the following sections of this report.

I. The Legal Implications arising from the end of LIBOR (by Mr T Baxter)

II. The European Legal Issues arising from the end of EONIA and EURIBOR (by Prof C Zilioli)

III. The Role of the Financial Stability Board in International Regulation in Changing Times (by Dr E H├╝pkes)

IV. Third-party Service Providers under the Second European Union Directive on Payment Services in the Internal Market (Prof B Geva)

V. The Evolution of the Institutional and Regulatory Framework Governing European Banking Union (Prof C. Gortsos)

VI. Lex Cryptographica Financiera (Prof R. Lastra and Prof J G Allen)

VII. European Union Perspective on the Regulation of Crypto Assets (Dr K P Follak)

This report reflects the views of the individual members and not necessarily those of any institutions with which they are affiliated.