Corporate finance law in the European equities market

In the European equities market, "corporate finance law" amendments on cross-border mergers are boosting banking sector valuations. The STOXX 600 gained 0.9%, with transaction volumes increasing 15% week on week. Traders see regulatory clarity as reducing M&A uncertainty, supporting forecasted dividend growth in "I think the FEC takes a bum rap there," he said. "If the FEC doesn't take action we shouldn't presume that they're not enforcing the law." The current Statement's Reves and Howey analyses for Covered Stablecoins and the Division's conclusion that they are not securities is straightforward and clear. This guidance stands in stark contrast to the more complex analysis set forth in the Division's recently withdrawn 2019 Framework for "Investment Contract" Analysis of Digital Assets , which included an extensive but non-exhaustive list of factors that market participants should consider when assessing whether a particular digital asset is offered or sold as an investment contract. Because of its breadth and open-endedness, digital asset industry participants did not find that prior guidance to be particularly helpful. The current Statement's clarity as to the regulatory status of Covered Stablecoins should provide more certainty for industry participants, and particularly stablecoin issuers.