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Banking

US banks scramble on research fees as reprieve on European rules runs out

NEW YORK, June 28 (Reuters) - Wall Street banks and brokerages are in a last-minute scramble to meet a July 3 deadline to charge investors for research reports, bankers and others in the industry said, a requirement that threatens their European business if they fail to comply.Bank of America Corp (BAC.N) and Jefferies Financial Group were among the earliest U.S. banks to comply with the rules - but many others have not yet met the standards and are rushing to catch up, they said.Failure to do so could mean losing...
Cryptocurrency

UK legal body recommends new property law category for crypto assets

LONDON, June 28 (Reuters) - UK law can accommodate crypto assets by creating a new category of personal property that would include digital assets, independent body the Law Commission said on Wednesday.In a report commissioned by the government, the Law Commission said digital assets such as cryptocurrencies and non-fungible tokens (NFTs) do not fit within the traditional categories of personal property.As expected, the Commission proposed adding a third category of "digital objects" to the existing categories of personal property, which are "things in possession" (tangible assets like gold) and "things...
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