News & Analysis as of September 21, 2024

European Union › Benchmarks

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

EU Proposes Reducing Scope of the EU Benchmark Regulation

A&O Shearman on 11/6/2023

The European Commission has published a legislative proposal for reducing the scope of the EU Benchmark Regulation. The EU BMR provides the authorization and registration requirements for benchmark administrators, including...more

The EU Sustainable Finance Package: key points for private fund managers

Goodwin on 6/21/2023

On 13 June the European Commission (the Commission) published a new package of measures to bolster the EU sustainable finance framework. Its aim is to: “ensure that the EU sustainable finance framework continues to...more

Upcoming Regulatory Initiatives Impacting Private Fund Managers - European Regulatory Initiatives

Dechert LLP on 10/20/2021

AIFMD Marketing/Pre-marketing – Cross-border distribution of investment funds - Changes to EU law on the cross-border distribution of AIFs and UCITS came into effect on 2 August 2021. Following Brexit, UK AIFMs are out of...more

Brexit and Debt Capital Markets transactions – some practical perspectives

Hogan Lovells on 3/4/2021

Following the end of the Brexit transition period, debt capital markets participants may now need to consider both EU rules and the parallel UK rules for EU and UK transactions, particularly those that are cross-border. ...more

Financial institutions general regulatory news, February 2021 # 4

Hogan Lovells on 2/22/2021

Operational resilience: developments in the financial services sector in the UK - In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new...more

European Union’s Legislative Fix for the Cessation of LIBOR

McGuireWoods LLP on 2/16/2021

On February 13, 2021, the European Union’s (EU) amendments to the Benchmarks Regulation (2016/1011) (the Amended BMR) came into force, which provides a legislative fix for the cessation of LIBOR in legacy contracts. The...more

Using the ISDA IBOR Fallbacks Supplement in Finance-Linked Hedging Transactions

Latham & Watkins LLP on 2/5/2021

While a welcome development for parties to derivatives transactions generally, the launch of ISDA’s robust benchmark fallbacks may not be the most appropriate solution for IBOR cessation in finance-linked hedging transactions...more

Benchmarks: Delegated Acts on ESG Disclosures Published and Transitional Period for Third Country Benchmarks Extended

Latham & Watkins LLP on 12/7/2020

Three delegated acts that supplement the EU Benchmarks Regulation will come into force on 23 December 2020. The long-awaited delegated acts (Delegated Acts) required by Regulation (EU) 2019/2089 (the Low Carbon Benchmarks...more

Libor Administrator Proposes Extending Timeline for Discontinuing Some U.S. Dollar Benchmarks

Holland & Knight LLP on 12/1/2020

The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020, that it will consult in early December on its intention...more

Securities and markets regulatory news, November 2020 # 3

Hogan Lovells on 11/23/2020

UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy - The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more

Securities and markets regulatory news, July 2020 #4

Hogan Lovells on 7/29/2020

Brexit: ISDA updates FAQs - HM Treasury has published a policy statement explaining the government's reasons for extending the transitional period for third-country benchmarks under the retained EU law version of the...more

Proposed Amendments to the European Benchmark Regulation Address “Tough Legacy” IBOR Contracts

Cadwalader, Wickersham & Taft LLP on 7/27/2020

The European Commission has last week published a draft regulation to amend the Benchmark Regulation (“BMR”), in respect of (i) the exemption of certain third country foreign exchange benchmarks and (ii) the designation of...more

EU Regulatory Forbearance for Audit Requirements for Interest Rate Benchmark Administrators and Contributors

A&O Shearman on 5/8/2020

The European Securities and Markets Authority has issued a public statement asking national regulators across the EU not to prioritize supervisory actions against interest rate benchmark administrators and contributors for...more

ESMA Provides Its Input on the BMR Review

Latham & Watkins LLP on 2/20/2020

ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more

International Securities and Derivatives Association Publishes FAQs on IBOR Fallback Rate Adjustments

A&O Shearman on 1/30/2020

The International Securities and Derivatives Association has published a set of Frequently Asked Questions on Interbank Offered Rate Fallback Rate adjustments. The FAQs are part of ISDA's preparations for the sweeping changes...more

Do retailers drop more cookies on Americans or Europeans?

BCLP on 1/27/2020

Americans, but only slightly. United States companies consider several strategies for mitigating the risk that a supervisory authority might determine that they are subject to the GDPR (or the ePrivacy Directive)....more

EU Publishes Handbook for Climate Benchmarks

A&O Shearman on 1/21/2020

The EU Technical Expert Group on Sustainable Finance has published a Handbook providing guidance on the EU’s new climate transition benchmarks (EU CTB) and Paris-aligned benchmarks (EU PAB), as well as on the environmental,...more

Major Steps Forward for EU Sustainable Finance

Jones Day on 12/27/2019

The Situation: Three major pillars of the EU action plan on sustainable finance ("EU Action Plan") at varying stages of development have taken steps forward. The Result: We now have a regulation on climate-related benchmarks...more

Financial Regulatory Observer - December 2019: ESG investing: The sharpening teeth of disclosure

White & Case LLP on 12/23/2019

How to stay ahead of the curve, minimize future costs of compliance and feed the growing demand from investors for responsible products and services - Environmental, social and governance (ESG) investing is accelerating...more

Update on Benchmarks Reform in Derivatives

McGuireWoods LLP on 12/5/2019

On 27 July 2017, the chief executive of the Financial Conduct Authority, Andrew Bailey, announced that the London Interbank Offered Rate (LIBOR) may not continue to be available after 2021. Since this announcement, a number...more

Private Bank Briefing: Issues Impacting the Private Bank Sector - December 2019

Latham & Watkins LLP on 12/3/2019

Since it entered into force in 2018, the PRIIPs Regulation has raised a number of issues. These range from issues concerning the scope of the Regulation, in particular its application to corporate bonds and the impact this...more

Structured Thoughts: News for the Financial Services Community, Volume 10, Issue 6

Morrison & Foerster LLP - Structured Products on 11/27/2019

In this issue of Structured Thoughts, we discuss: ..European Commission consultation on EU benchmark regulation ..FINRA: Suitability and sales practices remain an issue ..SEC charges Switzerland-based dealer for selling...more

Basel Committee on Banking Supervision Considers Key Supervisory and Policy Initiatives

A&O Shearman on 11/14/2019

The Basel Committee on Banking Supervision met on October 30-31, 2019 to discuss key policy and supervisory issues, including: (i) a proposed consultation on adjustments to the credit valuation adjustment risk framework; (ii)...more

ESMA’s Consultation Paper on the MAR Review

Latham & Watkins LLP on 10/11/2019

Consultation provides chance for industry to comment on which elements of the regime are working well and where change is needed. Key Points: ..ESMA is seeking industry views on various aspects of MAR and whether they...more

€STR v. EURIBOR: the battle of the euro benchmark

White & Case LLP on 10/1/2019

Tomorrow heralds an important milestone in the evolving saga of LIBOR's discontinuation, seeing the launch of the fifth and final rate, €STR, as the proposed successor to euro LIBOR. However, although in our other articles...more

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European Union › Benchmarks

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