European Commissioner McGuinness has announced that in early 2022 the European Commission will be proposing an extension of the time-limited equivalence granted to U.K. CCPs...more
Draft Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021 A draft version of the Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021...more
UK MiFIR: FCA update on use of TTP to modify DTO - The Financial Conduct Authority (FCA) has published an update on the use of its temporary transitional power (TTP) to modify the UK's derivatives trading obligation (DTO). ...more
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
ISDA 2020 IBOR Fallbacks Protocol - The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
FMI supervision: BoE policy statement on fees regime for 2020/21 - The Bank of England (BoE) has published a policy statement on the fees regime for the supervision of financial market infrastructure (FMI) that will apply...more
EMIR - New Third Country CCPs Recognised - ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU on 29 May 2017 – New Zealand Clearing Ltd may now clear. ...more
Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more
Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more
Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more
European Securities and Markets Authority (“ESMA”) has published practical guidance on the recognition by it of third country central counterparties (CCPs) under EMIR (ESMA/2016/365). The guidance is dated March 17, 2016....more
On 26 January 2016, ESMA announced that had entered into a memorandum of understanding (MoU) with each of the Mexican Comisión Nacional Bancaria y de Valores (CNBV) and the South African Financial Services Board (FSB) under...more
Non-Recognition of US CCPs as Subject to Equivalent Regulation May Require European-Based Funds to Restrict Trading in US Centrally Cleared Derivatives - An opinion by the European Securities and Markets Authority...more