Pension funds and entities with in-scope intragroup OTC derivative transactions will be able to continue to rely on the temporary exemptions from clearing and/or margining requirements under UK EMIR, following the publication...more
HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more
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
LIBOR cessation: FCA speech - The FCA has published a speech given by Edwin Schooling Latter, FCA Director of Markets and Wholesale Policy, on being ready for life without LIBOR from the end of 2021. ...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
On 21 September 2020, the European Commission adopted a time-limited equivalence decision for UK clearinghouses (also referred to as central counterparties ("CCPs")) in view of EU financial stability considerations, which...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
Capital market regulation: FCA speech - The FCA has published a speech given by Mark Steward, Executive Director of Enforcement and Market Oversight on "Capital market regulation and coronavirus". Among other things, Mr...more
HM Treasury has published for feedback a draft statutory instrument to implement the revised provisions for CCPs in the European Market Infrastructure Regulation (known as EMIR 2.2.) into U.K. law once the Brexit...more
On February 25, the Bank of England (BoE), the Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission (CFTC) published a joint statement detailing the measures that will be taken to ensure the...more
In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
On October 25, the Bank of England (“BOE“) and the PRA published a package of consultation papers that propose changes to the relevant onshored binding technical standards (“BTS“), the rules for financial market...more
BREXIT - Please refer to the Insurance section for an update on LMA model clauses on Brexit and placing of risks after 1 January 2019. Please refer to the Other Developments section for an update regarding the FCA Chair...more
European Financial Industry Developments - BCBS Publishes its Work Program for 2018 and 2019 - On June 5, 2018, the Basel Committee on Banking Supervision ("BCBS") published details of its work program for 2018 and...more
BREXIT - ECB speech considers impact of Brexit on ECB banking supervision - On 2 May, the ECB published a speech by Ignazio Angeloni, ECB Supervisory Board member, in which he considers the future of ECB banking...more
Following the announcement on March 19, 2018 that a transitional period for Brexit had been agreed between the U.K. and the EU, the U.K. regulators have published statements setting out their expectations regarding firms'...more
BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more
Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more
In 2017, Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo made clear he will strive to improve, not abolish, many reforms the CFTC adopted to implement the Dodd-Frank Act’s mandate for new...more
On January 22, 2018, the Association for Financial Markets in Europe (“AFME“) published a paper on cliff-edge risks in wholesale financial services resulting from Brexit. It defined a ‘cliff edge risk’ as one that is likely...more
Could blockchain redefine the structure of the capital markets? The venue for trading and the management of risks of trades have traditionally been the role of exchanges and market infrastructure organizations such as the...more
BREXIT - Brexit - EU (Withdrawal) Bill published - On 13 July, the DExEU published the European Union (Withdrawal) Bill (Bill), which: (i) repeals the ECA 1972; (ii) converts EU law into UK law where appropriate; and...more