The European Commission has published a report addressed to the European Parliament and Council of the European Union on the delegation of power to adopt delegated acts conferred on the Commission pursuant to the Benchmark...more
Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024. On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more
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
A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more
EU Securitisation Regulation – the long-awaited final text of the recast risk retention regulatory technical standards (RTS) has been published in the Official Journal on 18 October 2023 and will enter into force on 7...more
The proposal would substantially reduce the number of benchmarks in scope of the EU BMR. On 17 October 2023, the European Commission published a legislative proposal that would significantly alter the benchmarks in scope...more
31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more
Commission Delegated Regulation (EU) 2022/1288, setting out the regulatory technical standards (RTS) to be used by financial market participants (FMPs) when disclosing sustainability-related information under the Sustainable...more
On August 19, the European Securities and Markets Authority (“ESMA”) announced the publication of its response to a consultation on the European Commission’s (the “Commission”) proposals to amend the regime for the provision...more
Focus remains on the transition away from the London Interbank Offered Rate (LIBOR), a key interest rate benchmark that is referenced across many of the agreements that you, funds you manage or advise or entities that you...more
As recently confirmed, the EU Sustainable Finance Disclosure Regulation (SFDR), becomes effective on 10 March 2021. The SFDR imposes sustainability-related disclosure requirements on financial services institutions such as...more
UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more
Andrew Bailey’s most recent speech on LIBOR transition (now in his new capacity as Governor of the Bank of England) likened the transition away from LIBOR to the game of cricket...more
The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. On 23 June 2020, the FCA published a statement...more
What is the law/regulation? As part of a broader European Union (“EU”) initiative on sustainable development which seeks to place environmental, social and governance (“ESG”) considerations at the heart of the financial...more
BMR: European Commission consults on equivalence for Japanese benchmarks - The European Commission is consulting on a draft Implementing Decision on the equivalence of the legal and supervisory framework applicable to...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. Key Points: ..The draft RTS contain new guidance that makes clear who is responsible for which...more
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
Welcome to the 2020 edition of In Principle. With the United Kingdom (UK) leaving the European Union (EU) on31 January 2020, and moving into a transition period which will last until 31 December 2020, Brexit of courselooms...more
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more
The European Securities and Markets Authority has published a list of the entities that are awaiting their national regulator’s approval for authorization and registration as EU benchmark administrators. Under the EU...more
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
The European Central Bank has published a report by the working group on euro risk-free rates providing high-level recommendations for fall-back provisions in contracts for cash products and derivatives transactions...more
Sustainable investing and ESG have become “buzz” words in the asset and fund management industry, with a vast array of new industry bodies and initiatives both in the EU and globally. New regulations are also emerging as the...more