Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....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
During 2021, we have seen action by several key legislatures to address the risk of litigation arising out of LIBOR cessation. In February 2021, the EU’s amendments to the Benchmarks Regulation entered into force, providing...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
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
The Prudential Regulation Authority has published a letter addressed to the Chair of the Working Group on Sterling Risk-Free Reference Rates. The letter responds to the Working Group's letter in October 2019 requesting...more
The Benchmarks Regulation (BMR) – or to give it its long name, the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds ((EU) 2016/1011) –...more
Dramatic changes are on the horizon for the most widely used benchmarks for interest, investment and derivatives rates: the London Interbank Offered Rate (LIBOR) for various currencies. Notwithstanding efforts by regulators...more
A Commission Implementing Regulation amending the list of critical benchmarks used in financial markets under the Benchmark Regulation has been published in the Official Journal of the European Union. The amending Regulation...more
FCA Consultation Paper sets out proposed approach to compelling LIBOR contributions. The FCA has published a Consultation Paper (CP17/5), setting out its proposed approach to the use of its compulsion powers under the EU...more