UK EMIR: BoE consults on modifications to DTO to reflect interest rate benchmark reform - The Bank of England (BoE) has published a consultation paper setting out its proposal to modify the scope of contracts that are...more
ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more
Brexit: Draft Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 - A draft version of the Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 has been...more
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 - The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
EMIR: ESMA report on post-trade risk reduction services - The European Securities and Markets Authority (ESMA) has published a report on post-trade risk reduction (PTRR) services under the European Market Infrastructure...more
On 22 July 2020, HM Treasury published a policy statement setting out the UK government’s rationale and proposed approach for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation...more
Accessing and using wholesale data: FCA extends call for input deadline The UK Financial Conduct Authority (FCA) has extended the deadline for responses to its call for input on the use and value of data and advanced...more
The UK government clarifies its legislative plans for financial services regulatory reforms post-Brexit. On 23 June 2020, the House of Commons published a written statement from Rishi Sunak, Chancellor of the Exchequer, on...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
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
BMR continues to develop its impact in the different industry sectors that rely on benchmarks, e.g., derivatives, capital markets, banking, etc., as well domestic regulations. In this article, we do not look at a particular...more
Six months have now passed since publication of the Dechert OnPoint, LIBOR – Where Are We Now?, and in that period progress on benchmark reform and the development of alternative risk-free-rates (RFRs) has gathered pace. At a...more