On 20 September 2018, the International Organization of Securities Commissions (IOSCO) published a final report on retail OTC leveraged products (the Report), which provides measures for securities regulators to consider when addressing the risks arising from the marketing and sale of OTC leveraged products to retail investors.
The Report provides three ‘toolkits’ containing guidance and
On 18 September 2018, the Council of the EU published the minutes of its meeting on general affairs (the Minutes). On page 13 of the Minutes, the Council provides a non-objection to the Commission Delegated Regulation adding Pakistan to the list of high-risk third countries under the Fourth Anti-Money Laundering Directive (the Delegated Regulation). The
The FCA has prohibited Christian Bittar, a former derivatives trader of products referenced to Euribor at a global bank, from all controlled functions for seeking to manipulate Euribor. The FCA refrained from imposing an additional financial penalty on the basis that the Crown Court had sentenced Mr Bittar to 5 years and 4 months in
The tenth edition of our Global Asset Management Quarterly is now available. You can also register to automatically receive each issue as it is released.
This publication highlights key developments that will be of interest to, and affect, our asset management clients, including market trends and developments in tax and buy-side regulation globally.
Articles in
We have launched a second Brexit report (the Report), produced in conjunction with the Association of Foreign Banks (AFB), exploring the impact of the leave vote on the foreign banking sector. The Report is based on the findings of a survey, carried out over the summer, of a cross-section of AFB members, including senior executives
On 19 September 2018 the UK House of Commons Treasury Committee (the Committee) published its report on the possible regulation of crypto-assets (the Report). Commenting on the Report, Committee chair Rt Hon. Nicky Morgan MP argued that the crypto-assets industry is highly unregulated, which results in numerous risks for investors. Hence, with this Report the
On 18 September 2018, the Loan Market Association (LMA) and the Association of Corporate Treasurers (ACT) published the second edition of their guide, The future of LIBOR: what you need to know (the Guide).
The Guide provides an overview of the developments of key issues with regards to the proposed transition away from LIBOR
On 19 September 2018, the Prudential Regulation Authority (PRA) and FCA jointly published a Dear CEO letter to banking firms on firms’ preparations for the transition from LIBOR to risk-free rates (the Letter). The purpose of the Letter is to seek assurance that firms’ senior managers and boards understand the risks associated with the LIBOR
On 18 September 2018, the House of Commons Exiting the European Union Committee (the Committee) published their ninth report of session 2017-19, The progress of the UK’s negotiations on EU withdrawal (June to September 2018) (the Report).
The Report sets out the opinions and recommendations of the Committee on the progress of the UK’s
On 19 September 2018, the European Banking Authority (EBA) published their fourth annual report on asset encumbrance (the Report). There was a slight increase in the level of asset encumbrance across the EU in 2017 compared to previous years, with particularly high levels noted in jurisdictions with established covered bond markets (e.g. Sweden), and those