The FCA has published a speech delivered at the Investment Association by Megan Butler (Executive Director of Supervision – Investment, Wholesale and Specialists, FCA). The speech is entitled Ending reliance on LIBOR: Overview of progress made on transition to overnight risk-free rates and what remains to be done.
Key messages in the speech include:
On 25 February 2019, the European Banking Authority (EBA) issued a consultation on draft guidelines on credit risk mitigation in the context of the advanced internal rating-based (A-IRB) approach.
The draft guidelines are intended to clarify the credit risk mitigation (CRM) framework in the context of the A-IRB approach. This is done by focussing on
Update of 25 February 2019: The German draft act laying the ground for a limited transitional regime for UK financial services firms including insurers and reinsurers following a hard Brexit has passed the German parliament (Bundestag) on 21 February 2019 without any amendments regarding the transitional regime for UK insurers and reinsurers. The
On 25 February 2019, the UK and US authorities issued a joint statement on continuity of derivatives trading and clearing post Brexit.
The joint statement covers the following issues:
The following EU Exit statutory instruments have been made:
You can
On 21 February 2019, HM Treasury published a web page providing guidance on the EMIR Pension Scheme Arrangements clearing exemption in the event of a no deal Brexit.
HM Treasury explains that it has previously confirmed in the explanatory memorandum to the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional
On 22 February 2019 FCA issued a statement on its website concerning the onshoring of the European Securities and Markets Authority’s (ESMA) temporary intervention measures prohibiting binary options and restricting contract for difference products (CFDs) sold to retail clients.
The FCA reminds firms that they are required to comply with ESMA’s decision notices until they
On 22 February 2019, the FCA published its 21st Primary Market Bulletin – its newsletter for primary market participants.
In this edition of Primary Market Bulletin, the FCA states that HM Treasury has laid the statutory instruments for onshoring the Short Selling Regulation (SSR) and Market Abuse Regulation (MAR). The FCA expects firms and
The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2019 have been made and published on legislation.gov.uk, alongside an explanatory memorandum. Our earlier blog on the Regulations is here.
You can track the financial services Brexit EU Exit statutory instruments (as well as gain
The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 have been made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog on the Regulations is here.
You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on