On 18 June 2019, Facebook announced plans to launch a new blockchain enabled cryptocurrency called Libra.
In early August 2019, the UK’s Information Commissioner’s Office (the ICO) joined other data protection authorities from around the world (from Europe, the Americas, Africa and Australasia) in publishing a statement to Facebook and the 28 other companies behind
On 15 August 2019, the Financial Markets Law Committee (FMLC) published a letter that it had sent to HM Treasury on the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (the Regulations).
The Regulations implemented the European Markets Infrastructure Regulation (EMIR) in the UK. HM Treasury’s
On 19 August 2019, the European Central Bank’s (ECB) working group on euro risk-free rates published a report that focuses on the impact that the transition from the current euro overnight index average (EONIA) to the ECB’s euro short-term rate (€STR) will have on cash and derivatives products. In the report, the working group analyses
On 16 August 2019, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a news item indicating that in the last week of August, alternative investment funds and their managers will be receiving a questionnaire in relation to anti-money laundering and sanctions risks. This questionnaire is circulated annually
On 18 August 2019, the UK Government issued a press release stating that the Secretary of State for Exiting the EU, Steve Barclay MP, had “signed the legislation setting in stone the repeal” of the European Communities Act 1972 (ECA 1972). The press release goes on to say that the repeal of the ECA 1972
On 16 August 2019, there was published in the Official Journal of the EU (OJ), the European Central Bank (ECB) decision of 26 July 2019 on the procedure and conditions for exercise by a Member State competent authority of certain powers in relation to the oversight of systemically important payment systems (SIPs).
In April 2012,
The US Government recently imposed additional economic sanctions with respect to Russia and Venezuela.
Norton Rose Fulbright has prepared legal updates discussing these developments:
US imposes second round of CBW Act sanctions on Russia, authored by Partners Stefan Reisinger and Steven McNabb, Senior Counsel Kimberly Caine, and Associate Wenda Tang in
The recording from our Regulatory Compliance Consulting webinar on cyber resilience is now available here.
In an increasingly complex landscape of cyber risks and issues, this webinar considers key areas of importance including:
On 27 September 2019 we will be holding a breakfast briefing that will provide insight to the progression of benchmark rate reform, and provide attendees with the opportunity to ask questions and engage in discussion regarding the key issues facing anyone involved in the financial markets.
Further information can be found here.
On 14 August 2019, the FCA published two protocols in relation to lessons learned reviews commissioned by the non-executive directors of the FCA following the appointments of John Swift QC and Raj Parker as independent reviewers for the Interest Rate Hedging Products (IRHPs) review and the Connaught Income Fund Series 1 review respectively in June