On 28 January 2020, the FCA published a Dear CEO letter (dated 24 January 2020) setting out the regulator’s view of the potential harm as well as the underlying drivers that benchmark administrators could pose to their customers and the markets in which they operate.
The FCA sees three main ways in which benchmark administrators
On 27 January 2020, the Department for Exiting the European Union (DExEU) published a letter from John Glen MP, Economic Secretary to the Treasury, to Lord Kinnoull, European Union Committee Chair, on equivalence in the area of financial services post-Brexit.
Mr Glen begins the letter by reiterating that the financial services provisions in
On 22 January 2020, Norton Rose Fulbright’s corporate financial services and government relations practices, in cooperation with the City of London Corporation, organised a panel debate on “The finalisation of the Basel III reforms in a post-Brexit environment: single or dual-track approach?”. Hosted in Norton Rose Fulbright’s Brussels office, the event gathered over
Earlier this month, the Financial Industry Regulatory Authority, Inc. (FINRA) released its annual Risk Monitoring and Examination Priorities Letter (“Priorities Letter”).
This year’s letter includes several new features that are intended to “support” firms in their “significant efforts” to comply with applicable rules. Specifically, each highlighted topic includes a list of practical considerations
For all financial services practitioners, 2020 will be a year of dynamic developments.
The first full working year of the 2019-2024 College of Commissioners, under the leadership of Ursula von der Leyen, is expected to set the scene for the legislative, regulatory and policy agenda for the duration of its mandate. From the MiFID II
On 23 January 2020, the Payment Systems Regulator (PSR) published a speech by Chris Hemsley, Managing Director of the PSR, setting out his views on, among other things, ensuring that victims of authorised push payment (APP) fraud are reimbursed when they have done nothing wrong.
The PSR welcomes the voluntary Contingent
On 24 January 2020, the FCA announced that HM Treasury, with the advice of the Board of the FCA, has appointed Christopher Woolard as Interim Chief Executive. The appointment follows Andrew Bailey’s departure to become Governor of the Bank of England.
HM Treasury will be running an open competition for the permanent Chief Executive and
Introduction
On 24 January 2020, HM Treasury (HMT) published its response to the feedback it received on its consultation on the transposition of the EU Fifth Money Laundering Directive (5MLD). For further information on the consultation, please see our previous blog here.
Points to note in the HMT response include:
On 24 January 2020, the FCA published a letter from Richard Fox, FCA Head of Markets Policy, to the International Swaps and Derivatives Association (ISDA) (dated 20 January 2020) explaining why market participants should not assume that any period of non-representative LIBOR based on reduced panel bank submissions would last for more than
On 24 January 2020, the European Parliament published an updated version of the procedure file for the proposed Regulation on the establishment of a framework to facilitate sustainable investment (known as the ‘Taxonomy Regulation’).
The procedure file states that, on 16 January 2020, there was approval in committee of the text of the