On 27 February 2020, UK Finance announced that the interim funding arrangement to pay compensation to victims of authorised push payment (APP) scams in situations where both the customer and their bank have met the standards expected of them under the APP scams voluntary code is being extended to 31 December 2020. The
On 27 February 2020, the FCA published a Dear CEO letter to asset management firms concerning their preparations for the end of LIBOR.
Key points in the Dear CEO letter include:
On 27 February 2020, the Bank of England (BoE) announced the launch of the COP 26 Private Finance Agenda. This agenda has been launched to help private finance support the whole economy transition to net zero. To achieve net zero, every company, bank, insurer and investor will need to adjust their business models
On 26 February 2020, the European Commission published a speech by Michel Barnier entitled Cooperation in the age of Brexit.
In terms of financial services Mr Barnier states:
On 27 February 2020, the UK Government published a document setting out its approach to the future relationship with the EU. The approach lays out a suite of proposals with the main element being a comprehensive Free Trade Agreement covering substantially all trade.
The UK Government is seeking the type of agreement that the EU
On 27 February 2020, the European Commission published its final report concerning the consumer testing study of retail investors’ preferred option regarding performance scenarios and past performance information within the key information document (KID) under the packaged retail and insurance-based investment products (PRIIPs) framework.
The results of the consumer test of
On 27 February 2020, the European Central Bank (ECB) published the introductory remarks from Fabio Panetta (ECB Executive Board member) at the fourth meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures.
Key points in the remarks include:
On 28 February 2020, the President of the Dutch Central Bank (De Nederlandsche Bank), Klaas Knot, gave a speech at the High Level Conference of the IMF Constituency Group in which he discussed how the Netherlands has faced energy transitions in the past, and how such transitions present threats, as well as opportunities.
Last September, the LMA published Exposure Drafts of Compounded RFR Facilities Agreements by reference to SOFR and SONIA (being the chosen replacement near risk free rates for USD markets and LIBOR in the Sterling respectively), along with a commentary inviting market participants to consider various structuring issues (see earlier blog).
The APLMA recently sought
On 26 February 2020, the ISDA published an EMIR reporting industry best practices matrix. The matrix covers 87 data points across 61 reporting fields, including both over-the-counter and exchange-traded derivatives, and has been developed to improve the accuracy and efficiency of trade reporting and reduce compliance costs.