February 2020

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:

  • asset managers should assume that LIBOR will cease after December 2021. Should an asset manager offer products or services that are exposed to or

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:

  • the ECB’s 2018 cyber resilience oversight expectations are now being followed by financial

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