On 21 April 2020, there was published on legislation.gov.uk a draft of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020.
The draft Regulations make certain amendments to secondary legislation and revokes parts of retained EU law to address deficiencies arising from Brexit. It also makes miscellaneous amendments to financial services statutory instruments made
In November 2019, the financial services regulators responsible for the Volcker Rule regulations (the Board of Governors of the Federal Reserve Board, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, collectively, the “Agencies”) issued final rules revising the proprietary
The bills amending the Insurance Ordinance (Cap.41) (the IO) which are expected to help Hong Kong grow its insurance sector have now been published in the Gazette.
The bills – namely, the Insurance (Amendment) Bill 2020 (the First Bill) and the Insurance (Amendment) (No.2) Bill 2020 (the Second Bill), seek to (i)
Issues affecting asset and fund managers – part 2: operational risks
Over the coming weeks, partners and members of our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial
On 16 April 2019, ISDA announced the preliminary results of its consultation on the implementation of pre-cessation fallbacks for derivatives referencing LIBOR.
The consultation, commenced in February 2020, invited feedback from market participants on whether a pre-cessation trigger should be included in ISDA standard documents in addition to the permanent cessation fallbacks that ISDA is
The International Accounting Standards Board (IASB) has announced a consultation on proposed amendments to the International Financial Reporting Standards (IFRS) Standards to assist companies in providing useful information to investors about the effects of interest rate benchmark reform on financial statements.
The IASB has split its work on interest rate benchmark reform on
On 20 April 2020, the FCA set out its expectations of firms when dealing with the need for ‘wet-ink’ signatures (i.e. signing a document by hand using a pen).
Key points from the FCA are:
On 20 April 2020, the PRA published a set of Q&As on the usability of liquidity and capital buffers and their operation as set out in the PRA rules and guidelines and in response to the COVID-19 outbreak. This document is relevant to all firms to which the Capital Requirements Directive IV applies. The document
On 17 April 2020, the European Central Securities Depositories Association (ECSDA) updated its CSDR Settlement Fail Penalties Framework. The framework can be used by Central Securities Depositories (CSDs) and their participants as a market practice on how CSDs should develop harmonised settlement fail penalties mechanisms, under the CSD Regulation and its
On 20 April 2020, the Financial Stability Board (FSB) published a consultation report on Effective Practices for Cyber Incident Response and Recovery.
In its consultation report the FSB sets out a toolkit of effective practices that aims to assist organisations in their cyber incident response and recovery activities. The toolkit lists 46 effective