On 10 July 2020, the European Parliament (Parliament) adopted a resolution on a comprehensive pan-EU strategy for the prevention of money laundering and terrorist financing, following the publication of the European Commission’s Action Plan in May (resolution text, press release).
Key provisions of the resolution
The resolution supports a much stricter, “zero-tolerance”
The US Structured Finance Association (the “SFA”), the securitization industry group, has filed an amicus brief in support of a challenge and objection to the Motion for Order Rejecting Certain Unexpired Vehicle Leases Effective Nunc Pro Tunc to June 11, 2020 Pursuant to Sections 105 and 365(A) of the Bankruptcy Code (the “Motion”) filed by
Client money
The COVID-19 pandemic is having a severe impact on many business sectors, and financial institutions are no exception. Many firms are likely to encounter challenges of one form or another in the coming months, as countries emerge from lockdown and seek to resume normal business at different times, and the applicable legal and
The Department of Finance Canada recently released the final amending regulations that amend the existing Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Regulations). Our previous update on other aspects of the amendments can be found here.
The Regulations attempt to bring Canada’s anti-money
On 8 July 2020, the FCA published a call for mortgage intermediaries willing to help mortgage prisoners. The FCA is seeking expressions of interest from mortgage intermediaries that are willing to work with mortgage prisoners to help them identify and move to an active lender, where possible, or signpost them to additional support such
On 9 July 2020, the European Commission issued a communication on readiness at the end of the transition period between the EU and the UK.
The communication includes a section on financial services (section B1, pages 12 to 15) and the key points include:
On 9 July 2020, the European Securities and Markets Authority (ESMA) published a letter it sent to the European Commission (Commission) as a contribution to the Commission consultation on the delegated acts on tiering, comparable compliance and fees related to third-country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2).
ESMA
On 9 July 2020, the Association for Financial Markets in Europe (AFME) issued a document intended to provide guidelines for its members to handle bilateral claims between trading counterparties, related to penalties applied under the CSDR on failed instructions. The document has been created collaboratively by AFME members and is subject to change. The AFME
On 9 July 2020, the European Securities and Markets Authority (ESMA) issued a public statement on external support under Article 35 of the Money Market Funds Regulation (MMF Regulation).
The statement has been issued by ESMA in light of financial markets authorities recent actions to mitigate the impact of COVID-19 on the EU’s financial markets,
On 9 July 2020, the European Securities and Markets Authority (ESMA) launched a consultation on draft guidelines on the calculation of positions by trade repositories (TRs) under the Securities Financing Transactions Regulation (SFTR).
The draft guidelines set out the relevant clarification to TRs with regards to the compliance with Article 4(6) of SFTR setting out