On 27 July 2020, the FCA announced that it had launched an enhanced Financial Services Register.
Key enhancements include:
On 28 July 2020, the European Securities and Markets Authority (ESMA) announced that it was working on a proposal to possibly delay the entry into force of the Central Securities Depositories Regulation (CSDR) settlement discipline regime until 1 February 2022. This is due to the impact of the COVID-19 pandemic on the implementation of regulatory
On 27 July 2020, the European Banking Authority (EBA) issued a public consultation on draft Regulatory Technical Standards (RTS) specifying the methods to avoid that instruments indirectly subscribed by the resolution entity for the purpose of meeting the minimum requirement for own funds and eligible liabilities (MREL), applicable to entities that are not themselves resolution
On 24 July 2020, the FCA published a Dear CEO letter to authorised firms acting as brokers in wholesale financial markets, who currently, or may in the future, offer services (including clearing broker and prime broker services) that involve holding clients’ cash or securities as collateral. The Dear CEO letter concerns the inappropriate use of
On 24 July 2020, the FCA published Handbook Notice 79.
This Handbook Notice describes the changes to the FCA Handbook made by the FCA Board under its legislative and other statutory powers on 30 June, 13 July and 23 July 2020. On these dates the FCA Board made the following instruments: COVID-19 Credit Cards
On 24 July 2020, the House of Commons’ Treasury Select Committee announced that it was relaunching the inquiry to seek additional written evidence on how and whether the UK’s response to coronavirus should take the Government’s net zero carbon emissions by 2050 target into account.
On 24 July 2020, the European Commission adopted a Capital Markets Recovery Package, as part of its overall coronavirus recovery strategy. The package contains targeted adjustments to the:
On 24 July 2020, the European Commission published proposed targeted amendments to the EU Benchmarks Regulation (BMR) in light of the fact that the London Interbank Offered Rate (LIBOR) is expected to be phased out by the end of 2021.
As there will be contracts and financial instruments referencing LIBOR still
On 24 July 2020, the European Commission published its long-awaited legislative proposal for targeted amendments to Directive 2014/65/EU on markets in financial instruments (MiFID II) as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic (MiFID “quick fix”). In parallel, the Commission launched a
On 23 July 2020, the European Banking Authority (EBA) issued a public consultation on draft Implementing Technical Standards (ITS) specifying uniform reporting templates, instructions and methodology for the identification and transmission, by Member State resolution authorities to the EBA, of information on minimum requirements for own funds and eligible liabilities (