On 28 October 2020, the FCA published the following new webpages:
On 28 October 2020, UK Finance and the Lending Standards Board launched a report covering ‘Best Practice Guidance in Transition from LIBOR for SME customers’. The objectives of the report are to support the transition from LIBOR to alternative reference rates, champion good outcomes for business customers, and collectively promote good practice throughout the process.
On 28 October 2020, the Bank of England (BoE) and the PRA issued a package of proposals relating to resolution policy.
The PRA published the following Consultation Papers (CPs):
On 28 October 2020, the FCA published Policy Statement 20/12: Extending the implementation deadlines for the Certification Regime and Conduct Rules (PS20/12).
The changes in PS20/12 affect all FCA solo-regulated firms authorised to provide financial services under the Financial Services and Markets Act 2000. Appointed Representatives are in scope of the extension to the reporting
On 27 October 2020, the European Central Bank (ECB) published the following consultation papers on the draft Eurosystem oversight framework for electronic payment instruments, schemes and arrangements:
On 27 October 2020, the FCA updated its webpage concerning the Directory of certified and assessed persons.
The updated part of the webpage provides that:
On 27 October 2020, the European Securities and Markets Agency (ESMA) issued a public statement on the impact of Brexit on the continued application of MiFID II and MiFIR. The statement provided clarifications in respect of three aspects of MiFID II, namely:
The Serious Fraud Office (SFO) and the Competition and Markets Authority (CMA) have signed a Memorandum of Understanding (MoU) enabling the two regulators to investigate criminal cartel offences, either jointly or independently.
The criminal cartel offence under English law was enshrined in the Enterprise Act 2002, which criminalised the
On 26 October 2020, the European Securities and Markets Authority (ESMA) issued a statement clarifying the application of the EU’s share trading obligation (STO) following the end of the transition period.
The statement confirms that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue will be in scope
On 22 October 2020, the FCA published Policy Statement 20/11: Removing barriers to intra-group switching and helping borrowers with maturing interest-only and part-and-part mortgages (PS20/11).
In Consultation Paper 20/13 (CP20/13), the FCA set out its concerns about a possible barrier in its rules to borrowers in ‘closed’ mortgage books (books which