November 2020

The provision of benchmarks is a regulated activity in the European Union (EU) and in the United Kingdom (UK). The legal framework governing the provision and use of benchmarks is set out in the Benchmarks Regulation (BMR) that introduces an obligation for European and UK benchmark administrators to be authorized or registered if they wish

The UK Financial Conduct Authority has warned that the London Interbank Offered Rate (LIBOR) is not likely to be published after 2021. What will happen to LIBOR-based municipal securities, loans, and derivatives that extend beyond 2021, if and when LIBOR goes away?

The contracts could be remediated by pending New York and possible federal LIBOR

On 19 November 2020, the German Regulator (BaFin) issued a notice on UK investment funds and their status in light of the imminent expiry of the transition period and the UK qualifying as a third country after 31 December 2020.

Currently, UK UCITS and AIFs benefit from the EU-passport regime, which facilitates marketing of EU-UCITS

On 26 November 2020, the Basel Committee on Banking Supervision published a technical amendment ‘Capital treatment of securitisations of non-performing loans’. The technical amendment closes a gap in the Basel framework by setting out prudent and risk sensitive capital requirements for non-performing loan securitisations.

The Basel Committee has agreed to add the following elements

On 26 November 2020, the European Payments Council (EPC) published the 2021 payment scheme rulebooks and the related implementation guidelines. All 2021 payment scheme rulebooks enter into force on 21 November 2021. Annex IV of each 2021 rulebook contains a table summarising all changes made in each 2021 rulebook compared to the 2019 rulebook.

On 26 November 2020, the PRA published Policy Statement 23/20: ‘Market risk: Calculation of risks not in value at risk, and stressed value at risk’ (PS23/20).

In PS23/20 the PRA provides feedback to responses to Consultation Paper 15/20: ‘Market risk: Calculation of risks not in value at risk, and stressed value at risk’ (CP15/20). It

On 26 November 2020, there was published in the Official Journal of the EU,  Commission Implementing Decision (EU) 2020/1766 of 25 November 2020 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation

On 25 November 2020, the European Parliament published the amendments that it had adopted on the proposed Directive amending MiFID II as regards information requirements, product governance and position limits to help the recovery from the COVID-19 pandemic. The next step is for the Council of the EU to adopt the proposed Directive.


In December 2018, the UK’s Better Regulation Executive  invited the Organisation for Economic Cooperation and Development (OECD) to conduct a review into the UK’s international regulatory cooperation practices.  The OECD published a report in May 2020 recommending that HM Government ensure more systematic consideration of international regulatory cooperation across government and regulatory bodies. In response,

On 24 November 2020, there was published on The Bearer Certificates (Collective Investment Schemes) Regulations 2020.

The Small Business, Enterprise and Employment Act 2015 (SBEE 2015) amended the Companies Act 2006 to prohibit the issuance of new bearer certificates by companies and provided for a transitional conversion of existing bearer certificates into ordinary