On 24 February 2021, HM Treasury issued a consultation document setting out the Government’s proposals to expand the resolution regime for central counterparties (CCPs).
Amendments to the Banking Act 2009 extended the UK’s resolution regime for banks to include CCPs (although the regime takes a different approach to a CCP resolution in comparison
On 24 February 2021, the European Banking Authority (EBA) issued two public consultations on regulatory technical standards (RTS) and implementing technical standards (ITS) on cooperation and information exchange between Member State competent authorities involved in the prudential supervision of investment firms. The draft standards are part of the phase
On 23 February 2021, the European Commission published the speech that Commissioner McGuinness gave at the European Parliamentary Financial Services Forum Winter Conference, ‘What vision for Europe?’
Key points in the speech include:
On 24 February 2021, the Bank of England (BoE) published the letter it had sent to the CEOs of the eight major UK banks in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle. The letter mentions that during the first RAF cycle, the BoE will place particular
On 24 February 2021, the Working Group on Sterling Risk-Free Reference Rates published a paper to support market participants in meeting its upcoming recommended milestones for ending new use of GBP LIBOR in derivatives. The first of these is to cease initiation of new GBP LIBOR-linked linear derivatives by the end of March 2021, except
On 24 February 2021, the European Securities and Markets Authority (ESMA) published its second annual report on waivers and deferrals for non-equity instruments under MiFIR.
Articles 4(4) and 9(2) of the Markets in Financial Instruments Regulation (MiFIR) require ESMA to monitor the application of pre-trade transparency waivers and to submit an
On 24 February 2021, the European Commission published:
On 24 February 2021, the European Securities and Markets Authority (ESMA) issued a final report on guidelines designed to assist Member State competent authorities in the application of the European Market Infrastructure Regulation provisions that deal with the review and evaluation of central counterparties. The guidelines will be translated in the official EU
On 23 February 2021, the FCA published Finalised Guidance 21/1: Guidance for firms on the fair treatment of vulnerable customers (FG21/1).
FG21/1 applies to all firms where the Principles for Businesses (Principles) apply, regardless of sector. It applies to the supply of products or services to retail customers who are natural
On 23 February 2021, the Bank of England (BoE) published ‘Transforming Data Collection from the UK Financial Sector: A Plan for 2021 and beyond’. The document is the BoE’s plan to transform its ability to collect data over the next decade.
The document is the BoE’s response to deal with the