On 29 July 2021, the FCA published Consultation Paper 21/25: Changes to the FCA’s decision-making procedure (CP21/25).
In CP21/25 the FCA is setting out proposals to move some decision making from its Regulatory Decisions Committee (RDC) to its Authorisations, Supervision and Enforcement Divisions. These decisions include:
On 29 July 2021, the European Securities and Markets Authority (ESMA) updated its Q&A on the Benchmarks Regulation.
ESMA has updated 4.7 of the Q&A which deals with the following question – Can supervised entities in the Union use benchmarks provided by 3rd country public authorities after the end of the transitional period
On 29 July 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published the 25th edition of its Questions and Answers on the Regulation on wholesale energy market integrity and transparency (REMIT).
The 25th edition of the Q&As on REMIT provides the following new Q&As:
On 29 July 2021, the ARRC has formally recommended the CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) term rates (Term SOFR). It follows the completion of interdealer trading conventions to SOFR earlier this week. This means that parties which have contracts which include the ARRC hardwired fallbacks will fallback to Term SOFR given that
The SC-STS published its Recommendations for Transition of Legacy SOR Contracts on 29 July 2021, with updated timelines and key recommendations for the industry-wide transition from SOR to SORA.
Market participants are urged to take active steps to substantially transition out of legacy SOR exposures by 31 December 2021, using the SOR-SORA basis swap
The Treasury has released for consultation the draft bill for the Financial Accountability Regime (FAR or the Regime). The Regime will apply to the banking, superannuation and insurance sectors. Importantly, the Regime strengthens the Banking Executive Accountability Regime (BEAR), and extends the regime, in line with the recommendations from the Financial
On 28 July 2021, the FCA published a Dear CEO letter setting out its expectation that lenders report to it instances where an FCA firm, as a borrower under the Government’s Bounce Back Loan Scheme (BBLS), has committed or otherwise been involved in fraudulent activity. The FCA also uses the opportunity to remind
Article 21b of the Capital Requirements Directive IV (CRD IV) introduced a requirement for institutions belonging to third country groups to have an intermediate EU parent undertaking (IPU) established in the EU, where the total value of assets in the EU of the third-country group is equal to or greater than
On 28 July 2021, the FCA published Consultation Paper 21/24: Diversity and inclusion on company boards and executive committees (CP21/24).
The key proposals in CP21/24 include:
On 27 July 2021, the European Securities and Markets Authority updated its Q&As on the Prospectus Regulation.
Page 9 of the Q&As contains a summary table which shows which Q&As have been recently updated.