On January 27, 2022, the United States Court of Appeals for the Second Circuit acquitted two former traders, Matthew Connolly and Gavin Campbell Black, who had been convicted by a jury for wire fraud as well as conspiracy to commit bank and wire fraud in a scheme to manipulate the London Interbank Offered Rate (“LIBOR”).
On 27 January 2022, the European Securities and Markets Authority (ESMA) issued a consultation paper on draft guidelines on certain aspects of the MiFID II suitability requirements. In particular the draft guidelines build on the text of the 2018 ESMA guidelines which are now being reviewed following the adoption by the European Commission of the
On 26 January 2022, the Financial Conduct Authority (FCA) launched its new webpage ‘Transforming data collection’. The FCA are working with the Bank of England (BoE) and industry to transform how data is collected from the UK financial sector. The regulators recognise that reporting is one of the most demanding parts of regulation,
On 27 January 2022, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out draft amendments to Commission Delegated Regulation (EU) No 153/2013 with regard to the regulatory technical standards (RTS) on requirements for central counterparties (CCPs), including requirements aiming to limit the procyclicality of margin requirements (Article 28 RTS) under the
On 27 January 2022, the European Central Bank (ECB) launched a supervisory climate risk stress test to assess how prepared banks are for dealing with financial and economic shocks stemming from climate risk.
In its letter to the CEO of a significant institution, the ECB states that the exercise consists of three distinct modules comprising
On 27 January 2022, the European Systemic Risk Board (ESRB) published a Recommendation for the establishment of a pan-European systemic cyber incident coordination framework (EU-SCICF). The EU-SCICF would aim to strengthen the coordination among financial authorities in the European Union, as well as with other authorities in the Union and key actors at the international
Article 419 of the Capital Requirements Regulation (CRR) relates to currencies with constraints on the availability of liquid assets for the purpose of calculating the liquidity coverage ratio (LCR). This article has been amended as part of the RMM package (Regulation (EU) 2019/876 of 20 May 2019) to introduce an additional derogation for the currencies
On 26 January 2022, the European Securities and Markets Authority (ESMA) published a statement clarifying how to report net short positions (NSPs) between 28 to 31 January 2022 when the reporting threshold changes from 0.2% to 0.1%.
The European Commission adopted the decision to permanently lower the threshold from 0.2% to 0.1% on 27 September
On 26 January 2022, the Payment Systems Regulator (PSR) published a consultation on remedies following its market review into card-acquiring services.
The PSR published a final report setting out its findings from a review of the card-acquiring market in November 2021. The PSR found that the supply of card-acquiring services does not work well for
On 2 February 2022, we will be holding the second session in our Financial Services Academy, a series of online webinars aimed at up-and-coming in-house regulatory lawyers and compliance professionals, as well as anyone in need of a refresher.
During this session, our financial services team will guide attendees through the key components of the