On 29 September 2022, the Basel Committee on Banking Supervision (Basel Committee) published a report concerning a review of margining practices.
Background
In non-centrally cleared markets, the Basel Committee and the International Organisation of Securities Commissions (IOSCO) developed a framework that established minimum standards for margin requirements for non-centrally cleared derivatives
On 29 September 2022, the FCA announced that following its earlier consultation in June it will be requiring the continued publication of the 1- and 6-month synthetic sterling LIBOR settings for a further three months after the end of 2022, until 31 March 2023. The FCA adds that it has no intention to use its
On 29 September 2022, the Payment Systems Regulator (PSR) published Consultation Paper 22/4 ‘Authorised push payment scams: Requiring reimbursement’ (CP22/4).
Introduction
Authorised Push Payment (APP) scams happen when fraudsters trick someone into sending a payment to a bank account controlled by a fraudster. Once a victim realises that they’ve
On 29 September 2022, the European Commission adopted two decisions determining that the legal and supervisory frameworks for central counterparties (CCPs) in Colombia and Taiwan are equivalent to the requirements applicable under the European Markets Infrastructure Regulation (EMIR).
The decisions allow these CCPs to apply for recognition by the European Securities
On 29 September 2022, the FCA published a speech by Sheldon Mills (FCA Executive Director, Consumers and Competition) entitled What firms and customers can expect from the Consumer Duty and other regulatory reforms.
Key points in the speech include:
On 28 September 2022, the FCA updated their webpage on the new Benchmarks Register.
The webpage now includes the following text:
“Following Brexit, we have developed the new Benchmarks Register, which replaces the ESMA Register for UK supervised users, and UK and third country-based benchmark administrators that want their benchmarks to be used in the
On 28 September 2022, the European Securities and Markets Authority (ESMA) issued a feedback report on the review of the clearing thresholds under the European Markets Infrastructure Regulation (EMIR).
The feedback report has been produced in response to Regulation (EU) 2019/834 (EMIR Refit) which introduced a mandate in EMIR for ESMA
On 28 September 2022, the European Banking Authority (EBA) published final guidelines on transferability to support the resolvability assessment for transfer strategies.
The guidelines complement the EBA resolvability guidelines as regards resolution tools other than bail-in. They assess the feasibility and credibility of transfer strategies and encompass requirements relating to the implementation of
On 28 September 2022, the Bank of England published a speech by its Deputy Governor for Financial Stability, Sir Jon Cunliffe, entitled Innovation in post trade services – opportunities, risks and the role for the public sector.
Key points in the speech include:
On 28 September 2022, the European Central Bank (ECB) issued a public consultation on a draft guide which seeks to clarify how it assesses applications to acquire qualifying holdings in banks.
The ECB intends for the guide to function as a user-friendly handbook. The guide explains who is obliged to undergo qualifying holding