- Require LIBOR’s administrator, ICE Benchmark Administration Limited (IBA) to
FCA publishes Feedback Statement on decisions on US dollar LIBOR
New briefing note: Internal frameworks and reporting
Inadequate governance is regularly cited by regulators as a factor which has contributed to the failings of firms. From small firms to international global organisations, governance is worth investing in with a view to avoiding common pitfalls and wider issues.
In this briefing note we set out some practical tips that firms may want to
EBA peer review report on excluding transactions with non-financial counterparties established in a third country from credit valuation adjustment risk
On 30 May 2023, the European Banking Authority (EBA) published a peer review report on excluding transactions with non-financial counterparties established in a third country from credit valuation adjustment (CVA) risk.
The global financial crisis of 2007-2008 revealed that CVA risk was a source of unexpected losses. Robust CVA management mitigates
EBA consults on new RTS and ITS on supervisory colleges
On 30 May 2023, the European Banking Authority (EBA) published a consultation paper containing draft technical standards which replace those contained in Commission Delegated Regulation (EU) 2016/98 and Commission Implementing Regulation (EU) 2016/99 specifying the functioning of supervisory colleges.
The technical standards are being updated given that the legal framework for banks and
ESMA final report on the review of the RTS on the information to be provided in an application for authorisation and registration under the Benchmarks Regulation
On 30 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the review of the regulatory technical standards (RTS) on the information to be provided in an application for authorisation and registration under the Benchmarks Regulation.
Article 34(8) of the Benchmarks Regulation states that ESMA shall
ESAs consult on DORA criticality criteria
On 26 May 2023, the European Supervisory Authorities (ESAs) published a joint Discussion Paper on criteria for critical ICT third-party service providers and oversight fees. This Discussion Paper follows the request for technical advice that was sent by the European Commission (Commission) to the ESAs in late December 2022.
The ESAs
The Insider Dealing (Securities and Regulated Markets) Order 2023
On 26 May 2023, there was published on the legislation.gov.uk website, The Insider Dealing (Securities and Regulated Markets) Order 2023.
This Order updates Schedule 2 of the Criminal Justice Act 1993 (CJA), bringing securities and markets on which an offence can be committed in the CJA broadly in line with the Market
JMLSG proposed revisions to Part 1 of its Guidance
On 26 May 2023, the Joint Money Laundering Steering Group (JMLSG) published proposed revisions to Part 1 of its Guidance.
The proposed revisions take account of amendments relating to discrepancy reporting, as introduced by the Money Laundering and Terrorist Financing (Amendment) (No.2) Regulations 2022 (affecting Part 1 Chapter 5 Paragraph 5.3129A).
There
ESMA updates Q&As on AIFMD and crowdfunding
- The application of the AIFMD. A new Q&A on marketing has been added covering whether non-EU alternative investment fund managers are allowed to carry out pre-marketing activities pursuant to Article 30a of the AIFMD.
- The European crowdfunding
New Regulation Tomorrow plus podcast – MoU establishing a framework for financial services regulatory cooperation between the EU and UK
In this podcast Jonathan Herbst, Matthew Gregory and Simon Lovegrove discuss the pros and cons of the Memorandum of Understanding establishing a framework for financial services regulatory cooperation between the EU and the UK.