Hannah Meakin (UK)

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HM Treasury and BoE consult on proposals for a digital pound

On 7 January 2023, HM Treasury and the Bank of England (BoE) published a joint Consultation Paper on the digital pound: a new form of money for households and businesses? Introduction In this consultation HM Treasury and the BoE are consulting on a proposal for a retail UK central bank digital currency (CBDC). A UK … Continue Reading

FCA urges cryptoasset firms marketing to UK consumers to prepare for financial promotions regime

On 6 February 2023, the FCA published a statement in which it urged firms marketing cryptoassets to UK consumers to start preparing now for the new financial promotions regime. The FCA plans to publish its final rules for crypto promotions once the relevant legislation has been made. The Government announced in January 2022 its intention … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

Podcast on HM Treasury proposals for the UK’s financial services regime for cryptoassets

On 1 February 2023, HM Treasury issued its latest proposals for the UK’s financial services regime for cryptoassets. It also issued a policy statement on its approach to the regulation of cryptoasset financial promotions. In this podcast Jonathan Herbst is joined by Albert Weatherill and Hannah Meakin who provide their views on the key headlines … Continue Reading

ESMA final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition

On 1 February 2023, the European Securities and Markets Authority (ESMA) published a final report on the clearing and derivative trading obligations in view of the 2022 status of the benchmark transition. The report sets out proposed draft regulatory technical standards (RTS) amending the scope of the clearing (CO) and derivative trading (DTO) obligations for … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes

On 1 February 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation 2017/588 as regards the annual application date of the calculations of the average daily number of transactions for shares, depository receipts and exchange-traded funds for the purposes of the tick sizes. … Continue Reading

BoE publishes CBEST thematic findings

On 31 January 2023, the Bank of England (BoE) published a letter sharing the thematic findings from the latest annual cycle of CBEST assessments conducted by the BoE, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) (collectively, the regulators) on participating banks, insurers, asset and investment managers and financial market infrastructure. CBEST … Continue Reading

FCA provides further update on ancillary activities exemption for commodity derivatives

On 24 January 2023, the FCA issued a further update on its website regarding the ancillary activities exemption for commodity derivatives. The update follows a statement that the FCA published in March 2022 providing an update on the market share test and Handbook Notice No 99. In the statement of March 2022 the FCA said … Continue Reading

ESMA consults on manual on post-trade transparency

On 19 January 2023, the European Securities and Markets Authority (ESMA) published a consultation paper which sets out proposals for Level 3 guidance on post trade transparency fields. The guidance takes the form of a manual. In March 2022 ESMA published final reports which proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) and … Continue Reading

Commission Delegated Regulation amending and correcting RTS as regards certain transparency requirements applicable to transactions in equity instruments

On 17 January 2023, the European Commission published a Commission Delegated Regulation (EU) which amends the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price … Continue Reading

Commission Delegated Regulation amending RTS as regards certain transparency requirements applicable to transactions in non-equity instruments

On 17 January 2023, the European Commission published a Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in non-equity instruments. In particular, the Delegated Regulation seeks to harmonise the types of transactions that are considered to be non-price forming and … Continue Reading

New Regulation Tomorrow podcast – Split the difference: Markets in EU and UK – what we should be expecting and hoping to see in 2023

In our new podcast series, Split the difference, which explores divergence between the EU and UK regimes in the markets space, Jonathan Herbst, Hannah Meakin, Anna Carrier and Floortje Nagelkerke provide an overview of what we should be expecting and hoping to see in 2023.… Continue Reading

New briefing note – Digital Operational Resilience for the Financial Sector (DORA): 10 things to know

On 16 January 2023, the Regulation on digital operational resilience for the financial sector (DORA) entered into force. As DORA is new and complex EU legislation we have published a new briefing note, Digital Operational Resilience for the Financial Sector (DORA): 10 things to know.… Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

NEW EU REPORTING REQUIREMENT FOR LNG TRANSACTIONS, BIDS AND OFFERS

A new reporting obligation was introduced for LNG market participants through (EU) Council Regulation (EU) 2022/2576 of 19 December 2022 on enhancing solidarity through better co-ordination of gas purchases, reliable price benchmarks and exchanges of gas across borders (the Regulation). This obligation will be applicable starting on 13 January 2023. Background The Regulation was introduced … Continue Reading

ESMA report on CRA market share calculation

On 15 December 2022, the European Securities and Markets Authority published a report in accordance with Article 8d of the Regulation on credit rating agencies (CRAs) setting out a list of registered CRAs and the types of credit ratings they issue, together with a calculation of CRA’s revenues from credit rating activities and ancillary services … Continue Reading

PRA and FCA Policy Statement ‘Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251

On 15 December 2022, the PRA and FCA co-published a Policy Statement ‘Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251’. In the Policy Statement the PRA/FCA provides feedback to responses to their earlier Consultation Paper and sets out their final policy in the form of amendments to Binding Technical Standards (BTS) 2016/2251. In … Continue Reading

ESMA statement on promoting clarity to market participants on best execution reporting

On 14 December 2022, the European Securities and Markets Authority (ESMA) published a public statement concerning the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 February 2023 in light of the ongoing legislative procedure on the MiFID II/MiFIR review. Article 27(3) of MiFID II requires execution venues to make … Continue Reading

Monthly Global Fintech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

GFXC meets to discuss work programme progress to further strengthen FX Global Code adherence, especially on buy side, and endorse new Co-Vice Chair

On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This tool to … Continue Reading

FCA highlights continuing concerns about problem firms in the CFD sector

On 1 December 2022, the FCA issued a Dear CEO letter regarding its contracts for difference (CFD) strategy. In the letter the FCA reminds firms offering CFDs that CFDs are highly leveraged derivatives and adverse price movements in relevant markets can lead to substantial losses for consumers. The letter outlines the FCA’s expectations and highlights … Continue Reading
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