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CFTC confirms Libor Relief

At the request of the ARRC, the CFTC has today announced comprehensive relief to swap dealers and other market participants as they make the transition from swaps that reference LIBOR and other “Impaired Reference Rates” to those that reference alternative benchmarks. The relief comprises no-action letters from each of the Commission’s main divisions, broadly covering […]

Heads on the Block as LIBOR meets the SM&CR

The transition away from Libor On 19 November 2019, the FCA published a Q&A document regarding conduct risk during the transition away from LIBOR.  As the FCA notes, the discontinuation of LIBOR will affect many firms, in terms of: developing and offering new products linked to risk-free rates; assessing and reducing their own and clients’ […]

Bailey’s freshest tips for the Brexit Break-Up

Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing […]

Who you gonna call? F-C-A

Parliament might be prorogued, and clarity on Brexit might still seem an unobtainable goal, but the FCA’s enthusiasm is far from waning. Keen to apply pressure on firms, the FCA is ramping up their efforts to help companies prepare for the impending 31 October deadline. In their recent press release, the FCA announced that they […]

The Volcker strip – making banking less regulated again

US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses? The Volcker Rule was implemented after the financial crash to stop banks from engaging in proprietary trading (buying […]

Senior managers school report – ‘could do better’

The FCA’s recently published Stocktake Report reviewing the implementation of the Senior Managers and Certification Regime (SM&CR) is a polite criticism of senior managers and their superiors in the banking sector. The report consisted of interviews with trade associations, Banking Standards Board, FCA and the PRA to understand how SM&CR has been implemented since it […]

Thank FCAUK!!

On 23 January 2019, the FCA published Consultation Paper CP19/4*** “Optimising the Senior Managers & Certification Regime and feedback to DP16/4 – Overall responsibility and the legal function” (the “Consultation Paper”).  The consultation period closes on 23 April 2019, with a Policy Statement slated for Q3 2019 and a ‘go live’ date for the new […]

Financial services and criminal proceedings – ECJ clarifies approach

On 20 March 2018, the European Court of Justice (the “ECJ”) handed down four judgments in response to requests for preliminary rulings[1] on the interpretation under European law of the so-called ne bis in idem principle, i.e. the right not to be tried or punished twice for the same offence, also known as double jeopardy. […]

FCA on GDPR- Comply or Else

The FCA and the Information Commissioner’s Office (ICO) yesterday published a joint statement emphasising that non-compliance may result in both agencies knocking on the offending institution’s door. The update is short and worth reading in full; however, the main takeaways are summarised below for convenience: The GDPR does not conflict with the FCA Handbook GDPR […]

No LEI – No Problemo

ESMA has delivered a Christmas surprise in the shape of a six month forbearance period in respect of LEIs under MiFIR. Article 13(2) MiFIR prohibits an investment firm from transacting any reportable trade with a client, without first obtaining their LEI. The gift horse’s dentistry is not entirely flawless, the following condition must be met: […]

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