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  • ESMA and FCA issue statements concerning regulatory forbearance for reporting obligations under SFTR and MiFIR in light of COVID-19 outbreak

    On 18 March 2020, the European Securities and Markets Authority (“ESMA”) published a statement about regulatory forbearance for the first phase of reporting obligations under the Securities Financing Transactions Regulation [1] (“SFTR”). These obligations are due to become effective on 13 April 2020 for credit institutions and investment firms when ...
  • Covid-19: Help for businesses

    The Government has implemented certain measures to ease the liquidity pressures stemming from the Covid-19 outbreak. These measures, including the new programmes for debt and wage support, are amongst the points summarised in our note for businesses, available here. The Covid Corporate Financing Facility (CCFF) is now available and further ...
  • FCA and FRC Guidance on COVID-19 Implications for Listed Companies and Company Audits

    On 17 March 2020, the Financial Conduct Authority published a special Covid-19 edition of the Primary Market Bulletin (PMB). PMBs are the means by which the FCA communicates commentary on market obligations to issuers and market participants. Consistent with the rapidity with which the situation is developing, the FCA states ...
  • Bank of England's Discussion Paper on Central Bank Digital Currency

    Background On 12 March 2020, the Bank of England (the “Bank”) published its discussion paper on Central Bank Digital Currency, Opportunities, Challenges and Design (the “Discussion Paper”). The purpose of the Discussion Paper is to initiate a dialogue about the merits of introducing a central bank digital currency (“CBDC”) in ...
  • Enquiry Letters from the FCA - Investigations into Market Announcements and Inside Information

    The FCA has responsibility for monitoring the accuracy and timeliness of public announcements made by public companies with shares admitted to listing or trading (on the Official List, AIM and the Specialist Fund Segment). It has the power to investigate both companies and individuals and to impose penalties on them ...
  • European insurance recovery and resolution framework now an inevitability?

    For a long time, the insurance industry has successfully rallied against attempts to introduce a recovery and resolution regime similar to the Bank Recovery and Resolution Directive (BRRD). However, EIOPA’s recent consultation paper on changes to Solvency II seems to have provoked a muted response. Does the lack of industry ...
  • Fintech and Cryptoasset Developments in the Budget

    On 11 March 2020, the Chancellor of the Exchequer, Rishi Sunak, set out measures the Government will take to support and develop the UK’s Fintech and Cryptoasset industries, which include the following four measures: 1. FinTech review and delivery panel – the Government has announced a “major review” into the ...
  • Insurance 2020: Insurance Company Investment and the Prudent Person Principle

    “No other protection is wanting, provided you are under the guidance of prudence” Juvenal, Roman poet Since the implementation of Solvency II, insurance companies have had great flexibility to determine how to invest their assets. They must invest in accordance with the Prudent Person Principle (the "PPP"). PRA is concerned ...
  • Insurance 2020: LIBOR transition and new requirements for OTC derivatives

    It has been more than two years since Andrew Bailey, Chief Executive of the FCA, announced the need for the market to transition away from LIBOR before the end of 2021. Regulators and insurers are focusing more closely on this transition as we get closer to this date and the ...
  • Transition to SONIA gathers momentum

    As mentioned in our recent report one of the documents published in January by the Bank of England, the FCA and the Working Group on Sterling Risk-Free Reference Rates (Sterling Working Group) is a paper (the Working Paper) from the Sterling Working Group firmly setting out its view that overnight ...