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  • BoE: Derivatives clearing obligation – modifications to reflect USD interest rate benchmark reform

    09/06/2022
    BoE’s consultation paper sets out its proposal to modify the scope of contracts which are subject to the clearing obligation, by... adding overnight index swaps that reference the secured overnight financing rate and, subsequently, removing contracts referencing USD LIBOR. Responses are required by 21 July 2022.
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  • FSB/IMF: G20 data gaps initiative (DGI-2)

    09/06/2022
    FSB/IMF have published reports summarising achievements in addressing data gaps identified during the 2007-8 global financial crisis, in particular during DGI-2,... and highlights lessons learned; describes the plan to address remaining challenges related to DGI-2; and provides more information on the proposed new DGI led by the IMF. Remaining challenges include: securities financing transaction data, securities statistics, sectoral accounts, international investment position, international banking statistics and cross-border exposures of non-bank corporations.
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  • EC: EMIR Implementing Decisions

    09/06/2022
    The following have been published in the Official Journal: (i) Commission Implementing Decision (EU) 2022/899 of 8 June 2022 on the... equivalence of the regulatory framework for central counterparties in Indonesia to the requirements of EMIR as regards central counterparties under the supervision of the Indonesia Financial Services Authority; (ii) Commission Implementing Decision (EU) 2022/900 of 8 June 2022 amending Implementing Decision (EU) 2015/2039 as regards the evolution of the regulatory framework of South Africa for central counterparties; (iii) Commission Implementing Decision (EU) 2022/901 of 8 June 2022 amending Implementing Decision (EU) 2016/2269 as regards central counterparties under the supervision of the International Financial Services Centres Authority (India); (iv) Commission Implementing Decision (EU) 2022/902 of 8 June 2022 on the equivalence of the regulatory framework for central counterparties in Malaysia to the requirements of EMIR: (v) Commission Implementing Decision (EU) 2022/903 of 8 June 2022 on the equivalence of the regulatory framework for central counterparties in Chile to the requirements of EMIR. Each may be downloaded via the following link.
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  • HMT/OFSI: OFSI enforcement and monetary penalties for breaches of financial sanctions

    08/06/2022
    This guidance document is in force from 15 June 2022.
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  • HMT: Critical third parties to the finance sector

    08/06/2022
    This HMT policy statement sets out plans for a proposed new regime. HMT – in consultation with the financial regulators... and other bodies – will be able to designate certain third parties to firms as “critical third parties”. Designation will then be made by secondary legislation taking into account high-level criteria such as the number and type of services a third party provides to firms; and the materiality of these services. This designation framework will be set out in primary legislation. Once a third party has been designated as “critical”, the financial regulators will be able to exercise a range of powers in respect of any material services that the third party provides to the finance sector, including the ability to make rules relating to the provision of these material services, gather relevant information from critical third parties, and take formal action (including enforcement) where needed. The Government intends to legislate for this regime when parliamentary time allows. A joint DP from the regulators will be published shortly after such legislation is introduced.
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  • EBA: Draft regulatory technical standards on the identification of a group of connected clients

    08/06/2022
    EBA is consulting on a framework to identify a group of connected clients who are so closely linked by risk factors... that it is prudent to treat them as a single risk. Responses are required by 8 September 2022.
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  • FOS: Appointment of CEO/Chief Ombudsman

    08/06/2022
    Abby Thomas has been appointed to the role of CEO/Chief Ombudsman and will take up the role in the autumn.
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  • BoE: Speech by Stefan Claus: Climate biennial exploratory scenario - insurance insights

    08/06/2022
    In this speech of 8 April 2022, Stefan Clause discusses the lessons learnt both for insurers and for BoE/PRA across the... core objectives of the scenario – climate risk management, sizing the impact of climate risks and understanding longer-term implications on business models.
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  • FCA: Board minutes

    08/06/2022
    FCA has now published the minutes of its 28 April 2022 board meeting. Topics include: Russia/Ukraine crisis update; strengthening governance... of environmental issues; Listing Authority Advisory Panel session; access to cash.
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  • FMSB: Behaviour-pattern conduct analysis - market misconduct through the ages

    08/06/2022
    FMSB has updated its report, last published in 2018. This edition includes cases that occurred between 2017 and 2021 and... extends the number of jurisdictions to include France, Spain, Italy, Germany and the Netherlands. This updated analysis supports the same key conclusions of the original analysis,.
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