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On March 8, the UK Financial Conduct Authority (FCA) published a policy statement on a new directory of financial services workers (Directory). This follows the FCA’s proposals to introduce the Directory and amend the existing financial services register (FS Register) in its consultation paper of July 2018 (as reported in the Corporate & Financial Weekly Digest edition of July 13, 2018).…
On February 28, the Packaged Retail and Insurance-based Investment Products (PRIIPs) (Amendment) (EU Exit) Regulations 2019 (UK Regulations) were published together with a draft explanatory memorandum. The UK Regulations were laid before Parliament on January 9, as reported in the January 11 edition of Corporate & Financial Weekly Digest. There do not appear to be any substantive changes.…
On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period. The FCA states on a webpage related to the statements of policy that they outline how it will use its decision-making…
On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without a withdrawal agreement (no-deal Brexit).…
On March 1, the European Securities and Markets Authority (ESMA) published a press release relating to the annual calculation of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. In its press release, ESMA has announced that it will postpone publishing the results of the annual calculations because its IT systems require more time than anticipated to complete them. The publication was originally…
On March 1, the European Securities and Markets Authority (ESMA) published a press release announcing that it has made available the results of the annual transparency calculations for equity and equity-like instruments. There are currently 1,344 liquid shares and 389 liquid equity-like instruments other than shares, subject to calculations relating to the transparency requirements in the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). ESMA’s annual transparency…
On February 21, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, the executive director of supervision—Investment, Wholesale and Specialists at the FCA, on firms’ progress in transitioning from the London Interbank Offered Rate (LIBOR) to overnight risk-free rates (RFRs). The FCA and the UK Prudential Regulation Authority (PRA) are in the process of analyzing firms’ responses to their Dear CEO letter in which they requested a comprehensive assessment of the potential…
On February 25, the Bank of England (BoE), the UK Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission published a joint statement on measures intended to ensure the continuity of UK-US derivatives trading and clearing activities following the United Kingdom’s withdrawal from the European Union (Brexit).…