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On 19 March 2019, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a discussion paper on conventions for referencing SONIA in new contracts. The discussion paper is intended to raise market awareness of the identified conventions for referencing SONIA. The discussion paper has been divided into three parts: Section 1 is a summary of conventions that already exist in SONIA-referencing markets; Section 2 outlines considerations for new products referencing SONIA; and…
On 19 March 2019, the FCA published a technical communication on the operation of the MiFIR transparency regime post-Brexit, sitting alongside its supervisory statement on the same topic (our blog on this is here). The technical communication sets out technical details on: the contents of the FCA Financial Instrument Transparency System which is due to go live on 1 April 2019 in the event of a no deal on 29 March 2019; the file…
On 19 March 2019, the Joint Money Laundering Steering Group (JMLSG) published the text of proposed revisions to part II of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The proposed revisions impact two sectors, ‘credit unions’ (sector 4) and ‘brokerage services to funds’ (sector 20). The deadline for comments on the proposals is 18 April 2019.…
On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . The results on a per ISIN basis will be published through the Financial Instruments Transparency System (FITRS) in…
On 19 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a report on proportionality in bank regulation and supervision. The report summarises the responses received to the Basel Committee’s survey on the same topic by member jurisdictions and participants of the Basel Consultative Group. The Basel Committee found that the majority of respondents to its survey apply proportionality measures in their jurisdictions. In most cases, such measures are applied to banks that…
Part III: Modifications Post-Discharge Welcome to Part III of our series on the servicing of discharged mortgage debt. This part will discuss modifying a borrower’s loan after a discharge. (If you missed Part I or Part II, go ahead and catch up.) Servicers and borrowers struggle with lack of clarity regarding the nature of the relationship between borrower and servicer when the borrower discharges personal liability in bankruptcy. In an ideal world, the borrower would…
On March 12, 2019, the CFPB released the 18th edition of its Supervisory Highlights report. The report covers supervision activities completed between June 2018 and November 2018 and discusses supervisory observations related to automobile loan servicing, mortgage servicing, remittances, and deposits. The report also summarizes the CFPB’s previously announced public enforcement actions and guidance during the covered period. The 18th edition of Supervisory Highlights is the first report issued under Director Kathy Kraninger’s leadership and…
A short time ago, a storm of controversy briefly emerged after a Delaware court endorsed a firm’s adoption of a fee-shifting bylaw. The controversy quieted down after the Delaware legislature adopted a statutory provision prohibiting fee-shifting bylaws. The fee-shifting provision controversy could be back, albeit this time in a different state. A Nevada legislator has introduced a bill in the state senate that would explicitly allow Nevada corporations to adopt  provisions requiring fee-shifting…
We are all going to be heartedly sick of discussing LIBOR and LIBOR transition long before it becomes a thing at the end of 2021, but we really need to get this done. I can’t make this at all funny. We have a problem…but not a solution. Fixing it is going to be a heavy lift. Like a colonoscopy, demonstrably necessary, but in no way fun. (Actually, I really should say, that my doctor is…
The U.S. District Court hearing the EEO-1 pay data reporting case has ordered EEOC to inform employers by April 3, 2019, whether they will be required to provide pay and hours worked data for the 2018 EEO-1 reporting cycle. The current deadline for 2018 EEO-1 reporting is May 31, 2019. As we reported on March 5, 2019, the U.S. District Court for the District of Columbia vacated the Office of Management and Budget’s (OMB) stay…

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