The FCA’s business plan 2020/2021 Over the coming weeks, partners from our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In our fifth video diary, John Coley examines the key aspects of the FCA’s business plan for the forthcoming year, which focusses on the regulator’s ongoing…

Glen Barrentine is Of Counsel in the New York office of Norton Rose Fulbright. His practice focuses broadly on SEC regulated financial service clients, including broker-dealers, securities exchanges, municipal advisors and investment advisers. Glen frequency represents clients in connection with SEC and FINRA enforcement proceedings and other contentious regulatory inquiries, purchases and sales, and the preparation and negotiation of common industry agreements. He also provides clients with counseling and advice across the full range of…

The Japanese Financial Services Agency (JFSA) and the Bank of Japan have published the results of a survey on the use of LIBOR by financial institutions (including banks, securities companies insurance companies and others), their LIBOR exposures and LIBOR transition progress. The survey enables supervisory authorities to quantify the number of contracts that reference LIBOR and preparedness for the transition away from LIBOR to alternative reference rates. Key findings include: contracts referencing EUR, GBP and…

On 6 April 2020, the FCA published a new web page concerning client assets and COVID-19. The FCA reports that it has received queries on client assets (CASS) compliance related to the current disruption caused by the COVID-19 pandemic. On the web page the FCA summarises queries received on the following topics and its position on them: Handling cheques; CASS audit reports; Physical asset reconciliations; Depositing client money; Notification of CASS breaches; CASS firm classification;…