On 12 January 2021, the FCA announced that it was conducting a short consultation regarding updating its guidance for firms on the treatment of mortgage and consumer credit customers facing repossession. The FCA’s current guidance on mortgage repossessions means firms should not enforce repossessions before 31 January 2021 except in exceptional circumstances, such as a customer requesting that proceedings continue. The FCA proposes extending this guidance so that firms should not enforce repossessions before 1…

On 13 January 2021, there was published on legislation.gov.uk The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021 together with an explanatory memorandum. The statutory instrument specifies that the legal and supervisory framework for stock exchanges in Switzerland meet at least equivalent outcomes to the UK’s corresponding regime. It will allow UK investment firms subject to the trading obligation as set out in Article 23(1) of the Markets in Financial Instruments Regulation, as it forms…

On 12 January 2021, the European Central Bank (ECB) published a final guide outlining its supervisory approach to consolidation in the banking sector, following a public consultation which ended on 1 October 2020. The ECB has also published a feedback statement setting out its views on respondents’ comments on the consultation. With the final guide, ECB banking supervision intends to clarify, within the current regulatory framework, the principles underpinning the prudential supervisory approach it follows…

On 12 January 2021, HM Treasury published a letter from John Glenn MP (Economic Secretary to HM Treasury) to Lord Kinnoull (Chair of the European Union Committee, House of Lords) providing information on the following: The deficiencies identified in the EU’s delegated acts implementing EMIR 2.2 and the timescale for introduction of EMIR 2.2 regulations in the UK. The letter notes that the Government took steps to ensure that the onshored EMIR 2.2 delegated acts…

Following our recent blog on the PRA’s new consultation on international banks, the regulator has issued a speech by David Bailey (PRA Executive Director, Financial Market Infrastructure) on the same topic. In his speech Mr Bailey describes in more detail the concept of responsible openness which Sam Woods first described in his 2019 Mansion House speech. Mr Bailey also covers supervisory cooperation noting in particular the open and supportive relationship the UK regulators have with…

On 11 January 2021, the FCA issued a new webpage The final countdown: Completing sterling LIBOR transition by end-2021. On the webpage the FCA warns firms that 2021 is the critical year for firms to complete their transition away from LIBOR. The LIBOR administrator, ICE Benchmark Administration, is consulting on ceasing publication of all sterling LIBOR settings at the end of 2021, leaving just one year for firms to remove their remaining reliance on…