FMLC letter on the Financial Services Bill
On 13 January 2021, the Financial Markets Law Committee (FMLC) published a letter it had sent to HM Treasury concerning the Financial Services Bill (Bill).
In the letter the FMLC draws HM Treasury’s attention to the following areas of legal uncertainty within the Bill’s provisions:
Clause 36 of the Bill is designed to fix a problem with the Financial Collateral Arrangements (No. 2) Regulations 2003 (the 2003 Regulations), which implement Directive 2002/47/EC on financial collateral…