The UK’s Financial Conduct Authority is encouraging bigger and riskier EU banks to establish local subsidiaries rather than branches after Brexit, in a new guide to its approach to international firms – while the Prudential Regulation Authority has issued a brace of changes to its binding technical standards and rulebook as the transition nears its end.
24 September 2020
The European Commission has confirmed an 18-month equivalence for UK-based central clearing counterparties, giving EU banks a set timeframe to reduce their overexposure to derivatives clearing houses in Britain after the Brexit transition period ends.
24 September 2020
Bank of England governor Andrew Bailey has urged caution on stablecoin initiatives, saying multi-currency ‘baskets’ are the “wrong place to start”.
08 September 2020
Artificial intelligence and machine learning have rapidly grown in importance during the covid-19 pandemic, say speakers at a recent Bank of England webinar – but a report issued the same day by a group of Hong Kong regulators said new types of risk arising from the use of the technologies may require new types of macroprudential regulation.
24 August 2020
The UK’s Prudential Regulation Authority has introduced a set of new proposals to simplify regulatory requirements for new entrants to the banking market.
24 July 2020
Ukraine’s central bank has appointed a new governor after its previous head resigned over “systematic political pressure”; regulators in the UK and Dubai have announced board changes; and Swiss firm Schellenberg Wittmer has hired an of counsel in Geneva.
20 July 2020
Hong Kong regulators are being urged to produce a roadmap for their sustainable finance measures – as the Bank of England urges banks not to wait for climate disclosure to be made mandatory before submitting regular reports.
16 July 2020
NatWest has avoided an £8 million Libor-related consequential loss claim after an English judge ruled it had overshot its limitation period by a fortnight.
29 May 2020
The Bank of England has altered its roadmap for phasing out the use of the Libor interest rate benchmark by UK banks to April next year, mirroring a delay announced by the Financial Conduct Authority last month.
11 May 2020
A group of Hong Kong shareholders is mulling legal action against HSBC for acquiescing to the Bank of England's request that it forgo shareholder dividends.
07 April 2020
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