News

ADGM set to adopt UNCITRAL electronic transaction rules

The Abu Dhabi Global Market’s financial regulator has named a new chief executive, as the free zone consults on new UNCITRAL-based electronic transaction rules.

01 October 2020

ESMA sets out benchmark parameters for extreme market stress scenarios

The EU’s securities regulator has said benchmark administrators should explain in detail any deviations from their methodology in times of extreme market conditions, after financial institutions noted rebalancing delays at the onset of the covid-19 crisis.

01 October 2020

Crédit Agricole sells final Saudi Fransi stake, with Clifford Chance advising

Clifford Chance and its Saudi associate firm are advising France’s Crédit Agricole as it disposes of its final remaining stake in Banque Saudi Fransi.

29 September 2020

US regulator pushes to improve “imperfect” climate risk assessments

The US Commodity Futures Trading Commission has called for the financial sector to improve its risk quantification methods in relation to climate change – but practitioners warn some of the regulator’s wishlist will require legislative change following the November election.

29 September 2020

FATF and Hong Kong regulators target crypto and anonymity “red flags”

Reports released from the Financial Action Task Force and Hong Kong’s securities regulator have pointed to money laundering and terrorism financing “red flags” arising from the use of crypto asset exchanges.

28 September 2020

Community round-up: hires at Simpson Thacher, Herzog, and Two Birds

Simpson Thacher & Bartlett is set to hire a partner from Clifford Chance in its London office; Israeli firm Herzog Fox & Neeman has hired an old hand from Bank Leumi; and Bird & Bird has tapped a Norton Rose Fulbright partner to lead its financial regulation practice in Dubai.

28 September 2020

FCA and PRA push Brexit changes as transition end-date approaches

The UK’s Financial Conduct Authority is encouraging 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 changes to its binding technical standards and rulebook as the transition nears its end.

24 September 2020

EU Commission gives UK CCPs 18-month equivalence post-Brexit

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

Uría Menéndez and Garrigues advising on Caixa-Bankia merger

Board members of CaixaBank have approved its €3.8 billion purchase of domestic counterpart Bankia – in a deal it says will make its non-performing loan ratio the lowest in Spain.

22 September 2020

Community round-up: departures at MAS and FCA

The UK’s Financial Conduct Authority and the Monetary Authority of Singapore have both announced the departures of key names.

22 September 2020

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