Region: United Kingdom

Prudential roundup: Australia proposes capital adequacy updates

Australia’s prudential regulator has proposed changes to its capital adequacy framework as part of its delayed Basel III implementation, while its British counterpart has pressed ahead with plans for simplified recovery plan obligations for some banks, despite predictions they promise firms only “limited” cost savings.

09 December 2020

Libor administrator proposes extending US dollar transition to 2023

The administrator of the London Interbank Offered Rate has proposed extending the transition date for its most widely-used US dollar tenors for another 18 months to June 2023, offering a “longer runway” for banks as they make the transition.

03 December 2020

EU unmoved on derivatives obligation, leaving UK to “sort out its own mess”

EU regulator ESMA has refused to budge on rules that will disallow derivatives trading on UK venues once the Brexit transition period ends, leaving the UK at risk of losing its dominance of the multi-trillion dollar global derivatives market.

26 November 2020

FCA plans “synthetic Libor” for post-2021

The UK’s Financial Conduct Authority has outlined the scenarios in which it will publish a newly-calculated “synthetic” Libor after its end-2021 discontinuation, under fresh powers handed to it by the newly introduced Financial Services Bill.

23 November 2020

UK announces post-Brexit equivalence for European firms

The UK Treasury has announced it will grant several equivalence rights to EEA financial firms, amid doubts the EU will reciprocate without the UK including further arrangements in their Brexit plans.

11 November 2020

UK announces climate stress test and mandatory TCFD roadmap

The Bank of England has confirmed that its inaugural climate stress tes will take place next year, as the UK’s chancellor announces a roadmap to will make climate disclosure mandatory for banks by the end of next year.

10 November 2020

PRA expands OCIR umbrella

The UK’s Prudential Regulation Authority has proposed expanding its operational continuity expectations to protect firms’ core business lines during resolutions and restructurings.

02 November 2020

GCs move at Credit Suisse and HSBC

Credit Suisse has named a new general counsel for investment banking after 24-year veteran Natalia Nicolaidis’ departed to set up her own consulting firm; while HSBC has hired Barclays’ former general counsel Bob Hoyt.

02 November 2020

Goldman Sachs to address risk management after US$2.9 billion 1MDB settlement

Goldman Sachs has been ordered to improve its risk management and oversight procedures after settling with 10 regulators in five jurisdictions over an alleged multibillion-dollar bribery and embezzlement scheme with respect to Malaysian fund 1MDB.

29 October 2020

Community round-up: Promotions at Ashurst and FinCEN

Ashurst has named two new partners in its London and Sydney offices, while the US Financial Crimes Enforcement Network has appointed a new associate director to lead its policy division.

20 October 2020

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