Region: United Kingdom

“There is time if you start now”: regulators push greater urgency on benchmark transition

The Bank of England and Monetary Authority of Singapore are among the global regulators appealing for urgency with next year’s transition away from the Ibor benchmarks – even as nearly two thirds of firms at a recent event dedicated to the transition admitted they still do not have plans in place.

05 October 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

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

“Let’s not run before we can walk”: BoE’s Bailey on stablecoins

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

UK PRA revisits pandemic measures

The UK’s Prudential Regulation Authority will terminate a counter-cyclical emergency capital requirements policy adopted at the outset of the pandemic, while issuing new guidance on the treatment of deferrals under the IFRS 9 accounting standard.

28 August 2020

AI and machine learning – views from Hong Kong and the UK

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

UK approves updated AML guidance

UK ministers have approved new anti-money laundering guidance with special provisions on crypto-asset exchange providers, custodian wallet providers and pooled client accounts.

21 August 2020

UBS loses bid to dismiss Libor collusion claims

An English court has denied UBS’s request to throw out a lawsuit filed by US regulator FDIC, which accuses the bank of colluding with 11 rivals to lowball US dollar Libor.

05 August 2020

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