Skip to content

Decimated LIBOR zombies stagger on

On the 23 November 2022, the FCA announced a significant extension for 3m GBP synthetic LIBOR and proposed the publication of synthetic USD LIBOR settings until 30 September 2024.  The Regulator will employ its powers under the UK Benchmarks Regulation to compel ICE Benchmark Administration to publish 3m synthetic LIBOR until 31 March 2024. The […]

Heads on the Block as LIBOR meets the SM&CR

The transition away from Libor On 19 November 2019, the FCA published a Q&A document regarding conduct risk during the transition away from LIBOR.  As the FCA notes, the discontinuation of LIBOR will affect many firms, in terms of: developing and offering new products linked to risk-free rates; assessing and reducing their own and clients’ […]

Bailey’s freshest tips for the Brexit Break-Up

Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing […]

Who you gonna call? F-C-A

Parliament might be prorogued, and clarity on Brexit might still seem an unobtainable goal, but the FCA’s enthusiasm is far from waning. Keen to apply pressure on firms, the FCA is ramping up their efforts to help companies prepare for the impending 31 October deadline. In their recent press release, the FCA announced that they […]

Senior managers school report – ‘could do better’

The FCA’s recently published Stocktake Report reviewing the implementation of the Senior Managers and Certification Regime (SM&CR) is a polite criticism of senior managers and their superiors in the banking sector. The report consisted of interviews with trade associations, Banking Standards Board, FCA and the PRA to understand how SM&CR has been implemented since it […]

Benchmark Bother

Overshadowed by the MiFID 2 regulatory colossus, the start of the year also marked the coming into force of the EU’s Benchmark Regulation (BMR). As well as defining and categorising benchmarks, the BMR lays down obligations that affect both administrators and users, requiring firms to prepare written plans detailing their response to the cessation, material […]

No LEI – No Problemo

ESMA has delivered a Christmas surprise in the shape of a six month forbearance period in respect of LEIs under MiFIR. Article 13(2) MiFIR prohibits an investment firm from transacting any reportable trade with a client, without first obtaining their LEI. The gift horse’s dentistry is not entirely flawless, the following condition must be met: […]

FCA issues FFX outlook- fog confirmed

The FCA have today issued their response to the ESAs 24 November FFX announcement. It is brief and is worth reading in full as a masterclass in ironic prevarication and understatement. Highlights below (emboldening is ours): “The amendments to the RTS should become increasingly clear over time and we would expect firms to make their […]

Heads on the Block – FCA Consults on Extension of Senior Managers Regime

  Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”.  The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]

Notices: FCA freed to fire from the hip

The Supreme Court’s recent decision in FCA v Macris is likely to have a significant effect on the way that enforcement bodies draft, publish and craft their warnings and final enforcement notices. To begin, please consider the following scenarios: Scenario A: A notice is drafted that places blame with a particular set of individuals. The […]

Press enter or esc to cancel