The Directive (EU) 2021/2167 on credit servicers and credit purchasers (“Directive”) was proposed as part of the European Commission’s strategy to reduce current stocks of non-performing loans (“NPLs”) on EU […]
Category: Publications
Report: The words “similar contracts of guarantee” in the definition of “contract of insurance” in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
Article 3(1) of the RAO extends the meaning of the term “contract of insurance” for regulatory purposes, so as to bring within the purview of insurance regulation under FSMA a […]
Letter to HM Treasury: Financial Promotions Rules for Cryptoassets
Following the publication of HM Treasury’s response to its 2020 Consultation on cryptoasset promotions and the FCA’s consultation on strengthening financial promotion rules for high-risk investments, including cryptoassets, stakeholders have brought to the Committee’s attention several potential areas of legal uncertainty in relation to the regulation of cryptoassets and related activities in the U.K.
Response to PRA Consultation: The Definition of an “Insurance Holding Company”
On 6 September 2021, the Prudential Regulation Authority (“PRA”) published a Consultation Paper setting out its proposed approach to interpreting and applying the definition of an insurance holding company for the purposes of the Group Supervision Part of the PRA Rulebook.
Report: U.K. Bank Ring-Fencing Legislation
As part of its response to the global financial crisis of 2008, HM Government introduced legislation requiring U.K. banks to separate the provision of core retail services from other activities […]
Response to Law Commission: Call for Evidence on Digital Assets
The Law Commission has undertaken to review the law of England and Wales and consider reforms to ensure that the law can accommodate digital assets. As a first step, it […]
Response to Consultation: Law Commission 14th Programme of Law Reform
The Law Commission has launched a Consultation to ascertain the topics which might constitute its 14th Programme of Law Reform. The Law Commission undertakes this public consultation with a view to submitting to the Lord Chancellor a draft Programme of Law […]
Response to FCA Consultation: new powers over use of critical benchmarks under the Benchmarks Regulation
this response to the FCA’s Consultation on its new powers over the use of critical benchmarks, the FMLC has highlighted uncertainties in relation to the BMR generally, which in turn lead to confusion regarding the new powers and the difficulties in defining the “tough legacy” contracts in relation to which the FCA may use its new powers.
Letter: Ring-fencing and Proprietary Trading Independent Review: 1 June 2021
The Working Group has noted with interest the appointment by HM Treasury of an independent panel to review the operation of the legislation relating to ring-fencing and the publication of a Call for Evidence. As the Working Group has only just been established, its work has not progressed sufficiently so as to respond to the Call for Evidence. A letter was instead sent to the Independent Review Panel drawing attention to the Working Group’s remit and proposed output.
Response to Consultation: European Commission Review of the Financial Collateral Arrangements Directive: 5 May 2021
The FMLC has submitted a response drawing attention to previous FMLC papers on “possession” and “control”, written in 2010 and 2012, which highlight the serious issues of legal uncertainty and material difficulties arising from the definitions of “possession” and “control”.