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.
In order to have a better understanding of impact of Artificial Intelligence (“AI”) and Machine Learning (“ML”) on financial services, the Bank of England (the “BoE”) and the Financial Conduct Authority (the “FCA”) have established the Artificial Intelligence Public-Private Forum (“AIPPF”).
To facilitate the transition of “tough legacy” contracts away from LIBOR, HM Government has introduced the Financial Services Bill 2019-21 (the “Financial Services Bill”) which grants new powers under to the Financial Conduct Authority (“FCA”) to help it manage an orderly “wind-down of critical benchmarks”.
The FMLC has sent a letter detailing the issues of legal uncertainty which arise in relation to insurance business in the context of Brexit. The letter draws attention to the […]
On 13 July 2017, members of the Buy-side Scoping Forum met for the second meeting of 2017. The meeting was chaired by Monica Gogna of Ropes & Gray International LLP. […]
On 7 April 2017, members of the Buy-side Scoping Forum met for the first meeting of 2017. The meeting was chaired by Christopher Dearie of MJ Hudson Limited. On the […]
The FMLC commented on the Financial Conduct Authority’s Asset Management Market Study, the interim findings of which were published in November 2016. The FMLC noted issues of legal uncertainty that […]
FMLC report entitled Response to the consultation of the Financial Conduct Authority entitled: “Review of the client assets regime for investment business” (Consultation Paper CP 13/5), published 24 January 2014. […]