The role of the Financial Markets Law Committee is to identify issues of legal uncertainty or misunderstanding, present and future, in the framework of the wholesale financial markets, which might give rise to material risks, and to consider how such issues should be addressed. It will also act as a bridge to the judiciary to help UK courts remain up-to-date with developments in financial markets practice.
Although the E.U. and U.K. legal and regulatory frameworks are highly developed and robust, an element of legal uncertainty is inevitable in wholesale financial markets that are international, competitive and innovative. New practices frequently give rise to uncertainties as to how the law will apply, on occasion owing to misunderstandings about existing law.
Proposals for new laws or regulations—whether as part of domestic or international initiatives—can also give rise to uncertainties or misunderstandings when specific features of wholesale markets practice have not been fully or accurately considered in the drafting by a legislator or other public authority.
The FMLC fulfils its role by liaising with legal and financial experts from both the public and private sectors in order to ascertain areas of legal uncertainty troubling stakeholders in the financial markets. Once identified, the FMLC will publish an objective paper outlining the relevant legal uncertainty and making suggestions on how it might be eliminated or ameliorated. The FMLC will raise the profile of such papers with representatives of the authorities (HM Government, European and/or international authorities) best positioned to assess the recommended suggestions in order to clarify the laws or regulations in question.
The FMLC aims to keep the information on this website timely and accurate. Neither the FMLC nor any of its members accepts responsibility or liability in relation to the information contained on this website.
The FMLC does not issue any legal advice of any kind.
The FMLC’s work concerning issues of legal uncertainty affecting the wholesale financial markets is of a general nature. When specific situations are under consideration, specific advice should be obtained.
The FMLC is independent and its members serve in their personal capacities. The views of the FMLC do not necessarily reflect the views or policies of the institutions from which its membership is drawn, nor does the sponsorship of the FMLC indicate that its views reflect those of its Patrons.
Reproduction of the FMLC’s work is authorised provided the FMLC is acknowledged as the source of the work.