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 […]
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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”.
Response to Consultation: European Commission Review of the Settlement Finality Directive in Payment and Securities Settlement Systems: 5 May 2021
The FMLC has submitted a response drawing attention to legal uncertainties which have arisen owing to developments in the business, technological and regulatory environment since the last review of the SFD in 2008/2009.
Asset Management Scoping Forum meeting: 6 May 2021
This virtual meeting of the Asset Management Scoping Forum was moderated by Neil Robson of Katten Muchin Rosenman UK LLP. Forum members discussed the FCA’s second consultation paper on a […]
FinTech Scoping Forum meeting: 27 April 2021
This virtual meeting of the FinTech Scoping Forum was moderated by Ben Kingsley of Slaughter and May. Forum members discussed the European Commission’s Proposal for a Regulation on Artificial Intelligence, […]
Letter: International Platform on Sustainable Finance (IPSF) and sustainable finance standards adopted in the E.U. and U.K. after Brexit: 21 April 2021
On 3 February 2021, HM Treasury announced that the U.K. would become a member of the International Platform on Sustainable Finance (IPSF). The FMLC understands that the IPSF is a […]
Brexit Advisory Group meeting: 31 March 2021
Members of the Brexit Advisory Group met on 31 March 2021. They discussed the prospects for Scottish independence and the upcoming Scottish elections, the Financial Services Bill, the Trade Bill […]