Response to FCA: Consultation on the proposed policy with respect to the exercise of its powers in relation to LIBOR Transition: 18 January 2021

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”.

Report: Issues of Legal Uncertainty Arising in the Context of Monetary Finance: 6 January

This note, published in pursuit of the FMLC’s educational remit, outlines some of the legal issues which arise in the context of monetary policy and monetary financing, and considers a recent judicial decision in relation to the distinction between monetary policy and monetary financing, so as to highlight particular consequences for stimulus policies by National Central Banks.

Report: The Use of Electronic Signatures in Authenticating Global Notes: 31 December 2020

In March 2020, governments around the world took action to stall the advent of the novel coronavirus (Covid-19) by implementing a range of “social distancing” rules.  These measures have meant that market participants may be unable to print and sign documents with “wet ink” in accordance with usual practice.  In this context, the FMLC has published this paper surveying the position of electronic signatures under key jurisdictions.

Response to Call for Evidence: U.K.’s International Regulatory Cooperation Strategy: 25 November 2020

The FMLC has submitted a response drawing attention to its work on cross-border cooperation in relation to financial services regulation, especially in the aftermath of the Global Financial Crisis.  Divergent national approaches and differences present a serious challenge to effective cross-border regulation.  Additionally, in the context of the U.K.’s withdrawal from the E.U., the FMLC has drawn attention to the legal and operational complexities which may arise when authorities in the U.K. are no longer party to cooperation arrangements