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”.

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Letter to HM Treasury: Financial Services Bill 2019-21: 13 January 2021
On 21 October 2020, HM Government published the Financial Services Bill 2019-21 (the “Bill”). The Bill amends the U.K.’s existing legislative framework for financial services in 17 distinct areas, addressing […]
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 Survey: Legal Entity Identifiers: 9 December 2020
The FMLC Secretariat’s attention was drawn to an evidence gathering survey published ahead of the next public-private Innovation Working Group (“IWG”) on Legal Entity Identifiers (“LEIs”). The FMLC has published letters and papers in the past on the usefulness of the widespread adoption of LEIs.
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
Response to Consultation: Cryptoasset Promotions: 25 October 2020
The FMLC has submitted a response to the Consultation to draw attention to concerns with regards the definition of a “qualifying cryptoasset”.