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EFMLG and FMLC Joint Letter: LIBOR transition: 19 March 2021
Together with the European Financial Markets Lawyers Group (the “EFMLG”)—a group of senior legal experts from the EU banking sector, hosted by the European Central Bank, dedicated to making analysis […]
Response to HM Treasury Call for Evidence: Regulatory Approach to Cryptoassets and Stablecoins: 19 March 2021
The FMLC has also drawn attention to the possible overlap of the new regime for stablecoins with the existing regime under the E-Money Regulations.
Response to Consultation: Supporting the wind-down of critical benchmarks: 15 March 2021
The Committee has expressed the view that safe-harbour legislation would address the worst-case risks of frustration, avoidance or force majeure termination which, although they may have only a small chance of crystallising, would be potentially significant in their impact owing to the systemic importance of market standard terms.
Webinar: The Impact of the Hong Kong Autonomy Act on Cross-Border Banking Operations
In a continuation of the ongoing disagreement between the U.S. and China regarding the latter government’s obligation to maintain Hong Kong’s autonomous status and in response to the introduction in […]
Letter: Artificial intelligence and the use of machine learning in financial services: 2 February 2021
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”).
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”.
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 […]