Tue, Jun 23, 2020
FCA Planned Amendments to the Benchmarks Regulation
Executive Summary
Jun 23, 2020
ESMA Promotes Convergence in the Supervision of Costs in UCITS and AIFS
Jun 04, 2020
FG20/1: Assessing Adequate Financial Resources
Jun 11, 2020
EBA Guidelines of ICT and Security Risk Management
Jun 25, 2020
UK Enforcement Actions
Jun 26, 2020
FCA's Executive Director of Supervision – Investment, Wholesale and Specialists Delivered Speech at PIMFA’s Virtual Festival
Jun 03, 2020
ESMA Updates
Jul 02, 2020
FCA Sets Out Next Steps to Improve DB Pension Transfer Market
Jun 05, 2020
Inside FCA Podcast: Chris Woolard Interview
Jun 10, 2020
Delayed Application of the Open Access Regime for the Trading and Clearing of Exchange-traded Derivatives
Jun 11, 2020
FCA’s New Data Collection Platform – Regdata
Jun 22, 2020
FCA Planned Amendments to the Benchmarks Regulation
Jun 23, 2020
SEC Proposes Amendments to Update Form 13F for Institutional Investment Managers
Jul 13, 2020
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The Government announced amendments to the Benchmarks Regulations (BMR) on June 23, which would give the FCA enhanced powers to help manage and direct an orderly wind-down of critical benchmarks such as LIBOR.
Under this new legislation the FCA would be able to direct the LIBOR administrator to change the methodology used to compile the benchmark, if doing so would protect consumers and market integrity. This would not make the benchmark representative again, but it would stabilize certain LIBOR rates during a wind-down period so that limited use in legacy contracts (where amendment wasn’t possible) could continue.
The FCA will publish how it will make use of these powers after further engagement with UK and international stakeholders. They also noted that even if regulatory action is possible, parties relying on it will not have any control over its economic terms and it will not replicate exactly the preferred structures expected in new markets.
The FCA statement can be found here, the Government’s announcement can be found here and further FCA information for market participants can be found here.
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