News & Analysis as of

United Kingdom Central Counterparties

A&O Shearman

UK equivalence regulations for Swiss CCPs and margin for OTC derivatives not centrally cleared

A&O Shearman on

The OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 have been laid before Parliament and published with an explanatory memorandum. The Regulations, made on 16 July,...more

A&O Shearman

BoE consults on future regulatory framework for CCPs

A&O Shearman on

The Bank of England (BoE) has published a consultation paper titled "Ensuring the resilience of CCPs" as part of a broader package of reforms aimed at strengthening the UK's regulatory framework for central counterparties...more

A&O Shearman

UK's BoE Financial Market Infrastructure Committee responds to HMT recommendations

A&O Shearman on

The Bank of England (BoE) has published a letter dated 15 July, responding to the Chancellor of the Exchequer's letter that set out the government's recommendations to the BoE's Financial Market Infrastructure Committee...more

Hogan Lovells

UK: Financial Services and Markets Act 2023 - Landmark Financial Services and Market Bill receives Royal Assent

Hogan Lovells on

Hailed as a landmark piece of legislation and a once in a generation reform to the UK financial services sector, the new Financial Services and Markets Act 2022-2023 which received Royal Assent on 29 June 2023 aims to bolster...more

Cadwalader, Wickersham & Taft LLP

Bank of England and CFTC Announce Agreement on CCP Supervision

Post-Brexit, the Bank of England (the “Bank”) assumed responsibility for recognising and supervising incoming, non-UK central counterparties (“CCPs”), and on 14 April, the Bank and the Commodity Futures Trading Commission...more

Proskauer Rose LLP

Regulation Round Up - December 2021

Proskauer Rose LLP on

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

White & Case LLP

Brexit: Fresh Perspectives

White & Case LLP on

The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different...more

Hogan Lovells

Securities and markets regulatory news, March 2021

Hogan Lovells on

UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more

Hogan Lovells

Securities and markets regulatory news, October 2020 # 4

Hogan Lovells on

BoE and CFTC MoU for supervision of cross-border clearing organisations - The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...more

Seyfarth Shaw LLP

Undeterred by the COVID-19 Pandemic, ARRC Publishes on April 8, 2020 a Methodology for Addressing Differences between LIBOR and...

Seyfarth Shaw LLP on

On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more

A&O Shearman

Draft UK Legislation to Onshore EMIR 2.2 Published for Feedback

A&O Shearman on

HM Treasury has published for feedback a draft statutory instrument to implement the revised provisions for CCPs in the European Market Infrastructure Regulation (known as EMIR 2.2.) into U.K. law once the Brexit...more

Latham & Watkins LLP

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Latham & Watkins LLP on

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Opportune LLP

LIBOR Phase-Out: Considerations for Oil & Gas Companies

Opportune LLP on

With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many...more

A&O Shearman

European Supervisory Authority Public Statement on Post-Brexit Temporary Recognition for UK CCPs if No UK-EU Deal

A&O Shearman on

The European Securities and Markets Authority has issued a public statement entitled "Managing risks of a no-deal Brexit in the area of central clearing." In the statement, ESMA confirms that its Board of Supervisors...more

A&O Shearman

Bank of England Consults on Approach to Resolution Statements of Policy and Onshored Binding Technical Standards for Brexit

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The Bank of England has published a consultation paper entitled "UK withdrawal from the EU: The Bank of England’s approach to resolution statements of policy and onshored Binding Technical Standards." The consultation forms...more

A&O Shearman

Bank of England Updates Non-UK CCPs on Approach to Recognition Post-Brexit

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The Bank of England has published a "Dear CEO" letter sent by Sir John Cunliffe, Deputy Governor, Financial Stability, to the Chief Executive Officers of non-U.K. CCPs to provide more detail on the post-Brexit recognition of...more

Orrick - Finance 20/20

AFME Calls on Authorities to Urgently Address Brexit Cliff Edge Risks for Financial Services Sector

Orrick - Finance 20/20 on

On October 22, the Association for Financial Markets in Europe (“AFME“) published a press release on avoiding a Brexit cliff edge in financial services, these concerns were reiterated in a letter to the European Commission,...more

A&O Shearman

UK Draft Legislation to Onshore the European Market Infrastructure Regulation Published

A&O Shearman on

HM Treasury has published in draft format the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 – the U.K.'s draft statutory...more

A&O Shearman

UK Conduct Regulator Consults on Post-Brexit Temporary Permissions Regime for EEA Firms and Funds

A&O Shearman on

The U.K. Financial Conduct Authority has published a consultation on its proposed approach to a Temporary Permissions Regime for EEA firms and investment funds that currently provide services in the U.K. - either via a branch...more

A&O Shearman

UK Government Issues Brexit "No-Deal" Guidance for Financial Services

A&O Shearman on

HM Treasury has published a technical notice entitled "Banking, insurance and other financial services if there's no Brexit deal," to provide guidance about the impact of the U.K. leaving the EU without a ratified withdrawal...more

A&O Shearman

More Pieces of the Brexit Puzzle: Enhanced Equivalence, Transitional Regimes

A&O Shearman on

Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more

A&O Shearman

UK Secondary Legislation Published for Post-Brexit Temporary Permissions Regime

A&O Shearman on

A draft of one of several pieces of U.K. legislation has been published, that will establish a temporary permissions regime after the U.K.'s withdrawal from the EU. Temporary permission will be available for EEA firms...more

A&O Shearman

UK Legislation Published for a Post-Brexit Recognition Regime for CCPs

A&O Shearman on

A draft of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 has been laid before Parliament. The finalized Regulations will come into force partly on the day after the day...more

A&O Shearman

UK Special Administration Regime for Financial Market Infrastructure Brought Into Force

A&O Shearman on

A U.K. Order, the Financial Services (Banking Reform) Act 2013 (Commencement No. 1) (England and Wales) Order 2018, has been made. The Order brings into force, from July 13, 2018, the provisions in the Financial Services...more

A&O Shearman

Bank of England Finalizes Fee-Levying Regime for Financial Market Infrastructures

A&O Shearman on

The Bank of England has published a Policy Statement outlining the fees it intends to levy on Financial Market Infrastructures, namely CCPs, central securities depositaries, recognised payment systems and specified service...more

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