On May 18, the European Securities and Markets Authority (ESMA) published a statement regarding the non-renewal and termination of the short selling bans imposed by certain EU financial regulators (the Statement).

As a result of the impact of the COVID-19 pandemic on EU financial markets, the Austrian Finanzmarktaufsicht (FMA), the Belgian Financial Securities and Markets Authority (FSMA), the French Autorité des Marchés Financiers (AMF), the Greek Hellenic Capital Market Commission (HCMC), the Spanish Comisión Nacional del Mercado de Valores (CNMV) and the Italian Commissione Nazionale per le Società e la Borsa (CONSOB) introduced bans on short selling from the middle of March 2020.
Continue Reading ESMA Publishes Statement on the End of Short Selling Bans by Certain EU Financial Regulators

On May 19, the UK Government published a suite of draft legal texts (the Legal Texts) to accompany its policy paper, “The Future Relationship with the EU,” published on February 27 (the Policy Paper).

The UK Government states that the draft Legal Texts are the legal articulation of its approach in the Policy Paper and that these have formed the basis of discussions with the EU.
Continue Reading Brexit: UK Government Publishes Legal Texts on Future UK-EU Relationship Negotiations

Katten is continuing our weekly, 15-minute fireside chat series featuring London partners Carolyn Jackson, Nathaniel Lalone and Neil Robson. Next week’s discussion will focus on the UK’s brand-new insolvency rules, which will be of particular interest to investment firms and proprietary traders. Please join us on Tuesday, May 19 at 1:00 p.m. Eastern

On May 13, the UK’s Financial Conduct Authority (FCA) and the UK’s Prudential Regulation Authority (PRA) announced that they will resume full supervisory engagement with dual regulated firms on their London Interbank Offered Rate (LIBOR) transition progress from June 1, 2020 (the Announcement). Such engagement will include data reporting at the end of Q2 in light of the PRA and FCA suspended transition data reporting at the end of Q1 for dual regulated firms and the Banks of England’s (BoE) Financial Stability Report on May 7, 2020 regarding the impact of COVID-19 pandemic.
Continue Reading BOE, FCA and PRA Update on LIBOR

On May 7, the European Commission (the Commission) adopted a new Delegated Regulation to amend the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies under the Fourth Money Laundering Directive (the Delegated Regulation).

The Delegated Regulation will:
Continue Reading AML: European Commission Adopts a New Delegated Regulation in Relation to the Fourth Money Laundering Directive

On May 11, the International Capital Market Association’s (ICMA) Sustainable Finance Committee published a report setting out its proposed high-level definitions for the most frequently used terminology in the sustainable finance sector (the Report).
Continue Reading ICMA Publishes a Report on Definitions for Sustainable Finance

Katten is continuing our weekly, 15-minute fireside chat series featuring London partners Carolyn Jackson, Nathaniel Lalone and Neil Robson on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. Please join us for our second installment Tuesday, May 12, at 1:00 p.m. Eastern / 6:00 p.m. London time.
Continue Reading London Weekly Fireside Chat

On April 30, the Bank of England (BoE) and the UK’s Prudential Regulation Authority (PRA) published a joint statement, and the UK’s Financial Conduct Authority (FCA) published a statement on HM Treasury’s proposed use of the UK financial services regulators’ temporary transitional power (TTP) for up to two years after the end of the Brexit transitional period in December 2020 (the Statements). 
Continue Reading BoE, FCA and PRA Statements on Regulators’ Temporary Transitional Power

On May 4, the House of Commons EU Scrutiny Committee (the Committee) published a letter to HM Treasury on the proposed regulation (the Taxonomy Regulation) on the establishment of a framework to facilitate sustainable investment (the Letter).
Continue Reading ESG: House of Commons EU Scrutiny Committee Letter Regarding the Taxonomy Regime