On May 27, the UK’s Financial Conduct Authority (FCA) published a new webpage that sets out its approach to individual’s continuing professional development (CPD) (the Webpage).

According to the Webpage, the FCA expects firms to demonstrate that individuals remain competent to carry out their work and that individuals should continue completing CPD during the COVID-19 pandemic. However, the FCA notes that there could be exceptional circumstances when individuals may struggle to complete the required minimum CPD hours.
Continue Reading FCA Statement on Continuing Professional Development During the COVID-19 Pandemic

On May 27, the UK’s Financial Conduct Authority (FCA) published issue 63 of its Market Watch newsletter in relation to market conduct and transaction reporting issues (the Newsletter).

In the Newsletter, the FCA sets out its expectations around the identification and handling of inside information in light of increased capital raisings and working from home arrangements as a result of the COVID-19 pandemic. The FCA notes that market participants should continue to comply with their obligations under the relevant regulations, including the Market Abuse Regulation. In particular, market participants should:
Continue Reading FCA Publishes Market Watch Newsletter

On May 21, the International Capital Market Association (ICMA) published a response received from the European Securities and Markets Authority (ESMA) in relation to proposals for reporting of central bank repurchase transactions (Repos) under the Market in Financial Instruments Regulation (MiFIR) (the Response).
Continue Reading ESMA Clarifies Reporting of Repos With EU Central Banks Under MiFIR

On May 26, the European Central Bank (ECB) published its 2020 bi-annual financial stability review (the Review).

In the Review, the ECB provides an overview of the potential risks to financial stability in the EU. A summary of the ECB’s key points are set out below:
Continue Reading ECB Publishes Bi-Annual Financial Stability Review

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