Global Financial Regulatory Blog

Category Archives: Benchmark Regulations

Subscribe to Benchmark Regulations RSS Feed

ISDA Gearing up to Launch IBOR Fallbacks Protocol

Regulators and industry groups strongly encourage market participants to adopt ISDA’s much-anticipated IBOR Fallbacks Protocol and Definitions Supplement. By Yvette D. Valdez, Becky Critchley, Deric Behar, and Anna Lewis-Martinez The International Swaps and Derivatives Association (ISDA) has published a statement from its Board of Directors confirming that on October 23, 2020 it will launch its … Continue Reading

Hong Kong SFC Consults on Enhancements to Anti-Money Laundering Guideline

Amidst its continued regulatory focus on money laundering and terrorist financing risks, the SFC seeks to clarify and consolidate guidance for licensed firms. By Simon Hawkins and Kenneth Y.F. Hui On 18 September 2020, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper proposing a number of amendments to its Guideline on … Continue Reading

CFTC Provides Additional No-Action Relief to Smooth IBOR Transition

The relief removes regulatory obstacles and provides additional flexibility for market participants. By Yvette D. Valdez, Adam Bruce Fovent, and J. Ashley Weeks On August 31, 2020, three divisions of the US Commodity Futures Trading Commission (CFTC) issued revised no-action letters providing additional relief to swap dealers, end users, and other market participants from registration … Continue Reading

SEC Puts LIBOR Transition Testing in Focus

In anticipation of LIBOR discontinuation, the SEC will begin examining transition progress. By Vicki E. Marmorstein, Jane Summers, Yvette D. Valdez, Stephen P. Wink, Douglas K. Yatter, and Deric Behar Nearly a year after the US Securities and Exchange Commission’s (SEC’s) release of a Staff Statement on LIBOR Transition, the SEC’s Office of Compliance Inspections … Continue Reading

HM Treasury Announces Welcome Proposed Amendments to the UK Benchmarks Regulation

The proposals enhance the FCA’s powers to ensure an orderly wind-down of critical benchmarks and to deal with “tough legacy” contracts that cannot transition from LIBOR. By Nicola Higgs and Ella McGinn On 23 June 2020, the FCA published a statement welcoming HM Treasury’s announcement that the Treasury intends to bring forward legislation to amend … Continue Reading

European Commission Publishes Draft Delegated Regulations on ESG Disclosures in Benchmarks

The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation. By Nicola Higgs and Becky Critchley On 8 April 2020, the European Commission published the three draft delegated regulations required by Regulation (EU) 2019/2089, commonly referred to as the Low Carbon Benchmarks … Continue Reading

New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation

The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. By Nicola Higgs and Becky Critchley On 9 March 2020, ESMA published a consultation paper (CP) on draft Regulatory Technical Standards (RTS) under the EU Benchmarks Regulation (BMR). The CP covers governance arrangements, methodologies, reporting of infringements, mandatory … Continue Reading

Benchmark Reform – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins This blog post explores developments relating to the EU Benchmarks Regulation and the transition away from LIBOR. This is the third blog of this series, which has been taken from our wider publication: 10 Key Regulatory Focus Areas for … Continue Reading
LexBlog