UK/EU Investment Management Update (September 2020)
On 17 August 2020, the Financial Times published comments issued by Valdis Dombrovskis, the Executive Vice President of the European Commission for An Economy That Works for People, warning that the City of London may need to wait until beyond the end of 2020 for the outcome of an EU equivalence assessment.
FCA information webpage on conduct rules reporting
On 13 August 2020, the FCA published a new webpage providing information on conduct rules reporting for FCA firms under the SMCR.
The SMCR requires FCA firms to report annually to the FCA on any disciplinary action taken against individuals who are not Senior Managers for breaches of the Conduct Rules.
As we noted in our Update European Union Net Short Position Reporting Threshold Reduced to 0.1% (UPDATED 11 JUNE 2020), on 11 June 2020, ESMA announced the renewal of its decision under the EU Short Selling Regulation (SSR) to reduce the net short reporting threshold from 0.2% to 0.1%. The new measure applied from 17 June 2020 for a period of three months. Accordingly, the lower 0.1% threshold will continue to apply until 17 September 2020 (unless the decision is renewed again at that point).
ISDA encourages adherence to the IBOR Fallback Protocol
On 29 July 2020, the International Swaps and Derivatives Association (ISDA) published a statement from its Board of Directors on adherence to ISDA’s forthcoming interbank offered rate (IBOR) Fallback Protocol.
ISDA has been working with the Financial Stability Board Official Sector Steering Group since 2016 on updates to its standard documentation for interest rate derivatives to implement more robust fallbacks for LIBOR and other key IBORs.
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