EU digital finance and retail payments strategies: understanding the big picture

Last month, the European Commission (“EC”) adopted a new Digital Finance Package, which it published together with a communication entitled “A Retail Payments Strategy for the EU” containing specific policy measures needed in relation to payment services given their key role among digital financial services. The European Parliament (“EP”) subsequently adopted a nonbinding resolution on the EC's Digital Finance Package on 8 October 2020. Read more

UK Post-Brexit Reform: HM Treasury consults on the Future Regulatory Framework for EU Exit

HM Treasury has published a consultation launching the second phase of the Future Regulatory Framework (FRF) Review. The purpose of the Review, which began in 2019, is to explore how the UK’s regulatory framework for financial services needs to change in order to be fit for the future, particularly in light of the UK’s exit from the EU. The aim is to achieve an agile and coherent approach to financial services regulation in the UK, with appropriate democratic policy input to support “a stable, innovative and world leading FS sector”. Read more

Public consultation on the review of the AIFMD is published

To some of us it feels like just yesterday that the asset management industry was grappling with the legislative powers in the EU to make sense of the early drafts of the AIFMD. And yet here we are again, as the European Commission yesterday published its public consultation on the review of the AIFMD (the “Consultation”). The Consultation marks the Commission’s first deep engagement with the public on the road to what could end up being a significant reform and it brings up again some of the issues that vexed engagement during the introduction of the AIFMD. Read more

Leaving LIBOR: the ISDA 2020 IBOR Fallbacks Protocol and IBOR Supplement

With LIBOR due to disappear by end-2021, work has been underway to facilitate the transition from LIBOR and other IBORs to alternative risk free rates (or RFRs). The derivatives market has been at the forefront of the transition and is some distance further ahead than other financial markets. In particular, ISDA has recently published the 2020 IBOR Fallbacks Protocol and IBOR Fallbacks Supplement, which introduce hardwired fallbacks from IBORs to relevant RFRs for new products and legacy products. Read more

Climate-related disclosures: the new frontier?

Herbert Smith Freehills LLP have published an article in Butterworths Journal of International Banking and Financial Law on the Financial Conduct Authority (FCA)’s proposals for regulating climate-related disclosures and the litigation risks which may arise for issuers from such proposals. Read more