Monthly Highlights: July 2019

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from August 2019. 

In this issue

 

Brexit
LIBOR and benchmarks
Lending
Acquisition finance
Debt capital markets
Derivatives
Sustainable finance
Securitisation and structured products
Regulation of derivatives and structured products
Restructuring
Claims and remedies
Regulation for banking lawyers

 

Brexit

FCA extends its temporary power to make transitional arrangements in the event of a no-deal Brexit to 31 December 2020

The Financial Conduct Authority (FCA) has announced that it intends to extend the proposed duration of the directions issued under its temporary transitional power to 31 December 2020. This is to reflect the extension of the period allowed for the negotiation of the UK's withdrawal from the EU under Article 50 of Treaty on European Union (TEU). Other than allowing additional time for the exercise of its power, the FCA says its approach remains unchanged.

FCA consults on STS notifications under the onshored Securitisation Regulation

The FCA has published consultation paper CP19/26, setting out draft technical standards on the content and format of simple, transparent and standardised (STS) notifications under the onshored Securitisation Regulation. The consultation is part of the FCA’s preparation in case the UK leaves the EU on 31 October 2019 without an implementation period and the relevant EU technical standards have not been brought into UK law as part of the EU Withdrawal Act. Feedback is sought by 27 August 2019.

BoE and PRA consult on changes following extension of Article 50

The Bank of England (BoE) and the Prudential Regulation Authority (PRA) have published consultation paper 18/19, UK withdrawal from the EU: Changes following extension of Article 50 (CP18/19). The consultation covers some minor amendments needed to the BoE’s and PRA’s EU Exit Instruments because of the extension of the Article 50 period and change of exit day to 31 October 2019, and additional provisions in EU law that will now meet the definition of retained EU law and require amending. The consultation closes on 18 September 2019.

 

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LIBOR and benchmarks

 

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Lending

 

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Aquisition finance

 

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Debt capital markets

 

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Derivatives

 

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Sustainable finance

 

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Securitisation and structured products

 

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Regulation of derivatives and structured products

 

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Restructuring

 

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Claims and remedies

 

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Regulation for banking lawyers

 

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Area of Interest