Monthly Highlights: November 2018

Monthly Highlights: November 2018

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from November 2018.

Brexit

A no deal Brexit—what are the key concerns for the lending market?

The Loan Market Association (LMA) has published a paper on the consequences of a ‘no deal’ Brexit on the European loan market. News Analysis:  A no deal Brexit—what are the key concerns for the lending market? summarises the key concerns highlighted by the paper.

ESMA outlines plans to recognise UK CCPs in case of no-deal Brexit

The European Securities and Markets Authority (ESMA) has published a public statement to address the risks of a no-deal Brexit scenario in the area of central clearing. ESMA says that its Board of Supervisors supports the continued access to UK central counterparties (CCPs) to limit the risk of disruption in central clearing and to avoid negatively impacting EU financial market stability.

ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives

ESMA has published a final report with draft regulatory technical standards (RTS) proposing to amend the three Commission Delegated Regulations on the clearing obligation under the European Market Infrastructure Regulation 648/2012 (EMIR). The draft RTS propose, in the context of the UK’s withdrawal from the EU, to introduce a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts to EU counterparties during a specific time-window. The amendments would only apply if the UK leaves the EU without the conclusion of a withdrawal agreement.


LIBOR

Reform of interest rate benchmarks—what is the state of play?

On 14 November 2018, the FSB issued a report on progress in reforming major interest rate benchmarks. News Analysis: Reform of interest rate benchmarks—what is the state of play? summarises the key points in the report, looking in particular at the current position in relation to LIBOR

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.