Monthly Highlights: October 2018

Monthly Highlights: October 2018

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

Brexit

HM Treasury issues proposal for temporary transitional power to be exercised by UK financial regulators in the event of a no-deal Brexit

HM Treasury (HMT) has set out its proposal for a temporary transition tool to be exercised by the UK financial regulators including the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in the event of a no-deal Brexit scenario. The regulators will have the power to phase in requirements for UK regulated firms that will change under onshoring legislation. The power will be delegated to UK regulators in secondary legislation under the European Union (Withdrawal) Act and will only be used in the no-deal scenario.

AFME warns of cliff-edge risks without a transition period

The managing director for Brexit and head of recovery and resolution at the Association for Financial Markets in Europe (AFME), Oliver Moullin, has warned that, with less than six months until the UK is due to leave the EU, there remains ‘very significant uncertainty’ for Europe’s financial services industry. He said reaching a withdrawal agreement that includes a transition period should be the priority for all stakeholders involved, in order to ensure an orderly withdrawal, preserve financial stability and avoid market disruption.

Lending

Loan Market Association introduces trade recap template

The Loan Market Association (LMA) has produced a trade recap template with the aim of prompting lenders with the required details necessary to complete a trade confirmation. Ideally, the trade recap details will have been agreed upon at the time of trade. By using this trade recap, it is hoped that settlement times will continue to reduce in the secondary loan market.

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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.