Financial Services: 5 key legal and regulatory updates - 6 February

Financial Services: 5 key legal and regulatory updates - 6 February

 

In this issue, we have worked with our Financial Services team to handpick 5 key legal and regulatory updates for in-house lawyers. See below for instructions to sign up to the Financial Services sector blog, run by our in-house legal experts. 

 

FCA sets out issues for firms to consider during Brexit transitional period

The FCA updated a webpage on Brexit which sets out issues for UK firms to consider during and after the transition period, which ends on 31 December 2020.

Source: FCA outlines issues for firms to consider during Brexit transitional period.

 

ESMA proposes to postpone entry into force of CSDR RTS on settlement discipline

ESMA published a proposal for a new draft regulatory technical standard (RTS) postponing the date of entry into force of Commission Delegated Regulation (EU) 2018/1229 supplementing Regulation (EU) 909/2014 (the CSDR) with regard to the RTS on settlement discipline. Under the proposal, the date of entry into force of the RTS on settlement discipline, which is currently 13 September 2020, would be postponed until 1 February 2021.

Source: Final report: CSDR RTS on settlement discipline—postponed entry into force.

 

FCA policy statement on mortgage advice and selling standards

The FCA published policy statement PS20/1, Mortgage advice and selling standards: feedback to CP19/17 and final rules. CP19/17 contained proposed changes to the FCA’s rules after the Mortgages Market Study (MMS) identified potential harms. PS20/1 summarises the feedback the FCA received and sets out its final rules. The FCA says there was support for its proposals and it is implementing them broadly as proposed.

Source: PS20/01: Mortgage advice and selling standards: feedback to CP19/17 and final rules.

 

FCA raises concerns about persistent credit card debt

The FCA wrote to credit card firms telling them to review their approach to borrowers who are stuck in persistent debt for three years, where they are paying more in interest, fees and charges than they are paying off their balance.

Source: FCA tells credit card firms to review their approach to persistent debt customers.

 

ISDA to re-consult on pre-cessation fallbacks in derivatives contracts

ISDA announced that it will re-consult on how to implement pre-cessation fallbacks following the release of new information by the FCA and ICE Benchmark Administration (IBA) on the length of time LIBOR may be published. Based on the results of this consultation, ISDA will move quickly to deliver the appropriate, industry endorsed fallback solution later in 2020.

Source: ISDA to re-consult on pre-cessation fallbacks

 

See the full update here: FS weekly highlights - 6 Febuary covering the topics listed below.

For further news, legal and regulatory updates and to sign up to alerts, see the Financial Services industry blog.

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About the author:

Amy is an established writer and researcher, having contributed to publications, such as The Law Society, LPM, City A.M. and Financial IT. Her role at LexisNexis UK involved leading content and thought leadership, as well as writing research reports, including "The Bellwether Report 2020, Covid-19: The next chapter" and "Are medium-sized firms the change-makers in legal?"