THE LIBOR DISCONTINUATION DEADLINE REMAINS DECEMBER 2021 BUT HAS COVID-19 IMPACTED YOUR FIRM’S LIBOR TRANSITION PLAN?
With the COVID-19 pandemic spreading across the globe and with restrictions imposed by governments the financial services industry has had to grapple with the impact of the consequent market disruption ensuring that it has primarily focused on business continuity in the short term and as a consequence derailing many other priorities.
IMPLICATIONS OF COVID-19 ON MARKET ABUSE MONITORING
The COVID-19 pandemic and consequent governmental restrictions have resulted in financial institutions allowing employees to work remotely from home. One business area where this has been problematic in the past is that of front office trading due to institutions restricting traders’ the ability to access the market from anywhere other than office premises, to ensure effective oversight in order to comply with regulatory requirements.
HOW CAN UK FINANCIAL SERVICES FIRMS CONDUCT BUSINESS IN THE EU POST BREXIT?
When the Brexit Transition period runs out at the end of 2020, UK financial services firms (including third country firms that have previously relied on their UK based affiliates) will in theory lose their ability to carry out regulated financial services business with clients based in the member states of the European Economic Area (EU27) due to the loss of passporting rights.