Weekly highlights

Weekly highlights

The Banking & Finance team produce a weekly roundup of current awareness

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Latest Banking & Finance News

Banking and Finance weekly highlights—30 January 2025

This week's edition of Banking and Finance weekly highlights includes: (1) the High Court holds that BOS did not breach implied terms in facility agreements in relation to forced asset disposals; (2) ICMSA updates standard provisions for bondholder meetings with enhanced electronic consent wording; and (3) ESMA announces implementation of new regime for the reporting of OTC transactions.

ICMA ERCC releases analysis of 2024 year-end repo market performance

The International Capital Market Association's (ICMA) European Repo and Collateral Committee (ERCC) has published its annual assessment of the repo market's performance over the 2024 year-end. The report highlights a deviation from previous years, with repo rates initially priced at a premium to benchmark rates, as opposed to the usual deep discount and raises concerns regarding pressure on globally systematically important banks due to increased prime brokerage demand following the US elections for accurate prediction and management.

Key points from FCA financial crime guide updates

Law360, Expert analysis: Following its April 2024 consultation, the Financial Conduct Authority (FCA) made changes to its financial crime guide, or FCG, effective from November 2024. The updates reflect the FCA's learnings on sanctions systems and controls following Russia's invasion of Ukraine, they also highlight expectations on firms in relation to proliferation financing, set out guidance on transaction monitoring systems, and include clarifications on the consumer duty and anti-money laundering requirements for cryptoassets businesses. Written by Emma Radmore, legal director, and Laura Wiles, solicitor, at Womble Bond Dickinson.

ISDA issues response to ESMA's consultation on EMIR 3.0 active account requirement

The International Swaps and Derivatives Association (ISDA) has submitted a response to the European Securities and Markets Authority's (ESMA) consultation on the active account requirement (AAR) announced under the reviewed European Market Infrastructure Regulation (EMIR 3.0). ISDA raised significant concerns regarding the proposed reporting regime for AAR compliance monitoring, asserting that it exceeds necessary measures and contradicts the EU's recent commitment to reduce administrative burdens and also highlighted the ambiguities in certain operational requirements, particularly those related to stress testing.

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