UK:
UK Government Announces Review Into Wholesale Financial Markets
26 June 2014
Shearman & Sterling LLP
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On 12 June 2014, HM Treasury announced a joint review by the
Treasury, the Bank of England and the Financial Conduct Authority
("FCA") into the operation of the wholesale financial
markets, called the "Fair and Effective Markets Review".
The Review will focus on the regulated and unregulated wholesale
markets where misconduct issues have recently arisen (fixed income,
currency and commodity markets, including related derivatives and
benchmarks). The scope of the Review will cover trading practices,
the regulatory perimeter, impact of recent and forthcoming
regulation and supervision. It is anticipated that the Review will
result in recommendations, to be published by June 2015. A
consultation in relation to the Review will be launched in the
Autumn. The Government intends to take interim measures such as (i)
extending the LIBOR regulation to cover further benchmarks and to
provide for criminal sanctions for LIBOR manipulation; (ii)
extending the Senior Managers and Certification Regime to non-UK
firms (about which, see below); and (iii) expanding the UK criminal
regime for market abuse.
HM Treasury's announcement is available at:
https://www.gov.uk/government/news/fair-and-effective-markets-review-announced-by-chancellor-of-the-exchequer.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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