Jump to Content Jump to Main Navigation

You are looking at 12 of 2 results

Contributor: Thomas, Michael x
Clear All

14 Benchmarks Regulation »

Michael Thomas, Anahita Patwardhan
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter addresses the European Benchmarks Regulation. The aftermath of the 2008 financial crisis revealed a number of serious cases of manipulation affecting important benchmarks. Indeed, financial services regulators in the UK and worldwide became aware of the need for measures to improve the transparency, governance, and integrity of benchmarks. This led to a number of international and national initiatives to regulate benchmarks. The European Benchmarks Regulation is the latest step in this series of initiatives to prevent benchmark manipulation and to protect the markets. It does so by imposing restrictions on entities which use benchmarks, and those which produce or contribute to benchmarks. Brexit will not substantially change the way in which this regulation will apply. A hard Brexit will, however, have the effect of creating two separate regulatory regimes in the EU and the UK, respectively. This will create extra compliance hurdles for entities providing or using benchmarks on a cross-border basis.

7 The UK Supervisory Regime in the Post-Brexit Environment »

Michael Thomas, James Roslington
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter addresses how the UK regulatory regime is changing in light of Brexit. In the months that followed the vote by the UK to leave the European Union, UK regulators had to grapple with the practicalities of ‘taking back control’. UK regulators essentially adopted a pragmatic, technical solution that did not initially result in any major shift towards deregulation. Equally, at the international level, there was no real impetus to deregulate. The regulatory direction of travel at international bodies such as IOSCO, IAIS, and the Basel Committee is towards regulatory convergence. Nevertheless, divergence between the UK and the EU may be more likely in the future. In particular, the appointment of Boris Johnson as prime minister in July of 2019 has led to increased calls for deregulation which may in time lead to a shift in government policy.