Third Party Research

The section below presents links to important documents from other bodies. Please refer to the publishing institution's website if you need more background on any of these documents. Links to the main regulatory authorities can be found in the glossary.

FCA/PRA Announcement on Eligible Collateral under UK Margin BTS – EEA UCITS

The UK FCA and UK PRA recently published a joint policy statement on margin requirements for non-centrally cleared derivatives – amendments to BTS 2016/2251. This is positive news and a good result following the joint association letter IMMFA worked on with ISDA and other industry associations in April.

Source - www.bankofengland.co.uk/-/media/boe/files/prudential-regu

ESRB note on systemic vulnerabilities of and preliminary policy considerations to reform money market funds

The European Systemic Risk Board (ESRB) issued on 1 July a note on systemic vulnerabilities of and preliminary policy considerations to reform money market funds. This note sets out the ESRB’s analysis of systemic vulnerabilities in money market funds (MMFs) and identifies a broad set of preliminary policy options for their reform. In view of the forthcoming review of the MMFR in 2022, the ESRB’s policy work will focus on policy options that would address vulnerabilities within MMFs themselves. This work will result in an ESRB recommendation by the end of the year which will be addressed to the European Commission in light of the MMFR Review next year.

Source - www.esrb.europa.eu/pub/pdf/reports/esrb.report.210701_Iss

Publication of Updated UK Money Markets Code

An update to the UK Money Markets Code has been published on 21 April on the Bank of England’s website. The FCA confirmed that it is recognising the updated Code as an industry standard.

Source - www.bankofengland.co.uk/-/media/boe/files/markets/money-m

IOSCO Final Report - Good Practices on Reducing Reliance on CRAs in Asset Management - June 2015

IOSCO Final Report - Good Practices on Reducing Reliance on CRAs in Asset Management - June 2015

Source - www.iosco.org/library/pubdocs/pdf/IOSCOPD488.pdf