FMLC CEO Joanna Perkins gave a speech at Infoline’s Risk Free Rate conference on navigating the transition to a Risk Free Rate. She provided an overview of the Financial Stability Board’s review of interest rate benchmarks and the development of new RFRs in various jurisdictions, the FCA’s announcement that it would cease to support LIBOR after 2021 and the legal risks associated with a transition from LIBOR to an RFR. She concluded by identifying solutions to smooth the transition of the bulk of legacy contracts.
In an article for Butterworth’s Journal of International Banking and Finance Law, Dr Perkins and Jennifer Enwezor, former Project Manager at the FMLC Secretariat, examine the difficulties in the transition from IBOR benchmarks to alternative risk-free rates (“RFRs”). They consider the question asked frequently in relation to the LIBOR transition—whether the move from a single calculation methodology to multiple methodologies in multiple jurisdictions will have significant negative impact—and determines that it is likely to be less of an obstacle than market discussions would suggest.
FMLC CEO Joanna Perkins gave a speech at the 2018 P.R.I.M.E. Annual Conference introducing technologies which have the potential to change the structure of financial markets—such as algorithms, co-location, machine learning and the Cloud—and providing an overview of the legal and regulatory challenges posed by innovation .
Her slides and speaking notes are available below.
Dr Perkins published an article entitled Benchmark transition under the new E.U. Regulation in the November edition of the Butterworth’s Journal of International Banking and Finance Law. The article provided an overview of the Benchmarks Regulation (EU 2016/1011), including its scope and proportionality and the requirements it imposes for oversight of the benchmark administrator. In particular, and in response to concerns that some benchmarks might be withdrawn for non-compliance, the article examines the Regulation’s transitional provisions, which are of increased relevance in light of planned changes in relation to key interest rate benchmarks and the U.K.’s imminent withdrawal from the E.U.
The article can be downloaded below.
Dr Perkins participated in a panel at the 7th Private Equity Forum Conference on 21 November 2017. She gave short remarks on certain legal and regulatory concerns arising in the context of Brexit, including the loss of recognition across the E.U. of English court judgments, the provisions of European law which may it be problematic to incorporate in English law, and the interpretation and enforcement of legacy contracts.
Dr Perkins’ slides and speaking notes are available below.
At the annual Goodacre Securities Industry Conference, held on 6 October 2017, Dr Perkins presented on the difficulties inherent in determining the legal character of virtual currencies and uncertainties this creates with regards to their regulation.
Dr Perkins’ slides and speaking notes are available below.
Previous presentations on the topic of virtual currencies can be accessed on this page and the FMLC’s 2016 paper on virtual currencies can be downloaded here.
At a seminar in Paris, organised by RIMES on 13 June 2017, on preparing for the incoming E.U. Benchmarks Regulation, FMLC CEO Joanna Perkins presented uncertainties related to benchmark evolution and regulation.
Dr Perkins gave a similar presentation at an event on the same topic in London on 7 June 2017.
The slides and speaking notes pertaining to Dr Perkins’ presentations are available below.
FMLC CEO Joanna Perkins was invited to participate in the inaugural conference of the New Special Study of the Securities Markets, held at Columbia University. She joined the panel on Globalization, providing remarks on the effects of globalisation on the securities markets and the specific questions which arise and which deserve further study in order to help regulators manage with rapid globalisation and innovation.
FMLC CEO Joanna Perkins presented at a meeting of the legal committee of the European Federation of Energy Traders (“EFET”) in Venice. Dr Perkins provided an overview of the immediate effects of the U.K.’s decisive vote to withdraw from the E.U. and outlined the FMLC's strategy to identify and analyse the subsequent issues of legal complexity.
FMLC CEO Joanna Perkins was invited to speak at a law firm in London on the topic of the E.U.’s proposed Banking Reform Package. The remarks, enclosed in the speaking notes below, identify the legal risks arising from the Reform Package, including those associated with the requirements to establish Financial Holding Companies and Intermediate Holding Companies for Third Country banking groups.
FMLC CEO Joanna Perkins presented at an event organised by the Université Pantheon Sorbonne on the topic of the U.K.'s impending withdrawal from the E.U. The presentation contains an overview of various models for the future U.K.-E.U. relationship and examines the impact of the withdrawal on the U.K. financial services industry. It focuses on the challenges faced by the U.K. in gaining access to the Single Market in financial services under E.U. law—including key legal uncertainties related to the negotiation of any transitional arrangements—and provides an analysis of some of the legal issues raised by the Prime Minister's proposal of a Great Repeal Bill.
The speaking notes accompanying this presentation can be found below.
Joanna, FMLC Project Secretary Jennifer Enwezor and Barnabas Reynolds of Shearman and Sterling adapted the FMLC Paper on the Obligations of Central Counterparties and their Clearing Members under Part VII of the Companies Act 1989 into an article for the January edition of the Butterworths Journal of International Banking and Financial Law. The piece considers how the protections in Part VII of the Companies Act 1989, whilst establishing the primacy of default management processes over insolvency law, could be subject to the disruptive effects of certain proprietary claims.
The article is available for download below. Should you refer to it in your own work, the recommended citation is:  1 JIBFL 8.
FMLC CEO Joanna Perkins gave a presentation at the Annual P.R.I.M.E. Conference at The Hague on the progress and challenges of reforming key interest rate benchmarks. She discussed the process of overhauling benchmarks regulation over the last four-and-a-half years, including proposals to rethink the calculation of LIBOR, SONIA and EURIBOR. In the presentation, Joanna also considered the possibility of frustration risk for financial contracts arising from benchmark withdrawal, cautioning that although it has historically remained low, regulators and administrators ignore the legal risks of benchmark transition at their own peril.
Joanna delivered a similar presentation at an Infoline event entitled Managing Benchmark Regulation Reform.
The speaking notes for the presentation are available below.
Joanna presented on the impact of Articles 12 to 15 of the Market Abuse Regulation on the French markets at a RIMES Seminar in Paris.
A similar presentation can be found here.
At a conference call of the Quarterly Discussion Forum, a meeting of the FMLC with the Financial Markets Lawyers Group at the New York Federal Reserve, FMLC CEO Joanna Perkins gave a presentation on the European Commission’s proposal for a regulation on CCP resolution.
An article co-written by FMLC CEO Joanna Perkins and FMLC Project Secretary Jennifer Enwezor on the legal uncertainties arising from the proliferation of virtual currencies was published in the November issue of the Butterworths Journal of International Banking and Financial Law.
The article, which draws heavily on an earlier FMLC publication, reflects on the qualities of virtual currencies which would permit them to be classified within the traditional categories of property and personal rights established at Common Law, despite the multiplicity and diversity of virtual currency platforms in use. An overview of virtual currency schemes reveals that units of virtual currency can be convincingly categorised as a type of property, by dint of their widely-accepted economic value and transferability, and as money, owing to their status as a medium of exchange amongst a sizeable user community.
The article is available for download below. Should you refer to it in your own work, the recommended citation is:  10 JIBFL 569.
Joanna gave the keynote speech on issues of legal complexity in cleared derivatives at a legal event hosted by FIA in London.
The notes accompanying the presentation can be accessed below the slides.
Joanna presented on the new Market Abuse Regulation regime at the RIMES' Second Regulatory Seminar in London.
You can access the accompanying notes to the presentation below the slides.
Joanna travelled to Tokyo to meet with members of the Financial Law Board, the FMLC's sister organisation in Japan.
The presentation covers the FMLC's outreach activities and research output in 2016, with a particular focus on issues of legal uncertainty arising from the proliferation of digital currencies.
The result of the June referendum simply established the United Kingdom's desire to leave the European Union. The nature of its future relationship with the E.U. remains open to negotiation. In a recent presentation, FMLC CEO Joanna Perkins explored the alternative models to the U.K.'s membership of the E.U.
The FMLC hosted the Quadrilateral conference this year at the Bank of England. The conference is an annual meeting of the FMLC and its sister counterparts from the European Union, the United States and Japan. Held over three days (19-21 July), the Quadrilateral offered an opportunity for the FMLC to assess and discuss developments in financial markets law. On the agenda were topics as wide-ranging as the legal challenges presented by new virtual payment systems, the legal considerations of negative interest rates, a primer on clearing and margins, an in-depth look at the many legal measures related to ending “Too Big to Fail” and, of course, Brexit.
In 2009, the G20 acknowledged that the current capital requirements do not deal adequately with the ideal of returning a bank to lending after resolution because they do not provide for a means by which Banks can quickly rebuild their Basel III capital and so meet the requirements for authorisation. In consequence regulators developed standards on so-called “loss absorbing capacity” which are designed to ensure not only that banks have enough capital to absorb losses but also that they have enough to recapitalise themselves once the flow of losses has been stemmed.