About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

UK Government Proposes Insolvency Rule Changes Including More Counterparty Data

Subscribe to our newsletter

The UK government has proposed changes to insolvency rules to give greater protection to investors and markets in the event of the failure of an investment bank. The rule changes are aimed at rectifying issues that have been identified since the collapse of financial institutions such as Lehman Brothers last year.

The focus is on reducing counterparty risk by providing more information about outstanding trades and mandating that firms implement contingency plans for continuity of service obligations in the event of insolvency. Firms will be required to provide information including the status of outstanding trades and the details of contingency plans to the UK Financial Services Authority (FSA) on a regular basis.

The government decided against adopting a US style Chapter 11 regime because it was deemed unsuitable for the UK market in light of the current legal regime. The proposals claim that the UK regime is more attractive than that of other jurisdictions because it does not distinguish between domestic and international creditors.

Although the introduction of these “pre-failure” steps could be criticised for being too little, too late, the government is keen to be seen to be tackling the systemic consequences that can occur from the collapse of a large financial institution.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to optimise the business value of your data using agile data governance

Data governance is transforming from a risk management and compliance tool with limited and prescriptive controls, to a solution that can help you optimise the business value of your data. In this role, data governance must scale to manage rising volumes of data, more and different data types, and changing user requirements, while continuing to...

BLOG

Know Your Customer Offers Company Data from Local Registries Across 123 Countries

Know Your Customer has released an expanded version of its Know your Customer/Know Your Business (KYC/KYB) solution that covers company data and official incorporation documents from 123 countries worldwide. The data can be consumed using either Know Your Customer’s user interface or a single API. The expanded service provides real-time access to local company registries...

EVENT

Data Management Summit New York

Now in its 12th year, the Data Management Summit (DMS) in New York brings together the North American, capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Trading Regulations Handbook 2022

Welcome to the third edition of A-Team Group’s Trading Regulations Handbook, a publication designed to help you gain a full understanding of regulations that have an impact on your trading operations, data and technology. The handbook provides details of each regulation and its requirements, as well as ‘at-a-glance’ summaries, regulatory timelines and compliance deadlines, and...