Minutes of the London FXJSC Legal Sub-committee – 28 February 2023
Minutes
Minute 1 – Introduction and Minutes
The minutes of the meeting of 15 November 2022 were approved.
Minute 2 – Discussion on Regulatory Outlook
Peter Bevan and Simon Treacy from Linklaters LLP gave an overview of the current regulatory framework and some views for the future and how it will affect the FX market. This included developments on the FX Global Code, FCA enforcement, FCA exploration of high frequency traders in the FX markets, UK cryptoasset regulation, CBDCs, ESG, regulatory focus on risk management, the Financial Services and Markets Bill 2023 and FCA Consumer Duty.
Minute 3 – Discussion on potential changes to the Sub-Committee’s Terms of Reference
Matthew Hartley gave a brief overview on the Main Committee’s plans. The Main Committee is looking to make some further changes to its terms of reference. Accordingly, it was agreed that it would be sensible to wait for the Main Committee to finalise its terms of reference before the Legal Sub-Committee’s terms of reference are updated, to ensure consistency. As soon as the Main Committee has approved its new terms of reference, the Legal Sub-Committee members can discuss appropriate changes at the next Legal Sub-Committee meeting in June.
Minute 4 – Discussion on potential topics for FXJSC Legal Sub-Committee
The Legal Sub-Committee members discussed potential topics for upcoming committee meetings. Diane Bouwmeester viewed the regulatory updates as positive and noted that a lot of new regulation is likely to be introduced this year and suggested review of specific topics more frequently rather than annually. Sharon Blackman suggested discussing the proposed refresh of the FX definitions by ISDA and the EMTA outreach. In light of this, Sharon suggested it would be useful to have an ISDA member join a committee meeting to speak about their FX agenda. Sharon noted that she will be conducting her periodic outreach to the Legal Sub-Committee members individually.
Minute 5 – Any other business
There was no other business to discuss.
Attendees
Sharon Blackman (Chair) – Citigroup
George Johnston (Secretary) – Bank of England
Sunil Samani – XTX Markets
Rowland Stacey – Goldman Sachs
Mayank Patel – Bank of America
David Harris – Financial Conduct Authority
Simon Goldsworthy – Deutsche Bank
Gaynor Wood – CLS
Diane Bouwmeester – London Stock Exchange Group
FXJSC Legal Sub-Committee Secretariat
Matthew Hartley – Bank of England
Ayodele Cameron – Bank of England
Guest attendees
Peter Bevan – Linklaters LLP
Simon Treacy – Linklaters LLP
Apologies
Tamsin Rolls – JP Morgan Chase
Nimisha Kanabar – Morgan Stanley
Simon Helm – Tullet Prebon
Richard Lamb – UBS
Rakesh Shah – Standard Chartered
Harkamal Singh Atwal – HSBC
Baljit Saini – Natwest
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