Podcast Episode 2: Taskforce Regulatory Workstream
Taskforce Regulatory Workstream
In this second podcast of the series you will hear co-chairs of the UK T+1 taskforce regulatory workstream John Siena, Associate General Counsel, Co-Head – Regulatory Strategy at Brown Brothers Harriman and Ashley Rowlands, Senior Associate (Knowledge), Linklaters discuss the work undertaken by their workstream.
They cover the objectives and conclusions that have been reached and the next steps that will move the UK to T+1 in October 2027 and discuss the Taskforce report that is due to be published early in 2025, which at the time of recording was undergoing an extensive industry-wide consultation.
Budgets will need to be set to make the required adjustments and introduce the necessary changes for each firm’s business operations, systems, service level agreements and or client contracts. As efficiently settling transactions on trade date plus one will require a detailed awareness and understanding to prevent expensive, unintended consequences.
The report when it is published will lay out detailed recommendations for all types of firms involved in UK capital markets. As they will need to assess the impacts on all the various T+1 touching points in their business.
John and Ash also talk about the Code of Conduct, which the report will recommend becoming the standard for settlement in the UK capital markets and how the UK Regulators will possibly incorporate this code of conduct.
They then move towards a discussion on the EU move to T+1 and how this might be coordinated with the UK.
John Siena, based in London, is Associate General Counsel, Global Head of Regulatory Strategy, for Brown Brothers Harriman (BBH).
John currently chairs the Association of Global Custodian-European Focus Committee (AGC-EFC), sits on the AFME Post-trade Division Board and chairs the AFME Post-trade Legal Committee. John co-chairs the Legal/Regulatory Workstream for the Technical Group of the UK Accelerated Settlement Taskforce and sits on various European-level cross-sector steering and working groups focused on post-trade matters, including the European Central Bank’s Advisory Group on Market Infrastructures (AMI-SeCo) and Corporate Events Group (CEG). As a member of the American Bar Association’s Business Law Section Task Force on Securities Holding Infrastructure, John contributed to its Final Report on possible reforms in U.S. law this past summer.
John is a published author and for many years has lectured on financial services law at Leiden University, The Netherlands and King’s College, London, well as in Ireland’s Certified Investment Fund Director Institute.
John formerly was Head of Asia Legal at BBH; Head of External and Regulatory Affairs, EMEA, at BNY Mellon; Assistant General Counsel, EMEA, at Brown Brothers Harriman; and Senior Legal Counsel at The Northern Trust Company.
Ashley is a Senior Associate in Linklaters’ Capital Markets practice and one of the co-leads of the Legal and Regulatory workstream of the UK T+1 Taskforce Technical Group.
Ash has extensive experience in advising on complex structured finance and derivatives transactions. He has also worked on a number of regulatory implementation projects including Brexit, LIBOR reform, the CSDR settlement discipline regime and the margining of uncleared derivatives transactions under EMIR.
Prior to Linklaters, he worked in the fixed income legal team at a major international investment bank, supporting its global credit products business.
Ash has an LLB in Law from the University of Cambridge
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