Two years after the application date of MiFID2, the European institutions have only just begun the review process that was mandated by the legislator. The Briefing discussed the latest and possibly forthcoming developments and provided a view on how AFME is approaching the key issues that are likely to be discussed. It inclded topics such as the trading obligation, the possible review of client categorisation, and the transparency regimes. Members were joined in the Briefing by: - Elisa Menardo, Director of Policy and Public Affairs at Credit Suisse and Chair of AFME’s MiFID steering committee - Julian Allen-Ellis,Director of MiFID, AFME - Pedro Pinto, Director of Advocacy, AFME You can listen to the Briefing below.

More than two years after Andrew Bailey first called time on LIBOR in July 2017 there have been significant developments in both UK and European markets. Much of the sterling FRN market has already switched to issuing in SONIA, and on 2nd October the ECB began publishing its new reference rate, €STR (euro short-term rate). Members werejoined in the Briefing by: - Richard Hopkin, Head of Fixed Income, AFME - Jose Carlos Pardo Labrador, Coordinator Legal subgroup of the Euro Risk Free rate Working Group, BBVA - Rick Sandilands, Senior Counsel, Europe, ISDA - John Millward, Managing Director, Structured Finance Group, HSBC You can listen to the Briefing below.

The Association for Financial Markets in Europe advocates stable, competitive and sustainable European financial markets that support economic growth and benefit society.

With the new MEPs taking up their seats in the European Parliament and the changeover at the top of the European institutions well underway, AFME members were invited to join this June Member Briefing to hear what the priorities will be for the new European Commission and Parliament. Members were joined in the Briefing by: Simon Lewis, Chief Executive, AFME Donald Ricketts,Head of Financial Services, FleishmanHillard Stefano Mazzocchi,Managing Director, Deputy Head of AFME Brussels office

With the UK due to leave the EU on 29th March, and political uncertainty looking likely to continue, this timely discussion examined the key operational challenges firms face in the event of a no-deal Brexit. Members were joined in the Briefing by: Simon Lewis, Chief Executive, AFME Andrew Gray,Head of Brexit, PwC Galina Dimitrova,Director, Investment and Capital Markets, The Investment Association

With the UK Parliament's 'Meaningful Vote' on the Withdrawal Agreement having been postponed, this timely Briefing provided expert analysis on 'what next?' for the Brexit process. Members were joined in the Briefing by: Simon Lewis,Chief Executive, AFME Chris Bates,Global Head of Financial Regulatory and Markets Practice, Clifford Chance LLP Michael Prescott, Group MD, Corporate and Political Strategy, Hanover

The EU (Withdrawal)Act, which transposesthebody of EU-derived lawinto UK legislation,received royal assent on 27June. Over the coming weeks, the UK Governmentis expected to start publishing a large volume of secondary legislationto make amendmentsto adapt the acquisin areas where it would be unworkable to directly transfer EU legislation into UK law.Given the large volume of financial services regulation derived from EU law and the inherent policy choices involved in adapting it to a UK framework outside the EU, the secondary legislation is likely to have significant implications for firms. Members were joined in thebriefing by: Chris Bates, Partner, Clifford Chance LLP Simon Lewis,Chief Executive, AFME Oliver Moullin,Managing Director, BrexitandGeneral Counsel, AFME Arved Kolle, Manager,Brexit, AFME