Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Retired Member 

CFTC analyses data sent to trade repositories

The Commodities and Futures Trading Commission (CFTC) together with the US Office of Financial Research (OFR) have announced that they are commencing a joint project to enhance the quality, types and formats of data collected from swap data repositories. The focus will be on data quality and the use of analytical tools for regulatory purposes, buil...

14 April 2014

Retired Member 

ESAs consults on supervision of financial conglomerates

The Joint Committee of the three European Supervisory Authorities (ESAs) has published a consultation on the guidelines to clarify and enhance cooperation between competent authorities on a cross-border and cross-sectoral basis where a cross-border group has been identified as a financial conglomerate. The guidelines aim to supplement the Financ...

11 April 2014

Retired Member 

EC response on classification of financial instruments

On 20 March 2014 ESMA published the European Commission’s (EC) response (dated 26 February 2014) to ESMA’s letter of 14 February 2014 regarding the classification of financial instruments as derivatives. The response is that the EC shares the view that it is essential to have a consistent transposition of the relevant Markets in Financial Instrum...

11 April 2014

Retired Member 

ESMA lists authorised CCPs and OTC subject to clearing

derivatives which may be subject to the clearing obligation under EMIR Following the authorisation of Nasdaq OMX Clearing AB as the first EU-based central counterparty (CCP) under the European Markets Infrastructure Regulation (EMIR) on 18 March 2014, the European Securities and Markets Authority (ESMA) has published on its website (under the sub

10 April 2014

Retired Member 

PRA explains use of BMA data in Solvency II supervision

The Bank of England has published an article by members of the PRA’s Policy Division on the role of business model analysis (BMA) in the supervision of insurers. This is in the “Topical Articles” section of the Quarterly Bulletin. The PRA uses BMA as part of its judgement based, forward-looking supervisory approach, to help to understand the fut...

09 April 2014

Retired Member 

PRA consults on calculation of technical provisions

The Prudential Regulation Authority (PRA) has published a consultation paper seeking views from general insurers on a draft supervisory statement which sets out the PRA’s expectations in relation to the calculation of technical provisions and the use of internal models under Solvency II. The PRA is publishing this statement to enable firms to con...

09 April 2014

Retired Member 

Securities financing transactions to be more transparent

The House of Commons European Scrutiny Committee has discussed the EU draft Regulation on reporting and transparency of securities financing transactions (SFT Regulation). This details the Government’s view that: · any regulation must be consistent with the Financial Stability Board’s recommendations; · reporting requirements must be proportionate...

08 April 2014

Retired Member 

Commission adopts nine RTS under CRD IV

The European Commission has adopted nine directly applicable regulatory technical standards (RTS) required by the Capital Requirements Regulation and the CRD IV Directive (together known as CRD IV). These RTS form part of the hundred mandates for regulatory and implementing technical standards that are provided for under the CRD IV measures. A s...

08 April 2014

Retired Member 

KRX makes clearing of OTC derivatives mandatory in July 2014

The Korea Exchange (KRX) has started to provide a voluntary clearing service for Korea Won (KRW)-denominated interest rate swap (IRS) contracts to meet the G20 mandate on over-the-counter (OTC) derivatives clearing. The KRX expects the new service to lower systematic risks in OTC derivative clearing and also improve overall market transparency. ...

07 April 2014

Retired Member 

Australian Treasury consults on mandatory clearing

The Australian Treasury Department has released a proposals paper for the mandatory central clearing of interest rate derivatives denominated in USD, EUR, JPY and GBP (G4 currencies). This is the next step in mandating the clearing of interest rate derivatives denominated in the G4 currencies. The proposals paper is based on recommendations prov...

07 April 2014