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 

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

Retired Member 

Pre-LOU prefixes for pre-LEI issuance published

The Regulatory Oversight Committee (ROC) of the global legal entity identifier (LEI) system has published a document setting out the four digit random number prefixes provided to sponsored pre-LOU solutions meeting the conditions specified by the ROC and the Financial Stability Board. This will be updated when new prefixes are granted. Related ...

04 April 2014

Retired Member 

IOSCO report: regulators’ supervisory powers need enhancing

The International Organisation of Securities Commissions (IOSCO) has published a consultation report on a comparison and analysis of prudential standards in the securities sector. The report highlights similarities, differences and gaps among the different regulators’ frameworks. The report highlights issues in the following areas where regulat...

04 April 2014

Retired Member 

EIOPA updates submission of information to NCAs

The European Insurance and Occupational Pensions Authority (EIOPA) has updated its questions and answers (Q&As) on the submission of information to national competent authorities (NCAs) in connection with the Solvency II Directive by adding 14 new questions. Related link: https://eiopa.europa.eu/publications/eiopa-guidelines/qa-on-eiopa-guideli...

03 April 2014

Retired Member 

EBA issues further updates on supervisory reporting

The European Banking Authority (EBA) has published new questions and answers (Q&As) on issues raised relating to supervisory reporting, increasing the number of Q&A to 218. The new Q&As include details on: the exposure classes to be included in reports; the operation of reporting thresholds; the reporting of nominal amounts in hedge de...

03 April 2014

Retired Member 

EBA consults on RTS on data waiver under the CRR

The Capital Requirements Regulation (CRR) requires the European Banking Authority (EBA) to develop draft regulatory technical standards (RTS) to specify the conditions under which competent authorities may grant permission to institutions to apply for a data waiver, when they implement the internal rating based approach. The consultation paper on ...

02 April 2014