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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.

originally founded 01 Jul 2010

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Retired Member

PRA sets out timetable of activity for Solvency II

The Prudential Regulation Authority (PRA) has published a timetable of its activity relating to Solvency II into May 2014. This sets out key activities that the PRA considers may be helpful to firms as they make preparations for the new regime. The timetable includes details that: . the PRA will publish: - a consultation paper on "Solvency II:...

28 February 2014

Retired Member

FCA sets supervisory approach to EMIR risk mitigation

The FCA has updated its webpage in relation to their supervisory priorities arising from the implementation of the European Markets Infrastructure Regulation (EMIR). In line with its supervisory approach, the FCA expects firms which are unable to comply with risk mitigation requirements for non-cleared trades relating to portfolio reconciliation, d...

27 February 2014

Retired Member

FCA publishes manual on COREPand FINREP reporting

The Financial Conduct Authority (FCA) has published a filing manual containing the rules and guidance for firms and software vendors when creating XBRL instance files for CRD IV common reporting (COREP) and financial reporting (FINREP). The purpose of the manual is to provide UK-specific guidance and rules that are in addition to the European Banki...

27 February 2014

Retired Member

EU publishes MiFID II and MiFIR transaction reporting

The Council of the European Union has published the approved compromise text of the: · proposed Markets in Financial Instruments Directive (MiFID II); and · text of the proposed MiFID II Regulation (MiFIR). Both documents are dated 17 February 2014. MiFIR contains the extended transaction reporting requirements which apply to: · all instruments tra...

26 February 2014

Retired Member

EIOPA updates Solvency II guidelines related to NCAs

The European Insurance and Occupational Pensions Authority (EIOPA) has updated the questions and answers (Q&As) on its guidelines on submission of information to national competent authorities (NCAs) relating to the Solvency II Directive, by adding questions 21, to 25 in response to queries form firms. Related link: https://eiopa.europa.eu/p...

26 February 2014

Retired Member

PRA discusses Solvency II data issues

The Prudential Regulation Authority (PRA) has set up a Solvency II regulatory reporting industry working group, as a forum for the PRA and industry representatives to discuss technical, and practical, implementation challenges. The PRA has published on its Preparing for Solvency II webpage the minutes of the meeting of the working group held in D...

25 February 2014

Retired Member

PRA publishes feedback on Solvency II data collection

In May 2013, the Prudential Regulation Authority (PRA) sent targeted data collection requests to all internal model approval process firms. The PRA has now published feedback on its webpage on the data collection exercises, which covers: • comparison of individual capital assessment, standard formula solvency capital requirement (SCR), and interna...

25 February 2014

Retired Member

EU and US announce regulatory cooperation on SEFs and MTFs

The European Commission has released a statement announcing that the United States Commodity Futures Trading Commission (CFTC) and the European Commission have made significant progress towards a harmonised regulatory framework for CFTC-regulated swap execution facilities (SEFs) and EU-regulated multilateral trading facilities (MTFs). As a result...

24 February 2014

Retired Member

EMIR RTS on direct effect of contracts within the EU adopted

The European Commission has adopted regulatory technical standards (RTS) on contracts that have a direct, substantial and foreseeable effect of contracts within the EU to prevent the evasion of rules and obligations in connection with the European Markets Infrastructure Regulation (EMIR). The RTS, as prepared by the European Securities and Market...

24 February 2014

Retired Member

ESMA programme shows no timeline for EMIR position reporting

The European Securities and Markets Authority (ESMA) has published its 2014 regulatory work programme which sets out ESMA’s regulatory work schedule including: technical standards under the Alternative Investment Fund Managers Directive; 5 pieces of work on the European Markets Infrastructure Regulation (EMIR) including: Regulatory technical stan...

21 February 2014