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 

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

Retired Member 

FCA publishes factsheets on EMIR reporting readiness

The Financial Conduct Authority (FCA) has published two factsheets setting out its review findings relating to implementation of the regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR). The factsheets cover: • EMIR reporting – is the industry ready? The FCA wanted to find out how ready the industry was ...

21 February 2014

Retired Member 

FCA seeks input on preparedness of firms for CRD IV

The Financial Conduct Authority (FCA) has updated its CRD IV webpage to explain that it has written to the Head of Compliance at firms subject to the Prudential sourcebook for Investment Firms (IFPRU) to inform them that, following the implementation of COREP (common reporting standards) from 1 January 2014, it may ask some firms to voluntarily pr...

20 February 2014

Retired Member 

ISDA provides overview of US and EU OTC derivatives reforms

The International Swaps and Derivatives Association (ISDA) has published: a set of charts that provide a comparison of derivatives regulatory reforms under the laws of the US and the EU; and a set of charts that address the relevance of ISDA protocols and other documentation for derivative transactions for market participants in jurisdictions othe...

19 February 2014