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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

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

Retired Member

EIOPA updates its Solvency II questions and answers

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 four further Q&As. Related link: https://eiopa.europa.eu/publications/eiopa-guidelines/qa-on-eiopa-guidelin...

19 February 2014

Retired Member

EIOPA sets timeline for enhanced reporting under Solvency II

In preparation for the application of the Solvency II regime the European Insurance and Occupational Pensions Authority (EIOPA) has stated that it will prepare: . two sets of ITS - set 1 on the approval processes will be released between April – June 2014 for public consultation with the aim of submitting the final version to the European Commissi...

18 February 2014

Retired Member

EBA announces features of the 2014 EU-wide stress test

The European Banking Authority (EBA) has announced the key components of the 2014 EU-wide stress test that will be conducted on a sample of 124 EU banks. The stress tests aim to assist supervisors to assess the resilience of financial institutions in the EU to adverse market developments. This exercise, which focusses on the consistency and compar...

18 February 2014

Retired Member

ESMA seeks urgent clarification on derivatives under EMIR

The European Securities and Markets Authority (ESMA) has sent a letter to the European Commission asking for clarification of the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR). The definition of a derivative under EMIR refers to the list of financial instruments under the Markets in F...

17 February 2014

Retired Member

EBA to require use of LEI for supervisory reporting purposes

The European Banking Authority (EBA) has published a Recommendation on the use of unique identification codes (such as the Legal Entity Identifier (LEI)) for supervisory reporting purposes for every credit and financial institution in the EU to ensure that data is consistent and comparable. This Recommendation aims to harmonise the identification ...

17 February 2014

Retired Member

ESMA has published updated Q and As on EMIR

The updated text and new questions with related clarifications are as follows: General Questions . Q1 on funds and counterparties and whether entities with a charitable nature or otherwise a non-profit profile have to report under EMIR OTC Questions . Q3 on the calculation of the clearing threshold . Q12 on risk mitigation techniques . Q18 on ind...

14 February 2014

Retired Member

European Commission sets its priorities for 2014

The European Commission priorities for 2014 include implementing financial markets reforms, data transparency and promoting international compliance. The European Commission’s Internal Market and Services Directorate has published its management plan for 2014. The priorities for work on financial services in 2014 include: ensuring the full estab...

14 February 2014