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 extends no action relief for non-US swap dealers

The US Commodity futures Trading Commission (CFTC) has extended the no-action relief for non-US swap dealers that enter into swaps with non-US persons to 15 September 2014. This is following the CFTC receiving multiple requests from such entities for no-action relief on the basis that failure to do so would result in market disruption for their n...

12 February 2014

Retired Member 

Good practice principles for supervisory colleges revised

The Basel Committee on Banking Supervision has published a consultation paper on revised good practice principles for supervisory colleges. Supervisory Colleges are, effectively, working groups of supervisors of the parent company and key branches or subsidiaries of an international banking group which share information and coordinate supervisory ...

11 February 2014

Retired Member 

BaFin intends to apply all EIOPA guidelines on Solvency II

The German Federal Financial Supervisory Authority (BaFin) has published details of how it intends to apply all of the European Insurance and Occupational Pensions Authority’s (EIOPA) guidelines and defines the structure of the preparatory phase. The BaFin Chief Executive Director said that “things are now getting serious. Solvency II essentially...

11 February 2014

Retired Member 

Compliance and innovation can coexist

Finding the right balance between innovation and regulation is no easy task. The past four to five years have seen the banking sector try to adapt to a more tightly controlled environment, as the fallout from the financial crisis has brought a host of new regulations Though few would debate that changes were required, putting programmes in place t...

10 February 2014 /regulation /retail

Retired Member 

BaFin publishes details of CRD IV for European banks

The German Federal Financial Supervisory Authority (BaFin) has published details of the changes brought into effect with the implementation of CRD IV for European Banks. The expert article details: The Single Rule Book; The new legislative hierarchy; The regulation: own funds and minimum capital; CVA risk, liquidity and leverage ratio; German Ba...

10 February 2014

Retired Member 

CRDIV - EBA issues further questions on the single rulebook

The European Banking Authority (EBA) has published a further set of questions and answers (Q&As) on the single rulebook requirements under the Capital Requirements Directive and associated Regulation (CRD and CRR, together CRD IV). The questions include: grandfathering of own funds instruments (Q 61); eligibility of Tier 2 after contractual c...

07 February 2014

Retired Member 

BaFin publishes details of EMIR reporting obligations

The German Federal Financial Supervisory Authority (BaFin) has published details of the reporting obligations under EMIR that requires that counterparties and central counterparties must use a trade repository when engaging in derivative transactions. The expert article details: · Parties subject to the reporting obligation; · Reports; · Informa...

07 February 2014

Retired Member 

ESMA confirms rules to impose fines to TRs under EMIR

The European Securities and Markets Authority (ESMA) has published a final report on technical advice on the procedural rules for imposing fines and periodic penalty payments on trade repositories (TRs). The final report summarises the confidential responses received to ESMA’s earlier consultation, the major proposals of which were supported. ES...

06 February 2014

Retired Member 

Short selling UK challenge to ESMA’s powers dismissed

The European Court of Justice (ECJ) has dismissed the UK’s challenge to the powers conferred on the European Securities and Markets Authority (ESMA) in the Short Selling Regulation (SSR). The SSR provides that ESMA can adopt measures that are legally binding on EU Members States' financial markets where there is a threat to the orderly functionin...

06 February 2014

Retired Member 

EU publishes EU-US cooperation rules in financial services

The European Commission has published a proposal for a framework for regulatory cooperation in financial services. Recognising that some of the differences in implementation of regulatory initiatives cannot be fully justified on prudential grounds and that these represent significant barriers to trade and investment, the EU has proposed the establ...

06 February 2014