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 

EIOPA publishes findings on Solvency II long-term guarantee

The European Insurance and Occupational Pensions Authority (EIOPA) has published its technical findings on the long-term guarantee package, a set of potential measures aimed at facilitating the provision of insurance products with long-term guarantees under the new Solvency II insurance regulatory regime. EIOPA concluded that the final package to b...

17 July 2013

Retired Member 

OECD consults best practice in regulatory enforcement

The Organisation for Economic Co-operation and Development (OECD) has published a consultation paper - “Best Practice Principles for Improving Regulatory Enforcement and Inspections”. The consultation invites comments on central issues related to the pursuit of the highest regulatory quality and best compliance outcomes. The deadline for commen...

16 July 2013

Retired Member 

Australian Treasury isses Draft Regulation

The Australian Treasury Department has issued an exposure draft of the regulations and related press release to facilitate the operation of derivatives trade reporting regime. Reporting obligations will be imposed across all five derivatives asset classes: commodity derivatives that are not electricity derivatives; credit derivatives; equity deriv...

15 July 2013

Retired Member 

FATCA UK and US agreement amended

HM Treasury have announced that the UK Government had signed an agreement with the United States to improve international tax compliance and implement the US Foreign Account Tax Compliance Act (FATCA). This agreement will benefit UK financial institutions by addressing their legal concerns with complying with FATCA and reducing the burdens imposed...

12 July 2013

Retired Member 

ISDA Client Cleared OTC Addendum published

The International Swaps Dealers Association (ISDA) and the Futures and Options Association (FOA) have jointly published the Client Cleared OTC Derivatives Addendum. This is a template for use by cleared swaps market participants to document the relationship between a clearing member and its client for purposes of clearing over-the-counter derivati...

11 July 2013

Retired Member 

MIFiD II and MiFIR proposals move to next stage

Following agreement by member states the President of the European Union has announced that the proposals for the Markets in Financial Instruments Directive (MiFID) and Regulation (MiFIR) will now move to the next stage of the European Parliament finalising the legislation. The legislation will lead to: Enhanced transparency: member states have ...

10 July 2013

Retired Member 

CFTC and ESMA to agree mutual acceptance process for LEIs

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Amended Order expanding, through mutual acceptance by international regulators, the list of Legal Entity Identifiers (LEIs) that can be used by registered entities and swap counterparties in complying with CFTC’s swap data reporting regulations. This means that registered entitie...

09 July 2013

Marc Murphy CEO at Fenergo

A horizontal lifecycle approach to regulatory onboarding

Over the last few months alone, we’ve witnessed: the finalisation of FATCA, Dodd-Frank, EMIR, MiFID II rules, the proposal for an enhancement of existing money laundering rules in the form of the 4th EU Money Laundering Directive, the completion of Customer Due Diligence (CDD) rules by FinCEN in the US, and the UK’s Financial Conduct Authority (FC...

09 July 2013 /regulation /wholesale

Retired Member 

Cybercrime: ICSA guidance

The Institute of Chartered Secretaries and Administrators (ICSA) published a guidance note designed to help boards to understand the risks associated with cybercrime as managing cyber risk is a business-critical activity, and cannot be regarded as simply an IT issue. Cyber risk is different from other types of risk because of the rapid evolution...

09 July 2013

Retired Member 

Euro Commission-Reforming structure EU banking sector,FAQs

The European Commission has published a document containing frequently asked questions (FAQs) following requests for clarifications about the data templates that accompanied its May 2013 consultation paper on EU banking structural reform. The FAQs relate to the confidentiality of the information provided by respondents and provide further informa...

08 July 2013