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 

PRA Monitoring levels of capital - early warning indicators

The Prudential Regulation Authority (PRA) has published a letter sent on 23 May to all firms in the internal model approval process on the introduction of early warning indicators. The PRA proposes to use the period before the formal implementation of Solvency II to trial the use of early warning indicators in the individual capital adequacy sta...

30 May 2013

Retired Member 

ISDA Protocols Updates

The International Swaps and Derivatives Association (ISDA) has published two protocols to assist firms in meeting the changes in derivative market regulatory changed. ISDA has launched its 2013 protocol which is intended to facilitate compliance with mandatory trade reporting requirements while addressing disclosure limitations and published its ...

30 May 2013

Retired Member 

EMIR framework application to non-EU CCPs

The European Commission has published a paper on the “Practical implementation of the EMIR framework to non-EU central counterparties (CCPs)”. The European Market Infrastructure Regulation (EMIR) introduces a new recognition procedure for CCPs that are established outside the EU but wish to provide services to market participants that are estab

29 May 2013

Retired Member 

EMIR Trade Reporting implementation now due in November 2013

The European Securities and Markets Authority has updated its website detailing that its best estimate is that the registration of the first Trade Repositories is not likely to take place before August 2013. The reporting start date is dependent on the actual date of registration of the first Trade Repository, taking effect 90 calendar days aft

29 May 2013

Retired Member 

HKMA Updates OTC DerivativeTrade Repository Documents

The Hong Kong Monetary Authority (HKMA) has updated its website to post revised information and documents related to the Trade Reporting service. The documents updated are: the Reporting Service Reference Manual; the Reporting Service Product Scope; the Fee Scale for the Reporting Service; and the Reporting Service Agreement. RELATED LINK ht

28 May 2013

Retired Member 

EMIR application - EU to provide clarity on approach

The European Commission has required the European Securities and Markets Authority to prepare regulatory technical standards on the application of the European Markets Infrastructure Regulation (EMIR) to transactions between non EU entities with a direct, substantial and foreseeable effect within the European Union. The regulatory technical stand...

28 May 2013

Marc Murphy CEO at Fenergo

Beneficial Ownership: A KYC opportunity or data nightmare?

Beneficial ownership is gaining significant exposure at the moment, with the UK intending to use its presidency of the G8 Leaders’ Summit next month to promote the improvement of international co-operation on tax evasion and push for greater transparency and accountability. As David Cameron, Prime Minister of Britain, states, “… dealing with tax e...

28 May 2013 /regulation /wholesale

Retired Member 

PRA approach to Solvency II

The PRA has published the slides used at its industry briefings on the European Insurance and Occupational Pensions Authority (EIOPA) guidelines on preparing for Solvency II. The PRA’s expectation is to hold meetings with internal and external stakeholders during the EIOPA consultation and workshops will be convened to gain technical input in ear...

15 May 2013

Retired Member 

FSB Data Gaps Initiatives and OTC Derivative Reforms Monitor

The Financial Stability Board (FSB) has announced that it has developed a common data template for systemically important global financial institutions (G-SIBs) to improve data to support financial stability. The FSB has harmonised the collection and pooling of improved consolidated data on bilateral counterparty credit exposures of G-SIBs as wel...

13 May 2013

Retired Member 

Cross-border Concerns Raised to G20 April Meeting

The UK Chancellor together with the Brazilian, French, Japanese, South African, German, Russian and Swiss Ministers and the European Commission Commissioner for Internal Market and Services have written to the US Treasury Secretary expressing concern at the lack of progress in developing workable cross-border rules as part of the reforms of the O...

10 May 2013