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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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Insurance Self-Assessment and Peer Review initiative launch

The International Association of Insurance Supervisors (IAIS) announced the launch of this initiative which aims to assess the supportiveness of supervisors to enhancing inclusive insurance markets. The assessment tool is intended to establish a baseline, acting to generate regulatory change and supporting the implementation and promotion of the ...

30 April 2013

Retired Member

EU and US agree project plan on insurance dialogue

The European Insurance and Occupational Pensions Authority (EIOPA) announced that a high level work plan had been agreed for 2013 – 2017 on joint EU and US insurance initiatives with a focus on professional secrecy and confidentiality, reinsurance and collateral movements as well as initiatives on solvency and capital requirements, group supervisi...

29 April 2013

Retired Member

Policy Updates for Insurers in respect of Solvency II

FSA Policy development update 157 sets out publication timings for regulatory changes. For insurers this includes in Q3/4 2013: a policy statement following CP 11/23 on Solvency II and linked long-term insurance business; feedback on CP 11/22/ and CP 12/13 on transposition of Solvency II; and a policy statement on the review of the client money ...

26 April 2013

Retired Member

FATCA draft registration form published

The International Revenue Service has published the draft FATCA registration form for public review and comment. A online registration portal will be available in July 2013. RELATED LINK http://www.irs.gov/Businesses/International-Businesses/Draft-Form-8957-FATCA-Registration-Process

25 April 2013

Retired Member

HKMA and SFC commit to standards on FMIs

The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) have jointly announced their commitment to comply with the new international regulatory standards on financial market infrastructures (FMIs). The new standards are contained in a report “Principles for financial market infrastructures” (PFMIs), issued jointly ...

25 April 2013

Retired Member

Exemption from required clearing from Inter-Affiliate Swaps

The Commodity Futures Trading Commission (CFTC) issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement of the Commodity Exchange Act (CEA) and Commission regulations, subject to a number of conditions. The regulation permits affiliated counterparties to elect not to clear a ...

24 April 2013

Retired Member

IOSCO ON CROSS BORDER REGULATION AND CREDIBLE DETERRENCE

The International Organisation of Securities Commissions (IOSCO) at its meeting in Sydney in March agreed to establish a task force on cross border regulation and a project on credible deterrence frameworks. The task force on cross border regulation will develop: a “tool box” of measures to help policy makers address the challenges involved in r...

23 April 2013

Retired Member

ESMA on market activites and operations exemptions

The publication of the translated guidelines by the European Securities and Markets Authority (ESMA) triggers a transitional period of two months during which national supervisors have to declare whether they intend to comply with the guidelines, or otherwise explain the reasons for non-compliance. ESMA expects the guidelines to become effective ...

22 April 2013

Retired Member

ESMA regulatory 2013 focus on transaction reporting

The European Securities and Markets Authority (ESMA) work programme includes updates on the proposed work of ESMA linked to the European Commission’s legislative timetable. In respect of transaction reporting the following initiatives are detailed: Under the Markets in Financial Instruments Directive: Information to be provided to the competent a...

22 April 2013

Retired Member

Banking and Insurance Sectors - UK Regulation

Further to the publication of the Financial Conducts Authority’s business plan, the Prudential Regulation Authority (PRA) has published its approaches to banking and insurance supervision. The documents set out the PRA’s expectation of the firms it will regulate and how it will assess firms against those expectations. The approach will: rely on...

19 April 2013