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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

ESMA guidance on recognition of third country CCPs

The European Securities and Markets Authority (ESMA) has published guidance on how it will recognise third country central counterparties (CCPs). This covers communication with ESMA to apply for recognition, timeframes for submission of applications and the assessment criteria. The jurisdiction in which the CCP is established must have: · Legal ...

26 March 2013

Retired Member

Latest MiFID and MiFIR compromise texts implement EMIR

The EU Presidency has published track changes notes to the latest MiFID II / MiFIR compromise texts. The latest changes which mainly relate to MiFIR reflect implementing the EU’s G20 commitments and ensuring consistency with the European Markets Infrastructure Regulation (EMIR): ·Specifying that broker crossing systems should fall within the Orga...

26 March 2013

Marc Murphy CEO at Fenergo

Are banks at risk of missing regulatory deadlines?

Attending a data management event last week in London, it suddenly dawned on me that banks are in real danger of missing regulatory deadlines for implementation of compliance initiatives to comply with FATCA, Dodd-Frank, EMIR and MiFID II. Not surprising given the convergence of implementation dates and deadlines that are taking place and the limi...

26 March 2013 /regulation /wholesale

Retired Member

EIOPA outlines current approach to Solvency II

In a speech by the Chairman of the European Insurance and Occupational Pensions Authority (EIOPA) confirmed the plan to develop guidelines to ensure that supervisory authorities put in place a prospective and risk based supervisory approach. The aim is to prepare supervisors and affected firms for the new regime in a consistent way. The guidelin...

22 March 2013

Retired Member

FSB publishes reports on Fin reform and Reg factors

The Chairman of the Financial Stability Board (FSB) provided an update to G20 finance ministers on the priorities and work plans of the FSB. This includes addressing issues around regulatory uncertainty - regulators are to report back on their progress in identifying conflicts of rules, duplication and gaps in respect of cross border transactions...

20 March 2013

Retired Member

Basel Committee and IOSCO consult on margin requirements

A second consultation paper has been issued detailing the near-final proposal on margin requirements which includes the introduction of a universal initial margin threshold of 50 million Euros. Additional comments are sought on physically settled foreign exchange forwards and swaps; re-hypothecation of initial margin; and the phase-in proposals (...

18 March 2013

Retired Member

Notification requirements under EMIR - FSA approach

FSA has a new webpage setting out the notifications required from 15 March from financial and non-financial counterparties under the European Markets Infrastructure Regulation (EMIR). The key points are that for:· - unconfirmed OTC derivative transactions - financial counterparties must have procedures in place to report on a monthly bas...

13 March 2013

Retired Member

EMIR RTS in force from 15 March

The Regulatory Technical Standards (RTS) under the European Markets Infrastructure Regulation (EMIR) were published on 23 February in the Official Journal. They will therefore enter into force on 15 March. This means that: · Trade Repositories can start applying for registration – it is anticipated that the first registrations will be ap...

12 March 2013

Retired Member

Short Selling Review

The European Securities and Markets Authority (ESMA) has published a call for evidence on the effects of the Short Selling Regulation and is surveying market participants. The review focusses on: transparency and reporting requirement; restriction on short selling shares and sovereign debt; restrictions on entering into uncovered sovereign credit...

06 March 2013

Retired Member

European Commission adopts proposal for FTT

On 14 February the Commission adopted a proposal for a Directive implementing the enhanced co-operation for a financial transaction tax (FTT). The tax will be due if any party to the transaction is established in a participating Member State, regardless of where the transaction takes place. This applies whether the firm engaged in the transactio...

05 March 2013