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 

Commission adopts regulation on penalties for TR under EMIR

Under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), the European Securities and Markets Authority (ESMA) is responsible for the registration and supervision of trade repositories and has the power to impose fines and periodic penalty payments to trade repositories. ESMA's powers to fine or impose penaltie...

01 April 2014

Retired Member 

IOSCO reaffirms commitment to global regulatory change

The International Organization of Securities Committees (IOSCO) has outlined the four dimensions it will seek to achieve in its role as a global reference point for securities regulators, the industry and policy makers: delivering on the G20 reform agenda; deepening capacity building in growth and emerging markets; defining regulatory priorities; ...

31 March 2014

Retired Member 

PRA confirms its statement of strategy

The Prudential Regulatory Authority (PRA) has published its statement of strategy for 2014/15. The document sets the following aims of the PRA, to: • continue to implement the forward-looking, judgement-based regulatory regime; • continue to implement changes to domestic, European and international regulation, including the Financial Services (Ban...

28 March 2014

Retired Member 

LEI common data format for pre-LOUs agreed

The Legal Entity Identifier (LEI) Regulatory Oversight Committee has issued a status report and accompanying table which sets out the basic elements of a common data format to be used by pre-local operating units (LOUs) as a standard for data publication in the interim global LEI system. The table produced by the Committee separates: - information...

27 March 2014

Retired Member 

EC responds to ESMA on financial instruments

On 20 March 2014 ESMA published the European Commission's (EC) response (dated 26 February 2014) to ESMA's letter of 14 February 2014 regarding the classification of financial instruments as derivatives. The response is that the EC shares the view that it is essential to have a consistent transposition of the relevant Markets in Financial Instrume...

26 March 2014

Retired Member 

Firms subject to EMIR must continue transaction reporting

The Financial Conduct Authority (FCA) has updated its transactin reporting webpage to remind firms that following the start of the Regulation on OTC derivative transactions, central counterparties and trade repositories (known as EMIR) reporting to trade repositories on 12 February 2014, their transaction reporting obligations remain unchanged and...

25 March 2014

Retired Member 

Regulators’ role in data reporting is growing

In a speech given by the Financial Conduct Authority's (FCA) Director of Markets on regulatory developments and the changing market structure, Mr Lawton provided details from the global, EU and a domestic capital markets perspective. A global trend that he noted was the regulators' growing role in the data arena. In pressing for transparency, resol...

24 March 2014

Retired Member 

ESMA updates EMIR questions and answers

The European Securities and Markets Authority (ESMA) has updated its question and answers (Q&As) on the Implementation of the Regulation (EU) No 648/2012 on OTC derivatives central counterparties and trade repositories (EMIR). The updates relate to: OTC Questions · The responsibility of the Financial Counterparties vis-à-vis its non-Financial...

21 March 2014

Retired Member 

CFTC requests public comment on Swap Data Reporting Rules

The Commodity Futures Trading Commission (CFTC) has issued a request for public comment on its swap data recordkeeping and reporting requirements which require reporting counterparties and reporting entities to submit swap transaction data to swap data repositories via electronic reporting to enable the CFTC to perform a range of market integrity,...

20 March 2014

Retired Member 

Law Society sets out views on EMIR reporting requirements

The City of London Law Society (CLLS) regulatory law committee has published a memorandum on the potential legal uncertainties which may arise as to the application of the European Markets Infrastructure Regulation (EMIR) – and specifically its reporting requirements - to ordinary corporate transactions and arrangements (e.g. between companies and...

20 March 2014