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 

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

Retired Member 

Access to trade repository data report published

The Committee on Payment and Settlement Systems (CPSS) and the International Organisation of Securities Commissions (IOSCO) published a joint consultation report on the access to trade repository data. The report sets out principles to guide regulatory authorities access to data held as well as possible approaches to address confidentiality conce...

18 April 2013

Retired Member 

ESMA advice on fees for trade repositories

The European Securities and Markets Authority (ESMA) has published its advice to the European Commission following feedback received from the February consultation paper. The advice sets out the fees structure that ESMA will use to charge Trade Repositories (TR) in order to recover all expenditure relating to registration and supervision of TRs a...

16 April 2013

Retired Member 

Short selling regulation updates by ESMA

The European Securities and Markets Authority (ESMA) has published the responses received to its consultation on short selling and certain aspects of credit default swaps. ESMA received 35 responses across all sectors including from exchanges and trade associations together with a number of regulated firms. ESMA will now publish its advice to th...

12 April 2013

Retired Member 

European Commission initiatives for 2013

The timetable of legislative proposals from March to December 2013 has been published. The Securities Law Regulation intended to reduce divergence between national laws on book entry securities is now due to be adopted in June 2013. The fees due to be charged on trade repositories by regulators in the second quarter of 2013. RELATED LINK http:...

11 April 2013