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 

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

Retired Member 

ESMA Updates FAQs on EMIR

The European Securities and Markets Authority (ESMA) has updated its Frequently Asked Questions on the European Markets Infrastructure Regulation (EMIR) by adding a new question 13 in part II on the requirements for timely confirmation of transactions which are not CCP cleared. ESMA explains that 1 to 7 days is the permitted time range for non CCP...

05 March 2013

Retired Member 

ESMA issues guidelines on market making

The European Securities and Markets Authority (ESMA) has issued guidelines on the exemption criteria for market makers under the short selling provisions. The template forms that are required to be completed to give notice of intent to utilise the exemptions are annexed to this. http://www.esma.europa.eu/system/files/2013-158.pdf

04 March 2013

Marc Murphy CEO at Fenergo

Four Regulations; One Delivery Plan

On the plane back from a meeting recently, I got to thinking about the complexity of compliance. The sheer number of new and evolving regulations that are coming down the road is simply staggering. Imagine having overall responsibility for understanding each of these new regulations, analysing and determining their impact on the bank and having to...

27 February 2013 /regulation /wholesale

Marc Murphy CEO at Fenergo

Solving the complexity of FATCA classification

Under FATCA rules, every foreign financial institution (FFI) must identify and classify all its clients with US indicia, but also do the same for all parties to financial transactions, including other FFIs and non-financial foreign entities (NFFEs). The challenge here lies in the complexity of the classification that needs to be carried out to ens...

11 February 2013 /regulation /wholesale

Retired Member 

Carney's Reform - how will banks and the economy react?

At a speech to the Bank of Canada this week, Mark Carney - the Bank of England Governor elect - suggested that central banks should abandon inflation targeting to boost flagging economies. He was talking to the CFA Society of Toronto but many have interpreted this as a smoke test of the strategy he will pursue when he takes up the BoE mantle next ...

13 December 2012 /regulation

Marc Murphy CEO at Fenergo

FATCA - the best opportunity for KYX!

Having attended the FATCA Forum event in London two weeks ago, one word kept cropping up time and time again in relation to FATCA – not from vendors (surprisingly enough) but from compliance and tax experts from leading financial institutions. And that word was… opportunity. An unusual choice of word to associate with a piece of regulation that is...

10 December 2012 /regulation

Marc Murphy CEO at Fenergo

Self-service portals: The next logical step for compliance?

We are currently experiencing an unprecedented series of new regulations, each of which will require the collection of new client/entity data and support documentation to achieve full compliance. The problem is that each of these regulations will dictate the collection of new pieces of data – some looking for Tax Identification Numbers (TIN) or US...

08 October 2012 /regulation /wholesale