Andrew Bailey, the freshly anointed head of the new Prudential Regulation Authority (PRA), gave the strongest indication yet of the approach that would be taken to regulating and supervising systemic insurers alongside banks and major investment firms. Reading not very far between the lines, Bailey also seemed to be outlining the approach the PRA would


Celtic Tiger Shows its “Clause”

Last Friday, the Irish EU Presidency published a new draft compromise of MiFID II. The resulting piece of legislation includes several new additions but preserves – without exception – the more onerous existing clauses. The central changes in the new draft are an obligation for investment firms to trade on a regulated platform (with exceptions)


G20 update for 2013: from Russia, with love?

The G20 has released its latest progress report following a 15-16 February summit in Moscow – the first meeting under the Russian presidency of the G20. This meeting largely focused on the direction regulation would take in the near future, progress assessment and the effects of reform on the health of long-term investment finance. Overall,


Multiple risk management failings, resulting in high profile fines and exposing the ineptitude of boards in understanding the complex risks, coupled with poor internal controls and assessment findings, have painted a grim picture of risk management in 2013. The Financial Stability Board’s (FSB) recent Thematic Review of Risk Governance further corroborates this picture.  The report


EMIR: back on schedule?

A tense week of stand-offs between ECON and the European Parliament over sending parts of EMIR back to the drawing board has ended. The big news? EMIR timelines look to be back on track. The potential delays looked to be a blessing for the industry, granting a second chance to gain clarity over non-financial counterparties. Now


HFT: Time to talk about how?

It’s 2013 and we’re still talking about regulating HFT in the absence of data quality and standards conversations. That needs to change. 2012 seemed like the year of regulators taking a prolonged look at computer trading – defining what it might be, its potential effects, why it may be problematic. It is still far from clear that


Will the FSB succeed in attempting to bring non-bank credit intermediaries out of the shadows? Now that regulators have this mass of data, what is the next step in linking it and putting it to use? In 2013, global regulators are finally taking a good look at connecting the data dots. The FSB has especially


Shadow banking: it all starts with data

In November 2012, the FSB published its proposals for regulating the shadow banking sector – and in particular the repos/securities lending market – in two consultation papers, collectively titled: ‘Policy Framework for Strengthening Oversight and Regulation of Shadow Banking Entities’. These papers are fundamental in setting the tone for the global shadow banking regime, including


After months of being in the works, the Regulatory Oversight Committee (ROC) for the global FSB has come into being. The ROC is responsible for “upholding the governance principles of and to oversee the global LEI system … in accordance with the High Level Principles and recommendations set out in June 2012” by the FSB. In


In May, the CFTC’s Bart Chilton characterised regulatory cost benefit analyses a “sword of Damocles” calling out for more qualitative data. Since then, multiple no-action letters and a court case against the SEC have shown that there are deep-seated issues with CBAs that regulators are having trouble keeping below the surface. For the SEC and