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Restructuring AML: BCBS sets a new standard for financial crime compliance
08 Oct

One step forward or two steps back? FSB reports on implementation of global OTC reform

On 2 September 2013, the Financial Stability Board (FSB) published the sixth of its semi-annual comprehensive progress reports on over-the-counter (OTC) derivatives reform, as per the agenda of the 2009 G20 summit in Pittsburgh.  Although some of the reform proposals have stalled, particularly in light of the compromised agreement between the US and the EU Read More

24 Sep

Floating NAV sinks in: Responses highlight concerns for SEC MMF proposals

The Securities and Exchange Commission (SEC) recently proposed to change both the reporting structure for money market funds (MMFs) and the transparency behind the net asset value (NAV) calculation, to make it easier for MMF investors to understand the risk involved in their investments. In particular, this involves new reporting requirements and changes to the Read More

30 Aug

£4.4 billion to get divorced? UK treasury estimates cost of ring-fencing to the industry

As part of its on-going drafting of the Banking Reform Bill (BRB) which will implement the Vickers plans for ring-fencing retail banking in the UK, the Treasury recently released an impact assessment of the draft secondary legislation.  It makes for interesting reading as it gives an initial indication of the costs the government thinks will Read More

22 Jul

Let’s get critical: FSB RRP guidance sees new functions in the spotlight

The FSB has produced a revised set of guidance on the implementation of recovery and resolution planning, based on a consultation issued last November. This may have an impact on how national authorities draft and interpret their RRP regimes, with consequences for legal, treasury and back office functions. The direction taken gives welcome breathing room Read More

18 Jul

The Faulty Riskometer: The IMF’s flawed risk toolkit

The IMF has released a working paper on Systemic Risk Monitoring detailing the policy options and methodologies available to regulators to accurately measure systemic risk. The problem is that, although touted as being a practical guide, none of the options given are a solution to the problem of “how can we measure systemic risk?” “The Read More

18 Jul

Let he who has good data cast the first stone

Given the exponential growth of reporting requirements since the crisis, firms often ask: ‘Where does all this data go and who has the time to look through it all?’  In fact, recent statements by regulators have made this question all the more valid given that regulators’ data systems, it is increasingly apparent, often suffer from Read More

09 Jul

Risk data: Can it be both efficient and compliant?

Risk regulation is a cluster bomb – multiple devices with multiple impacts – but applying uniform risk data principles can save costs in 2013-16 With six months before the 4th Capital Requirements Directive comes into force, many will be asking what technological improvements will be necessary to efficiently manage risk going forward. Before they embark Read More