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

15 Jul

Crucial CFTC cross-border rules approved! Do you know your new compliance burden?

The proposal for Cross-Border Guidance and accompanying exemptive phase-in order has been approved by the CFTC in a 3-1 vote. Regulators have broken a worrying stalemate between the CFTC and the European authorities; worrying because it threatened to split derivatives trading along jurisdictional lines, with US entities unable to clear through European infrastructure and vice..

08 Jul

CRD IV meet EMIR: When regulatory cross-winds cause unexpected turbulence

The sheer scale of the EU regulatory reform agenda means that it is easy to miss key details in new requirements which, viewed in isolation, are not major implementation issues, but viewed in context of the wider reform package can cause significant headaches. The counterparty classification cross-over between EMIR and CRD IV is one of..

01 Jul

Buy-side unprepared for EMIR?

At a recent conference, the International Derivatives Expo in London, David Bailey of the FCA said that his organisation ‘will not look kindly on firms which are not prepared [for EMIR].’ ‘The FCA has been doing numerous road-shows and is speaking to a number of trade associations about buy-side regulatory obligations. We have been answering..

26 Apr

Don’t go alone: The problems of a one-firm approach to EMIR counterparty classification

  • 26th April 2013
  • RegTechFS

With implementation deadlines for EMIR classification notifications and timely confirmations having passed in March – and with remaining deadlines for portfolio reconciliation, trade compression and reporting fast approaching – firms are still faced with unclear requirements and little certainty from regulators on what will be acceptable. Unfortunately for firms, regulators have recently been heard saying..

18 Apr

Worldwide trade repository project failing to find an owner?

On 11 April this year, the BIS’ Committee on Payment and Settlement Systems (CPSS) in collaboration with IOSCO published a ‘consultative report’ titled ‘Authorities’ access to trade repository data’.  This report recognises the problems regulators face in trying to administer a global market without a source of globally aggregated, publicly available data and makes recommendations to regulators..

05 Apr

Newsflash: Counterparty classification now centre stage

Classification has hit the global stage and been acknowledged by top journalists as an industry-wide issue. In a high profile article, Rachel Wolcott, writing for Accelus’ Compliance Complete, sets out the three key counterparty classification issues under EMIR: EMIR, which came into force on 15th March, requires firms to classify their non-financial counterparties into those..

21 Mar

Welcome to EMIR: The known unknowns of customer classification

With EMIR in force, firms are now wrestling with the challenge of classifying their customers – without an industry viewpoint the dialogue could get ugly … EMIR’s first implementation date has now been passed. From 15th March, investment firms and corporates will now need to notify ESMA if they have passed the clearing threshold, confirm..