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One step forward or two steps back? FSB reports on implementation of global OTC reform
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08 Oct
2013

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

03 Oct
2013

No Madoffs please: What does US government shutdown mean for enforcement and rulemaking?

On 1 October, the US government failed to reach an agreement on appropriate budget levels and a nationwide shutdown of federally funded entities ensued.  Clearly enforcement actions are going to take a hit.  But what effect will this have on the rulemaking process, especially given that we are in the middle of a delicate balancing Read More

15 Jul
2013

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 Read More

01 Jul
2013

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 Read More

26 Apr
2013

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 Read More

18 Apr
2013

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 Read More

05 Apr
2013

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 Read More