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

19 Sep
2013

EULIBOR: EU unveils benchmark intervention powers

By: Conor Foley & Anna Sedzik.  This memo summarises key provisions of the draft proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks (IBR) and next steps in the legislative review process.1 1. Key point summary (1) If adopted, the proposed legislation would apply to all benchmarks that are Read More

24 Jun
2013

A pro-fund change? Good news for AIFs

  • 24th June 2013
  • RegTechFS

Over recent years, firms could be forgiven for thinking that regulators’ ears had hardened to their complaints. But recent developments may prove them wrong. The Alternative Investment Fund Managers Directive threatens to have a significant operational impact on the industry. Fund managers will soon be subject to a host of new requirements including increased KYC Read More

01 May
2013

Ending moral hazard: Discretion comes at a price… stricter reporting requirements

A single recovery and resolution planning (RRP) framework for Europe is seen as crucial to banking union and effective macroprudential oversight. In the latest draft directive, legislators appear to be relenting on the idea of automatic triggers for recovery plans, while simultaneously strengthening the powers of resolution authorities to request at short notice the data Read More

03 Apr
2013

BCBS gives auditors duty to report non-compliance

On 21st March, the Basel Committee on Banking Supervision released a consultation on its upcoming guidance for the external audit of banks. Auditors have been tarred, along with institutions like credit rating agencies, with having a hand in the poor practices that led to the 2008 financial crisis. The BCBS’ guidance is aimed at distancing Read More

13 Feb
2013

Risk management failings: beyond the “Whale”

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 Read More