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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

27 Sep
2013

Interim issues: Pre-LEIs complicating regulatory implementation

Despite ESMA quietly delaying the timeline for Trade Reporting under EMIR to February 2014 (90 days + 5 after the predicted approval of the first Trade Repository in November), firms are now being faced with important decisions in how to implement the LEI. Discussion are required to address what regulations are there that require an Read More

26 Sep
2013

Cart before the horse: Commissioner O’Malia lambasts CFTC’s approach to cross-border regulation

  • 26th September 2013
  • RegTechFS

At a recent conference in Switzerland, Scott O’Malia of the CFTC spoke out against his organisation’s approach to cross-border regulation thus far.  The speech, entitled ‘Regulatory Harmonisation, Not Imperialism: A Workable Cross-Border Framework’, criticises US regulators’ protectionist stance when it comes to areas such as OTC regulation, putting national interests before international: ‘What the Commission Read More

12 Sep
2013

A narrow escape? OTC trading looks set to survive 15 September

  • 12th September 2013
  • RegTechFS

With 15 September this Sunday, the date is imminent by which banks must have portfolio reconciliation and dispute resolution agreements in place with their non-financial counterparties.  However, a recent Thomson Reuters article accurately sums up the situation: ‘Most sell-side firms are not even close to getting all their NFC clients on board with EMIR. With Read More

11 Sep
2013

Battle of the single markets: ESMA’s approach to equivalence means further rule fragmentation

  • 11th September 2013
  • RegTechFS

As of the beginning of September, ESMA has now issued its recommendations on the equivalence of six countries’ OTC rules: the US, Australia, Hong Kong, Japan, Singapore and Switzerland.  However, only Australia and Switzerland were found to be equivalent, whereas firms and FMIs from the other four countries will have to be jump through certain Read More

05 Sep
2013

Time to review your money market strategy?

  • 5th September 2013
  • RegTechFS

By: Conor Foley & Umar Ahmed.  New EC proposals raise risks for fund managers and investors relying on EU Money Markets. Overview This memo summarises key provisions of the Commission proposal for a Regulation of the European Parliament and of the Council on money market funds (MMFR) and next steps in the legislative review process.1 1. Key Read More

29 Aug
2013

€20 billion: The annual cost of OTC derivatives regulation

In its Macroeconomic impact assessment of OTC derivatives regulatory reforms, published on 26 August, the BIS have estimated the additional annual global cost of reforms as between €15 billion and €32 billion.  This huge cost, and the difference between the lower and upper brackets, makes clear the case for getting OTC reform implementation ‘right’ (see Read More

23 Aug
2013

Doing EMIR right: Cheaper, better, faster… or else

  • 23rd August 2013
  • RegTechFS

The majority of regulations require firms to classify their clients into a discrete set of categories; JWG research has identified at least twelve, including FATCA, AMLD IV, EMIR, CRD IV and MiFID II.  When implementing them, firms are faced with two clear options:  An easy option, twelve separate programmes, each costing ten pounds to implement; Read More

22 Aug
2013

Welcome back: Five emails you need to send this quarter

  • 22nd August 2013
  • RegTechFS

If the G20 had given birth to a child at the Pittsburgh Summit, that child would now be off to school.  In other words, we’ve come a long way since the early policy-making stages of the post-crisis political landscape.  As such, EU regulators are eager to get this round of rulemaking over and move onto Read More