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CRD IV meet EMIR: When regulatory cross-winds cause unexpected turbulence
Archive
05 Jul
2013

FATF guidance update: New AML standards on PEPs, sanctions, and mobile payments

  • 5th July 2013
  • RegTechFS

The Financial Action Task Force (FATF) has been very busy. The outcomes of their recent plenary meeting have been released alongside a small library of guidance documents. The FATF have released guidance on how countries and the private sector should handle the money-laundering risks associated with prepaid cards, mobile payments and digital currencies. After extensive 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

24 Jun
2013

Living wills: don’t lose the will to live

  • 24th June 2013
  • RegTechFS

Changing EU rules suggest firms will face 2015 implementation confusion without co-ordination on RRP standards. Another month, another draft Recovery and Resolution Directive. The text is the centrepiece of EU plans for rules and mechanisms which will make banks resolvable without taxpayer bail-outs. However, five years after the crisis the rules have yet to be 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

29 Apr
2013

G20 demands strengthening of tax evasion legislation – is TRACE the answer?

The G-20’s April meeting in Washington set out the agenda for Leaders’ summit in September, and detailed their key legislative priorities. Amongst the expected items on Basel III implementation, tax evasion featured surprisingly prominently. In the communique released last week, G20 ministers said that ‘more needs to be done to address the issues of international 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

21 Mar
2013

Classification: ‘Step One’ for FATCA

  • 21st March 2013
  • RegTechFS

FATCA is continuing to cause the financial services industry headaches and it is unclear that a classification ‘solution’ will appear before the deadline for the withholding tax hits in early 2014. Back office professionals are stuck navigating 500 pages of final regulation released by the IRS in January, the Intergovernmental Agreements (IGAs), and their additional Read More