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Welcome to EMIR: The known unknowns of customer classification
Archive
19 Mar
2013

Materiality of extensions and changes to internal models

In the past two weeks, the EBA has issued several consultation papers on the technical standards under the 4th Capital Requirements Directive (CRD IV).  One of the papers concerned an important question:  When are firms required to report changes to their rating systems and internal models? The answer:  Pretty much all the time.  Between the Read More

12 Mar
2013

Will an EU interim identifier be available in time for EMIR reporting?

  • 12th March 2013
  • RegTechFS

The newly formed LEI ‘Regulatory Oversight Committee’ (ROC) has released its first progress note. In the time between its formation, the election of members and the handover from the Financial Stability Board (FSB) in January this year, the ROC has been making significant progress. The newly formed LEI ‘Regulatory Oversight Committee’ (ROC) has released its Read More

07 Mar
2013

Leaving ESMA to pick up the pieces

  • 7th March 2013
  • RegTechFS

Recently, the EU’s legislative output has been marked by a tendency to increase ESMA’s responsibilities, and decrease those of the democratic institutions. Whatever the reason for this – avoiding disputes between member states, speeding legislation’s passage – it undermines democratic scrutiny and leaves firms with many unknowns. Recently, the EU’s legislative output has been marked Read More

06 Mar
2013

The Dynamic Data Duo: Shareholders and regulators?

Over the past few years, global regulators have introduced new measures aimed at improving transparency. Most of their focus has been on getting a consistent, global view for the supervisors to monitor more granular risks, as evidenced by the BCBS’ Risk Data Aggregation and Reporting Principles and Basel III/CRD IV. One thing everyone knows from Read More

26 Feb
2013

The LEI: between a ROC and hard decisions

  • 26th February 2013
  • RegTechFS

As the global method of identifying entities and their ownership structures, the Legal Entity Identifier forms a central part of the G20’s crisis-prevention toolbox. After a few chaotic years of LEI debate and design, regulators are finally nearing the long anticipated starting line for use of the world’s first singular identifier. The LEI is of Read More

19 Feb
2013

Celtic Tiger Shows its “Clause”

  • 19th February 2013
  • RegTechFS

Last Friday, the Irish EU Presidency published a new draft compromise of MiFID II. The resulting piece of legislation includes several new additions but preserves – without exception – the more onerous existing clauses. The central changes in the new draft are an obligation for investment firms to trade on a regulated platform (with exceptions) Read More

06 Feb
2013

AMLD IV: Customer data review required?

  • 6th February 2013
  • RegTechFS

After evading settling on a concrete date for the release of the fourth Anti-Money Laundering Directive until quite recently, the directive proposal has finally seen the light of day. It is, on the whole, consistent with the FATF recommendations of April 2012, which was largely expected. The definition of politically exposed persons (PEPs), long a Read More

07 Dec
2012

FATCA: Good news (in disguise) for your cost-income ratio?

Can a controversial tax reporting initiative actually be good for your bottom line? We explore how. The US Foreign Account Tax Compliance Act (FATCA) has been heavily criticised, and accused of being a “kind of US backward imperialism” with “an atomic bomb used to kill a fly”. At its heart, FATCA exists to track down Read More