RegTech Intelligence2013 was a huge year in the development of alternate and decentralised ‘crypto-currencies’. Some countries have so far taken relaxed stances on them, despite obvious money-laundering and tax evasion risks. Meanwhile, others have taken the opposite approach and seen fit to ban crypto-currencies outright. Either way, we are now beginning to see a clearer picture
Big changes are happening at the CFTC: With the departure of Gensler, and the swearing-in of acting Chairman Mark Wetjen, everyone knew that there would be a change of approach. However, the scale and speed of that change has come as a surprise to many. In fact, almost the moment Gensler stepped out of the
A big theme present at a big industry data conference earlier this month was how firms were approaching the BCBS’s standards on risk data aggregation as well as the implementation of the regulatory data agenda. With the FSB and the BCBS agreeing that “higher expectations” must be met by G-SIFIs for risk data aggregation and
Our regulators who art in Brussels, Furloughed be thy friends, Thy directives come, Thy reports be done, For Dodd-Frank as they are for EMIR. Give us this day our draft technical standards, And allow us our indices, As we forgive those that sell market data to us. And lead us not into non-compliance, But deliver
With no fewer than 70,000 pages of regulation, and some record fines, 2013 will be a year to remember (or possibly to forget) for many financial services professional. And with only four weeks to go until December, and some well-earned rest, we thought it was time for a little retrospection. With that in mind, here,
Earlier this week, ESMA published an update of its Questions and Answers (Q&A) clarifying the use of Legal Entity Identifiers (LEI) for the purpose of OTC trade reporting to trade repositories. The Q&A finally provides for cross-border mutual acceptance by stating that only pre-LEIs endorsed by the ROC are eligible to be used for EMIR
Counterparty classification regimes, such as CRD IV and EMIR, give banks a good reason to centralise their reference data, and the BCBS’ Risk Data Aggregation Principles provide a clear framework for doing so. From 1 January 2014, under CRD IV, firms will need to calculate CVA and hold additional capital on all derivatives contracts. However,
It is common knowledge that the central clearing and risk mitigation requirements apply to any third country firm trading with an EU entity. However, it may come as a surprise that these requirements can also apply to trades purely between two third country entities where such trades have a ‘direct, substantial and foreseeable effect with
The European Banking Authority (EBA) has finally published its final draft Implementing Technical Standards (ITS) (here) on supervisory reporting for CRD IV. Long awaited, the technical standards set out the near-final reporting requirements, as part of COREP, for own funds, financial information, losses stemming from lending collateralised by immovable property, large exposures, leverage ratio and
Before ESMA left for their summer holidays, they made it abundantly clear that EMIR will apply in one form or another outside of the EU. This threatens to disrupt trading flows globally as early as 15 September. By this date, parties trading derivatives must agree in writing the arrangements under which OTC derivative portfolios will