RegTech IntelligenceWe are making good progress in our 1:1 discussion of policies, controls and the availability of resources and look forward to presenting the conclusions in the context of MAR II / MiFID III. The group met to discuss current regulatory demands on global surveillance functions. It reviewed new BCBS Operational Risk principles and EBA/ESMA suitability
Round the table: Firms: Allianz, Blackrock, BMO, Citi, Credit Suisse, DB, GAM, Goldman Sachs, LBG, Morgan Stanley, Standard Chartered, UBS Infrastructure: Regnosys, Inforalgo, Business Semantics Trade Associations: ISDA 25 people will discuss: A proposal for a RegTech Council EMIR Refit interpretation project Benefits and resource commitments Key stakeholders, thresholds and next steps for the launch of Q4 project What to
Round the table: Firms: Allianz, BMO, Citi, CS, DB, GAM, Goldman Sachs, LBG, RBS, Santander, Standard Chartered, UBS Regulator: FCA Infrastructure: Regnosys, Inforalgo Trade Associations: ISDA. FIA 25 people will discuss: A proposal for a RegTech Council EMIR Refit interpretation project Thresholds and next steps for the launch of the RegTech Council project Define next steps for RRDS in 2020
The group agreed the next agenda would focus on refining the scope and understanding of the effort required from the participants. RRDS 24: UK EMIR Article 9 DRR project launch
Round the table: Firms: BMO, BNY Mellon, Citi, Credit Suisse, DB, GAM, Goldman Sachs, Invesco, LBG, Morgan Stanley, Pictet, PIMCO, Santander, SEI, TD, UBS Infrastructure: Accenture, Business Semantics, Capco, DTCC, EY, Fujitsu, LRH, LSEG, Quorsus, SETL, SWIFT Trade Associations: AFME, ICMA, ISDA, EVIA, FIA, FTC Regulators: BoE, ECB, FCA
Round the table: Firms: BMO, BNY Mellon, Citi, Credit Suisse, DB, Goldman Sachs, Invesco, LBG, Pictet, PIMCO, Santander, SEI, TD, UBS Infrastructure: Accenture, Bloomberg, Business Semantics, Capco, DTCC, Elax, EY, LRH, LSEG, Market Axess, Quorsus, SETL Trade Associations: AFME, ICMA, ISDA, EVIA, FIA, FTC Regulators: BoE, ECB, FCA 40 people will discuss: Expectations of UK OTC regulatory reporting Transparency 2.0 target
On 19 February the European Commission unleashed radical new plans to spend billions on a new data strategy which is based on a report from an expert group. Buried in the detail is a clear indication that the forthcoming digital finance strategy in Q3 will be focused on ‘pro-competitive’ regulatory data reporting standards. Conveniently
By PJ Di Giammarino, CEO JWG and Chair RegTech Council Key points: Regulators are being hampered in their risk oversight duties by poor data quality and over £100m in fines were issued in 2019 for poor reports EU and UK regulators are out in front of global efforts to correct the rocky start on
By PJ Di Giammarino, CEO JWG and Chair RegTech Council Key points 10 January marked the first day of 5MLD in the EU with new UK procedures announced JWG has been out in front of tough new UBO data quality requirements RegTech offers exciting opportunities to reduce operational pain and increase safety The RegTech Council
By PJ Di Giammarino, CEO JWG Group and Chair of the RegTech Council In the aftermath of the global crisis, financial regulators rushed to implement complex rules without having a complete view of their consolidated impact and how the technical infrastructure of the industry would have to respond to their new demands for data. After
Our industry has gotten serious about its approach to climbing the RegTech mountain. Are we sprinting yet? Certainly not, but the course has become much clearer, the participants much more engaged and the contestants in it for real benefits. Public and private sector boards are at a crossroads – but by and large, we are
HM Treasury has published a draft regulation outlining UK regulators’ plans to smooth the transition for inbound passporting firms in the event of a ‘no deal’ Brexit. The draft regulation outlines a temporary permissions regime that will enable EEA financial services firms operating in the UK via a passport to continue their UK operations for
As the European Union starts to roll out its Fifth Amendment of the Anti-Money Laundering Directive (AMLD V), financial criminals continue to become more sophisticated and less detectable. With an 18-month transposition period, it is critical for firms to implement the new, more prescriptive rules efficiently and effectively. Join us and 20-plus firms at the
It is no secret that the City of London is a significant pillar of the UK economy. With financial services accounting for around 12% of the UK’s economic output, it generates more tax revenues than any other industry. It comes as no surprise then that the post-Brexit UK-EU relationship relating to financial services is a key
With the General Data Protection Regulation (GDPR) coming into force, it is time to reflect on such a huge overhaul of the data protection laws affecting every organization operating within the UK and the EU, from schools to large multinationals. To put things into perspective, in the UK alone, GDPR impacts over 500,000 data controllers
At JWG we are pleased to announce our involvement with the FCA this month at their AML & Financial Crime International TechSprint. This TechSprint will attempt to increase understanding of how to increase the hit rate of detection of $1.6 trillion of illicit proceeds up from 1%. Clearly, there are real benefits to be had!
With MiFID II now (mostly) implemented, what trade and transaction reporting initiatives will firms have on the agenda for 2018 and beyond? We list some of the key items below: It is estimated that the final revised text of the European Market Infrastructure Regulation (EMIR) under the REFIT programme will be published at end of
The PowerPoint slide show in the clip above is a presentation which was delivered by JWG’s CEO, PJ Di Giammarino, at an Financial Conduct Authority (FCA) Roundtable hosted by Burgess-Salmon and Grant Thornton on 10 May 2018. The main issues addressed in the presentation are summarised in this article.
One of the key conclusions reached at our Capital Markets conference on 7 March was that regulatory divergence as a potential consequence of Brexit is currently one of the main worries for financial firms. When polled, 53% of our audience indicated that Brexit will be their next significant regulatory challenge. This anxiety derives mainly from
The CEO of a major bank admits wrong-doing and pays a fine in the UK, while the NY DFS still mulls the case over. The same day, a different CEO has to tell his shareholders that his bank will pay $1 billion fine for poor practices. Quite a different result for breaking a rule. With
The GDPR broadens and deepens the rules between data controllers and data processors for processing of personal data and for the first time, directly enforceable obligations are imposed on processors as well as controllers. The GDPR also requires that controllers and processors enter into written contracts (“C2P Clauses”). Practical Law recently published its data processing
This piece looks ahead to what we might expect as IT law developments in 2018. Unusually as we go into a new year, the main headlines of what IT lawyers can expect in 2018 are signposted at the outset: new financial services laws in January, the GDPR in May and looking ahead to Brexit in
A key focus of our RegTech Capital Markets conference this year was ‘the future of rule books and policy controls’. To discuss this topic, we assembled a panel of experts including Paul North, Head of Product Management EMEA at BNY Mellon, Alan Blanchard, Senior Associate and Handbook Publisher at the FCA, Mark Sweeting, Head of Strategic Change, Basel Measurement
At this year’s RegTech Capital Markets Conference a debate took place on the benefits of using RegTech for trade surveillance in the context of the evolving technical landscape, led by expert industry professionals on compliance and surveillance. Taking into consideration the volume and quality of data firms are expected to monitor, whether the current system
When 350 senior individuals from more than 65 financial institutions, as well as the vendor and regulatory community, met at this year’s JWG RegTech Capital Market Conference ‘innovation’ was at the top of everyone’s agenda. Perhaps this is not surprising – given the new disruptive technologies being controlled in a fast-changing, and fiercely competitive market.
For years the industry has been at work on the construction site of MiFID II. This has produced a building of basic structural integrity, but one that remains incomplete, and one that has required such a singular focus that surrounding constructions have been neglected. MiFID II is one of the biggest regulatory changes since the
Both MiFID II and MAR have completely changed the regulatory landscape in terms of voice communication surveillance. Both pieces of regulation place a greater emphasis on firms to monitor the surveillance controls that they implement, and also introduce new holistic trade surveillance requirements that, in turn, have driven the development of new, innovative, RegTech solutions.
The past year has been illuminating for the RegTech market, the past twelve months has seen an increase in discussion on the application of technology to regulatory compliance. We have seen action from the regulators, including the FCA’s recent TechSprint in which we at JWG were involved, and major regulatory initiatives, most notably MiFID II,
2017 saw significant developments in financial and regulatory technological innovation – and many regulators have been moving in parallel. What is going on? In a nutshell, the global collaborative fabric is coming together. Of course, the landscape for global collaboration is by its very nature a patchwork that reflects differing policy objectives across the globe.
JWG are delighted to be hosting the 3rd annual instalment of the RegTech Capital Markets Conference on 7 March 2018 in London. Over 300 people have already confirmed their attendance to hear thought leaders from both the regulatory and private sector. Overall, there will be 5 speakers from the regulatory community, over 25 from top
In July 2017 we drew on RegDelta’s database of regulatory documents to estimate that MiFID and MiFID II accounted for 1.4m paragraphs of rules, guidance and policy. That figure drew gasps from the industry press but we were clear it was inevitably going to rise further. We have now calculated that just under 300,000 paragraphs have been added in the second half of 2017 – a slight pickup in pace since
Two years after its Call for Evidence determining whether EU regulation is fit for purpose, the European Commission (EC) has found that automation and standardisation should ultimately pave the way towards reducing the regulatory burden for the industry – improving law making in the EU. This means that reporting experts and RegTech providers of all
London, UK – 06 December 2017 – Over the last two weeks JWG, the trusted industry expert in regulatory intelligence, has been participating in a reporting TechSprint organised by the Financial Conduct Authority (FCA) and Bank of England (BoE). The successful Sprint was set up to explore the potential for model-driven, machine executable regulation with
With the implementation date of GDPR just seven months away, firms will need to start getting to grips with the requirements soon to be ushered in under the EU’s flagship regulation for data protection. As things stand, GDPR will kick in before the UK formally leaves the European Union, meaning that its implications will still
With only two months left until implementation, MiFID II research rules have been one of the most discussed issues within the industry. Under the new rules, investment firms will no longer be able to accept research as a non-monetary benefit, unless a firm can prove that the research passes the quality enhancement test and that
JWG, the trusted industry expert in regulatory intelligence, today announced that it will be joining this Autumn’s reporting TechSprint convened by the Financial Conduct Authority (FCA) and Bank of England (BoE) which will explore the potential for model-driven, machine executable regulation. This TechSprint will see if a regulatory requirement, written and released by the FCA,
Challenges are on the horizon for firms subject to the Securities Financing Transactions Regulation enforced through the European Commission. The Securities Financing Transactions Regulation, or SFTR, was announced back in 2014 and entered into force on 12 January 2016. It is geared to be fully implemented by 2019 with the last phase in occurring during
Technology collaboration reduces financial institutions regulatory gap analysis by 85% – linking regulatory obligations to internal policies in a cost effective, automated and auditable fashion. London, UK – 1 November 2017 – JWG, the trusted industry experts in regulatory change management, and ClauseMatch, a leading global provider of document collaboration for financial institutions, legal firms and
Let’s face it, getting data right is never easy and, with MiFID II’s drive for transparency kicking into high gear, the risks of getting reporting wrong are greater than ever. With additional reporting regime change coming next year, why not make your life easier and join in the industry RegTech collaborations in this space? Recognise the risks Trade and transaction reporting fines come with
As we head into the final MiFID II implementation straight we publish our latest RegBeacon, but our message to the industry is that the ‘end’ is far from sight. We are becoming firm believers that there will be more work done to deliver this set of changes after the due date, than in the run
With MiFID II’s implementation date of 3 January 2018 fast approaching, investment firms need to prepare for the changes that will be brought about by the EU’s flagship regulatory policy. All-encompassing in its scope, MiFID II will implement regulatory changes that will impact the trading of all financial instruments. In an attempt to fulfil the
On 13 September 2017, JWG held their third Client Management Special Interest Group (CMS), with attendees from over a dozen buy-side, sell-side and technology firms meeting to discuss existing issues on cost and charges disclosure under MiFID II and PRIIPs obligations. The meeting was a productive one, whereby participants expressed concerns on the following areas:
With only 3 months left before the implementation of MiFID II, on 28 August 2017 the European Commission published a delegated regulation which added to the definition of a systematic internaliser. Under MiFID I, the SI regime was limited to equities transactions but, under MiFID II, it has an increased scope. A systematic internaliser is an
A granular understanding of the several types of costs and charges is important for all market participants. These can have a substantial effect on investors’ returns (see graph below) and, if disclosed effectively, should facilitate market efficiency. With this in mind, regulators have gone to considerable lengths to implement all the necessary requirements related to the disclosure of all costs and charges
New rules on algorithmic trading, such as those quickly approaching from MiFID II, are cause for preparation across the industry, with various regulations in this sphere also impacting the buy-side. So, in this article, we’re going to take a look at some of the ways that regulation is currently, or will soon be, impacting algorithmic
It has been nearly four years since the implementation of CRR/CRD IV which cover prudential rules for banks, building societies and investment firms with the main aim of reducing the likelihood that these financial institutions will become insolvent. To an extent, this reflects the Basel III rules on capital measurement and capital standards which is
Following one of the Trump administration’s financial executive orders, the US Treasury Department issued a report which calls for regulators to streamline reporting obligations and review their coordination efforts, incorporating greater accountability and clarity into examination procedures and data collection requirements. The request mirrors commentary from European Central Bank President Mario Draghi, who, during his
Introduction With less than 5 months left before the deadline for MiFID II on 3 January 2018, firms are still grappling with the implementation of MiFID II. One key area is the new product governance framework which has been enacted with the objective of ensuring that firms act in the best interests of their clients
Regulation is constantly changing and evolving, reflecting the turbulent and innovative nature of financial services, with hundreds of regulators in different regions and financial spheres formulating regimes and detailing the obligations firms must prove compliance with. The implication for any firm is that keeping track can be a drain on resources – and risky if
As the EU-28 evolves into the EU-27, the European Commission (EC) has ensured their members that this will only be a bump in the road towards financial integration. The flagship initiative of the European Commission, the “Capital Markets Union Action Plan”, recently underwent a mid-term review of progress so far, highlighting both the achievements and
The clock is ticking and the EU market has less than half a year left to implement the regulatory changes required from it. The revised Markets in Financial Instruments Directive (MiFID II) sets new legislation effective 3 January 2018, containing a range of complex provisions intended to enhance transparency and investor protection within the financial
Commodity derivative trading is just one of the many topic areas under MiFID II that firms need to ensure they are prepared for before 3 January 2018. One set of measurements in this area is that firms will be required to report commodities positions to National Competent Authorities (NCAs) on a daily basis. Another is
Over the past quarter, we have made considerable progress towards the creation of a RegTech Council. In this members-only issue we cover our latest activity in the RegTech arena including: The progress of our new RegTech SIGs – The restructured membership groups are broadening and improving our coverage MIG update – With 6 months to go, firms are moving from
In the eight years since the G20’s Pittsburgh summit, regulatory forces have reshaped the complexity of market infrastructure. Unfortunately, there has not been a corresponding increase in the maturity level of industry engagement between the public and private sector. The current landscape for regulatory reporting is riddled with complexity – made evident by waves of
The end is in sight. In under six months, the deadline for MiFID II implementation will have passed. Since its legislative inception, JWG has iterated the importance of forward planning and anticipating the major changes under MiFID II. In concrete terms, our MiFID Implementation Group (MIG) meetings have provided the platform for senior managers from
In Megan Butler’s speech on creating a more effective approach to combatting financial crime, she posed the question “can technology help make your compliance processes slicker, more efficient and more effective?”. For combatting anti-money laundering and developing an effective KYC framework, the answer is a resounding yes. Firms that operate on a global basis will
In our previous article we announced some of the key findings from our recent buy-side focused MiFID survey. Now we are pleased to announce a webinar on 12 July to review and analyse the results in more depth with a panel of experts. The webinar will aim to present new survey findings to help inform
90% of buy-side firms believe they are at either high or medium risk of not being compliant by the January 2018 deadline, despite this date having already been delayed by a year. Significantly, with just over six months to go, a large amount of the industry appears to be overstretched and under-prepared. It is imperative
The topic of research under MiFID II has been a popular discussion lately amongst top firms at JWG’s MIG meetings. MiFID II demands that firms be transparent to investors about how they plan to pay for research and the value which they place on it, which has led managers to think about how much they
One of the many weaknesses that the financial crisis exposed was the feeble transparency framework in financial markets. In response, MiFID II and MiFIR built on the regulatory agenda of the G20 by aiming to strengthen the transparency framework of markets in financial instruments, including OTC trading. Building on MiFID I, the second incarnation extends
Not long now – in less than 6 months’ time – both MiFID II and PRIIPs will become effective across EU Member States. ESMA recently published a Q&A on MiFID II and MiFIR investor protection topics in which 14 new questions were added. These include new Q&As on costs and charges in relation to the
16 May 2017 signalled the end of the European Commission’s public consultation period on the operations of the European Supervisory Authorities. The purpose of the outreach was to gather market evidence on the progress of the ESAs towards their objectives for short, medium and long-term stability and the effectiveness of the financial system. JWG brought
Before the climb, you must have a vision of what success will feel like. You may not know the precise route, but a general direction, who you need beside you and a sense of the milestones along the way are key to getting in the right frame of mind. After 8 years of compliance efforts,
In exactly one year, the General Data Protection Regulation (GDPR) will apply across the European Union, yet firms are struggling to prepare for new data security obligations due to the sheer quantity of regulations due to be enforced in 2018. With the current date of MiFID II being 3 January 2018 and PSD2 due 10
With the industry facing a 60,000 regulatory document mountain, JWG is finding new ways to deploy technology and crowd sourcing to help. In this members-only issue we cover our RegTech outlook and initiatives including: Launch of JWG’s new RegTech SIGs – The restructured membership groups are broadening and improving our coverage MIG update – With
What image is conjured up when you hear the term “cybercriminal”? A Guy Fawkes mask partially concealed underneath a black hoodie to the accompaniment of sinister music? Whilst this image provides an excellent trope for Saturday night TV, it does not reflect the reality of cybercrime. At our second RegTech Capital Markets Conference, we held
JWG are pleased to announce the launch of an independent benchmark survey {link} investigating the approach asset managers are taking to transform their operating models to be MiFID II compliant. MiFID II will be the biggest regulatory change since the 2008 financial crisis. It is a complex and interconnected beast that will affect your business
7 March 2017 marked the first anniversary of the implementation of the Senior Managers and Certification Regime (SMCR). The rules set out by the Financial Conduct Authority and Prudential Regulation Authority seek to instil a culture of conduct and responsibility across the UK banking sector by focusing on individual accountability and placing explicit standards on
The UK’s departure from the European Union will be a seismic event for the financial sector, requiring extensive planning and transitioning from all corners of the industry. To implement all of the necessary changes in time, many assumptions will need to be made. In order to make this more efficient and lower the substantial costs
JWG’s RegTech Capital Markets Conference has made it into Business Insider’s list of the world’s best RegTech conferences to attend in 2017. The 300-person event in Central London on 28 February will bring together the world’s largest financial institutions, public bodies and systems-providers. Business Insider research finds that RegTech’s biggest advantages don’t just lie “automating
In fewer than 230 days – 7.5 working months from now, the biggest regulatory change since the 2008 financial crisis is set to come into force. The legislation, Markets in Financial Instruments Directive/Regulation (MiFID II/R), is one of Europe’s most ambitious and far-reaching financial reforms and is estimated to cost the financial industry billions to
The common image of a cybercriminal is that of a slovenly, yet highly-skilled, individual sitting alone in a basement having not seen daylight in weeks. The modern cybercriminal, however, is far removed from this. Cybercriminals are organised in large networks, often well-funded and highly talented which allows them to unleash devastating attacks. According to online
On 31 January 2017, ESMA published a consultation paper seeking feedback by the end of Q1 on its draft guidelines regarding the transfer of data between trade repositories (TRs) and it is expected to publish the final report on these guidelines by the end of Q2/beginning of Q3 of 2017. The three main reasons for
The sheer number of overlapping regulatory reporting regimes makes compliance difficult. MiFID II, which comes into effect in January 2018, significantly expands the scope of transaction reporting. EMIR, which is a reporting regime for derivative transactions under the EU regulation on OTC derivatives, CCPs and trade repositories, came into effect on 10 April 2014. Reporting
Since the financial crisis, we have been gifted over two Eiffel Towers high worth of complex and costly financial regulation, ever increasing in quantity and intricacy. Boards struggle to formulate their strategies to deal with regulatory-driven change to their operating models. There are answers, and now is the time to flush them out – before
The current buzzwords circulating around the media, “digital revolution”, succinctly capture what is occurring in the futures markets. With automated trading now constituting up to 70% of trades in regulated futures markets in the US, a modern-day Gordon Gekko would be using a cutting-edge code to create an automated trading system rather than relying on
JWG are proud to announce that registrations for our second RegTech Conference on 28 February 2017 have topped 300 from over 50 firms, regulators, standards bodies and leading technology companies. After five years and hundreds of articles from our analysts on www.regtechfs.com and 47 special interest group meetings on regulatory implementation in 2016 alone, we
On 21 January 2017, the European Commission (EC) published a delegated regulation and an implementing regulation in the Official Journal amending the RTS and ITS on the minimum details of the data to be reported to trade repositories under EMIR. One of the key changes made by the EC includes defining how to identify and classify
On 19 January 2017, MEPs rejected the European Commission’s blacklist of countries at risk of money laundering and terrorist financing as being ‘too limited’. The rejection suggests that the list should be broader, by including countries that facilitate tax crime, for example. The list from the Commission contained the names of 11 countries, including Afghanistan,
Following on from last month’s Q&A on commodity derivatives within MiFID II/MiFIR, on 17 January ESMA published its guidelines for the disclosure of inside information on commodity derivatives and spot markets under the Market Abuse Regulation framework. This publication is a response in accordance with Article 7(5) of MAR, that expresses ESMA to be the
Big data and financial regulation share two striking resemblances: both are overwhelming and largely impenetrable to the uninitiated. Although combining the two is pursued with noble intentions by regulators, the result is a concoction of stress, confusion and frustration for most firms. This combination, however, is of paramount importance for firms’ and clients’ concerns about
On 17 January, ESMA published advice received from the Securities and Markets Stakeholder Group (SMSG) in relation to the consultation on MiFID II product governance. This CP was released on 5 October 2016 and it set out to create guidelines relating to the target market assessment. The SMSG established a working group with the specific
Never mind a busy December, all in all, it was a busy year for financial regulation as shown in one of our previous articles, as 384 regulatory documents were captured and uploaded in our trade and transaction RegDelta library. MiFID II Before Christmas, we saw ESMA publish many documents much like in January 2016 with
On 11 January 2017, ESMA released its follow-up to the peer review on best execution which came out in February 2015. With significant improvement by many NCAs since the 2015 review, the follow-up reads as a far more positive report, with optimism for further development in the future. Although certainly not perfect, it reveals that
Transparency is the cornerstone of MiFID II. Whether it’s pricing, product or process transparency, participants will need to pull back the curtains to make more information public regarding the nature of their operations, products and services. Consequently, investment firms will need to know more about their clients than ever before, with very little margin for
The European Commission proposed on 21 December 2016 to strengthen Europe’s criminal law framework to combat money laundering by drawing on international standards to establish minimum rules for defining criminal offences, imposing sanctions in relation to money laundering and improving cross-border cooperation between Member States. In the press release, Commissioner Avramopoulos stated that this proposal
In April 2016, European Supervisory Authorities (ESA) submitted a draft Regulatory Technical Standards (RTS) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, focusing on the requirements of key information documents (KID). Despite the KID RTS being endorsed by the EU Commission, the European Parliament – in a surprising move – rejected the draft. It
On 19 December 2016, ESMA published its Q&A paper on the topic of commodity derivatives within MiFID II and MiFIR. The document focuses on the promotion of supervisory approaches and practices for the application of position limits, position reporting and ancillary activity provisions. It also provides clarity on the technicalities of the policy and the
Just before the Christmas break, as part of its quick-fire release of numerous important updates, ESMA published a new Questions and Answers document that covers MiFIR data reporting. Broken down into two separate sections, the document looks specifically at (i) LEI of the issuer and (ii) date and time of the request of admission and
On 23 November 2016, the European Commission published its proposal for a comprehensive reform package aimed at continuing risk reduction and to further strengthen resilience across the European banking system. Included within these proposals are amendments to the current capital requirements (CRR/CRD) and resolution framework (BRRD/SRM). The Capital Requirements Regulation (CRR) and Directive (CRD IV,
Seismic decisions around the globe last year will make this year the most uncertain for future plans since the G20 agreed regulatory implementation priorities in 2009. Though the shifting tectonic plates of geopolitics will dominate 2017 headlines, the uncertainty doesn’t matter from an implementation perspective. There is an unprecedented level to change to get on
On 16 December 2016, the Financial Conduct Authority (FCA) published their fourth and final consultation paper (CP) on implementing MiFID II regulations into domestic regulation by 3 July 2017, which will be applied to firms from 3 January 2018. MiFID II aims to bolster competition in the EU’s financial market by creating a single market
2016 has added tens of thousands of new regulatory pages to the pile, which has kept us, at JWG, very busy boys and girls. Unlike the last decade, however this year has been about unexpected twists and turns in the road: It’s been a year of MiFID II/R panic, implementation delays, regulators waking up to
Transaction reporting can be a difficult regulatory requirement to get right and compliance can be even more complicated due to multiple overlapping transaction reporting regimes, which all serve slightly different purposes and have varying structures. This article looks at the transaction reporting requirements under four key regulations: MiFID II, EMIR, REMIT and SFTR. The first
In our preceding article about ISINs, we explored the pursuit of a universal OTC identifier, and discussed what has occurred in Europe to fix this gap in the financial industry. The Association of National Numbering Agencies (ANNA) created the ANNA Derivatives Service Bureau, which is based on an automated ISIN allocation engine and is scheduled
The FCA have released a video of the November TechSprint event on their RegTech webpage, which can be found here. The video, which features commentary from Christopher Woolard, Joanna Hill and Nick Cook from the FCA, rounds-up what was an exciting and informative experience for us at JWG, where we were given the opportunity to
Tom Groenfeldt of Forbes has been speaking to PJ Di Giammarino, CEO of JWG, about the FCA’s recent TechSprint event and how technology can be leveraged to automate compliance. The event, which took place on the 9 and 10 of November, is part of the FCA’s broader mission, Project Innovate. This initiative has been designed to foster innovation
In the previous two articles, we delved into the guidance notes on systematic internalisers and research. The third guidance note produced by JWG centres on inducements. This particular guidance note helps explain the MiFID II obligations of inducements, for example, it speaks of the necessary quality enhancement test and defines acceptable minor non-monetary benefits, just
In order to comply with the latest regulations, firms must manage their transaction reporting obligations. A unified transaction reporting regime across the European Union (EU) was first introduced when MiFID I came into force in 2007 with the objective of detecting and investigating potential market abuses. With MiFID II implementation set for January 2018, transaction
Following on from part 1 of this article, where we highlighted the benefits of the MiFID II Implementation Group (MIG) and how it has helped members better understand and develop solutions to key MiFID II/R issues, with a particular focus on those surrounding systematic internalisers, we take a similar approach in this article and examine