Brexit: is equivalence the answer?

On Wednesday 14 September, the EU Financial Affairs Sub-Committee heard evidence from Mr. Simon Gleeson, Partner at Clifford Chance, and Mr. Peter Snowdon, Partner at Norton Rose Fulbright, for its Brexit Inquiry into financial services. Over the course of an hour, the discussion focused on how UK firms might hope to invoke rights of ‘equivalence’


Key regulatory themes for 2016

So far 2016 has been one of the most contentious years since the G20 agreed the regulatory reform agenda seven years ago. With ever-rising costs, increasingly more severe penalties, and continued issues with data quality, it would be easy to claim the plans conceived in the wake of the crisis are not going to get


The Payment Services Directive (PSD) was adopted in 2007 as a means for providing a legal foundation for establishing safer and easier electronic payment services throughout the European Union.  The goal was to make cross-border payments quick, efficient and secure.  In July 2013, the Commission decided to review PSD and modernise it to adapt to


On the 14 September 2016 there was a staggering majority vote against the EU Commission’s Regulatory Technical Standards (RTS) for the PRIIPS key information document (KID), at 602 to 4, with 12 abstentions. The rejection by the Parliament of the implementation rules proposed by the Commission is unprecedented in the financial markets, and now it


The phase-in for central counterparty clearing (CCP) for certain Over-the-Counter (OTC) derivative contracts began in 21 June 2016 for certain contracts, with many more soon to follow, until all in-scope contracts are subject to the obligations by 9 August 2019. The European Market Infrastructure Regulation (EMIR) requires certain classes of OTC derivative contracts to be


Benchmarks and indices are vital tools for assessing the underlying price of financial instruments and contracts as well as for measuring the performance of investment funds.  Despite this, recent LIBOR and EURIBOR scandals have exposed how vulnerable to manipulation these instruments are.  In the light of these events, the European Commission produced a benchmark regulation, which


In part 1 of this article, we examined three of the six key areas of overlap between the regulations on PRIIPs and MiFID II/R.  In particular, we provided detail on, and discussed the degree of similarities between, the scope, the disclosure requirements for financial instruments and the obligations to identify a ‘target market’ between both


On 18 July 2016, ESMA, the European Securities and Markets Authority, published its advice to the European Parliament, the Council and the Commission on extending the Alternative Investment Fund Managers Directive (AIFMD) passport to 12 non-EU countries: Australia, Bermuda, Canada, the Cayman Islands, Guernsey, Hong Kong, the Isle of Man, Japan, Singapore, Switzerland and the


On 18 July 2016, the FCA produced a consultation paper (CP16/18) outlining suggestions on how to prepare the rulebook for the introduction of PRIIPS.  PRIIPS, which is designed to increase transparency of costs, risk and intended market, will take effect on 31 December 2016.  It requires each manufacturer and distributor of insurance-based investment products (IIP) or packaged


The FCA have now officially published the findings from their consultation with the industry on the development of RegTech. This is a much awaited document for those seeking to understand the direction of the regulator with regards innovation, particularly in the context of all the recent uncertainty in the wider regulatory landscape. It is evident


On 17 June 2016, the Council of the European Union approved a one-year delay to the MiFID II transposition and implementation dates.  Under the new regulation, the deadline for Member States to transpose MiFID II into national legislation is 3 July 2017 and the date of application for MiFID II/R is now set for 3


Brexit and IT Law (II): Data Protection

This is the second in a series of occasional blogs we’ll be writing about what Brexit means for IT and IT Law in the coming weeks and months. Deirdre Moynihan reviews what Brexit is likely to mean for Data Protection, where the approach to implementing the General Data Protection Regulation could well turn out to


This is the first in a series of occasional blogs we’ll be writing about what Brexit means for IT and IT Law in the coming weeks and months. It looks at the choices facing the UK IT industry around Brexit and Article 50.  In the second, Deirdre Moynihan reviews what Brexit is likely to mean


Instilling a culture of compliance

On 5 July, JWG hosted their RegTech Capital Markets Conference in London, attracting over 150 attendees from top tier banks, buy-side firms, vendors, lawyers and academics from across the industry.  A speech from the FCA’s own Nick Cook at the start of the day told of the clear signs of progress being made and reiterated


Dismantling data standards barriers

The push for increased transparency following the financial crisis has had a visible impact on the financial services industry.  Many regulations have created similar, but slightly different, requirements, in particular across the Atlantic.  Increased – but uncoordinated – demand on data, and proof of process in different formats and languages, without proper impact assessments conducted


By January 2018, European legislation will have significantly changed the financial services sector. The sheer volume of transactions, products and firms affected by new regulation means that we can say goodbye to the trading landscape we currently know. In particular, new rules under MiFID II will impact how and where market participants execute trades. All


The RegTech domains

In our response to the FCA’s call for input on RegTech, we recommended framing the thinking via the RegTech domains to help enable the prioritisation of new technological solutions in the context of external regulatory circumstances. As we have stressed before, RegTech is about the application of technology to solve a specific regulatory problem, not


The revised European Markets in Financial Instruments Directive (MiFID II) looms over the regulatory horizon like an oncoming storm in the financial services industry. Aiming to improve the safety and transparency of financial markets, MiFID II reaches far beyond investment banks, impacting asset managers, commodity firms and OTC brokers and dealers too.  In terms of


The first signs of rule automation

In November, the Financial Conduct Authority issued a call for input on facilitating the development and adoption of RegTech, or the use of technology to solve critical problems in compliance.  JWG argued that new and proven tools can be employed but, to do so, the industry must first collaborate in a ‘RegTech commons’ to set


Plumbing the reporting infrastructure

At JWG’s RegTech conference, now less than a month away, our second panel* will bring experts together to discuss the matter of aligning reporting obligations using RegTech to ease the regulatory burden. Panellists confirmed so far include Adedayo Banwo (Legal Counsel at Deutsche Bank, London Branch, former Counsel in the Office of General Counsel at


DerivSource and JWG podcast on Brexit

Last week, JWG had the pleasure of taking part in a podcast to discuss the recent publication of our Brexit research paper.  Hosted by Julia Schieffer from DerivSource, the podcast, which can be found here, takes an in-depth look at some of the most pertinent issues raised in the report. The discussion focused on the


The Fundamental Review of the Trading Book (FRTB) final text was published in January 2016 by the Basel Committee (BCBS).  The aims of the FRTB BCBS standards are to better factor market risk into trading book risk models, and to prevent banks moving instruments between the trading book and the banking book in order to


This month, the House of Commons Committee of Public Accounts released its forty-first report of session 2015-16 which looks at ‘financial services mis-selling: regulation and redress’.  The Committee is tasked with ensuring value for money of public spending and generally holds the government and its civil servants to account for the delivery of public services.


In a week which has seen cyber-risk cement itself on the agendas of regulators across the world, we’ve witnessed action in the trading space with plenty of developments occurring in Europe’s markets in financial instruments’ overhaul, as well as a concerted effort to rethink the way in which regulations and regulators work in the financial services industry.


With 23 June just around the corner and a vote deciding the future of the UK in the EU on the horizon, we at JWG have issued a ground-breaking report today – Brexit: changing out the engine of finance. The report finds significant technical and leadership challenges ahead in the event of a decision to


ESMA updates RTS on position limits

On Monday the European Securities and Markets Authority (ESMA) published opinions on the Regulatory Technical Standards for position limits (RTS 21) and non-equity transparency (RTS 20) under MiFID II, in response to the Commission’s request to ESMA in April to modify the draft RTS issued in September 2015. This article will detail the updates on


We were pleased to speak at the Asset Control User Conference on Tuesday about the challenges of using RegTech in the context of comprehensive MiFID II data requirements.  JWG’s CEO, PJ Di Giammarino, presented a helicopter view of the regulatory landscape ahead of us, an approach to getting the cost of the data under control.


On 24 March, as part of the UK’s effort to set rules to transpose the Markets in Financial Instruments Directive (MiFID II), the Prudential Regulation Authority (PRA) set out its proposals in its first consultation paper. The application deadline for MiFID II/R has been delayed by one-year to 3 January 2018, with just the European


Last week was an embarrassing week around the globe for a number of high profile politicians, sports personalities, multinationals, law firms, the rich and the famous.  The leak of the Panama papers – a data leak of almost 11.5 million documents, concerning the tax affairs of many – brings into sharp focus an agenda that


On 1 April 2016, the European Commission’s Delegated Regulation (EU) 2016/467 relating to Solvency II – the European risk-based capital regime – was published into the Official Journal of the EU.  This covers the new risk charges imposed on insurers’ equity and debt investment in infrastructure projects. Based on advice from the European Insurance and


MAR: time to worry about your opinions

JWG’s Customer Data Management Group (CDMG) March focus was the soon to be implemented (3 July 2016) Market Abuse Regulation (MAR). JWG have created a set of rule interpretations for MAR which have been incorporated into our regulatory platform, RegDelta.  The March CDMG also included a rule interpretation segment, where participants ‘deep-dived’ a few of


Earlier today, the European Commission published part of the long awaited Delegated Acts for MiFID II.  This was an unexpected move by as not many were expecting to see them in separate parts. This first set of Delegated Acts for MiFID II has been based on advice from ESMA and covers three topics; safeguarding of


JWG’s recent series on the emerging regulatory barriers and issues in FinTech, does an excellent job of setting forth the main issues for what is sure to be a busy few years of calibration for regulatory compliance and reporting. The emergence of RegTech, roughly the ways in which the adoption of new technologies can help


In the post-Easter week, regulators were busy shining a spotlight on remuneration practices in the industry.  We saw the EBA releasing a report looking at the high earners in EU banks and ESMA focusing on sound remuneration policies under the UCITS Directive and AIFMD. The FSB also met in Tokyo to discuss their priorities for


FinCEN’s proposed rules on beneficial ownership due diligence, the incoming 4th Money Laundering Directive (AMLD IV) and now the UK’s Register of People with Significant Control (PSC) Regulation all push for more transparency in beneficial ownership or significant control of companies. The aim is to reduce acts of money laundering and tax evasion and to


A brief exchange of correspondence between regulators over the last fortnight has brought aspects of MiFID II’s regulatory technical standards back into question. On 14 March, a letter from the European Commission to the European Securities and Markets Authority (ESMA), seen by Reuters, requested that the technical standards on position limits be rewritten, with the


UK investment managers are becoming increasingly vocal in the Brexit debate, with the June referendum possibly marking a turning point for the industry.  These are top players in the European fund management industry, yet their dominance is dependent on the ability to do business across the continent.  In this sense, regulation matters … a lot. 


The clampdown on mis-selling practices

On 24 February, the National Audit Office of the UK published the findings of a report carried out by the Comptroller and the Auditor General which looked at financial services mis-selling.  The definition of mis-selling is currently “a failure to deliver fair outcomes for customers” and this includes providing customers with misleading information or recommending


The new regime for transaction reporting, being introduced under MiFID II, represents a significant overhaul and expansion of what is currently required by MiFID I.  On 9 March, as part of their two-year programme on MiFID II, City & Financial Global held a highly topical event on transaction reporting under MiFID II. The last City


In our two previous articles, we mentioned that, despite the technology existing to enable ‘good regulatory practice’, the market has failed to overcome the four main barriers.  Why? In short, while we have a strong chorus of support from the side-lines, the regulators are only just now beginning to take on the job of making


The attacks in Paris and the continued threats posed by the Islamic State of Iraq and the Levant (ISIL) have once again seen fresh emphasis placed by financial regulators around the world on countering terrorist financing and money laundering. The Financial Action Task Force (FATF), a Paris based intergovernmental body that sets standards and promotes


On 15 February, ESMA released a discussion paper with the purpose of consulting stakeholder opinions on the technical implementation of the incoming Benchmarks Regulation.  This regulatory process was initiated on 18 September 2013 at an EU level when the Commission published a legislative proposal for a new regulation on benchmarks, which falls in line with


Newsflash: you may be an ARM!

The “MiFID II/MiFIR & EMIR Reporting” conference last week in London was well attended by hardened reporting stalwarts, well used to moving technical mountains in order to deliver the billions of trade and transaction reports submitted by the industry every week.  Normally, not much phases this crowd, but one regulatory revelation managed just that. During


Continuing on from part 1, where we discussed the European regulator’s priorities for Credit Rating Agencies (CRAs) and Trade Repositories (TRs) for 2016, we now look at the nature and focus of the work the regulator plans to carry out this year to promote supervisory convergence. In October 2015, the European Securities and Markets Authority


Only hours before JWG’s Customer Data Management Group (CDMG) met on 23 February, an announcement was made that more than a third of firms that submitted their responsibilities under the Senior Managers Regime (SMR) had been rejected for technical reasons. The UK FCA/PRA SMR passed its first major milestone for grandfathering on 8 February and


Earlier this month, the European Securities and Markets Authority (ESMA) released two key documents detailing its supervisory plans and priorities for 2016.  Whilst these publications primarily identify areas of focus for the current year, they also highlight the shortfalls in terms of promoting sound, efficient and consistent supervision across the European Union. The first, published


This week, the EU commission published the responses to their call for information on the impact of EU regulation so far.  The FCA’s response, also published this week, has been similar to other feedback in citing the constraints on both the banks and the real economy of financing themselves, overly complex reporting obligations and spill-over


The market abuse regulation (MAR) is fast approaching and will impact not just financial services firms, but also any EU listed company. Identified in a number of articles published here on RegTech, and discussed at JWG’s CDMG, (customer data management group), which focused on MAR/MAD changes in August last year, the regulation will involve a


With the MiFID II delay finally official, implementation teams received the good news that they had been waiting for patiently for months.  But now is not the time to rest on their laurels. Completing all of the work required to change technology systems, policies and procedures in line with MiFID II was considered an impossibility


It’s official! MiFID II is delayed

After months of rumour and speculation, The European Commission has today finally spoken out on the delay of MiFID II.  The Commission has announced a 1-year extension to the implementation, making the new deadline 3 January 2018. In justifying their decision, The Commission cites “the complex technical infrastructure that needs to be set up for


On 28 January 2016, ESMA published a paper consulting on a number of draft guidelines falling under a fraction of the Market Abuse Regulation (MAR).  This consultation paper was based on a previous discussion paper, issued by ESMA on 14 November 2013. In particular, the paper covers the mandates placed on ESMA to produce guidelines


Following the announcement of a landmark deal on international cooperation over tax avoidance last week, Tuesday saw the signing of a transatlantic pact on data transfer.  Even when the EU are in the process of stocktaking the cumulative effects of regulation so far, there is clearly no break in the ongoing pace of financial markets


Online dispute resolution is here

The European Commission is in the final stages of launching its online dispute resolution (ODR) platform to the public.  This has been an extended process which involved the publication of a designated regulation on online dispute resolution for consumer disputes back in 2013.  As of 7 January 2016, the launch of the platform was heralded


Over the last six months, market monitoring and market abuse have had their fair share of coverage.  The industry witnessed the conviction of Tom Hayes, for LIBOR rigging, the introduction of permanent injunctions in cases of market abuse, acquittals of six defendants accused of conspiring to rig the LIBOR and now preparation for the new


In November last year, at JWG’s monthly CDMG meeting, we discussed the incoming General Data Protection Regulation which – at that stage – remained a draft and the implications of the removal of the US safe harbour rule.  The safe harbour rule was an agreement between the US and EU allowing businesses to transfer personal


On 22 December 2015, ESMA published 10 guidelines on cross-selling practices under MiFID II.  However, as noted in our previous article, these guidelines were not released as initially intended by the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA. Alongside the guidelines, ESMA put out a press release stating that “in light of


In the last 48 hours, significant steps have been taken towards creating a more level playing field and higher levels of transparency for those who pay tax.  This article provides you with commentary on some of the main aspects that have occurred. JWG’s Customer Data Management Group (CDMG) last year discussed the complexities that the


In December of 2015, the European Parliament released a report “on stocktaking and challenges of EU financial services regulation” and, on Tuesday 19 January, the text was adopted by a majority vote of the Parliament in Strasbourg. So, what does it say? Compiled by the Committee on Economic and Monetary Affairs (ECON), the report assesses


After a long week at Davos, there are a number of interesting conclusions from this year’s World Economic Forum.  China appears to have come out less of a worry than it was when it went in, with the IMF’s Christine Lagarde stating that the country is going through a transitional stage towards sustainable growth, and


In the past month, we’ve celebrated the holiday season and brought in the new year, but there has been no rest for the wicked and regulators have been busy scrambling to meet deadlines and push out new regulatory documents.  In the period before Christmas, we witnessed a lot of developments and it’s safe to say


FATF updates – renewing effort to tackle terrorism A special three-session meeting to discuss tackling terrorist financing was organised by the Financial Action Task Force in reaction to the atrocities that have taken place in the last few months.  Whilst the agenda focused on broader ways to tackle terrorist financing, the Islamic State of Iraq


JWG were pleased to participate in a MiFID II webinar led by DerivSource this week. As you can see, by clicking on our presentation below, MiFID II is rekindling industry debate about the right approach to sharing billions of transaction reports across Europe. MiFID II/ MiFIR turns up the operational and technical heat, not just


Over the last week, regulators have been signalling that they will not be tolerating risky or illegal finance in 2016 any more than in the previous year.  Margin requirements are back on the table, along with bankers’ remuneration and fines – plenty of fines.  Despite this, the inquiry into the UK FCA’s scrapped banking review


The UK, EU and the Financial Action Task force have promoted banks to adopt and implement a measured approach to de-risking clients that pose money laundering and financial crime risks.  The central message has been for financial institutions to manage money laundering risks and to cease relationships with clients as a last resort. But, the


The new year has not brought any better luck for China’s economy. As stocks continue to slump, the People’s Bank has again devalued the Yuan to somewhat limited results. Meanwhile the debate over how best to control Wall Street is getting no less fiery. Bernie Sanders has made clear his intentions to ringfence investment banks


Cross-selling clarity

On 22 December 2015, ESMA published a final report outlining guidelines on cross-selling practices under MiFID II.  This follows the publication of a consultation paper in December 2014 by the European Supervisory Authorities which requested feedback from stakeholders and this final report represents such feedback.  While the guidelines were initially intended to be produced by a


There will no doubt be many concerned faces amongst senior management this year as the new rules for the Senior Managers and Certification Regime (SMR) come into force over the next 12 months.  The first implementation date will be in February 2016 when firms will have to submit documents for grandfathering, then commencement of the


The FCA has just dropped their comprehensive review of UK banking culture, which focused on whether pay, promotions or incentives in the financial sector encourage malpractice.  Shortly after its announcement last year, it has been shelved, with the FCA citing that each business is unique and thus cannot easily be compared. To some this is


Happy Christmas from JWG

2015 has been an important year in financial services regulation, it has witnessed regulators and the industry alike struggling to deal with drafting, interpreting and implementing a vast array of new requirements across trading, financial crime, risk and structural regulations. The year has been just as busy for us and our RegTech platform as it


LEI: to renew or not to renew

2015 has been a year of genuine progress for the Legal Entity Identifier (LEI) project. It is fair to say that it would not have been particularly difficult this time last year to find sceptics about whether such a statement could be made at this point. ESMA have been a key driver behind this progress.


10 key questions on the PRIIPs regulation

With members of the European Parliament Negotiating Team stating, in a letter addressed to Commissioner Hill, that they are “open to considering a wholesale delay of the application of MiFID II – MiFIR”, a delay to the new European market rules is now looking more likely than ever. But there are concerns that this potential


AMLD IV has placed emphasis on a risk-based approach to counter financial crime and terrorist financing. Few would argue against this approach. It is not only logical, but also the most practical way forward. The approach appears to be fairly straightforward, consisting of identification, assessment and management risk. However, recent news, analysis and conversation with


With the new year on the horizon, and mounting pressure from our clients, JWG are gearing up for another MiFID II implementation training course.  Given all the current talk about a potential delay, it would be easy to sit back and breathe a sigh of relief.  However, that would be a big mistake.  There is


Seven requirements for the PRIIPs KID

The Joint Committee of the European Supervisory Authorities has published a consultation paper on 11 November 2015 which sets out the draft regulatory technical standards (RTS) concerning the Key Information Documents (KID) for PRIIPs. After much debate and the publication of a general discussion paper (November 2014) and a technical discussion paper (June 2015), the


Financial regulation remains as complex as ever. Complex new niches such as shadow banking, Fintech, and Over-the-Counter Derivatives, and the increasing interconnectedness of Financial Institutions (FIs) across the world, have led to greater risks to be managed for regulators. With this in mind, how they manage to get ahead of these rapid financial evolutions and


SFTs: out of the shadows and into the light

The final text for the new regulation on the reporting and transparency of securities financing transactions has been finalised after the Parliament adopted the text of the regulation at its first reading on 29 October. The Council subsequently adopted the text on 16 November and now the industry needs to prepare itself for yet another


Collaboration is hard, yet it’s the core of meeting every new regulatory requirement. Last week, the Royal Bank of Scotland received the prestigious ‘best use of IT for the purposes of risk/regulatory management’ award because they got the way they manage trade and transaction reporting obligations right.  Many leading technologists helped JWG’s RegDelta platform underpin


ESMA officially come out for MiFID II delay

Yesterday, ESMA published a note – originally from 2 October – regarding the potential for a delay to MiFID II.  The note is categorical in its support of a delay to the MiFID II framework, and it will only further fuel the flames of those screaming for more time.  Below are some key highlights from


ESMA publishes a less than MAD Q&A

JWG analysis. On 9 November 2015, ESMA published its Q&A on the implementation of the current Market Abuse Directive (MAD).  For those of you looking for some relief, this is a relatively short document, just 8 pages, and it consists of only two questions.  Question one focuses on the disclosure of inside information related to


How do we change the pace of regulation?

JWG analysis. Tracey McDermott, acting Chief Executive of the FCA, called last week for a more sustainable regulatory framework that does not just reflect the atmosphere of the time. She was referring to what is being increasingly seen as the regulatory pendulum – the process of intense regulation following a financial crisis which then wears


Julia Schieffer, the founder and editor of DerivSource.com, recently interviewed PJ Di Giammarino, CEO of JWG Group, on some of the key stumbling blocks of MiFID II requirements. Extracts from the interview detailing issues on reference data, the transparency principle and how financial institutions are implementing changes can be seen below. The full transcript and


JWG analysis. Over the last 10 months, JWG’s CDMG has covered – in depth – the incoming Anti-Money Laundering Directive IV (AMLD IV). AMLD IV focuses on the risk profiles of clients and monitoring or reporting them accordingly. On 21 October, ESMA published a Joint Consultation Paper on simplified and enhanced due diligence, detailing the


JWG analysis. Following the financial crisis, regulators were concerned about the risks of shadow banking, including Money Market Funds (MMFs). The European Parliament is still discussing the regulation which the European Commission issued on 4 September 2013 and it’s likely that a revised draft will be released. This article answers 5 key questions about the


JWG analysis. Fees and costs currently present themselves as the top controversial issues within the investment industry. The key challenges on this topic, bearing MiFID II in mind, were discussed by Aisha Dudhia (JWG Group), Steven Charlton (Vanguard Asset Management) and Bart Heenk (Avida International) at Professional Investor’s latest roundtable. This article offers answers to


JWG analysis. The ousting of Martin Wheatley from the Financial Conduct Authority during the summer is a sign that the UK Government wants to take a stand on ‘bank bashing’, sending a global message that London is a bank friendly capital, and that there will be more emphasis on individual responsibility. During this year, there


The MiFID framework is venturing into unchartered territory as European legislators aim to place new restrictions on commodity markets.  This element of MiFID II has been one of the most contentious parts of a highly controversial process.  In light of the recent publication of the Regulatory Technical Standards (RTS) by ESMA, we look at five


PRESS RELEASE:  Think-tank deploys RegDelta to help train MiFID II workforce JWG, the financial services regulation think-tank, are offering a ground-breaking new face-to-face training course on 3 November 2015 in London.  Ground-breaking, because it is supported by the complete library of MiFID II documentation now loaded in RegDelta. The clock is ticking for the thousands


JWG analysis. As financial regulations keep piling up in the post-crisis world, it becomes increasingly difficult to recognise the similarities and differences between them.  The interdependencies on the Know Your Customer (KYC) front are present, but somewhat tangled.  Here we provide an overview of the current and upcoming client classification requirements under prominent regulations, and


10 new hot EBA releases this quarter

JWG analysis. The European Banking Authority (EBA) have been particularly busy this year, publishing over 30 key documents (5 consultations, 5 guidelines, 7 technical standards, 4 opinions and 11 reports and other notable publications) between June and August. Keeping up this pace, according to the EBA’s September newsletter, we can expect 25 deliverables covering 16


JWG analysis. A new dawn began for the wholesale energy market on Wednesday, as the trade reporting obligations under the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) came into force. The Agency for the Cooperation of Energy Regulators (ACER) issued this notice on Monday to inform market participants that the Agency’s REMIT information


Know Your EU Remuneration

JWG analysis. Since the 2008 global financial crisis, there have been multiple bones of contention and areas of tussle between the regulators and members of the financial industry.  One example is the issue of remuneration, because of its reputation as a key driver for instilling particular behaviours within the financial industry.  Used correctly, it can


With the MiFID II technical standards finally being published, the time is right to give our successful MiFID II implementation training its latest run on 3 November in London. We suspect that, soon, regulators will be asking tough questions about how you plan to be ready for system integration testing in a mere nine months