JWG analysis. The new political drive towards tax transparency is landing in money laundering legislation, and complicating an already complex landscape. G8 Leaders, as a result of the summit held in June last year, committed to publishing ‘action plans’ setting out the concrete steps they will take to combat tax evasion. It appears that those


Working late into Tuesday night, European lawmakers concluded a compromise over the new Markets in Financial Instruments Directive (MiFID II).  The final text has not yet been made public, and is not expected for several days.  However, some details have emerged. Concessions had to be made on both sides, with the Parliament advocating for robust


2013 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


Newsflash: ESMA and EC EMIR reporting update

By: Sam Tyfield Just in time for your holiday, December has seen a cascade of reporting work from ESMA and the EU Commission on EMIR. On December 20, 2014, ESMA release an updated Q&A on EMIR.  Specifically on ETD reporting, see towards the bottom of the page at the link here (I have cut and pasted the relevant paragraphs below,


On 6 August, ESMA updated its Q&A guidance on the implementation of EMIR (read here).  Firms should pay particular attention to these Q&As as they have been known to overturn some common assumptions in the past, and this edition is no exception.  In particular, the new answers spell bad news for the future cost of


How will the PRA, FCA, and CMA manage conflicting competition mandates? On 24 July, during the second reading of the UK’s Banking Reform Bill, it was stated that a new competition objective will be given to the PRA.  UK banks now find themselves with three national competition regulators jostling for position, not to mention those


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


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


Today, 22 July, marks the day that the Alternative Investment Fund Managers Directive (AIFMD), must be transposed into national law.  With the rules now technically in force, UK-based firms have a year to become compliant and apply for authorisation with the FCA. However, this apparently generous deadline disguises the fact that many managers may need