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Spot the difference: Beware the lure of substituted compliance
Archive
14 Aug
2013

Spot the difference: Beware the lure of substituted compliance

On Tuesday, 13 August, the CFTC made a U-turn on a controversial issue: dual disclosure, reporting and record-keeping requirements for funds.  Having beaten legal challenges brought against plans to impose two sets of rules on funds, one set by the CFTC and one set by the SEC, the CFTC in the end backed down, saying Read More

15 Jul
2013

Crucial CFTC cross-border rules approved! Do you know your new compliance burden?

The proposal for Cross-Border Guidance and accompanying exemptive phase-in order has been approved by the CFTC in a 3-1 vote. Regulators have broken a worrying stalemate between the CFTC and the European authorities; worrying because it threatened to split derivatives trading along jurisdictional lines, with US entities unable to clear through European infrastructure and vice Read More

11 Jul
2013

EMIR vs. Dodd-Frank: Just choose one?

US and EU regulators have announced a ‘path forward‘ on approaching cross-border derivatives regulation that will allow firms operating internationally to comply with only one set of OTC trading requirements, rather than implementing both Dodd-Frank and EMIR. For a long time it seemed that there would be no agreement on the ‘equivalency’ between Dodd-Frank and Read More

27 Mar
2013

Regulating the -IBORs: A benchmark too far?

Benchmark manipulation and fallout from it is not new news, but the global drive to regulate benchmarks is.  The political sensitivity surrounding regulation in this space means that national regulators are racing at different speeds and approaches to implement reforms to ensure benchmarks are transparently regulated and set. The connection of benchmarks to multiple levels Read More

25 Jan
2013

The state of regulatory engagement models: the truth hurts!

  • 25th January 2013
  • RegTechFS

In May, the CFTC’s Bart Chilton characterised regulatory cost benefit analyses a “sword of Damocles” calling out for more qualitative data. Since then, multiple no-action letters and a court case against the SEC have shown that there are deep-seated issues with CBAs that regulators are having trouble keeping below the surface. For the SEC and Read More

12 Nov
2012

OTC: Will your firm make the grade?

The G20 says OTC regulation was to be finalised by end 2012. But, with at least 34,000 more pages of regulation expected by 2016 from the US alone, firms need to upgrade their BAU. Following the G20’s meeting in April 2009, the pathforward for regulation on OTC derivatives seemed clear. In the shadow of the Read More

13 Sep
2012

Getting the right roadmap?

  • 13th September 2012
  • RegTechFS

The industry is at a turning point for laying the foundations for global reporting success through the new legal entity identifier (LEI).  The G20 has asked for the identifier to be launched by March 2013 – a mere 100 business days from now. The LEI will set fundamental precedents for future reporting standards, before even Read More