Weekly Roundup | European Regulation | 10 March 2014

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ESMA Confirms Scale of Work for MiFID II and EMIR Reporting

In a speech, Verena Ross, Executive Director, European Securities and Markets Authority (ESMA), spoke about ESMA’s forthcoming work on the implementation of the revised Markets in Financial Instruments Directive (MiFID II) as well as ESMA’s work on the implementation of the European Markets Infrastructure Regulation (EMIR). Finextra: ESMA Confirms Scale of Work for MiFID II and EMIR Reporting.

 

ESMA Exempts FX Forwards from EMIR for Lack of Definition

ESMA asks the European Commission to 'clarify' what a derivative is as transpositions into national law have created diverging definitions throughout Europe. Euro Treasurer: ESMA Exempts FX Forwards from EMIR for Lack of Definition.

 

Insurers Wrestle with Emir Reporting Challenge

The insurance industry has been overwhelmed by the need to report derivatives positions under new EU rules that came into effect on February 12. Blake Evans-Pritchard reports on how they have coped. Risk: Insurers Wrestle with Emir Reporting Challenge.

 

Sharon Bowles Interview: Taking On Banking's 'World of Grey Men'

Influential MEP refuses to get angry at banks' attempts to circumvent pay limits she pushed through European parliament. The Guardian: Sharon Bowles Interview: Taking On Banking's 'World of Grey Men'.

 

Putting the ‘PRA’ in suPRAnational

The Prudential Regulation Authority last week published a consultation paper that threatens to impose stricter requirements on international banks operating UK-based branches. RegTechFS: Putting the ‘PRA’ in suPRAnational.

 

Derivatives Priorities in Bankrutpcy: A Hobson’s Choice?

The Bank of England wants to put a stay on derivatives contracts entered into by an insolvent bank, thereby negating some of the priorities in bankruptcy accorded to derivatives counterparties. Streetwise Professor: Derivatives Priorities in Bankrutpcy: A Hobson’s Choice?

 

Schaeuble Says Derivatives Tax Still on Germany’s EU Agenda

German Finance Minister Wolfgang Schaeuble said he hasn’t given up on including derivatives in a proposed European financial-transaction tax. Bloomberg: Schaeuble Says Derivatives Tax Still on Germany’s EU Agenda.

 

EU Parliament Seeks to Press Home Advantage Over SRM

On 5 March 2014, the Committee on Economic and Monetary Affairs (ECON) of the EU Parliament published a press release regarding its “final offer” on the Single Resolution Mechanism (SRM). DRS: EU Parliament Seeks to Press Home Advantage Over SRM.

 
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