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Regulation

Winter is coming…

excellent post on UMR from DRS - a must read for any firm who might be in Phase 4 or 5. Bill


Rising to the repapering challenges of IM Phases 4 and 5   Introduction The deadline for compliance with Phase 4 and Phase 5 of the IM requirements is miles away, isn’t it?  Isn’t it…? The truth is that, whether you like it or not, the clock is already ticking.  Whether anyone has told you or […]

Brexit adds to the burden

Brexit adds to the burden

Aka – Not another bloody Brexit article

Aka – A look at the Consultation Paper on changes to the FCA handbook

Aussie IM Phase 4 double whammy

Bill: More work for Phase 4 UMR, if we're unlucky.


Opinions obviously vary, but for me there are very few opportunities to be glad not to be Australian. Here is one for already punch-drunk IM lawyers and compliance personnel. The largest four banks in New Zealand are Australian-owned- ANZ, ASB, BNZ and Westpac. New Zealand is not a G20 member and has therefore been (relatively) […]

Status of Financial Regulatory Leadership Changes

As we emerge from the midterm election season, we have updated our brief deck summarizing the leadership and staffing changes among federal financial regulators, including announced nominations, confirmations, resignations and expiring terms.  The first slide summarizes the state of play for the agencies’ principals; the later slides provide a deeper look on an agency-by-agency basis, including select senior staff.  We intend to continue to update this res

Don’t Wave Dodd-Frank Goodbye Just Yet

DON’T WAVE DODD-FRANK GOODBYE JUST YET

by Anne-Charlotte Duhaut, Marketing Director at RegTek.Solutions 

Digital Services Tax – Industry letter on financial services

For anyone not familiar with the background, the UK government are trying to find a way to to tax firms like Amazon who operate in the UK but are domiciled elsewhere as a company, hence paying corporate tax outside the UK. Read on for the unexpected consequences below.


We are writing to seek urgent clarification concerning the possible unintended capture within scope of the Digital Services Tax (DST) of a range of financial markets activities, which would underpin the proper functioning of Europe’s capital markets.

Trade Reporting Data Quality and Central Bank Effort Still a Concern

A detailed research report into the gathering of OTC and ETD data reveals issues with the work being done by central banks to clean the data, and missing or confused attributes.

ESMA Charts Illustrate the Brexit Concentration Risk for Europe

This chart shows without question what a disaster it would be if a legal or regulatory barrier is erected down the English Channel (French: la Manche, "The Sleeve"; German: Ärmelkanal, "Sleeve Channel"; Breton: Mor Breizh, "Sea of Brittany"; Cornish: Mor Bretannek, "British Sea"; Dutch: Het Kanaal, "The Channel").  Whilst Paris and Frankfurt have some significance to volumes in the derivatives markets and have exchanges and CCPs which could process the same products as in the UK, the idea that the majority of trading could jump the channel on March 30th next year is near impossible.

ESMA data analysis values EU derivatives market at €660 trillion with central clearing increasing significantly

The FCA consults on its approach ahead of the UK’s exit from the EU

The Financial Conduct Authority (FCA) today published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period.  It also set out its approach to the regulation of Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers.

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