The Securities and Exchange Commission on February 11 published the texts of two final rules and one proposed rule that establish reporting requirements for security-based swaps (SBSs). These rules, previously adopted by the SEC in a meeting on January 14, 2015, create a reporting regime for SBSs that largely parallels the swaps reporting regime adopted
The International Swaps and Derivatives Association (ISDA) has published a paper that outlines a number of key principles and initiatives for regulators, market participants and industry service providers in order to further improve regulatory transparency of derivatives activity.
The key principles are:
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published three reports on certain jurisdictions’ progress towards the implementation of the Principles for Financial Market Infrastructures (the Principles):
Overall, the reports demonstrate that the three jurisdictions have made good progress in
In December 2012 the Committee on Payment and Settlement Systems (CPSS) (which is now known as the Committee on Payments and Market Infrastructures (CPMI)) and the International Organization of Securities Commissions (IOSCO) published a disclosure framework designed to improve the overall transparency of financial market infrastructures (the Disclosure Framework). The Disclosure Framework primarily covers qualitative data that need relatively infrequent updating.
On 26 February 2015, the European Central Bank published updated lists (dated 30 January 2015) of significant supervised entities and less significant institutions.
The South African national budget speech was delivered on 25 February 2015 by the Minister of Finance, Minister Nene. Have a look at our tax team’s review of the South African National Budget 2015.
The Financial Secretary of Hong Kong announced his budget proposals on 25 February 2015 http://www.budget.gov.hk/2015/eng/speech.html. “Competitiveness” was the stated theme and it included proposals to bolster Hong Kong as an international hub and promote certain industries. In relation to the financial services industry the following was announced:
Consensus has been reached between the Securities
For the second time ever, the Australian Federal Police have laid bribery and corruption charges against directors of an Australian company. Unlike their regulator counterparts in the US and UK, the AFP have until now, been very reluctant to exercise their anti-bribery powers, but with a reported further 14 active foreign bribery investigations at the
There has been published on the legislation.gov.uk website the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2015 (the Regulations) together with an explanatory memorandum.
Article 70 of the EU Regulation on improving securities settlement and regulating central securities depositories (the CSD Regulation) amends the definition of “system” in the Settlement Finality Directive to provide that a Member State designating a payment or securities settlement system for the purposes of the Directive must notify the European Securities and Markets Authority (rather than the European Commission as previously provided).
There has been published on the legislation.gov.uk website the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2015 (the Regulations).
The purpose of the Regulations are to amend the transitional provision in the Financial Services and Markets Act 2000 (Over-the-Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (the Principal Regulations) with the effect that, from the date upon which the Regulations come into force until the end of the transitional period provided for in regulation 52 of the Principal Regulations, the special resolution regime provided for in Part 1 of the Banking Act 2009 will apply to any clearing house incorporated in, or formed under any part of the UK, that immediately before 15 March 2013: (i) was the subject of a valid recognition order made under Part 18 of the Financial Services and Markets Act 2000; and (ii) provided clearing services as a central counterparty. The omission of the transitional provision to this effect in the Principal Regulations when originally enacted was an error which the Regulations correct.