The European Markets Infrastructure Regulation (EMIR) introduced provisions to improve transparency and reduce the risks associated with the over-the-counter (OTC) derivatives market and established common rules for central counterparties (CCPs) and for trade repositories. In particular, Title IV of EMIR introduced common requirements for CCPs and mandated the European Securities and Markets Authority (ESMA) to
The Government has given its support to a “user pays” industry funding model for ASIC in line with the recommendations of the Financial System Inquiry (FSI). A consultation paper has been issued today by Assistant Treasurer, Josh Frydenberg, detailing how the funding model will work.
The new funding model will require the biggest users of
Under the Markets in Financial Instruments Directive (MiFID), operators of regulated markets (RMs) and multilateral trading facilities (MTFs) must make public the current bid and offer prices and the depth of trading interests in respect of shares admitted to trading on an RM unless exemptions apply. However, MiFID allows competent authorities to waive the obligation
On July 31st, the federal Department of Finance released its initial assessment of the inherent money laundering and terrorist financing risks in Canada. The country assessment responds to a key recommendation of the Financial Action Task Force (FATF), the global standard setter for anti-money laundering and anti-terrorist financing efforts, that countries identify, assess, and understand their money laundering and terrorist financing risks. According to FATF, countries should use their assessments to ensure that the measures they are taking to prevent or mitigate money laundering and terrorist financing are commensurate with the risks identified. The risk assessment is also intended to assist financial institutions and other entities that are required to report suspicious transactions under Canada’s anti-money laundering and anti-terrorist financing laws to understand the risks that are present in Canada and their potential exposure to these risks.
The Dutch Central Bank (De Nederlandsche Bank, the DNB) has indicated that the integrity risk analyses performed by financial institutions are often inadequate and require significant improvement. In the last couple of months, the DNB assessed the integrity risks analyses of over 170 banks, insurers, payment service providers, trust offices and pension
The European Commission has adopted the Delegated Regulation containing the Regulatory Technical Standards on risk concentration and intra-group transactions under the Financial Conglomerates Directive. The Delegated Regulation enters into force 20 days after its publication in the Official Journal of the European Union.
On 20 August 2015, the Dutch Minister of Finance sent the Dutch Parliament a legislative update regarding the Amendment Act Financial Markets 2016 (Wijzigingswet financiële markten 2016, the Amendment Act) as well as the Act implementing the Regulation on Central Securities Depositories (Wet uitvoering verordening centrale effectenbewaarinstellingen, the Implementation Act
On 24 August 2015, the Dutch Minister of Finance published the first draft of the Bill for the Decree implementing the amended Transparency Directive (Implementatiebesluit wijziging richtlijn transparantie, the Implementation Decree).
Together with the Act to implement the amended Transparency Directive (Implementatiewet wijziging richtlijn transparantie, the Implementation Act), which
On Wednesday 2 September 2015, the Norton Rose Financial Services team will be holding its latest 40 minute briefing. The briefing will cover the new accountability regimes in banking – the Senior Managers Regime, the Certification Regime and the new Conduct Rules.
We are pleased to advise that the recording of our MiFID II Academy webinar covering Systematic internalisers is now available.
To access the webinar recording please click on the link below to register. Once you have registered a new page will appear on the screen and click “Launch presentation”.