APRA’s discussion paper and proposed new APS 120 provide some welcome clarification and concessions for Australian market participants. Released on Thursday 26 November 2015, the proposals will be open for comment until 1 March 2016. The proposed effective date for these rules in 1 January 2018.
Amongst the more important proposals are:
De-facto master trust
The European Banking Authority (EBA) has published a report on the outcome of its 2015 EU-wide transparency exercise.
The report provides a detailed bank-by-bank data on capital positions, risk exposure amounts and asset quality on 105 banks from 21 EEA countries as part of its ongoing commitment to enhancing transparency in the EU banking sector.
The Presidency of the Council of the EU has published its latest compromise proposals on the proposed:
As against the previous
Norton Rose Fulbright has today published the latest edition of the Banking and finance disputes review, the journal which analyses developments in dispute resolution relevant to financial institutions.
This edition highlights some risks and benefits of different jurisdictions as centres for dispute resolution by banks and financial institutions. Of particular note is The financial list: resolving financial markets disputes in London, which examines a new court that is specifically aimed at attracting complex financial litigation, including litigation relating to financial regulation.
From 1 January 2016, EU financial institutions* established in the EU will be required under article 55 of the EU Banking Recovery and Resolution Directive (2014/59/EU) (BRRD), to include contractual terms in any agreements governed by the laws of non-EU Member States, which create certain payment liabilities specifying that those liabilities may be
On 20 November 2015, the Securities and Futures Commission (SFC) published a Consultation on Proposed Amendments to the ‘Guidelines for the Regulation of Automated Trading Services’ (the Amended Guidelines).
It is proposed that the Amended Guidelines will replace the existing automated trading services (ATS) guidelines (the ATS Guidelines) which supplement the regime applicable
On 24 November 2015, the Amendment Act Financial Markets 2016 (Wijzigingswet financiële markten 2016, the Amendment Act) was published in the Dutch Government Gazette (Staatscourant).
The Amendment Act is part of an annual cycle of amendments to the Dutch financial markets legislation, including the Act on the Financial Supervision (
The Council of the EU, the European Parliament and the European Commission have reached agreement on the proposed Regulation on financial benchmarks.
The Regulation is intended to contribute to the accuracy and integrity of benchmarks used in financial instruments and financial contracts by:
The UK Listing Authority (UKLA) has published Guidance Consultation 15/7: Primary Market Bulletin No.12 (GC15/7) in which certain amendments to 14 technical notes are proposed including:
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have released a consultative document Guidance on cyber resilience for financial market infrastructures.
The consultative document sets out draft supplemental guidance to the CPMI-IOSCO Principles for Financial Market Infrastructures (PFMI), primarily in the context of governance (Principle 2),