The Commodity Futures Trading Commission (“CFTC”) has announced its adoption of final regulations to implement the sections of the Dodd-Frank Act that impose margin requirements for swaps involving certain registered swap dealers (“covered swap entities” or “CSEs”) that have not been cleared by a derivatives clearing organization (“uncleared swaps”).
These regulations are very similar to
The FCA has published Consultation Paper 16/4: Loan-based crowdfunding platforms and segregation of client money (CP16/4).
Crowdfunding is a way in which people, organisations and businesses (including business start-ups) can raise money through online portals (known as crowdfunding platforms) to finance or re-finance their activities. Money can be donated or invested in various ways by
A distributed ledger is a database that can securely record financial, physical or electronic assets for sharing across a network through entirely transparent updates of information. Its first incarnation was ‘block chain’ in 2008, which underpinned digital cash systems such as bitcoin. The technology has now evolved into a variety of models that can be
The Hedge Fund Standards Board (HFSB) is a standard setting body for the hedge fund industry. Recently, it held its first table top cyber attack simulation for hedge fund managers in London.
Insights into cyber security arising from the simulation were:
Under article 160(6) of the CRD IV, Member States may recognise shorter transitional periods imposed by other Member States in respect of the capital conservation buffer and the countercyclical capital buffer. Where a Member State does so, it is to notify the European Commission, the European Systemic Risk Board (ESRB), the European Banking Authority and
EBA consults on draft guidelines on implicit support for securitisation transactions
The European Banking Authority (EBA) has issued a consultation paper on draft guidelines on implicit support for securitisation transactions.
Under article 248 of the Capital Requirements Regulation (CRR), restrictions are placed on providing implicit support to securitisations. The CRR, recognising the potential for diverging
The parliamentary telecommunications and postal services portfolio committee will hold a meeting on “Over-The-Top” (OTT) services on 26 January 2016 with a view to possibly regulating them. Popular OTT services include WhatsApp, Google Hangouts and Skype. Some mobile networks feel it is unfair that these services generate profits by riding on the back of infrastructure
The prescribed rate of interest in South Africa has been changed. With effect from 8 January 2016, interest will be charged at 9.75% per annum, up from the previous rate of 9%.
Interest on debts will be calculated at the repo rate plus 3.5%. The repo rate is determined from time to time by
The President has assented to the Protection of Investment Act 2015 and the Act has been published for general information.
The Act will only come into operation on a date determined by the President by proclamation in the Gazette. The intention of the Act is to achieve a balance of the rights and obligations of
The PRA and FCA have launched a new bank start-up unit. The unit is a joint initiative from the UK’s financial regulators giving information and support to newly authorised banks and those thinking of becoming a new bank in the UK.
New banks will benefit from: