The European Securities and Markets Authority (ESMA) has published a speech given by its Executive Director, Verena Ross. The speech is entitled The Capital Markets Union, supervisory convergence and asset management.
Key points from the speech include:
MiFIR sets out a trading obligation applicable to non-intra group transactions in sufficiently liquid contracts when traded by counterparties subject to clearing under EMIR. The application of the trading obligation is defined under Article 32 MiFIR, which outlines the process for deciding which derivatives should be declared subject to mandatory trading. Once a class of
There has been published in the Official Journal of the EU (OJ) the Commission Delegated Regulation amending Delegated Regulation (EU) No.153/2013 as regards the time horizons for the liquidation period to be considered for the different classes of financial instruments.
Commission Delegated Regulation (EU) No.153/2013 lays down regulatory technical standards on requirements for
The European Securities and Markets Authority (ESMA) has published a final report concerning draft regulatory technical standards (RTS) on indirect clearing arrangements under EMIR and MiFIR. The draft RTS clarify provisions of indirect clearing arrangements for over-the-counter (OTC) and exchange-traded derivatives.
The draft RTS provide provisions on the following
In October 2014 the Basel Committee on Banking Supervision (Basel Committee) introduced the Net Stable Funding Ratio (NSFR) as a new liquidity requirement. At the EU level, the Capital Requirements Regulation (CRR) introduced a reporting requirement for the NSFR without setting out more detailed requirements. It also required the
There has been published a European Commission services working consultation document concerning proportionality in the future market risk capital requirements and the review of the original exposure method.
In the current text of the Capital Requirements Regulation (CRR) there is a derogation for small trading book businesses (Article 94 CRR) which allows institutions
On 24 May 2016, the Monetary Authority of Singapore (MAS) gave BSI Bank Limited (BSI Bank) notice that the MAS will:
HM Treasury has published its fifth annual report on anti-money laundering and countering the financing of terrorism (AML/CFT), and covers activity undertaken in 2014 to 2015.
The report notes three major developments in the UK’s AML/CFT regime which have taken place since the end of the reporting period: the adoption of the EU’s
The FCA has published a new web page which discusses its approach to closed periods and preliminary results under the Market Abuse Regulation (MAR).
Key points on the FCA’s web page include:
The Bank of England has published a record of the Financial Policy Committee’s (FPC) meeting on 13 May 2016.
The systemic risk buffer (SRB) augments the capital buffer of a ring-fenced bank or large building society, enabling them to absorb greater losses before breaching their minimum capital requirements. Under the UK