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April 23rd, 2014 by Michael Beaton

On 14 April 2014, the Joint Committee of the European Supervisory Authorities (ESAs)[1] published a consultation paper on draft regulatory technical standards (RTS) on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP under Article 11(15) of EMIR.  The consultation paper represents the beginning of the EU’s legislative process to implement the Basel […]

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April 23rd, 2014 by Michael Beaton

Richard Firth[1] has been kind enough to provide us with his insights into the news that Barclays, following the example set by a number of other global banks, looks set to wind down its commodities trading business. Last Rites Over the Easter weekend, the Financial Times reported that Barclays, for long the star of commodities […]

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April 22nd, 2014 by Nick Railton-Edwards

The long-running saga of FX derivatives’ status under EMIR was not made appreciably clearer by comments from ESMA Chairman Steven Maijoor last week. Speaking to Reuters on Wednesday, Maijoor opined that FX derivatives will have to be reported but not cleared, “Personally, I don’t expect there to be any clearing requirement for forex derivatives in […]

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April 17th, 2014 by Nick Railton-Edwards

In the avalanche of regulation passed by the EU Parliament on its election-boosted Turbo Tuesday, it might have been easy to miss their approval of a Directive intended to improve corporate social responsibility. Affected companies will have to disclose information on policies, risks and results with regard to:          environmental matters,          social and employee-related […]

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April 16th, 2014 by Nick Railton-Edwards

The EU Parliament has voted to adopt the Market Abuse Regulation, completing the MAD 2 legislative package. Consisting of the Market Abuse Regulation (MAR) and the Criminal Sanctions Market Abuse Directive (CSMAD), the legislation will come into force 24 months after its publication in the OJ, expected in June, at which time the original MAD […]

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April 16th, 2014 by Nick Railton-Edwards

The European Parliament yesterday approved the April draft of MiFid II, effectively ending the political phase of its gestation. ESMA will now (officially) begin the mammoth task of crafting the all-important detail, the following (to be done by) time line has now begun: ·         The Commission formally requests ESMA’s advice on Level 2 measures- delegated […]

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April 15th, 2014 by Nick Railton-Edwards

At its last plenary session before electoral recess, the European Parliament has passed three laws cementing the foundations of an EU-wide banking union. The Single Resolution Mechanism, passed by 770 to 88 with 13 abstentions, limits the contentious role of national governments, resolutions will be triggered by an ECB-led decision, effective as of 1st January […]

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April 14th, 2014 by Nick Railton-Edwards

The House Agriculture Committee has approved H.R. 4413, the Customer Protection and End-User Relief Act, bipartisan legislation to reauthorise the CFTC and fine-tune its procedures; the Act has been passed to Congress for full debate. The CFTC’s 2008 authority expired on 30th September 2013, the resulting authority-gap does not seem to be cause for concern. […]

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April 14th, 2014 by Michael Beaton

On 11 April 2014, the EU Commission published a consultation document requesting views on what constitutes an FX “financial instrument” for the purposes of MiFID[1] and what does not, particularly in the context of spot FX.  The consultation follows on from the letter

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April 11th, 2014 by Michael Beaton

On 8 April 2014, just days before its final plenary session (scheduled for 14-17 April) the EU Parliament has published a revised text of the Bank Recovery and Resolution Directive (BRRD).  The text appears to confirm the Parliament’s broad support of the requests made by various Member States for clarity that the extension of liquidity […]

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