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November 26th, 2014 by Nick Railton-Edwards

ISDA has joined the swelling chorus of the concerned about CCPs, issuing “Principles for CCP Recovery”, a short document outlining five recovery and resolution issues. Its first page introduces a new financial acronym- PONV- “point of non-viability”[1], essentially the trigger point for resolution. ISDA’s chief executive Scott O’Malia said, “This is a debate about what […]

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November 25th, 2014 by Olivia Ralevski

On 21 November 2014, the FCA published its policy development update for October 2014 (PDU 17) which details forthcoming FCA publications relating to a number of areas, as detailed below: Prudential Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 16)  Recovery and Resolution Directive – PS to CP14/15 TBC December 2014   […]

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November 25th, 2014 by Olivia Ralevski

On 24 November 2014, the European Securities and Markets Authority (ESMA) published a letter addressed to the European Commission (EC) concerning a delay in further regulatory technical standards (RTS) defining the clearing obligation under EMIR. On 1 October 2014, ESMA submitted the first RTS proposing to establish a clearing obligation on OTC interest rate derivatives […]

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November 19th, 2014 by Olivia Ralevski

On Friday, ESMA published the responses it received to the third consultation paper on the clearing obligation under EMIR (ESMA/2014/1185).  The consultation paper outlines the regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR. The proposed structure excludes physically settled FX contracts with cash-settled forwards subject to mandatory clearing […]

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November 12th, 2014 by Nick Railton-Edwards

J. Christopher Giancarlo has made his views of the Agency’s previous work very clear- he hates it in detail, spitting his dummy so far out that it may well be irretrievable. The Republican CFTC Commissioner, speaking from his ex-practitioner’s podium, has issued a nine page broadside against the regulator’s implementation of Dodd-Frank’s essentially benign intentions. […]

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November 11th, 2014 by Nick Railton-Edwards

Following Chairman Timothy Massad’s 5 November speech, alluding to an extension of no-action relief with respect to swap packages, the CFTC yesterday issued Letter No. 14-137. The letter revisits the expiration of relief for the most basic package categories and institutes a new calendar of phased-in relief for the remaining package types.  The relief serves […]

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November 11th, 2014 by Olivia Ralevski

On 11 November 2014, ESMA published its sixth Q&A (ESMA/2014/1357) on the Alternative Fund Managers Directive (AIFMD).  The latest version provides a brief update on the reporting obligations to national competent authorities under Articles 3, 24 and 42 (Section III).  It also adds a new section on the calculation of the total value of assets […]

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November 11th, 2014 by Olivia Ralevski

On 10 November 2014, ESMA published a Consultation paper (ESMA/2014/1352) on the revision of the regulatory technical standards (RTS) and implementing technical standards (ITS) required under Article 9 of EMIR.  The standards came into force on 15 March 2013 and the practical experience gained since their implementation has revealed some areas of needed improvement.  In […]

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November 10th, 2014 by Nick Railton-Edwards

Mark Carney has today been widely misreported as hailing the imminent demise of TBTF. Announcing the consultation phase of the FSB’s Total Loss Absorbing Capital (TLAC) proposals, he said, “Agreement on proposals for a common international standard on total loss-absorbing capacity for SIBs is a watershed in ending “too big to fail” for banks. Once […]

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November 10th, 2014 by Olivia Ralevski

On 6 November 2014, the European Systemic Risk Board (ESRB) published its response to ESMA’s consultation paper (ESMA/2014/1185) on regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR (please see earlier blog). In its response, the ESRB reaffirmed its support for ESMA’s proposal of applying mandatory central clearing to […]

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