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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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November 7th, 2014 by Nick Railton-Edwards

The FSB and BCBS have released the 2014 update of global systemically important banks (G-SIBs) as well as their respective positions in the bucketed list of additional loss absorbency add-on requirements. The BCBS has also separately published the annually updated list of the denominators used to calculate the banks’ scores and the corresponding bucket allocation […]

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November 7th, 2014 by Simon Lafrance

On 6 November 2014, ISDA released the 2014 “Standard” Credit Support Annex, available as always under English law or New York law. This new CSA is meant to coexist with the legacy 1994 CSA and the already out-of-fashion 2013 CSA published only a year ago. What was presented as a tour de force in the […]

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November 6th, 2014 by Nick Railton-Edwards

The Bank of England yesterday announced that it is widening access to its Sterling Monetary Framework to include broker-dealers and CCPs. “Specifically, from today, those broker-dealers deemed critical to the stability of the UK financial system (designated investment firms) and CCPs that operate in UK markets and are either authorised under EMIR or recognised by […]

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