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July 31st, 2014 by Simon Lafrance

On 30 July 2014, the FCA and PRA published a joint consultation paper on the new regulatory framework for individuals, along with one on new remuneration rules. New regulatory framework for individuals By pointing the finger pre-emptively at a select group of individuals (the “Senior Managers”), the regulators hope that the senior managers will behave […]

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July 31st, 2014 by Nick Railton-Edwards

As reported everywhere with banker-bashing glee, the PRA yesterday published its final rule on clawback. The final formulation reflects feedback received in response to the Clawback Consultation Paper (CP6/14); contrary to most cursory readings, either celebrating or bemoaning the draconian aspects of the rule; the final formulation represents a climb-down from the original proposal. While […]

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July 30th, 2014 by Nick Railton-Edwards

The Regulation to establish the Single Resolution Meachanism (SRM) and the Single Resolution Fund (SRF) has been published in the OJ today. Regulation (EU) No 806/2014 enters into force on the twentieth day following publication- 19 August 2014. Excepting certain derogations, the majority of the Regulation’s 99 Articles will apply from 1 January 2016. When […]

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July 30th, 2014 by Simon Lafrance

On 29 July 2014, the Monetary Authority of Singapore (MAS) published a consultation paper on the proposed regulation for financial benchmarks, along with a response to the feedback received during the initial phase of public consultation held in 2013. The proposed regulation on financial benchmarks in Singapore is unmistakably an offshoot from the FCA’s approach […]

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July 30th, 2014 by Nick Railton-Edwards

The Joint Money Laundering Steering Group (JMLSG) has published revised drafts of Parts I (general) and II (sector-specific) of its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance. The purpose of the revision is to clarify the guidance generally, with particular focus on risk assessment and the monitoring of systems efficacy. The drafts make no […]

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July 29th, 2014 by Simon Lafrance

On 23 July 2014, the Council announced that it adopted the Regulation on improving securities settlement and regulating central securities depositories (CSDs). This is the most recent step towards the establishment of a single European securities market. The regulation is expected to be published in the Official Journal in Q3 2014. By 1 January 2015, T+2 settlement […]

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July 29th, 2014 by Nick Railton-Edwards

Tomorrow, 30 July 2014, marks the expiry of CFTC No-Action Letter 13-41[1]. The letter granted a one year extension, with modification, to Letter 12-46 permitting Part 20 reporting parties to mask identifying information for trades affected by 3rd country privacy laws. Penalties for privacy infringement vary by country ranging from a 500,000 yuan in the […]

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July 25th, 2014 by Nick Railton-Edwards

The CFTC has issued a no-action letter providing time-limited relief for compliance with the Ownership and Control Reporting (OCR) Final Rule. The OCR Final Rule was published in the Federal Register on 18 November 2013, obliging full compliance by 15 August 2014. The rule updates three existing forms and introduces two new, imposing additional trader […]

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July 23rd, 2014 by Simon Lafrance

On 22 July, IOSCO published a Review of the implementation of the principles on financial benchmarks by the administrators of Euribor, Libor and Tibor. The 150 page review covers the degree of implementation of the principles as of 11 April 2014, only seven months after the final principles were released. The significance of these three […]

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July 23rd, 2014 by Nick Railton-Edwards

Scott O’Malia’s respite from the derivatives markets has been brief; it is likely the CFTC’s respite from Scott O’Malia will be equally short. ISDA have announced his appointment as chief executive, effective 18 August, succeeding Bob Pickel the CEO of 17 years. “Scott is a respected leader on many key issues affecting our markets, including […]

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