Chris Borg

Chris Borg

Reed Smith

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Financial Services Regulatory Bulletin - December 2014

In this issue: - CFPB Issues Final Rule on Regulation P: Annual Privacy Notices Can Be Delivered By Posting Online - ‘It Takes Hutzpah!’: D.C. Federal Judge Issues Stunning Rebuke of HUD Disparate Impact Rule...more

12/10/2014 - Annual Notices CFPB Debt Collectors Disability Benefits Discrimination Disparate Impact Faxes FCC FDCPA Financial Conduct Authority HUD Mail Mobile Banking Notice of Privacy Practices Opt-Outs Privacy Laws Regulation P Ring-Fencing Unsolicited Faxes

What Price Market Integrity? The Various “Benchmark Reviews”

When the LIBOR scandal first came to light, governments and regulators quickly took the view that “something had to be done” about pricing indices (Benchmarks). Since that moment, the FX scandal and further investigations...more

10/28/2014 - Commodities Energy Sector Ethanol EU European Commission Government Investigations Libor

EU Clearing Obligation for Interest Rate Derivatives and NDFs

On 1 October 2014, ESMA published two papers on draft Regulatory Technical Standards (RTS) for the clearing of OTC derivatives under the European Market Infrastructure Regulation (648/2012) (EMIR)...more

10/21/2014 - Derivatives Derivatives Clearing Organizations EMIR ESMA EU Financial Regulatory Reform Interest Rates NDFs

No Forward Progress? MiFID sunset clause means continued uncertainty for regulatory status of FX contracts across Europe

In February this year, ESMA sent a letter (the ESMA Letter) to the European Commission asking them to clarify which types of FX contracts fall within the definition of a “financial instrument” under MiFID. Now, five months...more

8/5/2014 - Derivatives ESMA EU European Commission Financial Instruments FX Swaps MiFID Regulatory Standards

What to expect in 2014

2013 was a significant year for the UK regulatory landscape. National and international regulators continued to address the issues identified by the financial crisis in addition to responding to the LIBOR scandal with...more

1/14/2014 - Compliance Enforcement FCA Financial Regulatory Reform Libor Penalties Prudential Regulation Authority UK

FCA Reform of Consumer Credit Regulation

Introduction - As a response to the 2007/2008 global financial crisis, the financial regulatory system in the UK has experienced a major restructuring to address the failings of the previous system. The regulation of...more

11/20/2013 - FCA FSA Prudential Regulation Authority UK

What should UK and non EU AIFMs be doing now and how can we help?

The AIFMD trigger date occurred on 22 July this year, with a 12-month transitional period (TP) in place in the UK for (i) existing UK managers of AIFs (UK AIFMs), and (ii) non-EU managers of AIFs (Non-EU AIFMs) actively...more

10/8/2013 - AIFM AIFMD EU UK

Derivatives Transaction Reporting: What do Singapore’s proposals mean for firms regulated elsewhere?

The Monetary Authority of Singapore (MAS) has recently published a consultation paper setting out its proposals for transaction reporting requirements (the Securities and Futures (Reporting of Derivatives Contracts)...more

7/10/2013 - Compliance Derivatives Dodd-Frank EMIR Monetary Authority of Singapore Notifications

EMIR – Summary of Key Requirements

The European Markets Infrastructure Regulation (EMIR) introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market. EMIR also establishes organisational, conduct of...more

6/17/2013 - EEA EMIR ESMA Investment Portfolios Mandatory Clearing Requirements OTC Reporting Requirements Risk Mitigation

Trading Windows: A View on a Transparent World?

A key feature of the price assessment processes utilised by price reporting agencies (PRAs), such as Platts, Argus and ICIS in the oil and gas markets, is the "Market-on-Close" (MOC) approach. An important part of the MOC...more

3/5/2013 - Commodities eWindow Market-on-Close Price Reporting Agencies Trading Window Approach

Uncleared OTC Derivatives and Margin Requirements

BCBS/IOSCO Second Consultation Paper and its implications for EMIR - Much of EMIR is now coming more clearly into focus. But a major unknown has for a long time been the question of margin requirements for uncleared OTC...more

2/21/2013 - Basel Committee Conflicting Regimes Derivatives Eligible Collateral EMIR FX Swaps Intra-Group Transactions IOSCO Margin Requirements OTC Ring-Fencing Structured Derivatives

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