Joanna Williams

Joanna Williams

Reed Smith

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Latest Publications


EMIR Collateral Damage

Last month the EBA, ESMA and EIOPA (together, the ESAs) published their long-awaited revised draft of the regulatory technical standards on the requirement to collect and post margin in respect of uncleared OTC derivative...more

7/29/2015 - Basel Committee Derivatives EBA EIOPA EMIR ESMA EU IOSCO Margin Requirements OTC

REMIT Registration: What do you need to know?

The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT)1 came into force on 28 December 2011. It establishes an insider trading, market manipulation, disclosure, registration and transaction reporting...more

3/18/2015 - Energy Sector EU REMIT

FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

3/18/2015 - Consumer Financial Products Financial Conduct Authority (FCA) Financial Promotions New Guidance Social Networks UK

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

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 Financial Conduct Authority (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 - Financial Conduct Authority (FCA) FSA Prudential Regulation Authority 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

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 Derivatives EMIR FX Swaps Intra-Group Transactions IOSCO Margin Requirements OTC Ring-Fencing

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