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"ISDA and FIA Europe Publish Cleared Derivatives Execution Agreement"

On May 15, 2014, the International Swaps and Derivatives Association (ISDA) and the Futures Industry Association (FIA) Europe published the ISDA/FIA Europe Cleared Derivatives Execution Agreement (ISDA/FIA Europe CDEA). ...more

5/19/2014 - Derivatives EU ISDA Swaps

"UK Regulators Amend Dealing Commission Rules"

On 8 May 2014, the U.K.’s Financial Conduct Authority (the FCA) issued Policy Statement 14/7 containing rules clarifying aspects of the goods and services that U.K. asset managers can buy with dealing commission. The Policy...more

5/16/2014 - EU FCA Financial Regulatory Reform MiFID UK

"EU Banking Union: Political Agreement Reached on Single Resolution Mechanism"

On March 20, 2014, the European Parliament announced that it had reached political agreement with the European Council on the regulation implementing a single resolution mechanism (SRM), which is an essential element of the...more

4/10/2014 - Banking Sector Banks EU Financial Regulatory Reform Foreign Banks

"Clawback of Bonuses: UK PRA’s Banking Proposals Cast Six-Year Shadow for Bad Actors and Their Supervisors and Line Managers"

On 13 March 2014, the Prudential Regulation Authority (PRA), the U.K. regulator responsible for prudential supervision of banks, insurers and large broker-dealers, issued a consultation paper on bonus clawback (CP6/14). ...more

3/26/2014 - Bad Actors Clawbacks Corporate Bonuses Prudential Regulation Authority UK

"UCITS V Gets EU Political Backing, Foreshadowing New Limitations on Manager Remuneration"

European lawmakers have reached agreement on amendments to the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive, which regulates the management and marketing of EU mutual funds. These...more

3/11/2014 - EU Financial Regulatory Reform Remuneration Transfers UCITS

"UK Banking Regulators and Foreign Banks: A Vision of Future Supervision"

The U.K.’s banking regulator, the Prudential Regulation Authority (PRA) recently published a consultation paper on its approach to supervising international banks (the Draft Supervisory Approach). ...more

3/7/2014 - Banks Foreign Banks Prudential Regulation Authority UK

"Mandatory SEF/DCM Trading Begins for Certain Interest Rate Swaps"

As of February 15, 2014, certain types of fixed-for-floating interest rate swaps must be executed on a swap execution facility (SEF) or a designated contract market (DCM), unless an exception applies (e.g., the commercial...more

2/18/2014 - CFTC Credit Default Swaps Interest Rate Swaps MTFs SEFs Swaps

"EU Derivatives Reporting Obligations Clarified as February 12 Deadline Approaches"

The European Market Infrastructure Regulation (EMIR) requires EU-counterparties to all derivative contracts, whether traded on- or off-exchange, to report certain information and details relating to the trade to a registered...more

2/3/2014 - Deadlines Derivatives EMIR EU Reporting Requirements Trade Repositories

"The Future of Marketing Non-EU Alternative Investment Funds in Europe"

Adopted by the European Parliament in 2010 and implemented by EU member states in July 2013, the Alternative Investment Fund Managers Directive (the Directive) seeks to protect investors and mitigate market instability by...more

1/24/2014 - AIFM AIFMD CFTC Compliance EU Financial Regulatory Reform Investors Private Placements SEC

"The EU Banking Union: Will the New Regulatory Framework Restore Confidence in European Banking?"

The European Union is implementing a single bank regulatory framework (Banking Union) that will formally cover banks headquartered either in a eurozone country or in a participating non-eurozone EU country. The U.K., Sweden...more

1/23/2014 - EU European Banking Authority European Central Bank Foreign Banks

"EMIR Regulations Continue to Impact Derivatives Markets in 2014"

The financial crisis highlighted a number of problems in global OTC derivatives markets, including transparency, counterparty credit risk and a consequent removal of market liquidity. International concerns about these...more

1/22/2014 - CCPs Cross-Border Derivatives EMIR EU OTC Trade Repositories

The Volcker Rule: A First Look at Key Changes

On December 10, 2013, five U.S. financial regulators (the Agencies) adopted a final rule implementing the Volcker Rule. The text of the final rule and its accompanying preamble are available here. The Volcker Rule was created...more

12/12/2013 - Asset-Backed Securities Banks CEOs Dodd-Frank Exemptions Hedge Funds Market Making Private Equity Reporting Requirements Sovereign Debt Volcker Rule

"US Financial Regulators Issue Final Volcker Rule"

Yesterday, U.S. financial regulators issued the final Volcker Rule. The Volcker Rule implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that prohibit banking organizations from engaging in...more

12/11/2013 - Dodd-Frank Financial Regulatory Reform Volcker Rule

"UK Regulators Begin the Shake-Up of Asset Managers’ Use of Dealing Commission"

On 25 November 2013, the U.K.’s Financial Conduct Authority (the FCA) issued a consultation paper proposing new rules to clarify the circumstances in which U.K. asset managers can currently pay dealing commission (CP13/17)....more

12/2/2013 - Asset Management Broker-Dealer FCA Sales Commissions UK

"European Union Banking Reform Update"

By the end of this year, the European Commission will present its legislative proposals for EU banking structural reform. Once the proposals are implemented, EU banks will have to separate their “investment” business from...more

11/22/2013 - Banking Sector Capital Requirements EU European Commission Segregation Requirements UK Vickers Report Volcker Rule

"EU Derivatives Trade Reporting Obligations to Begin on February 12, 2014"

Starting February 12, 2014, the European Market Infrastructure Regulation (EMIR) will require EU-counterparties to all derivative contracts, whether traded on or off exchange, to report certain trade information and details...more

11/15/2013 - CFTC Compliance Derivatives Dodd-Frank EMIR ESMA EU Reporting Requirements

"UK Government Considers Radical Changes to Approved Persons Regime"

The U.K. government recently published its response to the Parliamentary Commission on Banking Standards’ (the Commission) final report and recommendations, which partly cover the U.K.’s Approved Persons regime....more

7/25/2013 - Best Management Practices Criminal Prosecution Financial Conduct Authority Foreign Banks Managers Proposed Legislation Prudential Regulation Authority UK

"UK Provides Marketing Grace Period for Alternative Fund Managers"

The U.K. Treasury recently published its response to its January 2013 consultation on transposing the EU Alternative Investment Fund Managers Directive (AIFMD). A revised draft version of the Alternative Investment Fund...more

6/25/2013 - AIFM AIFMD Disclosure Requirements EEA ESMA EU Financial Conduct Authority Marketing Private Equity Reporting Requirements

"UK Regulators to be Given Power to Break Up UK Banks"

The U.K. Government recently published the Financial Services (Banking) Reform Bill (the “Bill”) which implements the key recommendations of the U.K.’s Independent Commission on Banking (the “ICB”). The ICB was established in...more

3/19/2013 - EU Financial Conduct Authority Investment Funds Prudential Regulation Authority Ring-Fencing Small Credit Institutions

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