In this issue:

- Derivatives

- Compensation

- Bank Prudential Regulation and Regulatory Capital

- Recovery & Resolution

- Credit Ratings

- Insurance

- Financial Services

- Enforcement

- People

- Events

- Excerpt from Derivatives:

European Commission Responds to Frontloading Issue Raised by ESMA -

On July 17, 2014, the European Securities and Markets Authority (“ESMA”) published a letter from the European Commission (dated July 8, 2014) in response to ESMA’s letter on May 8, 2014 regarding the frontloading issue under the European Market Infrastructure Regulation (“EMIR”). Frontloading is the requirement under EMIR for OTC derivatives to be cleared which are entered into after a central counterparty (“CCP”) has been authorized/recognized under EMIR to clear certain classes of derivative but before the application of the clearing obligation.