In this issue:

- Derivatives

- Compensation

- Regulatory Capital

- Financial Services

- Financial Crime

- Excerpt from Derivatives:

European Commission Consults on Definition of FX Financial Instruments -

On 11 April 2014, the European Commission published a consultation paper on the definition of FX financial instruments. The consultation responds to concerns expressed about the lack of harmonization between EU Member States on the definitions of an FX financial instrument and a spot FX contract. The purpose of the consultation is to assist the Commission in preparing a formal proposal. The consultation includes 10 questions which range from the use of FX, settlement periods, developments in the FX market, risks, transitional periods and interaction with regimes outside of the EU. Responses to the consultation are due on 9 May 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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