In this issue:
- Bank Prudential Regulation & Regulatory Capital
- Consumer Protection
- Excerpt from Derivatives:
Regulators Request FSB to Assist in Removing Obstacles to Effective Derivatives Trade Reporting -
On August 21, 2014, the European Securities and Markets Authority (“ESMA”) published a letter from the OTC Derivatives Regulators Group (“ODRG”) to the Financial Stability Board (“FSB”) requesting the FSB to take steps to resolve the barriers to trade reporting that exist in many jurisdictions where market participants are subject to OTC derivative reporting obligations. The ODRG is made up of regulators from numerous jurisdictions including Europe, the US, Brazil, Australia, Hong Kong, Japan, Singapore, Ontario and Switzerland. The impediments to reporting relate to data protection laws, blocking statutes, state secrecy laws and bank secrecy laws...
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