Connecting the Data Dots: Sapient’s Jim Bennett Talks Compliance Reporting
US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
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
On June 29, the European Securities and Markets Authority (ESMA) published its final report (Report) on draft rules (both draft implementing technical standards (ITS) and draft regulatory technical standards (RTS)) relating...more
AIFMD - Updated Q&A from ESMA -
On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage.
The revised Questions...more
EBA 2014 Annual Report -
On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014.
The report provides an overview of the EBA's activities and achievements in 2014, including...more
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
Capital Markets Union -
European Commission published a speech by EU Commissioner Jonathan Hill on 17 April 2015, in which he highlighted the benefits of the proposed CMU.
Points of interest from the event...more
On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more
Discussion and Analysis -
One of the earliest, and certainly one of the most famous, computers of all time is HAL 9000, the sentient computer that controls the systems of the Discovery One spacecraft and interacts with...more
The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions...more
On May 11, 2015, the European Securities and Markets Authority (ESMA) published a fourth consultation paper (ESMA/2015/807) on the clearing obligation under EMIR (the Regulation on OTC derivative transactions, central...more
In this case report, we consider the High Court’s judgment in European Securities and Markets Authority v DTCC Derivatives Repository Limited  EWHC 1085 (Ch), in which the High Court clarified the process that the...more
EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD -
On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more
Discussion and Analysis -
Securities and investment advisory services offered through . . .
That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more
UCITS: New KIID Q&A -
ESMA published revised Q&A’s on the KIID on 26 March 2015. The Q&A includes a new question on the treatment of past performance information in case of fund mergers....more
The European Securities and Markets Authority (“ESMA”) has launched two major projects at the request of a number of National Competent Authorities (“NCAs”): the Instrument Reference Data Project and the Trade Repositories...more
On March 27, the European Securities and Markets Authority (ESMA) published an update to its list of central clearinghouses (List of CCPs) that are authorized under the European Markets Infrastructure Regulation (EMIR) as...more
Discussion and Analysis -
Last week, the Securities and Exchange Commission proposed to amend SEC Rule 15b9-1 under the Securities Exchange Act of 1934, which exempts certain broker-dealers from membership in a...more
EMIR: Non-Deliverable FX Forwards and Interest Rate Swap Clearing -
Non-deliverable FX forwards -
ESMA confirms that EMIR clearing requirements will not apply to non-deliverable FX forwards, though reserves its...more
2014 - A Good Year for Luxembourg – ALFI Press Release -
ALFI issued a press release on 3 February 2015 stating that 2014 was a historical year for the Luxembourg fund centre. For the first time in its history, assets...more
This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more
EU Passes New Council Directive to Implement “EU-FATCA" -
The Council Directive passed by the EU on 1 December 2014 implements the OECD’s Common Reporting Standard (CRS) in Europe. The Directive has to be implemented...more
On January 24, the European Securities and Markets Authority (ESMA) and the Financial Services Agency of Japan (JFSA) finalized a Memorandum of Cooperation (MOC) regarding central counterparties (CCPs). Under Article 25(2)(c)...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more
Article 5(2) of Regulation (EU) No 648/2012 (EMIR) requires the European Securities and Markets Authority (ESMA) to develop draft regulatory technical standards specifying, inter alia, the class of OTC derivatives that should...more
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