Financial Markets

News & Analysis as of

Committees publish progress report on enhancing CCP resilience

FSB, the Basel Committee, the Committee on Payments and Markets Infrastructures (CPMI) and IOSCO have together published a progress report on their work to enhance the resilience, recovery planning and resolvability of...more

ESMA publishes UCITS V ITS on penalties and measures

ESMA has published for the Commission’s endorsement implementing technical standards (ITS) on penalties and measures under UCITS V. ESMA did not conduct open public consultations on the draft ITS, as it says this would have...more

ESMA speaks on changes to derivatives market

ESMA Chair Steven Maijoor spoke at the 2015 ISDA Annual Europe Conference in London. In his speech he highlighted the importance of ensuring consistent implementation of the European Market Infrastructure Regulation (EMIR),...more

Financial Services Quarterly Report Third Quarter 2015: China’s Policy Response to Market Turbulence: What It Means for Fund...

News of the volatile Chinese stock market has dominated international headlines over the past couple of months, and the spotlight has been on the Chinese authorities’ reaction to these developments. Their wide-reaching policy...more

New Opportunities in Cross-Border Special Situations Lending

Recent changes in cross-border leveraged loan documentation requirements open up new possibilities for both borrowers and lenders. Cross-border leveraged loan documentation has become increasingly permissive with respect...more

Third country CCP exposure correction in OJEU

A corrigendum to the Commission Implementing Regulation makes a minor correction to the extension of transitional periods related to own funds requirements for exposures to CCPs from third countries under the CRR...more

"Evaluating the State of Financial Reform Five Years After Dodd-Frank"

July 21, 2015, marked the fifth anniversary of the signing of the landmark Dodd-Frank Act and provided a natural opportunity to evaluate the progress regulators have made in establishing the new regulatory regime as well as...more

Saudi Arabia Update - September 2015

Legal Developments - 100 per cent foreign ownership in retail entities to be allowed - Prior to Saudi Arabia’s 2005 accession to the World Trade Organization (WTO), non-Gulf Cooperation Council (GCC) investors could...more

PRA updates CRD4 pillar 2 VREQ applications page

PRA has updated its information on pillar 2 voluntary requirements (VREQ) applications. Firms to which the CRR applies will be invited to apply for a VREQ under the Financial Services and Markets Act 2000 preventing them from...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

Banking & Financial Services E-Note - September 2015

On September 8, 2015, United States District Judge Marvin H. Shoob declared Georgia’s statutory garnishment process unconstitutional in Strickland v. Alexander. In what is sure to be the first of many county-level responses,...more

FMLC presents feedback on regulation reform

FMLC has issued an interim feedback statement following responses to its discussion paper on coordination in the reform of international financial regulation. The statement highlights both the comments critiquing FMLC’s...more

New Volcker Rule FAQs: Market Making and CEO Certifications

Two new Volcker Rule FAQs have been issued. One FAQ addresses a bank’s market making activities. Amongst other things, the FAQ affirms that for purposes of meeting the final rule’s exemption for market-making, a...more

Flaws and All, CFPB's Arbitration Study Sparks Vigorous Debate over Next Steps in Regulating Mandatory Arbitration Clauses

As expected, the reaction to the Consumer Financial Protection Bureau's (CFPB) arbitration study report, released in March 2015, has been vociferous. All sides of this important debate are loudly proclaiming that their...more

SEC Proposes Changes to Admin Forum

The SEC has announced a series of proposed changes to the Rules of Practice governing its internal enforcement actions. The changes update the decade-old Rules and respond in small part to a groundswell of criticism about the...more

EP updates on PSD2

EP has updated its procedure file on the revised Payment Services Directive (PSD2). The plenary session for its debate and vote is forecast for 6 October....more

3…The Number of Weeks in a Row for Bitcoin Related CFTC Guidance…CFTC Settles With Bitcoin SEF Over Wash Sales / Prearranged...

On September 24th, the U.S. Commodity Futures Trading Commission (CFTC) settled charges against TeraExchange LLC, a provisionally registered bitcoin swap execution facility (SEF). The charges stem from a non-deliverable...more

CFTC Moves Against Bitcoin Transactions

In the space of just seven days, the CFTC has brought two enforcement actions regarding Bitcoin transactions. Coinflip, Inc. In the first action, the CFTC issued an order filing and simultaneously settling charges...more

ESMA makes ECON statement

Stephen Maijoor’s statement to EP’s Economic and Monetary Committee (ECON) focused on ESMA’s work in preparing the single rulebook, and on its supervisory responsibilities....more

SSM chair speaks on safety and progress in supervision

The chair of the ECB supervisory board, Danièle Nouy, has given a speech on “Safety and progress in financial markets – a contradiction?” at the Financial Market Authority’s supervisory conference in Vienna. Ms Nouy explains...more

Study Says SEC Inflates Enforcement Statistics

A recent study by Urska Velikonja, Emory University School of Law; University of Chicago – Law School, analyzes the enforcement statistics the SEC publishes. The abstract to the study reads as follows: “Every October, after...more

SEC Seeks Respect for its In-House Court

SEC administrative proceedings have long been viewed as a one-sided rocket docket tilted toward giving the SEC every advantage possible. In response, the SEC has proposed amendments to its rules regarding administrative...more

BoE announces open forum

BoE has announced an open forum for 11 November for those involved in the Fixed Income, Currency and Commodities (FICC) markets. The forum’s goal is to discuss the prospects for market functioning, where regulations might...more

OCIE’s 2015 Cybersecurity Examination Initiative

On September 15, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) that announced its second round of cybersecurity...more

Financial Regulatory Developments Focus - September 2015 #4

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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