Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Amendments to swap data reporting rules are expected to be implemented by the Commodity Futures Trading Commission (CFTC) in December 2022. The Canadian Securities Administrators (CSA) have issued guidance to market...more
Financial services firms are increasingly reliant upon third-party companies to provide important services, ranging from cloud services and data analytics to machine learning and cash distribution. As these third parties...more
The global central bank cooperative body would bring stablecoins within the international standards for payment, clearing, and settlement systems....more
Proposed amendments are intended to reduce regulatory burden by aligning over-the-counter (OTC) derivatives data reporting requirements with international standards developed by the Committee on Payments and Market...more
The global central bank cooperative body envisions stablecoins within the context of international standards for payment, clearing, and settlement systems. Among the different types of digital assets, global authorities...more
The Saudi Arabian Monetary Authority ("SAMA") issued the SAMA Rules on Trade Repository Reporting & Risk Mitigation Requirements for Over-the-Counter ("OTC") Derivatives Contracts (the "Rules") in November 2019, replacing the...more
The International Organization of Securities Commissions has published a report analyzing the regulatory issues arising from the use of global stablecoins and setting out how the existing IOSCO principles would apply to a...more
The impact of crypto-assets on the global financial system continues to be a subject of debate for regulatory and supervisory authorities....more
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a joint discussion paper on central counterparty default management auctions. Comments should be...more
The Financial Stability Board has published a report on crypto-assets outlining the actions being undertaken by various international organizations in response to the challenges posed by crypto-assets and the FSB's own...more
BREXIT - Please see the ‘Other Developments’ section for an update on the minutes of the meeting between the Governor of the BoE and the Chancellor of the Exchequer on the June Financial Stability Report....more
The Financial Stability Board has issued a report to the G20 providing an overview of its current work on crypto-assets and that of the international standard setters, namely the Committee on Payments and Market...more
U.S. Financial Industry Developments - Credit Agreements Will Require Important Updates If a Proposed New Delaware Law Is Passed - The Delaware legislature is currently contemplating an amendment to the Delaware Limited...more
The European Central Bank (“ECB“) published a revised assessment methodology for payment systems on June 15, 2018. The principles for financial market infrastructures (“PFMIs“) developed by the Committee on Payments and...more
The European Central Bank has launched a consultation on draft "cyber resilience oversight expectations" for financial market infrastructures....more
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a Framework for the supervisory stress testing of CCPs, following a joint consultation launched...more
The Committee on Payments and Market Infrastructures and the Board of the International Organization of Securities Commissions have published final Technical Guidance on the harmonization of critical OTC derivatives data...more
The Director General Market Infrastructure and Payments of the European Central Bank (“ECB“), Marc Bayle de Jessé, gave a speech on the ECB’s views on the regulation of cyber security on November 21, 2017. In his speech,...more
The ISDA's paper focuses on CCPs that clear derivatives, although many of its recommendations will be relevant to clearing houses that clear other instruments. It is intended to build on the guidance from CPMI-IOSCO and the...more
CAPITAL MARKETS AND MARKET INFRASTRUCTURE - ESMA practical guidance on recognition of third country CSDs - On 28 September 2017, ESMA published practical guidance (dated 26 September 2017) on the recognition by it of...more
The Financial Stability Board began a consultation on draft governance arrangements for the Unique Transaction Identifier. The UTI is a critical element for the production and sharing of global aggregated derivatives...more
CFTC To Host Roundtable on Recent CPMI-IOSCO Guidance - The Commodity Futures Trading Commission will host a roundtable on October 6 to gather feedback in relation to a report on central counterparty resilience and...more
SEC/CORPORATE - SEC Seeks Public Comment on Disclosure Requirements of Subpart 400 of Regulation S-K - On August 25, the Securities and Exchange Commission announced that it is seeking public comment on the issues...more
On June 29, 2016, the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) issued “Guidance on...more