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€250,000 fine for breaching EMIR: Too good to be true?
03 Oct

No Madoffs please: What does US government shutdown mean for enforcement and rulemaking?

On 1 October, the US government failed to reach an agreement on appropriate budget levels and a nationwide shutdown of federally funded entities ensued.  Clearly enforcement actions are going to take a hit.  But what effect will this have on the rulemaking process, especially given that we are in the middle of a delicate balancing Read More

19 Sep

EULIBOR: EU unveils benchmark intervention powers

By: Conor Foley & Anna Sedzik.  This memo summarises key provisions of the draft proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks (IBR) and next steps in the legislative review process.1 1. Key point summary (1) If adopted, the proposed legislation would apply to all benchmarks that are Read More

18 Jul

FATCA delayed six months

The Internal Revenue Service (IRS) and the US Department of the Treasury has revised the timelines for implementing reporting and withholding requirements under the Foreign Account Tax Compliance Act (FATCA). These delays are very welcome to firms, particularly FFIs, still facing uncertain requirements and a short implementation timeframe. Withholding on U.S. source income, such as Read More

17 Jul

Cross asset class? Australia finalises trade reporting regime

The Australia has produced final implementing regulation that will implement their derivatives trade reporting regime. ASIC consulted on rules for trade repositories and trade reporting in March and April 2013, and expects these rules to be finalised and enter into force in July. These draft regulations include restrictions on ASIC’s rule making power in relation Read More

05 Jul

FATF guidance update: New AML standards on PEPs, sanctions, and mobile payments

  • 5th July 2013
  • RegTechFS

The Financial Action Task Force (FATF) has been very busy. The outcomes of their recent plenary meeting have been released alongside a small library of guidance documents. The FATF have released guidance on how countries and the private sector should handle the money-laundering risks associated with prepaid cards, mobile payments and digital currencies. After extensive Read More

27 Mar

Regulating the -IBORs: A benchmark too far?

Benchmark manipulation and fallout from it is not new news, but the global drive to regulate benchmarks is.  The political sensitivity surrounding regulation in this space means that national regulators are racing at different speeds and approaches to implement reforms to ensure benchmarks are transparently regulated and set. The connection of benchmarks to multiple levels Read More

25 Feb

Kill ’em all: Let the broker sort them out!

The English High Court handed down an important judgement last year relating to its duties when exercising close-out powers granted to it pursuant to a clearing agreement. The outcome of the case is important to remember as discussions progress in terms of which entities owe what duties in maintaining a “fair and orderly” market, which Read More