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COVID-19 Regulatory update

In order to manage the impact from COVID-19, regulators are announcing a number of measures and reliefs to help firms deal with the disruption caused by the virus. Last week, we did a preliminary post with some of the steps that regulatory bodies have taken with regards to wholesale financial regulation, and the table below […]

Coronavirus- Initial Regulatory Responses

As the industry prepares to deal with the unprecedented and rapidly changing problems posed by the COVID-19 pandemic, a number of regulators have taken action. ESMA The European Securities and Markets Authority (ESMA) has taken measures to relieve the reporting burden on counterparties that are subject to the Securities Finance Transactions Regulation (SFTR). The 13 […]

OSFI verifies their IM Delay requirements

The spread of COVID-19 has not stopped the OSFI of Canada from verifying their IM arrangements. As was previously covered, the OSFI of Canada has issued a revised version of its Margin Requirements for Non-Centrally Cleared Derivatives. Since BCBS’s March 2019 announcement, the OSFI was the first regulator to announce that they would be extending […]

CFTC keeps on KISS-ing

The CFTC is back with another proposal to refine the spirit of Dodd-Frank Regulations and amend real-time public reporting regulations. Chairman Tarbert opened his speech by stating that data is ‘the lifeblood of our markets’ and went on to essentially outline the CFTC’s new vision for how this this data should be delayed. Under Commodity […]

Prudential Regulators do the prudent thing

US’ Prudential Regulators (FDIC, Federal Reserve, FDIC, OCC, FHFA and FCA) have become the latest to issue a proposal for amending Swap Margin Requirements. The CFTC was the first regulator to adopt the BCBS’ mitigation recommendations, staggering the ‘Big Bang’ Phase 5 and 6 thresholds, so it was only a matter of time for the […]

Another week, another regulator falls in line

The latest IM deadline passed at the start of this month without fanfare, and larger firms were able to breathe their fourth sigh of relief. A year from now, the challenge will not be as “easy”. In Phase 4, approximately 35 firms fell in-scope of the €750 bn threshold. Updated numbers for Phase 5 show […]

Bailey’s freshest tips for the Brexit Break-Up

Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing […]

Who you gonna call? F-C-A

Parliament might be prorogued, and clarity on Brexit might still seem an unobtainable goal, but the FCA’s enthusiasm is far from waning. Keen to apply pressure on firms, the FCA is ramping up their efforts to help companies prepare for the impending 31 October deadline. In their recent press release, the FCA announced that they […]

ISDA Consultation – The results are in…

In May 2019, ISDA launched two consultations: one addressing adjustments to fallback rates if IBORs are permanently discontinued, and another to address the pre-cessation of LIBOR and other IBORs. The operationally imminent cessation of LIBOR can hardly be classified as breaking news. The light shone by the 2008 financial crash fatally exposed the benchmark’s fragility, […]

The Volcker strip – making banking less regulated again

US regulators have disclosed the much awaited revision of the Volcker Rule that had been taken on by the Trump administration. Wall Street has undoubtedly received a huge win, but who is likely to bear the losses? The Volcker Rule was implemented after the financial crash to stop banks from engaging in proprietary trading (buying […]

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