The expected start date for trade reporting of exchange-traded derivatives (ETDs) under EMIR may be delayed by the European Securities Markets Authority (ESMA) to 1 January 2015. Rumour has it that the purpose of the delay is to allow for more time to address the uncertainty which remains for reporting ETDs. To allow for this […]

On 12 July 2013, the European Securities and Markets Authority (ESMA) confirmed the European Commission’s adoption of two Delegated Regulations made under EMIR: Delegated Regulation specifying the fees to be charged to trade repositories by ESMA, which the Commission was required to draft pursuant to Article 72(3) of EMIR.  The Regulation will enter into force […]

In a welcome move, Reuters is reporting that the Financial Stability Board (FSB) will publish a feasibility study in the first half of 2014 regarding the aggregation of all OTC derivatives transaction data reported to trade repositories.

On 24 May 2013, ESMA published a formal request received from the EU Commission for technical advice regarding “procedural rules for taking supervisory measures and imposing fines on trade repositories” pursuant to Article 64 of EMIR. The Commission asks ESMA to focus on rules of procedure for the exercise of powers to impose fines/penalty payments […]

On 13 May 2013, ISDA launched the ISDA 2013 Reporting Protocol (the “Reporting Protocol”). The purpose of the Reporting Protocol is to assist firms which are subject to mandatory trade reporting requirements (under, inter alia, the Dodd-Frank Act, EMIR and MifIR).  In recognition of the fact that many firms may also be subject to contractual, […]

On 8 March 2013, the Financial Stability Board (FSB) published the first progress report of the Legal Entity Identifier (LEI) Regulatory Oversight Committee (ROC). The report notes that members of the ROC discussed the need for co-ordination in light of plans for LEI implementation in Europe, North America and elsewhere.  The importance of having clear […]

The Financial Stability Board (FSB) issued a press release on 28 January 2013 confirming that the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) System held its inaugural meeting in Toronto on 24/25 January. The ROC is charged with responsibility for overseeing the development of the Global LEI System, which will facilitate […]

This is a link to an FT article reporting on evidence given yesterday to the Parliamentary Commission on Banking Standards by Stephen Hester, Chief Executive of Royal Bank of Scotland and Peter Sands, his opposite number at Standard Chartered. Both men support proposals to make all existing unsecured bank debt “bail-inable”, irrespective of maturity.  This, […]

Last night Sir Mervyn King gave the 2012 BBC Today Programme Lecture on current issues facing the global economy.  The speech gave an interesting insight into the relative importance of RRP with respect to the Bank’s future plans. Sir Mervyn detailed the priorities for the Bank of England in making the banking system safer, dubbed […]