Europe

Market Infrastructure

ESMA Extends UK CCP Recognition to Guard Against No-Deal Brexit

By Editors | 27/12/2019

The temporary recognition decisions for LCH, ICE Clear Europe and LME Clear have been extended to 30 March 2021, in case of a no-deal Brexit scenario.

AML / KYC

EU Authorities Issue Framework for Supervisory Cooperation on AML/CFT

By Editors | 19/12/2019

The guidelines set out a framework for bringing together AML/CFT supervisors, prudential supervisors and third-country regulators to coordinate on multi-juridictional AML/CFT matters.

Big Picture

Asian Benchmark Administrators Face ‘Perfect Storm’ in 2021

By Manesh Samtani | 17/12/2019

The BMR transition period is now scheduled to end alongside LIBOR’s discontinuation, creating a “perfect storm” of regulatory change for benchmark administrators and users at end-2021.

Market Infrastructure

UK Senior Managers Regime Now Covers All FCA Regulated Firms

By Editors | 13/12/2019

All FCA regulated firms, including asset managers and hedge funds, now have to comply with the SM&CR, including for senior managers and key risk-takers hired at overseas branches.

Securities / Derivatives

NZX, EEX to Jointly Pursue Carbon Market Opportunities

By Editors | 12/12/2019

NZX believes that the transparency and security of a regulated market like the European Energy Exchange will add value to the existing carbon market in New Zealand.

Market Infrastructure

Data Privacy in Asia Pacific: A Fragmented Landscape

By Sarah Pearce | 10/12/2019

Asia’s data privacy frameworks remain highly fragmented. But companies cannot be complacent about more onerous laws in other jurisdictions, says Sarah Pearce at international law firm Paul Hastings.

Market Infrastructure

ESMA Recognises India’s MCX Clearing Corp as Third Country CCP

By Editors | 09/12/2019

The recognition allows European participants to apply lower risk weights on their exposures to MCX CCL, which will translate to lower capital requirements.

Market Infrastructure

MiFID II Has Not Delivered Lower Market Data Costs: ESMA

By Editors | 09/12/2019

ESMA is calling for a real-time consolidated tape for equity instruments to improve transparency and remedy the fragmentation in European capital markets.

Enforcement

UK Regulator Penalises Citigroup for Reporting Failures

By Editors | 28/11/2019

Citi’s UK failings led to “significant errors” in the firms’ returns, preventing the Prudential Regulation Authority from obtaining an accurate picture of its capital or liquidity position.