International Organization of Securities Commissions

Market Infrastructure

BCBS, IOSCO Agree One-year Phased Extension of Initial Margin Rules

By Editors | 23/07/2019

Initial margin requirements for firms with uncleared derivatives exceeding $8bn have been extended to September 2021; firms exceeding a $50bn threshold will have to comply in September 2020.

Market Infrastructure

No Time for Complacency Despite Two-Year BMR Reprieve

By Gregory Campbell | 21/07/2019

Third country benchmark administrators will need every bit of the additional time granted for BMR compliance to ensure their benchmarks get approved, say PwC’s Gregory Campbell and Daniela Bunea.

Enforcement

Korea Exchange Fined for Making False Statement to CFTC

By Editors | 14/07/2019

The CFTC found that KRX failed to disclose that it was not in compliance with a requirement to use daily stress tests to evaluate the sufficiency of its financial resources.

Market Infrastructure

RBI Issues Guidelines for Financial Benchmark Administrators

By Editors | 27/06/2019

Existing financial benchmark administrators will be notified if their benchmark is considered a “significant benchmark”. They will then have three months to apply for RBI authorisation.

Big Picture

Buy-Side to Provide Stability in Bond Market Stress: IOSCO

By Manesh Samtani | 24/06/2019

Intermediaries and banks are less likely to provide liquidity during times of stress because of post-crisis changes in regulation and risk appetite.

Market Infrastructure

IOSCO Urges Members to Review, Enhance Cyber Standards

By Editors | 19/06/2019

A new report from the IOSCO Cyber Task Force provides an overview of three internationally recognised cyber standards and frameworks used by IOSCO members.

Market Infrastructure

ISDA Calls for Consistency in Implementation of Margin Rules

By Manesh Samtani | 18/06/2019

In order to maximise efficiency, minimise risk and reduce market fragmentation, national regulators must strive for harmonised margin requirements across the globe, ISDA says.

Enforcement

SFC, CSRC to Facilitate Cross-Border Investigations

By Editors | 17/06/2019

The SFC and CSRC have agreed on a new cooperative framework to facilitate and coordinate cross-border investigations in “high impact or urgent cases”.

Big Picture

IOSCO Publishes Recommendations on Sustainable Finance

By Editors | 08/06/2019

The report identifies the prerequisites for creating an ecosystem that facilitates sustainable finance, and sets out 10 recommendations for growth and emerging markets.