Governance
Lords call for halt to "rushed" MiFID II reforms
July 10, 2012 - The UK's House of Lords has urged the European Commission to call a halt to proposed changes to the Markets in Financial Instruments Directive (MiFID II), labelling the reforms as "ill-thought out" and potentially damaging to the City of London.
SEC Approves Rules and Interpretations on Key Terms for Regulating Derivatives
July 9, 2012 - The Securities and Exchange Commission late Friday took another step toward regulating the over-the-counter derivatives market by unanimously approving rules and interpretations for key definitions of certain derivative products.
SEC Adopts New Procedures for Reviewing Clearing Submissions Under Dodd-Frank Act
June 28, 2012 - The Securities and Exchange Commission has adopted rules that establish procedures for its review of certain clearing agency actions. The rules were required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which called for a new regulatory framework for trading in over-the-counter derivatives, including swap agreements.
UK government to press ahead with banking reforms
June 14, 2012 - Landmark reforms to the British banking industry will go ahead despite the fact they are unpopular among the majority of financiers, George Osborne has confirmed.
IOSCO and Basel Committee outline new requirements to cut derivatives risk
July 9, 2012 - The Basel Committee on Banking Supervision (BCBS) and the International Organisation of Securities Commissions (IOSCO) have published a consultative paper on margin requirements for non-centrally-cleared derivatives, and have invited public feedback on the scope, feasibility and impact of its proposed measures.
Trade associations' unveil EU regulation guidebook
June 28, 2012 - Four trade associations, including the Association of Private Client Investment Managers and Stockbrokers (APCIMs), the European Federation of Energy Traders (EFET), the Futures and Options Association (FOA) and the Wholesale Market Brokers' Association (WMBA), have announced their joint development of a business-friendly guide to assist firms in complying with the complex set of new European-wide regulatory standards.
Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule
June 12, 2012 - The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules.
EU drives ahead with regulating OTC derivatives by year end
July 5, 2012 - The Council of the European Union has adopted a regulation requiring financial firms to clear over-the-counter derivatives contracts through a central clearing counterparty and report them to trade repositories.
Basel Committee publishes final rules for banks on disclosure
June 26, 2012 - The Basel Committee on Banking Supervision (BCBS) has issued its final rules on the information that banks must disclose when detailing the composition of their capital. Its publication, relevant to the looming Basel III stipulations, is entitled 'Composition of Capital Disclosure Requirements'.
Basel Committee publishes report on Basel III implementation
June 11, 2012 - The Basel Committee on Banking Supervision published on 11 June its "Report to G20 Leaders on Basel III Implementation".
CFTC Approves Phased Compliance Proposal for Certain Swap Regulations
June 29, 2012 - The Commodity Futures Trading Commission (Commission) today voted to propose a phased compliance program regarding certain swaps to non-U.S. swap dealers, non-U.S. major swap participants, U.S. swap dealers, U.S. major swap participants, and foreign branches of U.S. swap dealers and U.S. major swap participants.
UK banking reforms 'will cost financiers $11bn annually'
June 15, 2012 - Banks in the UK will have to outlay as much as £7 billion ($11 billion) annually to comply with new government rules, it has emerged.
SEC Issues “Roadmap” on Phase in of Derivatives Regulation
June 11, 2012 - The Securities and Exchange Commission today issued a policy statement describing the order in which it expects new rules regulating the derivatives market would take effect. The statement covers final rules to be adopted by the SEC under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.