April 2016

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EBA reports on supervisory best practices on securitisation risk retention, due diligence and disclosure

The European Banking Authority (EBA) published today a Report analysing measures taken by Competent Authorities in 2014 to ensure compliance by institutions with securitisation risk retention, due diligence and disclosure requirements. Based on the EBA findings, the EBA has identified best practices, which will help Competent Authorities in their supervisory assessments of compliance of these …

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BIS updates on BASEL III adoption

The Basel Committee on Banking Supervision has today issued the Tenth progress report on adoption of Basel regulatory framework. This report sets out the adoption status of Basel III standards for each Basel Committee on Banking Supervision (BCBS) member jurisdiction as of end-March 2016. It updates the Committee’s previous progress reports which have been published on …

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ESMA publishes new Q&A on CFDs and other speculative products

The European Securities and Markets Authority (ESMA) has published today a new question and answer document (Q&A) on the application of the Markets in Financial Instruments Directive (MiFID) to the marketing and sale of financial contracts for difference (CFDs) and other speculative products to retail clients (such as binary options and rolling spot forex). These …

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ESMA publishes responses to Benchmarks Regulation consultation

The European Securities and Markets Authority (ESMA) has published the responses received to the Discussion Paper Benchmarks Regulation. ESMA had issued the consultation paper since it was requested by the Commission to provide technical on possible delegated acts to the regulation. The technical advice should be delivered within four months after the entry into force …

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FCA provides Guidance on Credit Information for SMEs

The FCA today published its finalised guidance report FG16/4: Guidance on Small and Medium Sized Business (Credit Information) Regulations. The purpose of the guidance is to explain the scope of our functions in relation to Regulations. It will be of interest to banks and credit reference agencies (CRAs) designated by HM Treasury under the Regulations, small and medium sized businesses (SMEs) seeking …

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Banks successfully test Blockchain on CDS

A group of seven banks and financial services providers announced that it had successfully tested blockchain technology and smart contracts to manage post-trade lifecycle events for credit default swaps (CDS). A press release by one of the participating firms, the Depository Trust & Clearing Corporation (DTCC), stated that “the first of its kind initiative demonstrated …

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European Regulators identify vulnerabilities affecting the EU financial system

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, ESMA – ESAs) published today its Spring 2016 Report on Risks and Vulnerabilities in the EU Financial System. The Joint Committee highlights three main risks affecting the European financial system and suggests a set of policy actions to tackle those risks: Low profitability of financial …

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ESMA publishes responses to MiFIR Consultation

The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation on Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation. This consultation paper sought stakeholders’ views on the draft guidance on the application of the provisions of the ESMA RTS on transaction reporting, instrument reference data, order …

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FCA publishes review on meeting investors’ expectations

The FCA today published its thematic review TR16/3: Meeting investors’ expectations. This report presents the findings of the FCA’s thematic review that considered how firms ensure they manage funds and segregated mandates as they say they will. The FCA also considered how firms monitor the appropriate distribution of their funds. The findings will primarily be of interest to fund …

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