Regulation & compliance

·         Extraterritorial laws such as FATCA, Dodd-Frank, Sarbox, Solvency II are growing in number and intensity

·         Almost half (45%) of financial institutions in a new survey say that extraterritorial compliance now accounts for between 10-25% of compliance budget 

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) continue to issue regulations implementing the OTC derivatives provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In a Q&A, Robin Powers of the Rimon Law Group discusses Title VII of Dodd-Frank and its impact on margin/collateral posed by End-Users. 

The Board of Supervisors (BoS), ESMA’s decision taking body made up of 27 voting members, nominated Verena Ross today, for the post of ESMA’s first Executive Director, subject to confirmation by the European Parliament. The Executive Director will be entrusted with the day-to-day management of ESMA. According to the Regulation establishing ESMA, the Executive Director will serve a term of five years, renewable once.

The Securities and Exchange Commission today voted to adopt two sets of new rules designed to help revitalize the important asset-backed securities (ABS) market by encouraging better disclosure for investors.

The Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) announced on Friday the issuance of an extension of time for compliance in order to provide additional time for market participants to coordinate on the communication of limits for bunched orders for futures. 

Details via press release: http://www.cftc.gov/PressRoom/PressReleases/pr6597-13

The Division of Market Oversight (DMO) of the Commodity Futures Trading Commission (CFTC) today issued an advisory regarding the ongoing duty to comply with the timely reporting requirements of CFTC Regulation 17.04(a).

More info via press release: http://www.cftc.gov/PressRoom/PressReleases/pr6592-13

After much anticipation, the CFTC passed final rules on the governance of swap execution facilities (SEFs) including rules on the minimum quotes required and swaps block rules.

Views vary on many elements of the newly approved rules with some industry participants believing the rules to be fair and others very problematic.

After much anticipation, the CFTC passed final rules on the governance of swap execution facilities (SEFs) including rules on the minimum quotes required and swaps block rules.

Views vary on many elements of the newly approved rules with some industry participants believing the rules to be fair and others very problematic.