On 12 November 2015, ISDA relaunched the ISDA 2014 Resolution Stay Protocol (now called the “ISDA 2015 Universal Resolution Stay Protocol”).  Twenty-one major banks have signed the 2015 protocol at launch. Both the 2014 protocol and the 2015 protocol seek to address the question of “too big to fail”.  Specifically, they look to tackle the […]

The Regulatory Oversight Committee (ROC) of the Global LEI System (GLEIS) has published a consultation paper proposing that ID issuance be extended to international branches. The ROC proposes the following conditions: The branch must be international eg. located in a separate jurisdiction from that of the head office. The usual dependence distinction between branch and […]

The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]

The PRA has published a “final warning” regarding the imminent  LEI deadline: The PRA’s LEI “recommendation” requires a firm/group to obtain an LEI code/codes by 31 December 2014 at the latest The PRA requests that any inability to comply by the year end should be notified to them by Friday 5 December 2014. Notification may be […]

On 10 November 2014, ESMA published a Consultation paper (ESMA/2014/1352) on the revision of the regulatory technical standards (RTS) and implementing technical standards (ITS) required under Article 9 of EMIR.  The standards came into force on 15 March 2013 and the practical experience gained since their implementation has revealed some areas of needed improvement.  In […]

The FT has reported ESMA’s decision not to define FX derivatives for the purpose of EMIR trade reporting, deferring instead to the 2017 implementation of MiFID II. The advent of mandatory derivatives trade reporting in February exposed Europe-wide fault lines, as national authorities differed on the “derivative or not” status of forward FX contracts, a […]

The FCA and the European Commission (EC) remain encamped on their respective positions regarding the reporting of FX forwards. The FCA resists EC’s view that FX forwards must be brought within the scope of EMIR reporting and central clearing obligations. The FCA maintains that certain FX forwards fall outside the scope of EMIR, evading the […]

On 18 September 2014, the FSB published a report on “Jurisdictions’ ability to defer to each other’s OTC derivatives market regulatory regimes”. The FSB member jurisdictions were asked by the FSB Chairman to unlock the secrets of each other`s framework for making equivalency or comparability decisions on matters such as trade reporting, central clearing and […]

On 26 August 2014, the Regulatory Oversight Committee (ROC) published an updated version of the Principles to be observed by pre-LOUs that wish to integrate into the Interim Global Legal Entity Identifier System (GLEIS). One generous footnote was added, which provides further clarification on the mandatory conditions for endorsement: 1.  Adherence to the Principles as […]