Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives"

Transcription

1 30 December 2015 Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives Introduction On 3 December 2015, the Hong Kong Monetary Authority ( HKMA ) issued a consultation paper (the HKMA Consultation Paper ) on the proposed margin and risk mitigation rules for non-centrally cleared OTC derivatives ( non-cleared derivatives ), together with the draft chapter of the Supervisory Policy Manual implementing such proposals 1. The HKMA is seeking public feedback and the deadline for comments is 15 January The rules are expected to be in place by 1 September 2016, subject to phase-in arrangements. Overview The HKMA Consultation Paper proposes margin and risk mitigation standards applicable to authorized institutions ( AIs ). Unlike mandatory reporting and clearing of OTC derivatives, the proposals will not be implemented by amending the Securities Futures Ordinance (Cap. 571) ( SFO ). The HKMA proposed rules do not apply to licensed corporations ( LCs ), as they are not supervised by the HKMA. However, it is anticipated that the Securities and Futures Commission will impose similar requirements on LCs by way of its Code of Conduct in due course. Since the margin rules are expected to apply to AIs and LCs by way of supervisory policies only and not by way of legislation, AIs and LCs would need to give effect to such supervisory policies by transposing the margin requirements into contracts with their counterparties. Contents Introduction... 1 Overview... 1 Scope of Application... 2 Cross-border application of margin rules... 4 Margin Standards... 7 Risk Mitigation Standards. 8 Conclusions... 9 Further information While the HKMA s draft Supervisory Policy Manual is broadly in line with global efforts to implement the Margin requirements for non-centrally cleared derivatives agreed by the Basel Committee on Banking Supervision ( BCBS ) and the International Organisation of Securities Commissions ( IOSCO ) in September 2013 (the BCBS-IOSCO Final Report ), there are certain key differences. In particular: Intragroup transactions: are exempted, but the HKMA would have the power to bring them in scope in certain circumstances. 1 Consultation paper entitled Non-centrally Cleared OTC Derivative Transactions Margin and Other Risk Mitigation Standards : Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 1

2 Guaranteed Transactions: that is, in-scope transactions guaranteed (but not entered into) by an AI, could be subject to the Hong Kong margin requirements this is broader than the proposals in other jurisdictions. Partial compliance: is proposed to minimise the possibility of conflicting margin requirements applying to the same trades, but may not eliminate such conflicts and may be complex to implement. Counterparties in non-netting jurisdictions: would be required to post (but not collect) initial margin ( IM ), and exchange variation margin ( VM ) with AIs on a gross basis this could stop counterparties in non-netting jurisdictions from trading in-scope transactions with AIs. Scope of Application What products are in scope? The proposed margin and risk mitigation rules apply to all OTC derivative products (as defined in the SFO) between an AI and a covered entity that are not centrally cleared through a qualifying central counterparty ( QCCP ). The status of a QCCP is primarily determined by the home regulator of the CCP. The following products are excluded from some or all margin requirements: Excluded Products Physically-settled FX forwards and swaps, FX legs of cross currency swaps Repurchase agreements and securities lending transactions Indirectly cleared derivatives Intragroup transactions Remarks Exempted from IM only. VM requirements will apply. Out of scope. Exempted, provided that the non-member customer is subject to the margin requirements of the clearing house and provides margin accordingly. Exempted, but HKMA proposes to have the power to bring intragroup transactions into scope of the margin rules if: (i) one or more group companies is in financial distress; (ii) the group s centralised risk management policies for non-cleared derivatives are inadequate or ineffective; or (iii) it is prudent to do so for supervisory purposes. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 2

3 Which entities are in scope? The proposed margin and risk mitigation rules apply to both Hong Kongincorporated and overseas-incorporated AIs 2 when entering into in-scope derivatives with a covered entity. Covered entities are proposed to be financial counterparties or significant non-financial counterparties that are not excluded entities: Covered entities Financial counterparties AIs Type 1, 2, 3, 4, 5, 6, 8, 9, 11, and 12 LCs Mandatory provident fund schemes and occupational retirement schemes Insurers Remittance agents, money changers and money lenders Entities carrying on business outside Hong Kong that would require licensing under one of the above categories if it were carrying on business in Hong Kong Securitisation SPVs Collective investment schemes Private equity funds Significant nonfinancial counterparties Entities which have (on individual or group basis) noncleared derivatives in an aggregate notional amount exceeding HKD 60 billion for a one year period from 1 September to 31 August of the following year. Excluded entities Sovereigns, central banks, public sector entities, multilateral development banks and the Bank for International Settlements. Guaranteed Transactions In-scope trades entered into by two non-ai covered entities can still be subject to the proposed margin rules if at least one of the covered entities benefits from a guarantee from an AI, and certain conditions are satisfied ( Guaranteed Transactions ). The conditions include: the guarantee covers liabilities of the guaranteed covered entity in respect of non-cleared derivatives of at least HKD 60 billion; and, for overseas AIs, the guarantee is booked in its Hong Kong branch. 2 Non-AI subsidiaries of an AI are excluded, unless (1) the HKMA considers it necessary for the subsidiary to be subject to the margin provisions on the basis that the subsidiary transacts a significant amount relative to the AI as a whole and is not subject to effective margin standards in its jurisdiction or (2) the subsidiary enters into a Guaranteed Transaction. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 3

4 When will an AI be subject to the proposed margin requirements? An AI should exchange ( post and collect ) IM and/or VM if it has non-cleared derivatives with a covered entity over a certain threshold. VM is calculated on a net basis and delivered by the party owing the net amount to the other party, whereas IM is calculated on a portfolio basis and the IM amounts calculated for each counterparty to the trade are not netted, so both parties would have to post IM to each other. The exchange of VM is proposed to be phased in as follows: Dates From 1 September 2016 to 28 February 2017 Aggregate average notional amount 3 (or AANA) of non-cleared derivatives of both the AI and covered entity HKD 24 trillion 1 March 2017 All non-cleared derivatives The exchange of IM is proposed to be phased in as follows: Dates From 1 September 2016 to 31 August 2017 From 1 September 2017 to 31 August 2018 From 1 September 2018 to 31 August 2019 From 1 September 2019 to 31 August 2020 On a permanent basis from 1 September 2020 for each subsequent12 month period AANA of non-cleared derivatives of both the AI and covered entity HKD 24 trillion HKD 18 trillion HKD 12 trillion HKD 6 trillion HKD 60 billion Once the applicable threshold is reached by both the AI and the covered entity, they should comply with the proposed margin rules in respect of new in-scope contracts only. Genuine amendments to existing contracts will not count as new contracts. An AI has an obligation to inform its counterparties if it has exceeded the applicable thresholds, and is responsible for checking whether its counterparties have exceeded applicable thresholds. Cross-border application of margin rules Hong Kong nexus For locally-incorporated AIs, the proposed margin requirements extend to all its branches. This is broader than the Singapore policy consultation which proposes to apply margin requirements to trades booked in the Singapore 3 The aggregate average notional amount ( AANA ) refers to the average of the total gross notional amount of all non-cleared derivatives (including physically settled FX forwards and swaps) of month-end positions for March, April and May preceding the applicable 1 September start date, calculated on a group level. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 4

5 branch only. For non-locally incorporated AIs, the margin requirements apply only to trades booked in its Hong Kong branch. Conflicting margin requirements Given the broader cross-border application of HKMA s proposed margin requirements, the HKMA proposes to allow substituted and/or partial compliance to address the risk of conflicting margin requirements. Substituted compliance means that an entity that is otherwise subject to Hong Kong margin requirements can satisfy such requirements by complying with equivalent standards in another jurisdiction. Partial compliance is proposed to be a more limited form of substituted compliance. Substituted and partial compliance are available only if HKMA has issued a comparability determination in respect of the relevant home jurisdiction standards. The HKMA proposes to follow an outcome-based approach to determine comparability (that is, whether the overseas margin standards adequately reflect the BCBS-IOSCO Final Report and lead to outcomes which are comparable to the HKMA rules). Partial compliance Under the proposed partial compliance rules, a locally-incorporated AI may follow the rules of the home jurisdiction of a counterparty that is a covered entity incorporated overseas in respect of the timing, eligible collateral and haircut for VM and IM posted by the locally-incorporated AI only. In other respects, the locally-incorporated AI has to follow Hong Kong margin rules. On the other hand, an overseas-incorporated AI that trades with a locallyincorporated AI can follow the margin rules of its home jurisdiction, except for timing, eligible collateral and haircut for VM and IM posted by the overseasincorporated AI for its Hong Kong-booked trades, which must comply with Hong Kong rules. Comments have been raised as to whether such partial compliance will be effective in minimising conflicts in margin rules, or whether it would be too complex to implement? Substituted compliance Under the proposed substituted compliance rules, if an overseas AI s counterparty is: (1) a non-ai covered entity incorporated in Hong Kong; or (2) a covered entity incorporated outside Hong Kong, then the overseas AI can, instead of following the HKMA margin rules, either: (i) follow the margin requirements applicable to its counterparty, if the covered entity is required to comply with the margin standards of its home jurisdiction; or (ii) follow the margin standards of its home jurisdiction. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 5

6 The proposed substituted and partial compliance regimes are summarised in the table below. AI type Covered entity Which margin rules apply? Locally incorporated AI (all branches) Overseasincorporated AI (Hong Kong branch) Locally incorporated AI Covered entity incorporated in Hong Kong Covered entity incorporated outside Hong Kong Locally incorporated AI (all branches) Non-AI covered entity in Hong Kong / covered entity outside Hong Kong Hong Kong rules apply Hong Kong rules apply Partial Timing, eligible compliance collateral and haircut for VM and IM posted by the locally-incorporated AI: Home jurisdiction rules of counterparty can apply Other margin rules: Hong Kong rules apply Partial Timing, eligible compliance collateral and haircut for VM and IM posted by the overseasincorporated AI: Hong Kong rules apply Other margin rules: Home jurisdiction rules of counterparty can apply Substituted compliance: Either the counterparty s or AI s home jurisdiction margin rules can apply Counterparties in non-netting jurisdictions The HKMA proposes: (1) that an AI should exchange VM on a gross basis with respect to transactions with a covered entity located in a jurisdiction where netting is not legally enforceable, i.e. on a transaction-by-transaction basis; and Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 6

7 (2) that an AI should only collect but not post IM from such covered entity, and that the IM should be calculated on a gross or transaction-by-transaction basis, so no offsetting within the portfolio of transactions would be permitted in the IM calculation. The risk is that counterparties from non-netting jurisdictions will refuse to trade on this basis. The HKMA also proposed to consider the feasibility of a de minimis threshold, such that an AI would be subject to margin standards only if its aggregate exposure to covered entities located in non-netting jurisdictions exceeds the threshold. In our view, such threshold would be preferable to minimise disruption to the market. Counterparties not subject to margin rules The HKMA proposes that an AI only needs to collect (and not post) IM if: (i) the covered entity is located in a jurisdiction where the BCBS-IOSCO Final Report has not been implemented; or (ii) the covered entity is a locally-incorporated covered entity other than an AI that is not subject to margin standards, and the AI is not satisfied that the covered entity s arrangements sufficiently protect the posting AI in the event of its insolvency. Margin Standards Timing of exchange of VM and IM Under the HKMA proposals, VM should be calculated on a daily basis. IM shall be recalculated and called when: a new contract is executed with a counterparty or an existing contract with a counterparty expires within the relevant netting set; or the IM model is recalibrated. IM may be calculated using either a standardised margin schedule or (subject to approval by the HKMA) an internal model approach. Different approaches can be used for different asset classes but should be made consistently for that asset class. Subject to any applicable IM threshold and minimum transfer amount (each may not be set at higher than HKD 3.75 million), both VM and IM should be called within T+1. Once called, both VM and IM should be collected no later than T+2 after the margin call. This effectively means that any securities which settle on a T+3 (or longer) basis will not be eligible. Treatment of IM HKMA proposes that IM should be held pursuant to legally enforceable collateral arrangements in such a way that it is immediately available 4 to the collecting party in the event of the posting party s insolvency, and the posting 4 The accompanying footnote suggests that this requirement is complied with so long as the collateral is available to the surviving counterparty as soon as legally possible. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 7

8 party is protected in case of the collecting party s insolvency. An AI should perform an independent legal review to verify that IM can be promptly returned to the surviving counterparty in the event of other party s insolvency. IM should be segregated from the assets of the collecting party and may be held with third party custodians. Posting parties should be offered the option of (but are not required to have) individual segregation. Limited reinvestment of cash IM is permitted. Similar to the EU, but unlike the BCBS-IOSCO Final Report and Singapore policy consultation, no rehypothecation is to be permitted. Risk Mitigation Standards Consistent with other jurisdictions, the HKMA has proposed the following risk mitigation standards for non-cleared derivatives. Trading relationship documentation An AI should execute written trading relationship documentation with its counterparties upon or before executing a non-cleared derivative transaction, and retain such documentation for at least five years after the termination, maturity or assignment of any non-cleared derivative which is subject to such documentation. Trade confirmation An AI should confirm the material terms of its non-cleared derivatives transactions as soon as practicable after the transactions are executed, in writing via non-rewritable, non-erasable automated methods where reasonably practicable (or fax or where such automated methods are not reasonably practicable). Generally, the confirmation should be executed within the following timeframe: Product Type Applicable Period Timeframe Interest rate swaps and credit default swaps Other product types From and after 1 September 2016 By T+1 From 1 March 2017 to 31 August By T From and after 1 September 2017 By T+1 Valuation An AI should agree with its counterparties on the valuation process for noncentrally cleared derivatives in a predictable and objective manner for the purpose of exchanging margin, and document such process in the trading relationship documentation or trade confirmation. The valuation documentation should include an alternative valuation process in the event of the unavailability of any inputs required to value the transaction. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 8

9 Portfolio reconciliation The AI should agree on the portfolio reconciliation method with its counterparties, which should ensure an accurate record of the material terms and valuations of all non-cleared derivatives (both collateralised and uncollateralised) in the portfolio, and to identify and resolve discrepancies in a timely manner. The frequency of reconciliation depends on the counterparty and the number of trades outstanding between the AI and the counterparty: Counterparty Financial or significant non-financial counterparty Other counterparties Number of trades outstanding between the AI and the counterparty 500 or more outstanding noncentrally cleared derivatives Between 51 and 499 outstanding non-centrally cleared derivatives at any time during the week 50 or less outstanding noncentrally cleared derivatives at any time during the quarter More than 100 outstanding noncentrally cleared derivatives at any time during the quarter 100 or less outstanding noncentrally cleared derivatives Frequency Each business day Once per week Once per quarter Once per quarter Once per year Dispute resolution An AI should agree with its counterparties on and document dispute identification and resolution procedures, including a specific process for disputes that remain unresolved within five business days (with escalation to an appropriate level of senior management at the AI). Material disputes in excess of HKD 100 million (or equivalent) should be reported to the HKMA if not resolved within 15 business days. Conclusions Given the short time before implementation of the margin and risk mitigation rules, AIs will need to review their existing documentation and determine what amendments are required to give effect to such rules. They would also need to put in place arrangements for disclosure between themselves and all their counterparties of their respective status and whether they have exceeded applicable margin thresholds. AIs will also need to assess the impact of such rules on their existing businesses, such as their non-cleared derivatives trades with counterparties in non-netting jurisdictions. Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 9

10 Further information If you would like to discuss the HKMA Consultation Paper or provide feedback, feel free to contact Chin-Chong Liew, Victor Wan, I-Ping Soong, Karen Lam, Stephen Song or Derek Chua, or any of your other Linklaters contacts. Contacts For further information please contact: Andrew Malcolm Partner (+852) Chin Chong Liew Partner (+852) Victor Wan Partner (+852) I-Ping Soong Counsel (+852) Karen Lam Counsel (+852) Stephen Song Managing Associate (+852) Author: Karen Lam, I-Ping Soong This publication is intended merely to highlight issues and not to be comprehensive, nor to provide legal advice. Should you have any questions on issues reported here or on other areas of law, please contact one of your regular contacts, or contact the editors. Linklaters. All Rights reserved 2015 Linklaters Hong Kong is a law firm affiliated with Linklaters LLP, a limited liability partnership registered in England and Wales with registered number OC It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of the LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP and of the non-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on Please refer to for important information on our regulatory position. We currently hold your contact details, which we use to send you newsletters such as this and for other marketing and business communications. We use your contact details for our own internal purposes only. This information is available to our offices worldwide and to those of our associated firms. If any of your details are incorrect or have recently changed, or if you no longer wish to receive this newsletter or other marketing communications, please let us know by ing us at Derek Chua Managing Associate (+852) th Floor, Alexandra House Chater Road Hong Kong Telephone (+852) Facsimile (+852) / Linklaters.com (+852) Hong Kong Proposes Margin and Risk Mitigation Standards for Non-Centrally Cleared OTC Derivatives 10

Singapore Consults on OTC Derivatives Regulation.

Singapore Consults on OTC Derivatives Regulation. February 2012 Singapore Consults on OTC Derivatives Regulation. On 13 February 2012, the Monetary Authority of Singapore ( MAS ) released its Consultation Paper on Proposed Regulation of OTC Derivatives

More information

Shanghai-Hong Kong Stock Connect: New short selling rules.

Shanghai-Hong Kong Stock Connect: New short selling rules. March 2015 Shanghai-Hong Kong Stock Connect: New short selling rules. With the launch of the Shanghai-Hong Kong Stock Connect ( Stock Connect ) in November of last year, foreign investors now have direct

More information

Final European Standards for Derivatives Collateralisation

Final European Standards for Derivatives Collateralisation Client Alert 17 March 2016 Final European Standards for Derivatives Collateralisation On 8 March 2016, the three European Supervisory Authorities (ESAs) 1 published their final draft regulatory technical

More information

Relaxation of PRC regulatory restrictions on cross-border security and guarantees

Relaxation of PRC regulatory restrictions on cross-border security and guarantees May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration

More information

Margin Requirements: Comparison of the United States, European Union and Hong Kong Margin Requirements for Non-Cleared Derivatives

Margin Requirements: Comparison of the United States, European Union and Hong Kong Margin Requirements for Non-Cleared Derivatives April 22, 2016 Margin Requirements: Comparison of the United States, European Union and Hong Kong Margin Requirements for Non-Cleared Derivatives Contents Key Takeaways: > Recent margin requirements released

More information

Annex: Jurisdictions authority and process for exercising deference in relation to OTC derivatives regulation

Annex: Jurisdictions authority and process for exercising deference in relation to OTC derivatives regulation PLEN/2014/45 ANNEX Annex: Jurisdictions authority and process for exercising deference in relation to OTC derivatives regulation Part A: With respect to the authorisation and supervision of: OTC derivatives

More information

Use or Transfer of Personal Data for Direct Marketing

Use or Transfer of Personal Data for Direct Marketing February 2013 Changes to Direct Marketing Privacy Laws come into force on 1 April 2013 Introduction The Personal Data (Privacy) (Amendment) Ordinance 2012 (the Amendment Ordinance ), introduced some important

More information

Trading Halt Conclusions from the Hong Kong Stock Exchange s Consultation

Trading Halt Conclusions from the Hong Kong Stock Exchange s Consultation March 2013 Trading Halt Conclusions from the Hong Kong Stock Exchange s Consultation The Stock Exchange of Hong Kong Limited (the Exchange) published the conclusions to its Consultation on Trading Halts

More information

CFTC Aligns Regulation of Certain DCOs with International Standards

CFTC Aligns Regulation of Certain DCOs with International Standards January 2, 2014 CFTC Aligns Regulation of Certain DCOs with International Standards Key Takeaways: > In November of 2013, the CFTC adopted regulations for systemically important DCOs, and other DCOs that

More information

Final Draft Regulatory Technical Standards

Final Draft Regulatory Technical Standards ESAs 2016 23 08 03 2016 Final Draft Regulatory Technical Standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of Regulation (EU) No 648/2012 1

More information

Changes relating to age 75 and flexible drawdown

Changes relating to age 75 and flexible drawdown October 2011 Registered pension schemes: Changes relating to age 75 and flexible drawdown This year s Finance Act makes a number of changes from 6 April 2011, concerning the impact that reaching age 75

More information

China opens up its bank card payment clearing market

China opens up its bank card payment clearing market June 2015 China opens up its bank card payment clearing market The Decision to Implement Market Access Administration for Bank Card Clearing Institutions (the Decision ) of the State Council, which came

More information

China's New Company Registration Regime.

China's New Company Registration Regime. February 2014 China's New Company Registration Regime. In recent months, China s central government has unveiled a range of initiatives to reduce the regulatory burden of businesses and provide greater

More information

EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013

EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 May 2012 EU publishes mandatory Collective Action Clause for use in eurozone sovereign bonds from 1 January 2013 Contents 1 Overview In February 2012, eurozone member states signed a modified version of

More information

October 2014. Guide to the Financial Market Infrastructure Act

October 2014. Guide to the Financial Market Infrastructure Act October 2014 Guide to the Financial Market Infrastructure Act 1. Executive Summary The Financial Market Infrastructure Act (FMIA) (Bundesgesetz über die Finanzmarktinfrastrukturen und das Marktverhalten

More information

FSA paper on conflicts of interest between asset managers and their customers

FSA paper on conflicts of interest between asset managers and their customers November 2012 FSA paper on conflicts of interest between asset managers and their customers The FSA issued a warning to asset managers to step up their compliance with FSA rules relating to conflicts of

More information

FCA changes client money and custody asset rules

FCA changes client money and custody asset rules June 2014 This note provides a summary of the extensive changes to the client money and custody rules for investment firms Overview The Financial Conduct Authority ( FCA ) released on 10 June 2014 a new

More information

COMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016

COMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016 EUROPEAN COMMISSION Brussels, 10.6.2016 C(2016) 3446 final COMMISSION DELEGATED REGULATION (EU) /... of 10.6.2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council

More information

18 August 2015. 1. Amendments to the participation exemption regime

18 August 2015. 1. Amendments to the participation exemption regime 18 August 2015 Luxembourg draft legislation introducing EU anti hybrid and anti-abuse provisions in the participation exemption regime and a horizontal consolidation tax regime. On 5 August 2015, the Minister

More information

Shanghai-Hong Kong Stock Connect: Further Clarifications of the Stock Connect Rules

Shanghai-Hong Kong Stock Connect: Further Clarifications of the Stock Connect Rules October 2014 Shanghai-Hong Kong Stock Connect: Further Clarifications of the Stock Connect Rules On 26 September, 2014, Shanghai Stock Exchange ( SSE ) and China Securities Depository and Clearing Corporations

More information

Mineral, Oil and Gas Companies - Listing on SGX.

Mineral, Oil and Gas Companies - Listing on SGX. December 2013 Mineral, Oil and Gas Companies - Listing on SGX. New eligibility criteria and on-going obligation requirements Background In September 2013, Singapore Exchange Securities Trading Limited

More information

Second Consultation Paper

Second Consultation Paper JC/CP/2015/002 10 June 2015 Second Consultation Paper Draft Regulatory Technical Standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a CCP under Article 11(15) of Regulation

More information

Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission.

Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. July 2011 Final Foreign Private Adviser and Private Fund Adviser Rules Issued by the U.S. Securities and Exchange Commission. Contents Implications for Non-U.S. Investment Advisers On June 22, 2011, the

More information

U.S. Bank Regulators Uncleared Swap Margin, Capital and Segregation Rules

U.S. Bank Regulators Uncleared Swap Margin, Capital and Segregation Rules U.S. Bank Regulators Uncleared Swap Margin, Capital and Segregation Rules November 12, 2015 Davis Polk & Wardwell LLP 2015 Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 This communication,

More information

Re: Consultation Paper on the proposed regulatory regime for the over the counter derivatives market in Hong Kong

Re: Consultation Paper on the proposed regulatory regime for the over the counter derivatives market in Hong Kong 30 November 2011 The Market Development Division Hong Kong Monetary Authority 55 th Floor Two International Finance Centre 8 Finance Street Central Hong Kong Submitted via email to: mdd@hkma.gov.hk Supervision

More information

Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing.

Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. July 2012 Personal Data (Privacy) (Amendment) Ordinance 2012 - Use and Sale of Personal Data for Direct Marketing. Contents Introduction On 27 June 2012, Hong Kong s Legislative Council ( LegCo ) passed

More information

Shanghai-Hong Kong Stock Connect: Are You Ready for the Through Train to Shanghai?

Shanghai-Hong Kong Stock Connect: Are You Ready for the Through Train to Shanghai? September 2014 : Are You Ready for the Through Train to Shanghai? Market participants in the Hong Kong market eagerly await what will be one of the most major developments in the equity market: the October

More information

A Quick Start Guide to EMIR: What you need to do and when

A Quick Start Guide to EMIR: What you need to do and when Legal Update January 2013 A Quick Start Guide to EMIR: What you need to do and when On 19 December 2012 the Commission adopted the majority of the subordinate legislation necessary to implement Regulation

More information

MiFID II: The New Investor Protection Regime

MiFID II: The New Investor Protection Regime May 2014 Overview On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive ( MiFID ), which has

More information

Gaps and Duplicative Requirements, August 30, 2013, available at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/odrgreport.pdf.

Gaps and Duplicative Requirements, August 30, 2013, available at http://www.cftc.gov/ucm/groups/public/@newsroom/documents/file/odrgreport.pdf. Report of the OTC Derivatives Regulators Group (ODRG) 1 on Cross-Border Implementation Issues March 2014 At the St. Petersburg summit in September 2013, the G20 leaders welcomed the set of understandings

More information

CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE

CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE Introduction On February 13 the Monetary Authority of Singapore announced it is conducting a review

More information

OTC Derivatives Market Reforms - Focusing on International Discussion-

OTC Derivatives Market Reforms - Focusing on International Discussion- OTC Derivatives Market Reforms - Focusing on International Discussion- June 12, 2015 Shunsuke Shirakawa Financial Services Agency Government of Japan * This presentation represents the presenter s own

More information

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework

Basel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework Basel Committee on Banking Supervision Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework April 2014 This publication is available on the BIS website (www.bis.org).

More information

Sea of Change Regulatory reforms charting a new course. Regulation of OTC derivatives markets. A comparison of EU and US initiatives.

Sea of Change Regulatory reforms charting a new course. Regulation of OTC derivatives markets. A comparison of EU and US initiatives. Regulation of OTC derivatives markets A comparison of EU and US initiatives September 2012 Contents Overview Scope Core rules Clearing Trading Margin requirements for uncleared trades Reporting Other rules

More information

Charltons. Hong Kong. January 2016. SFC Consults on Changes to the Guidelines for Regulation of Automated Trading Services.

Charltons. Hong Kong. January 2016. SFC Consults on Changes to the Guidelines for Regulation of Automated Trading Services. SFC Consults on Changes to the Guidelines for Regulation of Automated Trading Services Introduction The Securities and Futures Commission (SFC) published its Consultation Paper on Proposed Amendments to

More information

EMIR Key business impacts for asset managers

EMIR Key business impacts for asset managers External perspective EMIR Key business impacts for asset managers Brian Jackson Partner Audit Deloitte Niamh Geraghty Director Audit Deloitte Patrick Rooney Manager Investment Management Activity Deloitte

More information

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP

OTC derivatives reforming EU market structures. Ash Saluja, Partner CMS Cameron McKenna LLP OTC derivatives reforming EU market structures Ash Saluja, Partner CMS Cameron McKenna LLP The OTC derivatives market - a brief reminder. Scope $605 trillion notional amount / $25 trillion gross market

More information

New UK Premium and Standard Listing Regime.

New UK Premium and Standard Listing Regime. March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed

More information

Lump sum death benefits: Tax issues

Lump sum death benefits: Tax issues September 2013 Occupational pension schemes: Lump sum death benefits: Tax issues Here we look at the main tax issues which arise in relation to lump sum death benefit payments. We shall start with tax-registered

More information

FinfraG / EMIR. Your partner to navigate the challenges in investment and risk management. Current Status What you need to know. 23 rd September 2014

FinfraG / EMIR. Your partner to navigate the challenges in investment and risk management. Current Status What you need to know. 23 rd September 2014 Your partner to navigate the challenges in investment and risk management. FinfraG / EMIR ROSENWEG 3 GARTENSTRASSE 19 CH-6340 BAAR/ZUG CH-8002 ZURICH SWITZERLAND SWITZERLAND INFO@INCUBEGROUP.COM INCUBEGROUP.COM

More information

Revised security regimes in Africa: the OHADA reforms

Revised security regimes in Africa: the OHADA reforms Revised security regimes in Africa: the OHADA reforms Contents A revised security regime is about to come into force in 16 Sub-Saharan African jurisdictions. The new regime will improve the process of

More information

MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation.

MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. July 2012 MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. Introduction MiFID is often described as the corner stone of financial services regulation

More information

New FSA rules on disclosure of interests in UK companies

New FSA rules on disclosure of interests in UK companies New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure

More information

Risk Management Consultants. Initial Margin: A commentary on issues for centrally cleared and non-cleared business. October 2013.

Risk Management Consultants. Initial Margin: A commentary on issues for centrally cleared and non-cleared business. October 2013. Initial Margin: A commentary on issues for centrally cleared and non-cleared business October 2013 Sponsored by: Table of Contents Introduction... 3 Background and regulatory drivers... 3 Calculation and

More information

The LIAJ s Comments on. Second Consultative Document. Margin requirements for. non-centrally cleared derivatives

The LIAJ s Comments on. Second Consultative Document. Margin requirements for. non-centrally cleared derivatives The LIAJ s Comments on Second Consultative Document Margin requirements for non-centrally cleared derivatives 15 March 2013 The Life Insurance Association of Japan (LIAJ) The Life Insurance Association

More information

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES

THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES March 15, 2013 THE IMPACT OF EMIR ON FINANCIAL COUNTERPARTIES To Our Clients and Friends: On 16 August 2012, The European Market Infrastructure Regulation ( EMIR ) 1 came into force with immediate and

More information

Model Template for 165(d) Tailored Resolution Plan

Model Template for 165(d) Tailored Resolution Plan Federal Reserve System Reporting Requirements Associated with Regulation QQ (Resolution Plans Required) OMB Number 7100-0346 Approval expires January 31, 2016 Model Template for 165(d) Tailored Resolution

More information

Implications for derivatives and hedge accounting under the Dodd-Frank Act

Implications for derivatives and hedge accounting under the Dodd-Frank Act Implications for derivatives and hedge accounting under the Dodd-Frank Act In July 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act 1 (the Act ) to increase government

More information

In depth A look at current financial reporting issues

In depth A look at current financial reporting issues In depth A look at current financial reporting issues inform.pwc.com July 2014 No. INT2014-03 What s inside: Background 1 Summary of questions 2 Detailed questions 3 Offsetting financial instruments for

More information

The extraterritorial effect of the EU regulation of OTC derivatives

The extraterritorial effect of the EU regulation of OTC derivatives June 2014 The extraterritorial effect of the EU regulation of OTC derivatives 1. On 10 April 2014 some of the legislation that provides for the extraterritorial effect of the European Markets Infrastructure

More information

Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies

Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies October 2012 Substance requirements applying to Luxembourg UCITS management companies and to Luxembourg self-managed UCITS investments companies Contents Introduction On 26 October 2012, the Commission

More information

EMIR Gearing up for Clearing PART I

EMIR Gearing up for Clearing PART I EMIR Gearing up for Clearing PART I Contents EMIR Gearing up for Clearing PART I 01 Annex 1 Who does the clearing obligation apply to? 05 Annex 2 Which trades are subject to the clearing obligation? 09

More information

Taking a Bearing: From Compliance To Change Scott Farrell 2014 Risk Australia Conference

Taking a Bearing: From Compliance To Change Scott Farrell 2014 Risk Australia Conference Taking a Bearing: From Compliance To Change Scott Farrell 2014 Risk Australia Conference Snapshot. Bilateral risk management : uncleared derivatives subject to additional requirements eg portfolio compression

More information

Russian Merger Control Rules.

Russian Merger Control Rules. Russian Merger Control Rules. Contents Scope 1 Procedures 4 Sanctions 5 1 This note provides a general overview of Russian merger control rules. We would be happy to advise you further on any merger control

More information

November 24, 2014 RIN 3038-AC97 MARGIN REQUIREMENTS FOR UNCLEARED SWAPS FOR SWAP DEALERS AND MAJOR SWAP PARTICIPANTS. Ladies and Gentlemen,

November 24, 2014 RIN 3038-AC97 MARGIN REQUIREMENTS FOR UNCLEARED SWAPS FOR SWAP DEALERS AND MAJOR SWAP PARTICIPANTS. Ladies and Gentlemen, November 24, 2014 Christopher Kirkpatrick Secretary of the Commission Commodity Futures Trading Commission Three Lafayette Centre, 1155 21st Street NW. Washington, DC 20581 RE: RIN 3038-AC97 MARGIN REQUIREMENTS

More information

Title VII: Derivatives (Wall Street Transparency and Accountability Act of 2010)

Title VII: Derivatives (Wall Street Transparency and Accountability Act of 2010) Title VII: Derivatives (Wall Street Transparency and Accountability Act of 2010) Summary: Regulates the previously unregulated, over-the-counter (OTC) derivatives market Requires registration of swap dealers,

More information

Study of Implementation by Asset Management Companies of EMIR Regulation on Derivatives

Study of Implementation by Asset Management Companies of EMIR Regulation on Derivatives Study of Implementation by Asset Management Companies of EMIR Regulation on Derivatives Le 15 décembre 2014 Autorité des marchés financiers 17, place de la Bourse 75082 Paris cedex 02 Tél. : 01 53 45 60

More information

Basel Committee on Banking Supervision. Board of the International Organization of Securities Commissions

Basel Committee on Banking Supervision. Board of the International Organization of Securities Commissions Basel Committee on Banking Supervision Board of the International Organization of Securities Commissions Margin requirements for non-centrally cleared derivatives September 2013 This publication is available

More information

European Securities Forum

European Securities Forum European Securities Forum Submission to the Basel Committee on Banking Supervision The New Basel Capital Accord The European Securities Forum (ESF) is an organisation established by the major users of

More information

CONSULTATION PAPER P003-2012 Feb 2012. Proposed Regulation of OTC Derivatives

CONSULTATION PAPER P003-2012 Feb 2012. Proposed Regulation of OTC Derivatives CONSULTATION PAPER P003-2012 Feb 2012 Proposed Regulation of OTC Derivatives PREFACE Following the global financial crisis, the G20 committed to improve the regulation and supervision of over-the-counter

More information

One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade Zone s Free Trade Account.

One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade Zone s Free Trade Account. June 2014 One Step Closer to Liberalisation Formal Unveiling of the Shanghai Free Trade s Free Trade Account. New rules published by PBOC Shanghai on 22 May provide much needed practical guidance on the

More information

Consultation conclusions and further consultation on introducing mandatory clearing and expanding mandatory reporting.

Consultation conclusions and further consultation on introducing mandatory clearing and expanding mandatory reporting. Consultation conclusions and further consultation on introducing mandatory clearing and expanding mandatory reporting February 2016 TABLE OF CONTENTS INTRODUCTION... 5 EXECUTIVE SUMMARY... 6 Introducing

More information

Hong Kong is increasingly seen as a necessary operations

Hong Kong is increasingly seen as a necessary operations 1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is

More information

Hong Kong IPO Sponsor Reforms.

Hong Kong IPO Sponsor Reforms. December 2012 Hong Kong IPO Sponsor Reforms. Background The Securities and Futures Commission (the SFC ) published on 12 December 2012 its Consultation Conclusions on the Regulation of IPO Sponsors (the

More information

Tools for Mitigating Credit Risk in Foreign Exchange Transactions 1

Tools for Mitigating Credit Risk in Foreign Exchange Transactions 1 Tools for Mitigating Credit Risk in Foreign Exchange Transactions November 2010 Introduction In November 2009, the Foreign Exchange Committee (FXC) and its Buy-Side Subcommittee released a paper that reviewed

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) NOTICE ON RISK BASED CAPITAL ADEQUACY REQUIREMENTS FOR HOLDERS OF CAPITAL MARKETS SERVICES LICENCES Monetary Authority of Singapore

More information

International Organization of Securities Commissions C/ Oquendo 12 28006 Madrid Spain E-mail to: wgmr@iosco.org. 15 March 2013

International Organization of Securities Commissions C/ Oquendo 12 28006 Madrid Spain E-mail to: wgmr@iosco.org. 15 March 2013 Amstelveenseweg 998 1081 JS Amsterdam Phone: + 31 20 520 7970 Fax: + 31 346 283 258 Email: secretariat@efet.org Website: www.efet.org Basel Committee on Banking Supervision Bank for International Settlements

More information

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007

Client Asset Requirements. Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Client Asset Requirements Under S.I No.60 of 2007 European Communities (Markets in Financial Instruments) Regulations 2007 Instructions Paper November 2007 1 Contents 1 Contents 2 Introduction 1 2.1 Scope

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Frequently asked questions on the Basel III leverage ratio framework April 2016 (update of FAQs published in July 2015) This publication is available on the BIS website

More information

Independent Commission on Banking Final Report on UK Banking Reform

Independent Commission on Banking Final Report on UK Banking Reform Independent Commission on Banking Final Report on UK Banking Reform 13 September 2011 1. Introduction The UK Independent Commission on Banking (the ICB ) published its final report on 12 September 2011.

More information

The future of OTC trading/clearing and the impact of regulations. John Wilson

The future of OTC trading/clearing and the impact of regulations. John Wilson The future of OTC trading/clearing and the impact of regulations John Wilson Contents Drivers for OTC market evolution The Future of Trading and Clearing Risk implications of the reforms Drivers for OTC

More information

DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER

DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER DEPARTMENT OF INSURANCE OFFICE OF THE COMMISSIONER Statutory Authority: 18 Delaware Code, Sections 311, 1333 and 29 Delaware Code, Chapter 101 (18 Del.C. 311 and 1333 and 29 Del.C. Ch. 101) PROPOSED Regulation

More information

Basel Committee on Banking Supervision. Supervisory guidance for managing risks associated with the settlement of foreign exchange transactions

Basel Committee on Banking Supervision. Supervisory guidance for managing risks associated with the settlement of foreign exchange transactions Basel Committee on Banking Supervision Consultative document Supervisory guidance for managing risks associated with the settlement of foreign exchange transactions Issued for comment by 12 October 2012

More information

How does EMIR impact my ISDA Master Agreement? September 2013 Deepak Sitlani

How does EMIR impact my ISDA Master Agreement? September 2013 Deepak Sitlani How does EMIR impact my ISDA Master Agreement? September 2013 Deepak Sitlani Objectives The objectives of this session are to provide you with: > an overview of the risk mitigation techniques under EMIR

More information

GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission

GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission GEORGIA STATE FINANCING AND INVESTMENT COMMISSION (GSFIC) Policy and Procedures, Owner Commission Policy Title/Number QUALIFIED INTEREST RATE MANAGEMENT AGREEMENTS FOR STATE AUTHORITIES Effective Date:

More information

FSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers

FSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers July 2011 FSA reports on how banks deal with high-risk customers, correspondent banking relationships and wire transfers FSA reports on how banks deal with high-risk customers, correspondent banking 1

More information

U.S. Securities Law Briefing

U.S. Securities Law Briefing U.S. Securities Law Briefing SEC proposes revisions to Exchange Act Rule 15a-6 to allow greater non-u.s. broker-dealer access to U.S. investors The Securities and Exchange Commission (the SEC or Commission

More information

CONSULTATION PAPER ON INTRODUCING MANDATORY CLEARING AND EXPANDING MANADATORY REPORTING

CONSULTATION PAPER ON INTRODUCING MANDATORY CLEARING AND EXPANDING MANADATORY REPORTING Financial Stability Surveillance Division Hong Kong Monetary Authority 55/F Two International Finance Centre 8 Finance Street, Central Hong Kong Supervision of Markets Division The Securities and Futures

More information

Policy Statement PS25/15 Contractual stays in financial contracts governed by third-country law. November 2015

Policy Statement PS25/15 Contractual stays in financial contracts governed by third-country law. November 2015 Policy Statement PS25/15 Contractual stays in financial contracts governed by third-country law November 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority,

More information

Basel Committee on Banking Supervision

Basel Committee on Banking Supervision Basel Committee on Banking Supervision Frequently asked questions on the Basel III leverage ratio framework October 2014 This publication is available on the BIS website (www.bis.org). Bank for International

More information

European Commission releases final report on business insurance sector inquiry

European Commission releases final report on business insurance sector inquiry Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.

More information

MiFID II: The new market structure paradigm

MiFID II: The new market structure paradigm February 2014 MiFID II: The new market structure paradigm Overview On 14 January 2014, after months of negotiations, EU legislators reached political agreement on reforms to the Markets in Financial Instruments

More information

OTC Derivatives Clearing in Practice. Reto Ziltener, Head Sales Prime Services 23 rd September 2014

OTC Derivatives Clearing in Practice. Reto Ziltener, Head Sales Prime Services 23 rd September 2014 OTC Derivatives in Practice Reto Ziltener, Head Sales Prime Services 23 rd September 2014 Agenda Terms OTC Derivatives - Transformation of the OTC derivatives market Mandatory clearing and collateralisation

More information

Impact of Treasury s OTC Derivatives Legislation on the Foreign Exchange Market. Corporations participate in the foreign exchange market to:

Impact of Treasury s OTC Derivatives Legislation on the Foreign Exchange Market. Corporations participate in the foreign exchange market to: ISDA International Swaps and Derivatives Association, Inc. 360 Madison Avenue, 16th Floor New York, NY 10017 United States of America Telephone: 1 (212) 901-6000 Facsimile: 1 (212) 901-6001 email: isda@isda.org

More information

Policy on the Management of Country Risk by Credit Institutions

Policy on the Management of Country Risk by Credit Institutions 2013 Policy on the Management of Country Risk by Credit Institutions 1 Policy on the Management of Country Risk by Credit Institutions Contents 1. Introduction and Application 2 1.1 Application of this

More information

For operators of trading and clearing systems, Hong Kong remains

For operators of trading and clearing systems, Hong Kong remains Hong Kong: Developments in the Regulation of Trading and Clearing Systems Despite its status as a major financial centre, Hong Kong remains an emerging market for the trading and clearing of commodities

More information

FSA penalties reinforce need for caution when wall-crossing

FSA penalties reinforce need for caution when wall-crossing February 2012 FSA penalties reinforce need for caution when wall-crossing A guide to best practice post-einhorn Overview The practice of pre-sounding investors is often a necessary precursor to a capital

More information

Briefing Note UAE Corporate Governance Regime

Briefing Note UAE Corporate Governance Regime February 2010 Briefing Note UAE Corporate Governance Regime At a Glance > Corporate governance is the system by which companies are directed and controlled. It deals largely with the relationship between

More information

Re: Notice and Request for Comments - Determinations of Foreign Exchange Swaps and Forwards (75 Fed. Reg. 66829)

Re: Notice and Request for Comments - Determinations of Foreign Exchange Swaps and Forwards (75 Fed. Reg. 66829) ISDA International Swaps and Derivatives Association, Inc. 360 Madison Avenue, 16th Floor New York, NY 10017 United States of America Telephone: 1 (212) 901-6000 Facsimile: 1 (212) 901-6001 email: isda@isda.org

More information

Basel Committee on Banking Supervision. Capital requirements for bank exposures to central counterparties

Basel Committee on Banking Supervision. Capital requirements for bank exposures to central counterparties Basel Committee on Banking Supervision Capital requirements for bank exposures to central counterparties July 2012 This publication is available on the BIS website (www.bis.org). Bank for International

More information

Selected EU Regulatory Developments. Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA

Selected EU Regulatory Developments. Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA Selected EU Regulatory Developments Lugano Fund Forum, 23rd November 2015 Delphine Calonne, Senior Legal Counsel SFAMA Table of contents I. EMIR / FMIA II. MiFID II III. AIFMD IV. UCITS V EMIR / FMIA Why

More information

Derivatives: Global discord extends to Asia

Derivatives: Global discord extends to Asia Regulatory October 2013 brief A publication of PwC s financial services regulatory practice Derivatives: Global discord extends to Asia Overview Global entities struggling to navigate Dodd-Frank s and

More information

Collateral Fundamentals

Collateral Fundamentals COLLATERAL INITIATIVES COORDINATION FORUM Collateral Fundamentals A Dictionary Definition of Collateral: Something pledged as security for repayment of a loan, to be forfeited in the event of a default

More information

Settlement Risk in Foreign Exchange Transactions

Settlement Risk in Foreign Exchange Transactions Advisory Category: Capital Subject: Settlement Risk in Foreign Exchange Transactions Date: June 2013 Introduction This Advisory establishes OSFI s expectations regarding the management of foreign exchange

More information

A Comparison of US and EU Derivative Market Reforms

A Comparison of US and EU Derivative Market Reforms A Comparison of US and EU Derivative Market Reforms How will key Dodd-Frank and EMIR provisions differ in substance and timing? 18 September 2012 [10.00h EDT and 16.00h CET] Introduction Hume Brophy -

More information

Summary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives

Summary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives Key business impacts Trading venues Product intervention MiFID 2: commodity derivatives Summary The Markets in Financial Instruments Directive (MiFID) required member state implementation by 1 November

More information

Derivative transaction reporting

Derivative transaction reporting REGULATORY GUIDE 251 Derivative transaction reporting February 2015 About this guide This guide is for reporting entities that are subject to the reporting obligations under the ASIC Derivative Transaction

More information

Loan Market Association publishes new loan documentation

Loan Market Association publishes new loan documentation February 2012 Loan Market Association publishes new loan documentation The Loan Market Association ( LMA ) published various new and revised documents for use on loan transactions on 23 December 2011 and

More information

NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c)

NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c) Annex 12 NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c) Disclaimer: This version of the Notice is in draft form and

More information

Comments on the Basel Committee on Banking Supervision s Consultative Document: Supervisory framework for measuring and controlling large exposures

Comments on the Basel Committee on Banking Supervision s Consultative Document: Supervisory framework for measuring and controlling large exposures June 28, 2013 Comments on the Basel Committee on Banking Supervision s Consultative Document: Supervisory framework for measuring and controlling large exposures Japanese Bankers Association We, the Japanese

More information