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CESR Publishes Update on Assessment of the Proposals for MiFID Pre-trade Transparency Waivers

This year will see a wide scale review of MiFID, as promised by ex-internal market and services commissioner Charlie McCreevy last September (see our coverage here), but, in the meantime, the Committee of European Securities Regulators (CESR) has published an update on assessment criteria for MiFID pre-trade transparency waivers. The update follows the joint process launched by the regulator in February last year and includes information on new assessments made at CESR level regarding an application for a waiver to be granted on the basis of the MiFID Implementing Regulation that CESR considered not to be compliant with MiFID.

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11 Jan 2010

CFA Institute Provides Research in Support of its Consolidated Tape Campaign

The post-MiFID market fragmentation has resulted in very little impact on the quality of the price formation process for equities traded in the European markets affected, however, attempting to obtain a complete and clear picture of market prices remains challenging. This is according to a recent piece of research carried out by the Chartered Financial Analyst (CFA) Institute Centre for Financial Market Integrity, which has taken up the mantle of champion for a consolidated tape for European equities.

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07 Dec 2009

CEBS Outlines Progress so Far and Deliverables for Next Year: Risk Features Heavily

The Committee of European Banking Supervisors (CEBS), much like the rest of the regulatory community, has experienced an exceptionally busy year, involving drawing up plans to respond to the weaknesses in oversight highlighted by the financial crisis. Risk management and mitigation has proved to be a common theme throughout the year and it seems that next year will be more of the same, if its recent draft deliverables document is anything to go by.

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05 Nov 2009

European Commission Releases Draft Directive for Establishment of New Pan-European Regulatory Bodies

The European Commission is continuing to drive forward its plans to introduce three new pan-European regulatory bodies to better oversee the financial markets with the publication of a new related draft directive. These bodies will collectively be known as the European System of Financial Supervisors (ESFS) and the Commission has indicated that the directive is aimed at amending existing sectoral European regulation to support their establishment.

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04 Nov 2009

Despite Initial Concerns, T2S is Considered to be a Positive Step for Market

It may not have got off to the most auspicious start when it was first announced in 2006, but it seems that Risk & Regulation IT readers are now convinced that the European Central Bank’s (ECB) Target2-Securities (T2S) project will be a positive step forward for the clearing and settlement environment in Europe.

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22 Oct 2009

EMCF Volumes Reach New Milestone FREE - A-Team Wire

22 Oct 2009

EBS Chooses FRSGlobal for Overhaul of Irish Statistical Reporting Requirements FREE - A-Team Wire

20 Oct 2009

CESR Provides Slew of Updates on MiFID Protocols and New Consultation Paper

The Committee of European Securities Regulators (CESR) has recently issued a series of updates to MiFID protocols and a new consultation paper on the subject of investment advice. The protocol updates concern recent amendments to MiFID including: rules surrounding the calculation and publication of MiFID market transparency calculations, the supervision of branches and MiFID passport notifications. All of these documents are aimed at providing member states with more guidance around increasing transparency in the fragmented European marketplace.

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19 Oct 2009

3L3 Committees Publish New Paper on Supervisory Practices for Money Laundering Directive

The three European level three (3L3) committees, the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pension Supervisors (CEIOPS), have this week turned their attention to the area of anti-money laundering (AML) with the publication of a new report. The 3L3’s Anti-Money Laundering Task Force (AMLTF) has therefore released a new paper detailing recommendations for European regulators on implementing the Third Money Laundering Directive (2005/60/EC).

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16 Oct 2009

Fideuram Bank (Monaco) Selects FRSGlobal’s RegPro for Regulatory Reporting FREE - A-Team Wire

14 Oct 2009

Burgundy and EMCF Make the Nordics More Competitive FREE - A-Team Wire

12 Oct 2009

Nasdaq OMX and EMCF Launch Central Counterparty Clearing in the Nordics FREE - A-Team Wire

12 Oct 2009

Draghi Warns of Need for Gradual Changes to Basel, BCBS Talks About Living Wills

Mario Draghi, chairman of the Financial Stability Board (FSB) and governor of the Bank of Italy, has this week warned regulators not to implement changes to the Basel framework for capital adequacy too quickly in case it results in “procyclical consequences”. The FSB, which is charged with monitoring regulatory coordination across Europe, is keen for a gradual approach to an increase in capital requirements for financial institutions in the region.

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08 Oct 2009

UK FSA Publishes Turner Review Feedback, Confirms is Pushing on With Liquidity Reforms

Following the publication of the Turner Report in March this year, the UK Financial Services Authority (FSA) has been engaged in garnering feedback to the proposals and has just published a response to the consultation. The regulator received a total of 81 responses from the industry to its proposals, which included higher capital requirements and new liquidity standards for the market.

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05 Oct 2009

Australian Regulator Set to Follow in Same Vein as UK FSA’s Liquidity Regime?

Following the precedent set by the UK Financial Services Authority (FSA) earlier this year, the Australian Prudential Regulation Authority (APRA) has released its own proposed changes to its prudential approach to liquidity risk management in the country. Much like the FSA, the regulator has based its recommendations on the Basel Committee’s proposals, which were released in September last year.

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01 Oct 2009

LCH.Clearnet and EMCF Set to Interoperate by November 2009 FREE - A-Team Wire

30 Sep 2009

Basel II is Big News for the G20: Leaders Agree to Adopt Revised Rules by 2012

Although last week’s G20 meeting in Pittsburgh was, as expected, dominated by political wrangling, the leaders did manage to come to some level of agreement with regards to regulatory overhaul in the financial services sector. Arguably, one of the most important decisions made was for the G20 nations to adopt a revised Basel II rulebook by 2012, thus bringing the US into line with the rest of the world. However, putting the rhetoric into practice will likely be a long and difficult process.

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29 Sep 2009

15 Irish Financial Institutions Select FRSGlobal’s RegPro to Meet CBFSAI’s Statistical Regulatory Reporting Overhaul FREE - A-Team Wire

29 Sep 2009

Three New Pan-European Regulatory Bodies on the Way, But How Much Power Will They Wield?

Last week the European Commission unveiled draft legislation in order to put its plans to introduce three new pan-European regulatory bodies next year into action. The proposals were first enshrined in the report by French central banker Jacques de Larosière earlier this year and are aimed at establishing these new macro focused regulators in order to better police the financial markets. However, there is still a lack of clarity about how much power they will wield and how they may impact the compliance and risk management practices of financial institutions in Europe.

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28 Sep 2009

Italy’s Carosio Succeeds Jochnick as Chairman of CEBS

Giovanni Carosio, deputy director general of the Bank of Italy, has taken the reins as chairman of the Committee of European Banking Supervisors (CEBS) from Kerstin af Jochnick, who has become managing director of the Swedish Bankers’ Association. Carosio was previously vice chairman of the banking body and chair of the CEBS review panel. The UK Financial Services Authority’s (FSA) Thomas Huertas has now assumed these duties.

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08 Sep 2009

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