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Banks reluctant to begin Brexit repapering

Isda, investors and sellside operations managers are concerned about Brexit’s impact on existing and legacy contracts, as current repapering cost estimates hover around the $10 million mark per firm. A lack of equivalence would also mean greater exposure to over-the-counter contracts, which may in future count towards various regulatory thresholds

Sharon Kimathi, March 22 2018

Mifid II: industry calls on Esma to improve FIRDS data quality

Esma's central reference database is integral to Mifid II's drive towards transparency, but according to transaction reporting heads and trading venue regulatory specialists it's full of mistakes and gaps. With little progress made on correcting those mistakes so far, firms fear a backlog of old reports will need to be re-evaluated in future

March 22 2018

Will HK's new AML rules have the desired deterrent effect?

The financial regulator's tough new guidelines could come up against a slowdown in enforcement

Karry Lai, March 21 2018

Appeals decision opens door for SEC best interest standard

Last week’s ruling to vacate the fiduciary rule gives the SEC carte blanche to craft its own version

John Crabb, March 21 2018

Non-EU firms unaware of GDPR compliance

The regulation’s extraterritorial effect has caused data centres to be moved inside the EU

March 16 2018

PRC investors are put off by offshore deal approval uncertainty

As the US government clamps down on foreign buyers of national assets, Chinese buyers could be going elsewhere

Karry Lai, March 15 2018

PRIMER: the Senior Managers Certification Regime

Nearly two years on from its implementation, has the regime achieved its aim of curbing bad bank behaviour?

March 15 2018

Banks’ Brexit relocation plans revealed

Restructuring plans are well underway for both buy and sellside firms in anticipation of Brexit, but financials are facing challenges with their operating models as Esma cracks down on firms without ‘substance’ in the EU27. Here banks and asset managers describe internal tensions as individuals raise concerns about relocating their families...

Sharon Kimathi, March 15 2018

Mifid II: best ex burden produces worse result for client

According to traders and brokers, the new best execution regime is producing a worse end-result for clients than before. As front desk staff look to ease the recordkeeping burden, some are going to fewer market makers for an initial price, while others are neglecting to record quotes that don't result in trades - which is contrary to the rules

March 15 2018

Contracts scramble to keep up with Brexit news

Legal teams explain that the inclusion of Brexit-related clauses in prospectuses and contracts is now market practice, but the challenge is keeping documentation up to date with such fast-moving political news. Firms are also facing difficulties adjusting to their new financial regulators in the EU, despite incentives like expedited authorisation

Sharon Kimathi, March 15 2018

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