Governance

EU drives ahead with regulating OTC derivatives by year end

July 5, 2012 - The Council of the European Union has adopted a regulation requiring financial firms to clear over-the-counter derivatives contracts through a central clearing counterparty and report them to trade repositories.

Governance

CFTC Approves Phased Compliance Proposal for Certain Swap Regulations

June 29, 2012 - The Commodity Futures Trading Commission (Commission) today voted to propose a phased compliance program regarding certain swaps to non-U.S. swap dealers, non-U.S. major swap participants, U.S. swap dealers, U.S. major swap participants, and foreign branches of U.S. swap dealers and U.S. major swap participants.

Governance

Trade associations' unveil EU regulation guidebook

June 28, 2012 - Four trade associations, including the Association of Private Client Investment Managers and Stockbrokers (APCIMs), the European Federation of Energy Traders (EFET), the Futures and Options Association (FOA) and the Wholesale Market Brokers' Association (WMBA), have announced their joint development of a business-friendly guide to assist firms in complying with the complex set of new European-wide regulatory standards.

Governance

SEC Adopts New Procedures for Reviewing Clearing Submissions Under Dodd-Frank Act

June 28, 2012 - The Securities and Exchange Commission has adopted rules that establish procedures for its review of certain clearing agency actions. The rules were required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which called for a new regulatory framework for trading in over-the-counter derivatives, including swap agreements.

Governance

Basel Committee publishes final rules for banks on disclosure

June 26, 2012 - The Basel Committee on Banking Supervision (BCBS) has issued its final rules on the information that banks must disclose when detailing the composition of their capital. Its publication, relevant to the looming Basel III stipulations, is entitled 'Composition of Capital Disclosure Requirements'.

Governance

UK banking reforms 'will cost financiers $11bn annually'

June 15, 2012 - Banks in the UK will have to outlay as much as £7 billion ($11 billion) annually to comply with new government rules, it has emerged.

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