Regulatory RelationsRSS

IOSCO priorities outlined at annual meeting in Sydney

Crypto-assets, market fragmentation, asset management, margin requirements, fintech, sustainable finance, cyber risk and data protection were all cited as among key priorities at the International Organization of Securities Commissions (IOSCO) annual meeting in Sydney. 

Maxine Waters

Congress told cyber is the biggest risk to the financial system

Following a near six hour session at the US House of Representatives involving the CEOs of seven US G-SIBs it was revealed that cyber is the single greatest risk to the financial system while considerable concern was also expressed about shadow banking

FSB voices concern over CLOs with many new reports scheduled

Despite there being few signs of imminent threats to financial stability, the Financial Stability Board (FSB) restated its concerns over the growth of collateralised loan obligations (CLOs) at its plenary meeting in New York on April 26 and promises a raft of reports on various aspects of the financial system.

FCA signals return to principles-based approach post Brexit

Following the possible departure of the UK from the EU, the Financial Conduct Authority (FCA) would favour a regulatory approach that focuses on the same outcomes, but with a lower regulatory burden on firms.

Antoine Kremer

ESAs gain more powers, but European Commission disappointed

The three European Supervisory Authorities have gained more power, but not as much as the European Commission asked for, while reactions from industry are mixed.

Euroclear France authorised by AMF

France’s markets regulator, Autorité des marchés financiers (AMF), has given French central securities repository, Euroclear France, authorisation for central securities depositories, placing it under the European regulatory framework.

Five new appointments to SFC advisory committee

Hong Kong’s financial secretary, Paul Chan Mo-po, has made a series of appointments and reappointments to the Securities and Futures Commission (SFC) advisory committee for a two-year period from June 1, 2019, to  May 31, 2021.

Ela Barda

New reform proposal to relaunch the French blocking statute raises concerns

In France, a proposed measure to modernise laws designed to protect domestic companies from being subjected to legal discovery procedures abroad has resurfaced. However, it could see French banks, in particular, confronted with conflicting legal obligations under certain circumstances

EU stands firm on relocation policy while UK seeks flexibility on equivalence

UK-located banks are under pressure from EU regulators to continue shifting operations and capital to the union to serve customers there, while UK regulators are seeking more flexibility on access to the single market post-Brexit.

FSB sees more work to be done on resolution regimes

Much work has been done in member jurisdictions to build frameworks to resolve failing banks and a variety of approaches are being taken, however, the Financial Stability Board (FSB) still sees scope for improvement.