Regulation & compliance

·         Extraterritorial laws such as FATCA, Dodd-Frank, Sarbox, Solvency II are growing in number and intensity

·         Almost half (45%) of financial institutions in a new survey say that extraterritorial compliance now accounts for between 10-25% of compliance budget 

The Securities and Exchange Commission today announced that Pamela A. Gibbs has been named as the inaugural Director of the Office of Minority and Women Inclusion, which oversees diversity in the agency’s employment, management, and business activities.

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) continue to issue regulations implementing the OTC derivatives provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). In a Q&A, Robin Powers of the Rimon Law Group discusses Title VII of Dodd-Frank and its impact on margin/collateral posed by End-Users. 

The Board of Supervisors (BoS), ESMA’s decision taking body made up of 27 voting members, nominated Verena Ross today, for the post of ESMA’s first Executive Director, subject to confirmation by the European Parliament. The Executive Director will be entrusted with the day-to-day management of ESMA. According to the Regulation establishing ESMA, the Executive Director will serve a term of five years, renewable once.

The Securities and Exchange Commission today voted to adopt two sets of new rules designed to help revitalize the important asset-backed securities (ABS) market by encouraging better disclosure for investors.

New paper provides snapshot of Basel III implementation around the world 

FRSGlobal, the financial risk management and regulatory reporting arm of Wolters Kluwer Financial Services, a leading worldwide provider of risk, compliance and audit solutions for the financial services industry, today released a paper entitled “Implementing Basel III – are you ready?”.

The Commodity Futures Trading Commission (CFTC) today voted to propose an Order regarding the effective date for swap regulation.  The Order is a six-month extension from certain provisions of the Commodity Exchange Act that otherwise would have taken effect on July 16, 2011, the general effective date of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act .  Today’s order further narrows the scope of the Order because some rules, for example the further definition of swap dealer and major swap participant, have become effective.

The Ontario Securities Commission today released the following joint statement with other regulators:

Leaders and senior representatives from key authorities with responsibility for the regulation of the over-the-counter (OTC) derivatives markets in their respective jurisdictions met on May 1, 2012 in Toronto. The meeting was hosted by the Ontario Securities Commission and its Chair, Mr. Howard I. Wetston, Q.C.

The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, May 10, 2012, at 9:30 a.m., to consider a Final Rule on Core Principles and Other Requirements for Designated Contract Markets and a Proposed Order Amending the Effective Date for Swap Regulation.

The Basel Committee on Banking Supervision today issued a consultative document on the fundamental review of trading book capital requirements. These proposals will strengthen capital standards for market risk, and thereby contribute to a more resilient banking sector.