11 August - 15 August 2014

Regulatory and Legislative Developments from Across the Globe

 

The next two editions of GFMA Weekly will be published on August 29 and September 12. Our standard weekly publication on Fridays will resume thereafter.

World View

IMF Board Concludes 2014 Article IV Consultation with the PhilippinesIMF Logo
According to the International Monetary Fund (IMF), the Philippine economy continued to perform robustly in 2013. Strong macroeconomic fundamentals and financial sector buffers, together with the authorities' flexible policy response to evolving external conditions, cushioned the impact of volatile capital flows. However, domestic monetary and financial conditions are now very accommodative.
IMF Staff Report

GFMA FX Division Response to the FSB Consultative Paper on Foreign Exchange Benchmarks
The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) submitted comments on the Consultative Document issued by the Financial Stability Board (FSB) on Foreign Exchange Benchmarks. James Kemp, Managing Director of the Global FX Division of the GFMA, commented: "Effective and efficient exchange of currencies underpins the world's financial system. We agree with and support many of the recommendations set forth in the Consultative Document and believe they can produce a number of benefits for all FX market participants, which includes dealers, institutional investors, companies and governments."
GFMA Press Release
GFXD Full Response to the Consultation
More About GFMA’s Global FX Division

ECB Publishes Comprehensive Assessment Stress Test Manual
The European Central Bank (ECB) has published a manual on its comprehensive assessment of European banks, which provides details on how the ECB will incorporate findings from its asset quality review (AQR) into stress test projections as well as describing the stress test quality assurance process.  The findings from portfolios examined in the AQR will be used to determine the starting point of the stress test and may lead to an adjustment to the year-end 2013 balance sheet.  The final results from the comprehensive assessment will be published in the second half of October 2014.
Manual

EIOPA Releases Response to IAIS Consultation on Capital Requirements for Insurers
The European Insurance and Occupational Pensions Authority's Insurance and Reinsurance Stakeholder Group released its Response to the International Association of Insurance Supervisors Consultation Paper on Basic Capital Requirements for Global Systemically Important Insurers (G-SIIS).
Response to IAIS Consultation

ESMA Issues Translations of AIFMD Reporting Obligations Guidelines
The European Securities and Markets Authority (ESMA) has published official translations of their guidelines on reporting obligations under the Alternative Investment Fund Managers Directive (AIFMD) (ESMA/2014/869). Publication triggers a period of two months within which competent authorities must notify ESMA of their compliance position.
Press Release | Guidelines

ESMA Welcomes the Publication of the ESFS Review Report
A Review Report by the European System of Financial Supervisors identifies a number of changes to improve the European Supervisory Authorities' (ESA) functioning in the short-term and also includes proposals for possible extensions of the ESAs' mandates on consumer/investor protection, the enforcement of International Financial Reporting Standards (IFRS), shadow banking and the direct supervision of market infrastructures such as CCPs. However, no legislative changes are proposed for the immediate future.
Release | Report

PRA Consults on Transposing Solvency II
The Prudential Regulation Authority has published its third consultation paper on transposing Solvency II (CP16/14).  The consultation paper sets out proposed changes to the PRA’s Rulebook. As Solvency II is a largely maximum harmonising Directive, the PRA has followed the "intelligent copy out" approach in transposing Solvency II. However, there are areas in which Solvency II gives Member States discretion and these areas are addressed in the PRA's proposed rules and considered within CP16/14. The deadline for comments is 7 November 2014.
Consultation Paper

MAS Consultation Paper on Leverage Ratio Disclosure Requirements for Banks Incorporated in Singapore
The Monetary Authority of Singapore issued its consultation paper on proposed leverage ratio disclosure requirements for banks incorporated in Singapore. MAS invites interested parties to comment on the paper by 5 September 2014.
Consultation Paper

MAS Response to Feedback: Consultation on Local Implementation of Basel III Liquidity Rules - Liquidity Coverage Ratio
On 16 August 2013, The Monetary Authority of Singapore issued a consultation paper on the implementation of the Liquidity Coverage Ratio ("LCR") rules in Singapore. MAS would like to thank all respondents for their comments, and we have carefully considered the feedback received. Comments that are of wider interest, together with our responses, are highlighted in this document. The revised framework for banks will be implemented in a new MAS Notice. The draft Notice and the corresponding reporting forms are appended in Annexes A and B respectively.
Response to Feedback

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GFMA & GFMA - Affiliate News & Events

Announcing the SIFMA FATCA Policy Symposium 2014 – Oct 6-7, Washington DC
The FATCA Policy Symposium will give attendees an opportunity to hear from and interact with key government officials on topics of interest to U.S. and foreign bank executives involved in the FATCA implementation process. Five panels composed of industry and government experts will discuss the far-reaching changes required by FATCA, the future of offshore tax compliance legislation on Capitol Hill, and particular matters of interpretation relating to recently released FATCA guidance and intergovernmental agreements (IGAs). Join us at this must-attend event for a deep dive into the FATCA regulations, recent notices, IGAs, FAQs and other guidance.
Early bird rates available – register today!

Registration Open: Securities Financing Transactions Conference – Oct 7, NYC
SIFMA will host leading industry experts – including keynote speaker Simon Potter, Head of the Markets Group, Federal Reserve Bank of New York – to share perspectives on the SFT market and regulatory landscape. This half-day conference will discuss the state of the market before the financial crisis; actions taken by the industry and regulators to enhance the resiliency of the repo, sec lending and prime brokerage markets; and the future direction of the industry. Topics to be covered include: Tri-Party Repos, Shadow Banking, and Capital Ratios.
Register Today!

SIFMA Annual Meeting – Nov. 10, NYC: Program Sneak Peeks
SIFMA's 2014 Annual Meeting once again gathers the leaders of the financial services industry together with prominent policymakers and financial media. Join us to explore the role of capitalism in creating opportunity across America. In one-on-one conversations and on in-depth panels, today’s foremost thought leaders – including former Mayor of the City of New York and Founder of Bloomberg LP, Michael Bloomberg, and Co-Founder and Co-CEO of the Carlyle Group, David Rubenstein, and Stephen Luparello, the new Director of Trading and Markets for the Securities and Exchange Commission – will share their perspectives on how the financial services industry will best serve tomorrow's economy.
Register Today

Early Bird Rates Available: 2015 AML & Financial Crimes Conference: Feb. 24-25, NYC
Join us at SIFMA’s 15th Annual Anti-Money Laundering and Financial Crimes Conference on February 24-25, 2015 at the Marriott Marquis in New York City. This event brings together leading experts from the industry, regulatory agencies and law enforcement to discuss new trends in financial crime; emerging issues relating to anti-money laundering, economic sanctions and anti-bribery/anti-corruption compliance; and changes in regulatory expectations and requirements.  Now in its 15th year, this is the only conference in the AML space tailored to broker-dealers and other members of the securities industry. Register now for Early Bird rates!
Register Today

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