17 July – 21 July 2017

Regulatory and Legislative Developments from Across the Globe

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GLOBAL

CPMI and IOSCO Release Joint Report on PFMI Monitoring
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published the fourth update to the Level 1 assessments of implementation monitoring of the Principles for Financial Market Infrastructures (PFMI). The result shows that some progress has been made among those participating jurisdictions that had not completed their implementation measures at the time of the previous update in 2016. 20 of the 28 jurisdictions assessed have now completed their implementation measures for all FMI types.
Press Release

Luiz Awazu Pereira da Silva Speaks on Green Finance
Bank for International Settlements Deputy General Manager Luiz Awazu Pereira da Silva delivered a speech entitled "Green Finance: Can it Help Combat Climate Change?" in Frankfurt on July 13, 2017.
Speech

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NORTH AMERICA

Donald Trump Announces Intent to Nominate Hester Peirce for SEC Commissioner
President Donald J. Trump announced his intent to nominate Hester Maria Peirce to be Commissioner of the SEC for the remainder of a five-year term expiring June 5, 2020. Peirce is a Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University, where she has worked since 2012.
Press Release

Treasury Announces Intent to Sign USTR Notice
The U.S. Department of the Treasury and the Office of the U.S. Trade Representative have announced their intent to sign a bilateral agreement with the European Union on prudential measures regarding insurance and reinsurance. In addition to signing the Agreement in the coming weeks, the Administration also plans to issue a U.S. policy statement on implementation.
Press Release

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Europe

ESMA Releases Report on Financial Enforcement Guidelines Improvement
The European Securities and Markets Authority (ESMA) has published the results of a peer review conducted into how national competent authorities (NCAs) supervise financial information (IFRS) according to the Guidelines on Enforcement of Financial Information. The report identifies areas where NCAs can improve their enforcement and makes recommendations to support these improvements.
Press Release

FCA Sets Out Scope of Investment Platforms Market Study
The Financial Conduct Authority (FCA) has today published the terms of reference for its Investment Platforms Market Study, which sets out the scope and topics that will be covered. To provide investors access to retail investment products and information about these products, platforms interact with other platforms, advisers, asset managers and fund ratings providers. The FCA will assess whether these relationships work in the interests of investors.
Press Release

Sabine Lautenschläger Speaks on European Banking
The Bank for International Settlements released European Central Bank Executive Board Member Sabine Lautenschläger's speech entitled "Harmonization Paves the Way for a European Banking Market" delivered at the Federal Financial Supervisory Authority 15th Anniversary Event on June 28, 2017 in Bonn, Germany.
Speech

Sabine Lautenschläger Speaks on Euro Area Stability and Growth
The Bank for International Settlements released European Central Bank Executive Board Member Sabine Lautenschläger's speech entitled "Stability and Growth in the Euro Area - Who Plays the Leading Role?" delivered at the IEP Conference on June 30, 2017 in Berlin, Germany.
Speech

Andreas Dombret Speaks on Tailoring Regulations on Business Models
The Bank for International Settlements released Deutsche Bundesbank Executive Board Member Andreas Dombret's speech entitled "Heading towards a "Small Banking Box" – Which Business Model Needs What Kind of Regulation? delivered at the Bavarian Savings Bank on June 29, 2017 in Erlangen, Germany.
Speech

Chris Salmon Speaks on Benchmark Reform
The Bank of England released Executive Director of Markets Chris Salmon's speech entitled "The Bank and Benchmark Reform" delivered at the Roundtable on Sterling Risk-Free Reference Rates on July 6, 2017 in London, United Kingdom.
Speech

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Asia-Pacific

APRA Announces ‘Unquestionably Strong’ Capital Ratios
The Australian Prudential Regulation Authority (APRA) has announced its assessment on the additional capital required for the Australian banking sector to have capital ratios that are considered ‘unquestionably strong’. APRA considers that ADIs should, where necessary, initiate strategies to increase their capital strength to be able to meet these capital benchmarks by January 2020 at the latest.
Press Release

ASIC Consults on Proposed Financial Benchmark Regulatory Regime
The Australian Securities & Investments Commission is seeking feedback on proposed rules for the administration of licensed financial benchmarks and regulatory guidance on how it would administer the proposed financial benchmark regulatory regime. The Government is currently consulting on draft legislation to implement financial benchmark regulatory reform. ASIC's consultation is about the licensing regime for administrators of significant benchmarks and ASIC's rule-making powers in the event the amendments to the Corporations Act are passed by Parliament.
Press Release

SFC Signs MoU with FCA on Enhanced Supervision of Cross-Border Regulated Entities
The Securities and Futures Commission (SFC) has entered into a memorandum of understanding (MoU) with the UK Financial Conduct Authority (FCA) providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of regulated entities that operate on a cross-border basis in Hong Kong and the United Kingdom. The MoU, which covers financial market participants and other entities that are regulated by the SFC or the FCA, enables the SFC and the FCA to cooperate with each other in the interest of fulfilling their respective regulatory mandates.
Press Release

SEBI and ESMA Sign MoU on Exchanging CCP Information
The Securities and Exchange Board of India (SEBI) has entered into a memorandum of understanding (MoU) with the European Securities and Markets Authority (ESMA) under the European Markets Infrastructure Regulation (EMIR). The MoU establishes cooperation arrangements, including the exchange of information regarding central counterparties (CCPs) which are established and authorized or recognized in India by SEBI, and which have applied for EU recognition under EMIR.
Press Release

Securities Commission Malaysia Hosts UNPRI Forum on Sustainable and Responsible Investing
As part of initiatives to generate greater awareness on responsible investing, Securities Commission Malaysia (SC) and Bursa Malaysia co-hosted the Responsible Investment Forum in Kuala Lumpur that was organized by UN-supported Principles for Responsible Investment (PRI). Malaysia pioneered the development of the Shariah-compliant SRI segment through the formulation of the SRI Sukuk framework by the SC in 2014. The SC is currently developing a framework for SRI investment funds and these initiatives are part of SC’s developmental agenda to facilitate the creation of an ecosystem conducive for SRI stakeholders.
Press Release

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GFMA & GFMA - Affiliate News & Events

AFME’s 12th Annual European High Yield Conference, 17 October in London
For 12 years, the AFME European High Yield Conference has brought together the leading names in European high yield and loan markets to network and debate. The 2017 conference programme features in depth analysis of crucial issues and discussions regarding challenges and opportunities facing the European high yield industry. Register today and join us on 17 October at etc venues St. Paul’s, London.
Learn More and Register

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Published quarterly, the LEI Update newsletter provides updates on developments surrounding the implementation of the global legal entity identifier (LEI). A unique ID associated with a single legal entity, LEIs allow for consistent identification of parties to financial transactions, facilitating a consistent and integrated view of exposures. The establishment of an LEI system is a foundational and critically important element towards the improved measurement and monitoring of systemic risk. 
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