Coming soon – UK regulation with a whole new cast!

The number of mega blockbusters on the regulatory agenda this year would warrant their own awards ceremony. Whether it’s drama or comedy you’re after, there is certainly a regulation to suit every taste. One of my picks is the new UK regulatory structure epic Journey to the FCA (FSA, October 2012). Born out of the UK Financial Services Bill, the FSA will evolve into a new regulatory structure from 1st April 2013. Well worth a look and, to view the trailer, check out our at... Read More

Better consult…

Drafting new legislation is difficult and consulting the industry beforehand is sensible. Granted, where financial transaction taxes (FTT) are concerned this is tricky because no practitioner has anything good to say about it. However, beyond the mere purpose of FTT, the operational implementation is at least equally important. The current Italian FTT law has a number of issues relating to its implementation that are far from straightforward and seem to achieve nothing but increased... Read More

Dude, where is my level playing field?

At the heart of the European Union is the concept of a single market with a level playing field. Markets moving together, where trade and competition create benefits for everyone. Back in 2007, MiFID was a true testament to this when it introduced the idea of passporting regulatory oversight across Europe. Reading the latest regulatory news, there’s precious little to remind us of that now. We’ve got the German HFT Act, the French Banking Bill and, despite efforts... Read More

One cliff avoided, another straight ahead!

The Italian Financial Transaction Tax (IFTT) passed into law over the Christmas holidays and shocked market participants around the world. Quite apart from the increase in tax levels compared to earlier drafts, the Italian government has invented an additional HFT tax based on the value of amended or cancelled orders (click here for more details). The French markets, luckily, didn’t fall of the cliff when their government introduced its own tax in August 2012, but they did... Read More

ESMA gears up for implementation

ESMA published a report last week on staffing and resources with regard to EMIR. After many years of public policy discussions and political deals, 2013 will be the year of hands-on implementation. Here are a few highlights from the document: • ESMA expects about 11 applications for Trade Repositories, each likely submitting a document between 200 and 1,000 pages long • ESMA will participate in regulatory colleges for 23 European CCPs, expecting 2 more applications within... Read More

What’s in store for the coming year?

The European Commission adopted its work programme for 2013 (CWP) back in October, with the over-reaching aim to deliver financial stability, economic growth and jobs. In terms of new proposals, the CWP announced around 50 new initiatives to be tabled during 2013 and the first part of 2014. According to the EC President, José Manuel Durão Barroso: “The next step must be to deepen economic and monetary union with a fully-functioning banking and fiscal union …” requiring... Read More

The three (MAD) wise men

I find it rather appropriate this season that the three European bodies – the Commission, the Council and the Parliament (the latter with rapporteur Arlene McCarthy’s version) – are each bearing us a gift. Instead of the traditional gold, frankincense and myrrh, each is bringing its own take on the Market Abuse Directive. These slightly different texts will be discussed during the trilogue which should start in Brussels any day now. One important element in all... Read More

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