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FCA fines Bastion Capital for cum-ex violations

13 July 2023 UK
Reporter: Bob Currie

The UK regulator ruled that the transactions were carried out in a way �쐔hat was highly suggestive of financial crime�� and that the broker had failed to manage risk that it was being used to facilitate fraudulent trading and moneylaundering

UK government proposes changes to short selling rules

12 July 2023 UK
Reporter: Bob Currie

This announcement extends HMT proposals advanced under the December 2022 �쏣dinburgh Reforms�� that are designed to exploit the UK�셲 exit from the European Union to develop its own UK-tailored financial services legislation

ESMA publishes manual on post-trade transparency

11 July 2023 EU
Reporter: Jamie Richards

The European Union�셲 financial markets watchdog has published a guide to post-trade transparency requirements and guidance regarding how to apply commitments under the Markets in Financial Instruments Regulation in a consistent way

EBA releases final draft standards for IM model validation

07 July 2023 EU
Reporter: Bob Currie

The European Banking Authority has released its final draft regulatory technical standards on Initial Margin Model Validation under EMIR which will be implemented through a phased approach dependent on a firm's size

ESMA launches CSA for sustainability measures

06 July 2023 EU
Reporter: Jamie Richards

The EU�셲 financial markets regulator and supervisor aims to assess the compliance of supervised asset managers with relevant provisions of SFDR, the Taxonomy Regulation, UCITS and AIFMD

Basel Committee launches consultation on core principles for banking supervision

06 July 2023 Switzerland
Reporter: Bob Currie

The BCBS has published the findings of its review, which began in April 2021, integrating advances in best practice and lessons learnt by the Financial Sector Assessment Program

ISLA responds to HMRC on Stamp Duty and SDRT

28 June 2023 UK
Reporter: Bob Currie

In its consultation document, HMRC examines whether it is beneficial to adopt a single tax framework for securities transactions, rather than the current arrangement where these may fall into scope of Stamp Duty and Stamp Duty Reserve Tax frameworks

Panellists encourage market collaboration to tackle RWA pressures

22 June 2023 Lisbon
Reporter: Carmella Haswell

Market participants need to partner to find solutions to mitigate RWA pressures across the industry that are derived from Basel IV regulation, according to The Trading Renaissance panel at the ISLA 30 Conference

BoE reviews bank and buy-side behaviour under stress conditions

19 June 2023 UK
Reporter: Lucy Carter

The Bank of England has launched a system-wide exploratory scenario exercise to explore how banks and non-bank financial institutions behave in stressed financial market conditions

Credit risk RWAs could prove challenging under Basel III rules, says ISLA

13 June 2023 UK
Reporter: Carmella Haswell

The International 쮸떴눈첵 Lending Association has published an overview of the Basel III framework, its impact on the securities finance market and how to address upcoming challenges

FCA hits ED&F Man Capital with 짙17.2m fine for its role in facilitating cum-ex trades

06 June 2023 UK
Reporter: Bob Currie

This is the fourth penalty applied by the UK regulator and the largest that it has applied to date relating to div arb violations. MCM qualified for a 30% reduction under the Settlement Discount Scheme since it did not dispute the FCA's charges

ESMA releases its fifth CCP stress testing exercise

01 June 2023 EU, UK
Reporter: Bob Currie

In line with ESMA�셲 legal mandate under EMIR, this exercise will assess the resilience of CCPs to adverse market shocks and the danger that failure of a CCP or clearing member can propagate risk across the financial system

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