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On 15 March 2013 several key technical standards came into force, setting in motion the implementation timetable for the derivatives reforms under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). As a result some of...

International regulators have now published a ‘near-final’ policy framework setting minimum standards for margin requirements for uncleared derivatives. “Margin requirements for non-centrally cleared derivatives - Second consultative document”...

On March 4, 2013, the Office of Compliance Inspections and Examinations ("OCIE") of the Securities and Exchange Commission (the "SEC") issued a Risk Alert identifying "significant deficiencies" in compliance with Rule 206(4)-2 (the...

The European Parliament has removed the last obstacle to the EU derivatives reforms, setting in motion an implementation timetable beginning in mid-March 2013. On 7 February, the proposers withdrew the motion for the European Parliament to object to two regulatory...

On 19 December 2012, the European Commission adopted key technical standards under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR), starting the countdown towards implementation of the EU derivatives reforms. These come...

It is always exciting to unwrap a Christmas present, even one that is sock-shaped. And after many months of waiting, many will flick through the Commission's Level 2 Alternative Investment Fund Managers Directive (AIFMD) Delegated Regulation, issued on 19...

On December 7, 2012, the US Commodity Futures Trading Commission's Division of Market Oversight (the "CFTC") issued a time-limited, no-action letter relating to certain Dodd-Frank reporting requirements.  Under CFTC regulations, swap dealers...

On December 14, 2012, the Federal Reserve Board published its proposed enhanced prudential standards for the US operations of non-US banks.  The highly anticipated proposal would implement the "rebalanced approach" to the regulation of non-US banks...

The European Commission has, since 2010, been working on a proposal for a Directive on securities law. The purpose of this measure is to create a harmonised set of legal rules for Europe relating to what rights an investor has when the investor is not officially...

The Financial Stability Board (FSB) published a suite of documents on 18 November 2012 relating to its ongoing consultation on shadow banking.  The documents outline the current status of the consultation and, for the first time, set out clear policy recommendations...