Legal

Uncleared Margin Rules – how was the challenge met?

10 APRIL 2017 BY: KALINA TASEVA The topic of uncleared margin rules (UMR) and its implementation have been circulating the financial industry for the past year. The big day of 1st March 2017 – the deadline for Variation Margin (VM) compliance – has passed, but we are...

read more

Brexit – uncertainty is certain

For 41 years the UK has been a member of the European Union, having joined the (then) European Economic Community in 1973. On 23rd June 2016, the UK electorate will again have to decide whether the UK is to remain a part of this economic and political union. There...

read more

Backloading

by ALEXANDRA MITU, SARAH BATER AND STEPHANIE BARROWS Apr 4, 2014 Issues posed by this recurring requirement and proposed long-term solutions. The move from paper to electronic platforms and the development of multiple trade repositories means that there are many...

read more

KYC Utilities – too much choice?

by MATT NIVEN AND NATASHA WILLIAMS Oct 28, 2014 KYC Utilities – cleanse your data now! Over the past few year’s more and more financial firms are leveraging a mix of internal manual processes, internal software solutions, and external vendors to manage their client...

read more

KYC central repositories: a buy side-driven business

by JENNI BIANCHI Jul 31, 2015 Know Your Customer (KYC) central repositories represent the latest industry effort to develop an efficient and effective function for financial institutions coping with the increased regulatory requirements around KYC. Five industry...

read more

KYC Utilities: a pathway to standards

by CARLY PARIS Feb 5, 2016 Know Your Customer (KYC) utilities are part of an industry-wide effort to solve the KYC challenge faced by banks and buy-side firms. The benefits offered by these utilities and managed services are indisputable. Subscribing to a KYC utility...

read more

T+2 Settlement – the 5 things you need to know?

by KIRSTEN HALL Oct 3, 2014 The move to T+2 in Europe is a market initiative of unprecedented scope. The level of market awareness and preparedness is surprisingly low. Without changes to procedures, technology, controls and reconciliations the impact to firm’s...

read more

To Clear or not to Clear – it’s certainly not clear

by KATE AMORY AND GURLYNN KHARA Oct 17, 2014 Under the European Market Infrastructure Regulation (EMIR), the obligation for financial institutions to clear certain OTC products is fast approaching. Only last month new guidance was issued for rates products. This...

read more

FATCA – is the pressure off?

by MATT NIVEN Dec 12, 2014 What is FATCA? The Foreign Account Tax Compliance Act (FATCA) is a U.S. Law introduced as a deterrent to US citizens, and green card holders who are living abroad, from avoiding paying US tax on global earnings. To ensure that its citizens...

read more

Three Months Later – Are we any Clearer?

by GEORGI DANOV Dec 22, 2014 Almost three months after ESMA published the final draft RTS on Clearing Interest Rate Swaps (IRS) under EMIR, the clearing landscape starts getting clearer.  Clearing could be the most complex regulatory obligation under EMIR so far. When...

read more

REMIT Trade Reporting – the 5 things you need to know

by KIRSTEN HALL Apr 17, 2015 In order to prevent market abuse in wholesale energy markets, the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) requires market participants to report details of wholesale energy products to the Agency for...

read more

MiFID II – A step too far to protect investors?

by CARLA ROPER Jul 10, 2015 MiFID II, set to come into force in January 2017, lays out a vast change in how and where trades are executed and reported. This ambitious Directive seeks to make financial markets more efficient, resilient and transparent in order to...

read more

The Dodd Frank Act – 5 years on

by STUART MCCLYMONT July 24, 2015 On the 21st July 2010, the US Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law. It was the first of the G20 major economies’ responses to the commitments made at the G20 2009 Pittsburgh summit following...

read more

The ISDA Protocol

by NATASHA WILLIAMS Nov 20, 2014 A protocol is, at its essence, a contractual amendment mechanism that automatically incorporates specific legal language and terms into existing signed relationship documents. Nice legalese, but what does this actually mean? It means,...

read more

Effective management of documents in financial services

by STUART MCCLYMONT AND RAVI SONECHA Oct 21, 2014 As institutions fulfil their regulatory requirements, access to data to demonstrate and evidence ongoing compliance will be critical. Just how critical is illustrated by the fact that market estimates of the investment...

read more

The legal profession – time to embrace the digital era?

by NATASHA WILLIAMS Oct 30, 2015 The legal profession – time to embrace the digital era? Hippopotomonstrosesquippedaliophobia is a fear of long words, arachnophobia is a fear of spiders, and machroreadaphobia is a fear of machine-readable text. This last one is not a...

read more

Racing to Support a New Regime of Accountability

by MATT NIVEN AND CHARLES DAVIS Jul 20, 2015 The lack of legal accountability applied to key decision makers following the 2008 financial crisis remains a source of great public consternation. Iceland stands almost alone in having aggressively pursued criminal charges...

read more

The Panama Papers – a BO (beneficial owner) problem

by CHRIS WILD May 9, 2016 The standard of KYC across the financial services industry has been brought into question in recent years following a series of scandals. Negligence and poor controls have damaged banks – both through the large fines imposed on those banks...

read more