The French Prudential Control and Resolution Authority (ACPR) and the French Autorité des Marchés Financiers (French AMF) signed two cooperation agreements with the Securities Exchange Commission (SEC) to allow French institutions to register as security-based swap dealers with SEC and benefit from an equivalence regime of certain rules applicable to these entities (also known as substituted compliance). The U.S. Dodd Frank Act requires institutions whose activity in OTC equity derivatives and equity credit derivatives with the U.S. counterparties exceeds a certain volume to register as security-based swap dealers with SEC. The U.S. regulations provide for a substituted compliance mechanism, which allows foreign establishments to be considered as complying with certain American rules as long as they comply with their national legislation. The procedures for applying substituted compliance for France were adopted by SEC on July 23, 2021.
Keywords: Europe, Americas, France, US, Banking, Securities, Security Based Swap Dealers, Substituted Compliance, Derivatives, Equivalence Regime, SEC, ACPR
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.