Featured Product

    SEC and FCA Sign Updated Supervisory Cooperation Arrangements

    March 29, 2019

    SEC and FCA reaffirmed their commitment to continue close cooperation and information-sharing during Brexit. As evidence of their long-standing partnership, Jay Clayton, the SEC Chairman, met with Andrew Bailey, the CEO of FCA, and signed two updated Memoranda of Understanding (MoUs) to ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders. These MoUs will come into force on the date EU legislation ceases to have direct effect in the United Kingdom.

    The first MoU, which was originally signed in 2006, is a comprehensive supervisory arrangement covering regulated entities that operate across the national borders. The MoU was updated to, among other things, expand the scope of covered firms under the MoU to include firms that conduct derivatives, credit rating, and derivatives trade repository businesses to reflect:

    • Post-financial crisis reforms related to derivatives
    • FCA’s assumption of responsibility from ESMA for overseeing credit rating agencies and trade repositories in the event of Brexit

    The second MoU, which was originally signed in 2013, is required under the UK Alternative Investment Fund Managers Regulations. The MoU provides a framework for supervisory cooperation and exchange of information related to the supervision of covered entities in the alternative investment fund industry. The updated MoU ensures that investment advisers, fund managers, private funds, and other covered entities in the alternative investment fund industry, which are regulated by SEC and FCA, will be able to continue to operate on a cross-border basis without interruption, regardless of the outcome of the withdrawal of UK from EU.

     

    Related Link: Press Release

     

    Keywords: Americas, Europe, US, UK, Banking, MoU, Brexit, Supervisory Cooperation, OTC Derivatives, Credit Ratings, CRA, FCA, SEC

    Related Articles
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS Collaborates on Research Platform to Support Fintech Investments

    MAS, Deloitte, and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide Fintech Research Platform to help investors and financial institutions connect with fintech start-ups that they can partner with or invest in.

    November 12, 2019 WebPage Regulatory News
    News

    MAS and CSA Sign Agreement to Strengthen Collaboration in Fintech

    MAS and eight members of the Canadian Securities Administrators (CSA) signed a cooperation agreement to strengthen collaboration in fintech between Singapore and CSA’s member jurisdictions.

    November 12, 2019 WebPage Regulatory News
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    BIS Paper Examines Shadow Banking System in China

    BIS published a working paper that analyzes money creation mechanisms of shadow banking tools in China, investigates their effects on financial risk, and surveys recent regulation.

    November 08, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4131