Regulation Readiness - The Road Ahead

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Pin Title :

AIFMD

Region :

EMEA

The Alternative Investment Fund Managers Directive (AIFMD) forms the basis of regulation of alternative funds in the European Union (EU). The AIFMD seeks to harmonize and make compulsory the regulation of Alternative Investment Fund Managers (AIFMs) based within the EU and / or those who sell their products to EU investors. It came into effect in all Member States on July 22, 2013. The rules introduce enhanced transparency, increased investor protection and additional organizational requirements.

Headline :

ESMA to issue opinion as to whether to ñturn onî the EU passport for 3rd country AIFMs / AIFs.

Pin Title :

AIFMD

Region :

EMEA

The Alternative Investment Fund Managers Directive (AIFMD) forms the basis of regulation of alternative funds in the European Union (EU). The AIFMD seeks to harmonize and make compulsory the regulation of Alternative Investment Fund Managers (AIFMs) based within the EU and / or those who sell their products to EU investors. It came into effect in all Member States on July 22, 2013. The rules introduce enhanced transparency, increased investor protection and additional organizational requirements.

Headline :

Dependent on ESMA's recommendation of July 2015, Commission may turn on the EU passport for 3rd country AIFMs / AIFs

Pin Title :

AIFMD

Region :

EMEA

The Alternative Investment Fund Managers Directive (AIFMD) forms the basis of regulation of alternative funds in the European Union (EU). The AIFMD seeks to harmonize and make compulsory the regulation of Alternative Investment Fund Managers (AIFMs) based within the EU and / or those who sell their products to EU investors. It came into effect in all Member States on July 22, 2013. The rules introduce enhanced transparency, increased investor protection and additional organizational requirements.

Headline :

European Commission to begin its review of the AIFMD

Pin Title :

AIFMD

Region :

EMEA

The Alternative Investment Fund Managers Directive (AIFMD) forms the basis of regulation of alternative funds in the European Union (EU). The AIFMD seeks to harmonize and make compulsory the regulation of Alternative Investment Fund Managers (AIFMs) based within the EU and / or those who sell their products to EU investors. It came into effect in all Member States on July 22, 2013. The rules introduce enhanced transparency, increased investor protection and additional organizational requirements.

Headline :

ESMA to issue an opinion as to whether to turn off domestic private placement regimes

Pin Title :

AIFMD

Region :

EMEA

The Alternative Investment Fund Managers Directive (AIFMD) forms the basis of regulation of alternative funds in the European Union (EU). The AIFMD seeks to harmonize and make compulsory the regulation of Alternative Investment Fund Managers (AIFMs) based within the EU and / or those who sell their products to EU investors. It came into effect in all Member States on July 22, 2013. The rules introduce enhanced transparency, increased investor protection and additional organizational requirements.

Headline :

Dependent on ESMA’s recommendation of October 2018, European Commission may “turn off” private placement

Pin Title :

AFP

Region :

APAC

On 16 April 2014, the governments of the Asia Region Funds Passport (ARFP) working group released a consultation paper seeking comments on the proposed implementation arrangements for the ARFP, an Asia-Pacific Economic Cooperation (APEC) path respect to the creation of a regulatory arrangement for the cross border offer of collective investment schemes (CIS) in participating economies. Economies which decide to be passport member economies are expected to work to finalize the arrangements in 2015 with a view to the passport commencing in 2016.

Headline :

Draft memorandum of understanding to be published.

Pin Title :

AFP

Region :

APAC

On 16 April 2014, the governments of the Asia Region Funds Passport (ARFP) working group released a consultation paper seeking comments on the proposed implementation arrangements for the ARFP, an Asia-Pacific Economic Cooperation (APEC) path respect to the creation of a regulatory arrangement for the cross border offer of collective investment schemes (CIS) in participating economies. Economies which decide to be passport member economies are expected to work to finalize the arrangements in 2015 with a view to the passport commencing in 2016.

Headline :

Expected Launch

Pin Title :

BRRD

Region :

EMEA

BRRD establishes an EU-wide framework for the recovery and resolution of EU credit institutions and significant investment firms. The aim of the legislation is to equip national authorities with harmonized tools and powers to tackle crises at banks and certain investment firms, at the earliest possible moment, and to minimize costs for taxpayers. Elements of BRRD may also apply to other entities in a financial group, such as financial holding companies, parent financial holding companies in member state or union parent financial holding companies. Some elements of BRRD also apply to Union Branches, i.e., EU branches of non-EU credit institutions or significant investment firms.

Headline :

Application of rules (except bail-in provisions).

Pin Title :

BRRD

Region :

EMEA

BRRD establishes an EU-wide framework for the recovery and resolution of EU credit institutions and significant investment firms. The aim of the legislation is to equip national authorities with harmonized tools and powers to tackle crises at banks and certain investment firms, at the earliest possible moment, and to minimize costs for taxpayers. Elements of BRRD may also apply to other entities in a financial group, such as financial holding companies, parent financial holding companies in member state or union parent financial holding companies. Some elements of BRRD also apply to Union Branches, i.e., EU branches of non-EU credit institutions or significant investment firms.

Headline :

Bail-in provisions must come into effect by January 1, 2016. Member states may commence the bail-in provisions prior to this date.

Pin Title :

BENCH

Region :

EMEA

The European Commission proposed a Regulation to improve the functioning and governance of benchmarks. The proposal seeks to ensure that benchmarks produced and used in the EU are robust, reliable and not subject to manipulation. The proposed rules are currently under negotiation.

Headline :

Expected application of rule

Pin Title :

CMU

Region :

EMEA

Despite significant progress over the last fifty years, capital markets in Europe remain fragmented and typically organized along national lines. In the aftermath of the financial crisis we have seen financial market integration go backwards across the EU as banks and investors have retreated to their home markets. The European Commission hopes to develop a Capital Markets Union for all 28 EU Member States that would ensure greater diversification in the funding of the economy and reduce the cost of raising capital.

Headline :

European Commission will present its CMU Action Plan.

Pin Title :

CRA

Region :

EMEA

The original CRA Regulation on credit rating agencies entered in full application on December 7, 2010 and requires credit rating agencies to comply with rules of conduct in order to mitigate possible conflicts of interest, ensure high quality of ratings and sufficient transparency of ratings and the rating process. However recent developments particularly in the context of the euro debt crisis have shown the existing regulatory framework to be unsatisfactory. In November 2011 the European Commission put forward proposals to reinforce the regulatory framework and deal with outstanding weaknesses. This directive has already been transposed into national laws.

Headline :

The European Commission to publish a report reviewing the situation in the credit rating market, and if necessary to follow it up with appropriate legislative proposals

Pin Title :

CSDR

Region :

EMEA

CSDR introduces new rules on securities settlements and central securities depositories (CSDs) in the EU. The main objective of the Regulation is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs). It does so by providing for shorter settlement periods; deterrent settlement discipline measures; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement.

Headline :

ESMA submitted to the European Commission technical advice on the size of late settlement penalties

Pin Title :

CSDR

Region :

EMEA

CSDR introduces new rules on securities settlements and central securities depositories (CSDs) in the EU. The main objective of the Regulation is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs). It does so by providing for shorter settlement periods; deterrent settlement discipline measures; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement.

Headline :

Deadline for ESMA to submit draft Level 2 measures to the European Commission

Pin Title :

CSDR

Region :

EMEA

CSDR introduces new rules on securities settlements and central securities depositories (CSDs) in the EU. The main objective of the Regulation is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs). It does so by providing for shorter settlement periods; deterrent settlement discipline measures; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement.

Headline :

Publication in EU Official Journal of CSDR Level 2 measures, and the start of the process of authorization of CSDs under CSDR

Pin Title :

CSDR

Region :

EMEA

CSDR introduces new rules on securities settlements and central securities depositories (CSDs) in the EU. The main objective of the Regulation is to increase the safety and efficiency of securities settlement and settlement infrastructures (CSDs). It does so by providing for shorter settlement periods; deterrent settlement discipline measures; strict prudential and conduct of business rules for CSDs; strict access rights to CSD services; and increased prudential and supervisory requirements for CSDs and other institutions providing banking services ancillary to securities settlement.

Headline :

Date of application of CSDR buy-in rules and other settlement discipline requirements

Pin Title :

DOL

Region :

US

Since 1974, the Employee Retirement Income Security Act (ERISA) has provided the Department of Labor (DOL) with authority to protect America's tax-preferred retirement savings. The DOL is currently proposing a new rule to expand the circumstances under which advisors will be considered ERISA fiduciaries. The purpose of the rule, according to the DOL, is to update a five-part test that applied to fiduciary investment advice prior to the advent of 401(k)-type self-directed participant plans and IRA rollovers. The proposed rule will create a new two-part test for defining existing advice, lists two new exemptions to the rule, and would amend existing exemptions.

Headline :

Expected in 2016. Actual compliance dates are unknown until the DOL issues the final rule

Pin Title :

EMIR

Region :

EMEA

Over-the-counter (OTC) derivative markets came under closer regulatory scrutiny in the aftermath of the 2008 financial crisis. The 2009 G20 Pittsburgh Summit saw leaders commit to introducing comprehensive global regulation of OTC derivatives. In Europe those rules come under the European Market Infrastructure Regulation (EMIR), which regulates OTC derivatives, central counterparties (CCPs) and trade repositories. EMIR seeks to increase stability and oversight of OTC derivatives markets by introducing greater transparency, reducing risks associated with these products and reducing operational risk. The regulation implements the G20 commitment to have all standardized OTC derivatives cleared through a central counterparty.

Headline :

Variation requirements for non-centrally cleared trades will apply.

Pin Title :

EMIR

Region :

EMEA

Over-the-counter (OTC) derivative markets came under closer regulatory scrutiny in the aftermath of the 2008 financial crisis. The 2009 G20 Pittsburgh Summit saw leaders commit to introducing comprehensive global regulation of OTC derivatives. In Europe those rules come under the European Market Infrastructure Regulation (EMIR), which regulates OTC derivatives, central counterparties (CCPs) and trade repositories. EMIR seeks to increase stability and oversight of OTC derivatives markets by introducing greater transparency, reducing risks associated with these products and reducing operational risk. The regulation implements the G20 commitment to have all standardized OTC derivatives cleared through a central counterparty.

Headline :

Clearing obligation for OTC derivatives expected to begin.

Pin Title :

EMIR

Region :

EMEA

Over-the-counter (OTC) derivative markets came under closer regulatory scrutiny in the aftermath of the 2008 financial crisis. The 2009 G20 Pittsburgh Summit saw leaders commit to introducing comprehensive global regulation of OTC derivatives. In Europe those rules come under the European Market Infrastructure Regulation (EMIR), which regulates OTC derivatives, central counterparties (CCPs) and trade repositories. EMIR seeks to increase stability and oversight of OTC derivatives markets by introducing greater transparency, reducing risks associated with these products and reducing operational risk. The regulation implements the G20 commitment to have all standardized OTC derivatives cleared through a central counterparty.

Headline :

Initial margin requirements will be phased in between December 2015 and December 2019.

Pin Title :

EMIR

Region :

EMEA

Over-the-counter (OTC) derivative markets came under closer regulatory scrutiny in the aftermath of the 2008 financial crisis. The 2009 G20 Pittsburgh Summit saw leaders commit to introducing comprehensive global regulation of OTC derivatives. In Europe those rules come under the European Market Infrastructure Regulation (EMIR), which regulates OTC derivatives, central counterparties (CCPs) and trade repositories. EMIR seeks to increase stability and oversight of OTC derivatives markets by introducing greater transparency, reducing risks associated with these products and reducing operational risk. The regulation implements the G20 commitment to have all standardized OTC derivatives cleared through a central counterparty.

Headline :

All OTC derivative contracts entered into before or after 16 August 2012, no longer outstanding as of 12 February 2014 to be reported to a Trade Repository.

Pin Title :

EPS

Region :

US

On February 18, 2014, the Federal Reserve Board approved a final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organizations, which was required as part of the Dodd-Frank Act. The rule establishes a number of enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations to help increase the resiliency of their operations. These standards include liquidity, risk management, and capital. It also requires a foreign banking organization with a significant U.S. presence to establish an intermediate holding company over its U.S. subsidiaries, which will facilitate consistent supervision and regulation of the U.S. operations of the foreign bank.

Headline :

US: Compliance by US bank holding companies

Pin Title :

EPS

Region :

US

On February 18, 2014, the Federal Reserve Board approved a final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organizations, which was required as part of the Dodd-Frank Act. The rule establishes a number of enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations to help increase the resiliency of their operations. These standards include liquidity, risk management, and capital. It also requires a foreign banking organization with a significant U.S. presence to establish an intermediate holding company over its U.S. subsidiaries, which will facilitate consistent supervision and regulation of the U.S. operations of the foreign bank.

Headline :

US: Compliance by foreign banking organizations in the US.

Pin Title :

ELTIF

Region :

EMEA

On 26 June 2013, the European Commission issued its Proposal for a Regulation of the European Parliament and of the Council on European Long-term Investment Funds (ELTIFs), a proposed a new investment fund framework allowing investors to put money into companies and projects that need long-term capital. On 20 April 2015 the final text of the regulation on long-term investment funds (ELTIFs) was adopted by the Council.

Headline :

Application of rules

Pin Title :

GSIB

Region :

US

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, introduced a new, risk-based capital surcharge for Global Systemically Important Banks (G-SIBs) that must be met with common equity tier 1 capital. This surcharge is in addition to regulatory minimums, the capital conservation buffer, and any future total loss absorbency requirement. The Basel framework must be implemented in national jurisdictions by national regulators to be effective. In December 2014 the Federal Reserve proposed to implement the G-SIB surcharge for U.S. bank holding companies and gold-plated the Basel requirement by replacing the substitutability factor with a new indicator for short-term wholesale funding.

Headline :

25% of applicable surcharge

Pin Title :

GSIB

Region :

US

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, introduced a new, risk-based capital surcharge for Global Systemically Important Banks (G-SIBs) that must be met with common equity tier 1 capital. This surcharge is in addition to regulatory minimums, the capital conservation buffer, and any future total loss absorbency requirement. The Basel framework must be implemented in national jurisdictions by national regulators to be effective. In December 2014 the Federal Reserve proposed to implement the G-SIB surcharge for U.S. bank holding companies and gold-plated the Basel requirement by replacing the substitutability factor with a new indicator for short-term wholesale funding.

Headline :

50% of applicable surcharge

Pin Title :

GSIB

Region :

US

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, introduced a new, risk-based capital surcharge for Global Systemically Important Banks (G-SIBs) that must be met with common equity tier 1 capital. This surcharge is in addition to regulatory minimums, the capital conservation buffer, and any future total loss absorbency requirement. The Basel framework must be implemented in national jurisdictions by national regulators to be effective. In December 2014 the Federal Reserve proposed to implement the G-SIB surcharge for U.S. bank holding companies and gold-plated the Basel requirement by replacing the substitutability factor with a new indicator for short-term wholesale funding.

Headline :

75% of applicable surcharge

Pin Title :

GSIB

Region :

US

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, introduced a new, risk-based capital surcharge for Global Systemically Important Banks (G-SIBs) that must be met with common equity tier 1 capital. This surcharge is in addition to regulatory minimums, the capital conservation buffer, and any future total loss absorbency requirement. The Basel framework must be implemented in national jurisdictions by national regulators to be effective. In December 2014 the Federal Reserve proposed to implement the G-SIB surcharge for U.S. bank holding companies and gold-plated the Basel requirement by replacing the substitutability factor with a new indicator for short-term wholesale funding.

Headline :

100% of applicable surcharge.

Pin Title :

IORP II

Region :

EMEA

On March 24, 2014, the European Commission published its proposal on revision of the Institutions for Occupational Retirement Provision (IORPs). This proposal aims to facilitate the development of occupational retirement savings. It is intended that this will enhance the contribution of complementary retirement savings to retirement incomes, reinforce IORPs' role as institutional investors in the EU’s real economy and enhance the capacity of the European economy to channel long-term investment savings to growth-enhancing investment. On 28 November 2014 the Council adopted its General Approach. The file is currently being negotiated in the European Parliament.

Headline :

Expected application of rules

Pin Title :

LEL

Region :

US

The Federal Reserve originally proposed single counterparty credit limits (SCCL), required by section 165(e) of the Dodd-Frank Act, to limit the credit exposure of a covered firm to a single counterparty. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, subsequently developed its own version of the SCCL, known as the Large Exposures Framework. The BCBS finalized the Large Exposures Framework in April 2014. The Fed is expected to re-propose the SCCL in late 2015 to better align with the BCBS Large Exposures Framework.

Headline :

BCBS Large Exposure Limits Framework requires full implementation by January 1, 2019. The US has not yet proposed rules.

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

80% LCR (U.S.); 60% LCR (Basel III).

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

80% LCR (UK); 60% LCR (EU).

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

90% LCR (U.S.); 80% LCR (UK); 70% (Basel III and EU).

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

100% LCR (U.S.); 90% LCR (UK); 80 % (Basel III and EU).

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

100% LCR (UK and EU); 90% LCR (Basel III).

Pin Title :

LCR

Region :

US & EMEA

The Liquidity Coverage Ratio (LCR) is the first minimum, quantitative, regulatory liquidity requirement applied to banking organizations. The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, developed the LCR in response to concerns that a lack of liquidity contributed to and worsened the 2008 financial crisis. The LCR is intended to promote the short-term resilience of banking organizations, absorb shocks from financial and economic stress, and improve the measurement and management of liquidity risk.

Headline :

100% LCR (Basel III).

Pin Title :

MARGIN

Region :

US

Headline :

Compliance with variation margin.

Pin Title :

MARGIN

Region :

US

Headline :

Phased-in compliance with initial margin from December 1, 2015, to December 1, 2019.

Pin Title :

MiFID II

Region :

EMEA

The Markets in Financial Instruments Directive became a core pillar in the European Union (EU) financial markets regulatory system when it was implemented on November 1, 2007. The Directive's main objectives were to increase competition, improve investor protection and, combined with other Directives, help create a single market for financial services and activities in the EU. After extensive review and consultation, the MiFID II package is being introduced to make financial markets more efficient, resilient and transparent, with significant attention being paid to instruments trade Over-The-Counter (OTC). The Commission believes that the new market structure will close loopholes and ensure that trading, wherever appropriate, takes place on regulated platforms. It also introduces, for the first time, rules on high frequency trading in the EU.

Headline :

Application of rules

Pin Title :

MMF

Region :

US

On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) released a Final Rule on Money Market Fund Reform, including Amendments to Form PF. The SEC stated that the amendments are designed to address money market fundsÍ susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, their benefits. Meanwhile, in Europe a proposed regulation on money market funds is under discussion _ the proposal would place strict conditions on Stable Net Asset Value (NAV) funds as well as introduce requirements on fundsÍ diversification and transparency and a ban on sponsor support.

Headline :

US: Compliance with new Form N-CR requirements.

Pin Title :

MMF

Region :

US

On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) released a Final Rule on Money Market Fund Reform, including Amendments to Form PF. The SEC stated that the amendments are designed to address money market fundsÍ susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, their benefits. Meanwhile, in Europe a proposed regulation on money market funds is under discussion _ the proposal would place strict conditions on Stable Net Asset Value (NAV) funds as well as introduce requirements on fundsÍ diversification and transparency and a ban on sponsor support.

Headline :

US: Compliance with diversification, stress testing, disclosure, Form PF, Form N-MFP, and other clarifying amendments.

Pin Title :

MMF

Region :

US

On July 23, 2014, the U.S. Securities and Exchange Commission (SEC) released a Final Rule on Money Market Fund Reform, including Amendments to Form PF. The SEC stated that the amendments are designed to address money market fundsÍ susceptibility to heavy redemptions in times of stress, improve their ability to manage and mitigate potential contagion from such redemptions, and increase the transparency of their risks, while preserving, as much as possible, their benefits. Meanwhile, in Europe a proposed regulation on money market funds is under discussion _ the proposal would place strict conditions on Stable Net Asset Value (NAV) funds as well as introduce requirements on fundsÍ diversification and transparency and a ban on sponsor support.

Headline :

US: Compliance with floating NAV and liquidity fees and redemptions gates

Pin Title :

NSFR

Region :

US & EMEA

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, introduced a Net Stable Funding Ratio (NSFR) following the financial crisis to address funding and liquidity concerns. The NSFR requires banks to hold at least 100% available stable funding (e.g., capital and deposit liabilities) to meet required stable funding (e.g., loans and off-balance sheet exposures) over a one-year time horizon. This longer-term quantitative liquidity requirement is intended to complement the short-term, stressed Liquidity Coverage Ratio (LCR).

Headline :

BCBS expects the NSFR to be a minimum standard by January 1, 2018.

Pin Title :

OECD CRS

Region :

EMEA

On 29 October 2014, the OECD Common Reporting Standard (CRS) was endorsed by all OECD and G20 countries as well as major financial centers participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes. As of March 2015, over 50 countries, including all of the EU Member States, have committed to adopt the CRS by January 1, 2016, with information exchange to begin in 2017.

Headline :

Compliance Date

Pin Title :

PRIPS

Region :

EMEA

The Regulation on Key Information Documents for packaged retail and insurance-based investment products (PRIIPs) came into force in all EU Member States on 29 December 2014. The Regulation introduces a standardized pre-contractual disclosure document (the KID) for manufacturers and distributors of PRIIPs and applies to investment products such as investment funds, life insurance policies with an investment element and structured deposits.

Headline :

Application/Compliance

Pin Title :

SRD

Region :

EMEA

Proposed revisions to the existing EU Shareholder Rights Directive are currently under negotiation. The new rules would enhance shareholder rights and make it easier for them to be exercised. The proposal includes stronger transparency requirements for institutional investors and asset managers on their investment and engagement policies regarding the companies in which they invest. A framework to make it easier to identify shareholders, particularly in cross-border situations, will be introduced. Proxy advisors would also have to become more transparent on the methodologies they use to prepare their voting recommendations and on how they manage conflicts of interests. In addition, shareholders will be given a stronger say on executive remuneration.

Headline :

Estimated application

Pin Title :

SOL II

Region :

EMEA

The EUÍs Solvency II Directive, which comes into effect on January 1, 2016, will become the overarching framework for Insurance legislation in the EU. It seeks to introduce and strengthen capital requirements, valuation techniques, risk management and governance standards for the insurance industry. The Directive will apply to all insurance and reinsurance firms, including those in run off, with gross premium income exceeding ó5 million or gross technical provisions in excess of ó25m. The Solvency II Delegated Acts, which are needed for implementation of the rules, are yet to be adopted.

Headline :

Rules come into effect

Pin Title :

SLR

Region :

US & EMEA

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, strengthened capital requirements in 2010 in response to concerns that insufficient capital contributed to and worsened the 2008 financial crisis. This package of regulatory capital reforms, known as Basel III, included the Supplementary Leverage Ratio (SLR). The SLR is intended to be a ñbackstopî to the risk-weighted capital requirements and limit the amount of leverage that a banking organization may incur.

Headline :

Public disclosures.

Pin Title :

SLR

Region :

US & EMEA

The Basel Committee on Banking Supervision (BCBS), a global group of bank supervisors, strengthened capital requirements in 2010 in response to concerns that insufficient capital contributed to and worsened the 2008 financial crisis. This package of regulatory capital reforms, known as Basel III, included the Supplementary Leverage Ratio (SLR). The SLR is intended to be a ñbackstopî to the risk-weighted capital requirements and limit the amount of leverage that a banking organization may incur.

Headline :

Full compliance with 3% minimum and 2% enhanced SLR buffer.

Pin Title :

T2S

Region :

EMEA

The TARGET2-Securities (T2S) project is an p the Eurosystem (the European Central Bank and the national central banks of the euro area countries) to build a new Europe-wide securities settlement platform. The platform will offer services for the settlement of securities transactions against payment in central bank money in euro, as well as in some other European currencies. The launch of T2S is currently planned for June 2015.

Headline :

T2S Launch _ Migration of Wave 1 CSDs (Greece, Malta, Romania, Switzerland).

Pin Title :

T2S

Region :

EMEA

The TARGET2-Securities (T2S) project is an initiative of the Eurosystem (the European Central Bank and the national central banks of the euro area countries) to build a new Europe-wide securities settlement platform. The platform will offer services for the settlement of securities transactions against payment in central bank money in euro, as well as in some other European currencies. The launch of T2S in Italy is currently planned for August 2015.

Headline :

Migration of additional Wave 1 CSD (Italy)

Pin Title :

T2S

Region :

EMEA

The TARGET2-Securities (T2S) project is an initiative of the Eurosystem (the European Central Bank and the national central banks of the euro area countries) to build a new Europe-wide securities settlement platform. The platform will offer services for the settlement of securities transactions against payment in central bank money in euro, as well as in some other European currencies. The launch of T2S for Wave 2 CSDs is currently planned for March 2016.

Headline :

Migration of Wave 2 CSDs (Belgium, France, Netherlands, Portugal).

Pin Title :

T2S

Region :

EMEA

The TARGET2-Securities (T2S) project is an initiative of the Eurosystem (the European Central Bank and the national central banks of the euro area countries) to build a new Europe-wide securities settlement platform. The platform will offer services for the settlement of securities transactions against payment in central bank money in euro, as well as in some other European currencies. The launch of T2S for Wave 3 CSDs is currently planned for September 2016.

Headline :

Migration of Wave 3 CSDs (Austria, Denmark, Germany, Hungary, Luxembourg).

Pin Title :

T2S

Region :

EMEA

The TARGET2-Securities (T2S) project is an initiative of the Eurosystem (the European Central Bank and the national central banks of the euro area countries) to build a new Europe-wide securities settlement platform. The platform will offer services for the settlement of securities transactions against payment in central bank money in euro, as well as in some other European currencies. The launch of T2S for Wave 4 is currently planned for February 2017.

Headline :

Migration of Wave 4 CSDs (Estonia, Finland, Latvia, Lithuania, Slovenia, Slovakia, Spain).

Pin Title :

TLAC

Region :

US & EMEA

In November 2014 the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, proposed minimum total loss absorbing capacity (TLAC) standards for Global Systemically Important Banks (G-SIBs). TLAC is intended to ensure that G-SIBs have the loss absorbing and recapitalization capacity so that, in and immediately following resolution, critical functions can continue without requiring taxpayer support or threatening financial stability.

Headline :

The FSB proposes that TLAC conformance will not be before January 1, 2019, but this is not yet final. The US has not yet proposed rules.

Pin Title :

UCITS

Region :

EMEA

The Undertakings for Collective Investment in Transferable Securities Directive V (UCITS V) updates the rules on retail funds in the European Union (EU) with changes relating to the depositary function, manager remuneration and sanctions. UCITS V raises the standard of protection of retail investors to that of professional investors under the AIFMD. UCITS V applies to all UCITS funds and will become applicable in all EU Member States on March 18, 2016.The AIFMD asset segregation guidelines are expected to be influential for UCITS V asset segregation requirements.

Headline :

ESMA to issue guidelines on asset segregation under AIFMD

Pin Title :

UCITS

Region :

EMEA

The Undertakings for Collective Investment in Transferable Securities Directive V (UCITS V) updates the rules on retail funds in the European Union (EU) with changes relating to the depositary function, manager remuneration and sanctions. UCITS V raises the standard of protection of retail investors to that of professional investors under the AIFMD. UCITS V applies to all UCITS funds and will become applicable in all EU Member States on March 18, 2016.

Headline :

Application of rules

Pin Title :

VOLCKER

Region :

US

As part of the Dodd-Frank Act, Congress adopted a ban on proprietary trading and restricted investment in hedge funds and private equity by commercial banks and their affiliates, the so-called Volcker Rule. The Rule also capped bank ownership in hedge funds and private equity funds at three percent. A number of activities are exempt from the rule, including market making, hedging, securitization, and underwriting. The rules generally prohibit banking entities from: (1) engaging in short-term proprietary trading of securities, derivatives, commodity futures and options on these instruments for their own account, and (2) owning, sponsoring, or having certain relationships with hedge funds or private equity funds, referred to as ' covered funds. '

Headline :

Compliance with proprietary trading and covered funds provisions.

Pin Title :

VOLCKER

Region :

US

As part of the Dodd-Frank Act, Congress adopted a ban on proprietary trading and restricted investment in hedge funds and private equity by commercial banks and their affiliates, the so-called Volcker Rule. The Rule also capped bank ownership in hedge funds and private equity funds at three percent. A number of activities are exempt from the rule, including market making, hedging, securitization, and underwriting. The rules generally prohibit banking entities from: (1) engaging in short-term proprietary trading of securities, derivatives, commodity futures and options on these instruments for their own account, and (2) owning, sponsoring, or having certain relationships with hedge funds or private equity funds, referred to as ' covered funds. '

Headline :

Compliance with covered fund provisions for legacy covered funds

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REGULATION
    • AIFMDAlternative Investment Fund Managers Directive
    • BRRDBank Resolution and Recovery Directive
    • CASSClient Assets Sourcebook
    • CRD IVCapital Requirements Directive
    • CSDRCentral Securities Depositories Regulation
    • DOLDepartment of Labor
    • ELTIFEuropean Long-Term Investment Funds Regulation
    • EMIREuropean Market Infrastructure Regulation
    • FATCAForeign Account Tax Compliance Act
    • FTTFinancial Transaction Tax
    • IMDInsurance Mediation Directive
    • IORP IIInstitutions for Occupational Retirement Provision Directive
    • MADMarket Abuse Directive
    • MARMarket Abuse Regulation
    • MMF REFORMMoney Market Fund Reform
    • MIFID IIMarkets in Financial Instruments Directive
    • MIFIRMarkets in Financial Instruments Regulation
    • OECDOrganisation for Economics, Co-operation and Development
    • PRIPSPackaged Retail Investment Products
    • RDR IIRetail Distribution Review
    • SIFISystemically Important Financial Institution
    • SLLSecurities Law Legislation
    • SRDShareholder Rights Directive
    • T2STarget2 Securities
    • UCITS VUndertakings for Collective Investment in Transferable Securities