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February 17, 2014

Weekly Roundup | European Regulation | 17 February 2014

Let Weak Banks Die, Says Eurozone Super-Regulator

The eurozone's new chief banking regulator has warned that some of the region's lenders have no future and should be allowed to die, heralding a far tougher approach to the supervision across the currency bloc. FT: Let Weak Banks Die, Says Eurozone Super-Regulator.

 

Emir Reporting Deadline Causes Alarm Among Commodity Traders

Commodity derivatives end-users hit hard by Emir reporting rules, say industry sources, especially smaller firms.

 

ESMA Asks Commission to Clarify Derivative Definition under MiFID/ EMIR

The European Securities and Markets Authority (ESMA) has today sent a letter to the European Commission  asking them to clarify the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR). ESMA Press Release: ESMA Asks Commission to Clarify Derivative Definition under MiFID/ EMIR.

 

Esma Calls for EC to Overrule UK on Forex Reporting

The European Securities and Markets Authority (Esma) is calling for the European Commission (EC) to close a loophole in the continent's days-old derivatives reporting regime, by imposing on member states a single definition of what counts as a derivative. Risk: Esma Calls for EC to Overrule UK on Forex Reporting.

 

FCA Publishes EMIR Factsheets

On 10 February 2014, the Financial Conduct Authority (FCA) published two factsheets relating to EMIR. Regulatory Reform: FCA Publishes EMIR Factsheets.

 

Integration, Integration, Integration

Lee Werrell, Managing Director of CEI Compliance Ltd, says this year will bring challenges of integration to the FCA. Not least, in the wider international context. IFA Magazine: Integration, Integration, Integration.

 

EU Commission Approves EMIR RTS on “Direct, Substantial and Foreseeable Effect”

On 13 February 2014, the EU Commission confirmed that it had adopted, without modification, a regulatory technical standard (RTS) specifying the contracts that are considered to have a direct, substantial and foreseeable effect within the EU, or to prevent the evasion of rules and obligations.

 

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