Weekly Roundup | European Regulation | 6th February 2014
Patience is A Virtue
Last week's announcement of the political agreement on MiFID II felt like the Gordian knot had been cut. Regulation Matters: Patience is A Virtue.
Do Not Pass Go, Do Not Collect £200
It's full steam ahead for the review of the Market Abuse Directive. Regulation Matters: Do Not Pass Go, Do Not Collect £200.
Derivatives May Escape Transaction Tax in Euro Zone – Doc
Some financial derivatives may have to be ditched from plans to tax financial transactions in 11 euro zone countries to avoid harming sovereign debt markets, documents showed.
- Reuters: Derivatives May Escape Transaction Tax in Euro Zone
Regulatory Reform: FTT – Govts. Realise Possibility of Bullet in Foot.
UK and EC Clash Over Forex Reporting Exemption
The FCA and EC diverge over whether certain forex derivatives are subject to mandatory reporting. Risk: UK and EC Clash Over Forex Reporting Exemption.
Feedback to ESMA on the Mandatory Clearing Obligation
Some time between now and the middle of next year a mandate to clear will come into force, but until then ESMA have been undertaking considerable consultation with market participants. The OTC Space: Feedback to ESMA on the Mandatory Clearing Obligation.
Liikanen Out of the Blocks
On 29 January 2014, the EU Commission published a legislative proposal and accompanying press release regarding a regulation on structural reform of the EU banking sector. Recognising that the Bank Recovery and Resolution Directive will be unable to address the issue of “too-big-to-fail” in its entirety, and in furtherance of the political agenda to “refocus…banks on their core relationship-oriented role of serving the real economy”, the regulation was hailed by Michel Barnier, Commissioner for internal market and services, as “the final cogs in the wheel to complete the regulatory overhaul of the European banking system”. Regulatory Reform: Liikanen Out of the Blocks.