Geoff Cook's Presentation at Financial Times IFC Summit Hong Kong – 7th November 2013
 

Geoff Cook's Presentation at Financial Times IFC Summit Hong Kong – 7th November 2013

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The Financial Times and The Banker presented the second in their series of high-level, strategic briefings focused on International Financial Centres in Hong Kong today. Here's Geoff Cook's ...

The Financial Times and The Banker presented the second in their series of high-level, strategic briefings focused on International Financial Centres in Hong Kong today. Here's Geoff Cook's presentation

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Geoff Cook's Presentation at Financial Times IFC Summit Hong Kong – 7th November 2013 Geoff Cook's Presentation at Financial Times IFC Summit Hong Kong – 7th November 2013 Presentation Transcript

  • Geoff Cook CEO Jersey Finance
  • Financial Crisis the genesis of increased regulation
  • The Age of Instability has created a Regulatory Tsunami
  • The industry is facing an unprecedented wave of new regulations BCBS shadow banking update Global FSB Shadow Banking FSB review of GSIBs G20 Leaders Russia FSB GSIB list BCBS RWA PRIPS / IMD MEP vote Banking Union DGS proposals EC EMIR level 2 measures EU Banking Union SSM in force EC FTT proposal MAD/MA R trialogue AIFMD final text National FSB GSIBs fully in force G20 Finance Russia BCBS trading book CFTC swap in force Jan 2013 France FTT Feb EMIR in force EC Liikanen update EBA Mortgage guidelines UCITS 5 MEP vote CFTC swap in force Apr EBA CRD4 / CRR ITS consult EBA RRP RTS EMIR initial margin in force EC ESA review ESMA CSD ITS RRD trialogues EC Shadow Banking Audit reform proposals MiFID2 Council agreement US DFA mandatory clearing Mar PRIPS / IMD level 2 RRD MEP vote CRD4 MEP vote FR – Bank separation proposal EMIR reporting in force EC data protection proposals CRD4 Regulation in force AIFMD national implement ESMA MiFID2 level 2 MEP Shadow Banking vote EBA stress testing CRA RTS MiFID2 final MEP vote ESMA Short selling Banking Union fully EMIR in force Banking Union SRA in place Basel 3 liquidity in force MiFID2 in force Solvency 2 in force clearing obligation EC UCITS 6 EC LIBOR proposals FSB GSIB surcharge in force Basel 3 capital in force EBA CRD4 Home / Host ITS PRIPs in force Shadow Banking in force IMD in force CRD4 Directive DE – Bank separation proposal UK Vickers in force FCA/PRA May Jun Jul Aug Sept Oct Nov Dec 2014 2015 2016 2017 In force 2014 2018 2019 Consultation 2013 was supposed to be the year of implementation of the G20 agenda but many of the details are still be discussed – and new things keep being added…
  • Systemic Risk Crisis Management and Recovery & Resolution Planning OTC Derivatives Capital Requirements Liquidity Accounting Standards Taxes Compensation Securitisation Credit Rating Agencies Hedge Funds Short Sales Commodities
  • Is regulation tilting the competitive landscape
  • Systemic Risk Crisis Management and Recovery & Resolution Planning OTC Derivatives Capital Requirements Liquidity Accounting Standards Taxes Compensation Securitisation Credit Rating Agencies Hedge Funds Short Sales Commodities
  • Emerging Trends Beps and profit shifting International reach Exchange of information regarding client identity Replacing withholding tax with full information exchange Greater tax transparency Tax information exchange agreements (“TIEAs”) Trend towards automatic exchange of information
  • Hedge Funds
  • Hedge Funds
  • Hedge Funds Compliance is costing the industry more than USD3 billion Smaller fund managers spending USD700,000 on compliance on average Medium fund managers spending approximately USD6 million Large fund managers spending more than USD14 million. “77% of respondents think that EU managers may choose to set up offshore structures to avoid AIFMD costs” (Mutifonds survey)
  • Going where the growth is