Euro shorts 26.06.15 including cameron introduces reform agenda at eu summit ...Cummings
Cameron formally introduced the UK's reform agenda to renegotiate its EU membership at a summit, though EU leaders focused on Greece and migration. The Financial Transaction Tax talks may reach agreement soon on which trades to tax and how much revenue to raise. The EU approved a directive requiring central registers of beneficial owners of corporate entities. There will be a delay in technical standards under the securities regulation due to additional review, but the process may still meet deadlines. The risk dashboard was updated to identify systemic risks in the EU financial system. The Cayman Islands was blacklisted as a tax haven by the EU despite exchange agreements with most member states. Greece and the EU failed to resolve differences over Greece's financial reforms ahead of an IMF
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
This document summarizes what an appointed representative (AR) is, the requirements to become an AR, and the roles and responsibilities of an AR and its principal. An AR is authorized to conduct regulated activities, such as advising on and arranging investments, under the authorization of its principal. Key requirements for an AR include entering into a contract with its principal that meets regulatory standards and having its activities overseen and regulated by the principal. The principal is responsible for supervising the AR and ensuring it complies with all relevant rules.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 26.06.15 including cameron introduces reform agenda at eu summit ...Cummings
Cameron formally introduced the UK's reform agenda to renegotiate its EU membership at a summit, though EU leaders focused on Greece and migration. The Financial Transaction Tax talks may reach agreement soon on which trades to tax and how much revenue to raise. The EU approved a directive requiring central registers of beneficial owners of corporate entities. There will be a delay in technical standards under the securities regulation due to additional review, but the process may still meet deadlines. The risk dashboard was updated to identify systemic risks in the EU financial system. The Cayman Islands was blacklisted as a tax haven by the EU despite exchange agreements with most member states. Greece and the EU failed to resolve differences over Greece's financial reforms ahead of an IMF
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
This document summarizes what an appointed representative (AR) is, the requirements to become an AR, and the roles and responsibilities of an AR and its principal. An AR is authorized to conduct regulated activities, such as advising on and arranging investments, under the authorization of its principal. Key requirements for an AR include entering into a contract with its principal that meets regulatory standards and having its activities overseen and regulated by the principal. The principal is responsible for supervising the AR and ensuring it complies with all relevant rules.
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
The European Parliament has published a briefing on the potential impact of Brexit on the UK and EU financial services industry. The European Parliament President has written to the European Council President to express concerns about the European Parliament's secondary role in Brexit negotiations. The European Commission has published an overview of Level 2 measures relating to various EU financial services legislation.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
The document provides a summary of recent developments in the European financial services industry. It discusses consultations and reports from ESMA on indirect clearing under EMIR and MiFIR, responses to draft implementing technical standards under MiFID II, an FSB review and progress report on OTC derivatives reforms, an extension of the senior managers regime to incoming EEA branches, progress on an SFT Regulation, divergence between US and EU rules on swaps, and revised Hedge Fund Standards. It also includes a guest section on locum CF30 services for investment managers experiencing headcount shortfalls.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 31.07.15 including AIFMD EMIR publishes passporting opinion and C...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes recent reports and decisions from organizations such as ESMA, the Cayman Islands government, the FCA, the BIS, ACER, and the IMF regarding several topics:
(1) ESMA published advice on extending the AIFMD passport to certain non-EEA countries but not the US.
(2) The Cayman Islands drafted bills to allow managers to opt into AIFMD reporting requirements.
(3) The FCA published guidance to help firms accurately report data under AIFMD Annex IV.
(4) Progress is being made on implementing OTC derivatives reforms but challenges remain regarding
Legal shorts 31.07.15 including AIFMD annex iv reporting AIFMD and UCITS V re...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry from the law firm Cummings Law. It summarizes updates from the FCA on AIFMD reporting requirements, ESMA guidelines on remuneration policies under AIFMD and UCITS V, and new FCA forms for the senior managers regime. It also briefly outlines reports from other organizations on topics like OTC derivatives reforms, the FX working group code of conduct, and proposed changes to UK limited partnerships for private equity investments.
Euro shorts 24.07.15 including AIFMD EMIR delay on passporting opinion and AI...Cummings
ESMA has announced a delay in publishing its opinion and advice relating to passporting under the AIFMD until the week of July 28, 2015. ESMA is also consulting on guidelines for sound remuneration policies under the AIFMD and UCITS V, with comments due by October 23, 2015. Additionally, ESMA has published updated Q&As on the application of the AIFMD and responses to its consultations on guidelines under MiFID II and draft RTS on clearing obligations under EMIR.
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry. It discusses the Bank of England's response to a consultation on CCP interoperability under EMIR, the EBA's response on an EMIR risk mitigation consultation, and the ESRB's response on an ESMA clearing obligation consultation. It also summarizes speeches by the FCA on the FEMR review and dealing commission, and notes the FCA's update to its enforcement referral criteria. Other topics covered include the EU Parliament's resolution on capital markets union, the introduction of a UK Financial List for complex disputes, concerns about REMIT and MiFID II/MAR reporting, and tax highlights from the UK's recent budget
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
The document provides a summary of recent developments in the European financial services industry:
- The Bank of England published its approach to assessing interoperability arrangements between EU central counterparties.
- The European Banking Authority published responses to its consultation on risk mitigation techniques for over-the-counter derivatives.
- The European Systemic Risk Board supported the European Securities and Markets Authority's proposals to expand the clearing obligation for certain interest rate derivatives.
- The document also summarizes various speeches and updates from regulators like the Financial Conduct Authority on topics like the Fair and Effective Markets Review and enforcement criteria.
Euro shorts 10.07.15 including UK Budget and MiFID II - complex debt instrume...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes key measures from the UK Budget, including consultations on partnership legislation and carried interest taxation. It also outlines publications from ESMA on MiFID II guidelines, and the EBA's advice on a framework for qualifying securitizations. Additional updates cover FSB progress on benchmark reform, an IOSCO/CPMI assessment of financial market infrastructure principles, negotiations on an EU financial transaction tax, and reforms to UK non-domicile tax status and inheritance tax rules.
Euro shorts 03.07.15 including legal and regulatory update webinar and aifmd ...Cummings
This document provides a summary of recent financial services industry developments in Europe. It discusses regulatory updates from ESMA on MiFID II, AML/CTF rules for crowdfunding, and extending EMIR interoperability provisions to exchange-traded derivatives. It also mentions an upcoming webinar on legal and regulatory topics impacting asset management and consultations from IOSCO on investment fund fees and from FATF on risks from virtual currencies and gold. Finally, it provides brief updates on ESMA supporting a Greek short selling ban and an upcoming Greek referendum on creditor bailout proposals.
Euro shorts 19.06.15 including mi fid ii and esma launches new strategyCummings
ESMA has published a statement on implementing measures under MiFID II focusing on non-equity transparency, position limits, and ancillary activity tests. ESMA also launched a new 2015-2020 strategy focusing on investor protection, orderly markets, and financial stability through risk assessment, supervisory convergence, direct supervision, and completing the EU financial rulebook. Additionally, ISDA published an EMIR frontloading amendment agreement allowing parties to amend master agreements to incorporate a new termination event for frontloading, and the EU called an emergency eurozone summit for next week to discuss Greece's debt talks after they ended without a deal.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
Euro shorts 12.06.15 including mansion house speech 2015 and BOE Carney targe...Cummings
The document provides a summary of recent developments in the financial services industry in Europe. It discusses George Osborne's speech on the UK's renegotiation of EU membership and the sale of shares in the Royal Bank of Scotland. It also mentions Mark Carney calling for longer prison sentences for bankers who break the law. Finally, it summarizes other regulatory developments and reports from the European Commission, Bank of England, and IMF regarding Greece's bailout talks.
Legal shorts 12.06.15 including ESMA speech on MiFID II and EMIR and commissi...Cummings
The document provides a summary of recent legal and regulatory developments in the financial services industry from Cummings Law. It discusses speeches and reports from ESMA on MiFID II, EMIR and risk mitigation techniques. It also mentions the European Commission extending the transitional period for capital requirements and responses to consultations on the capital markets union. Finally, it briefly outlines appointments at the FCA and upcoming publications from the European Parliament and IOSCO.
Legal shorts 05.06.15 including ESMA update on EMIR reporting and Jonathan Hi...Cummings
This weekly briefing from Cummings Law provides the following updates:
1) ESMA has improved the quality and harmonization of derivative transaction data reported to trade repositories.
2) Jonathan Hill discussed progress on EMIR implementation including upcoming clearing rules and margin requirements.
3) The FCA welcomed the EU's capital markets union initiative and outlined priorities to enhance investor protection and supply.
Legal Shorts 15.05.14 including ESMA consulting on clearing obligation under ...Cummings
ESMA has published consultations on expanding clearing obligations for certain interest rate derivatives and updating its Q&As on AIFMD. ESMA and the European Commission have agreed to an early legal review process for draft technical standards. As a result, ESMA's deadline for submitting MiFID II draft RTS has been extended by 3 months. Steven Maijoor of ESMA commented on priorities and challenges for establishing a capital markets union in a recent speech. The Bank of England also responded to the European Commission's green paper on capital markets union.
Legal Shorts 08.05.15 including ESMA clarifies commodity derivatives definiti...Cummings
This document provides summaries of recent legal and regulatory developments in the financial services industry from the past week:
1) ESMA published final guidelines clarifying the definitions of commodity derivatives and their classification under MiFID to provide consistent application until MiFID II is implemented in 2017.
2) The FCA published a one minute guide and webinar on the Market Abuse Regulation, which will replace the existing Market Abuse Directive in July 2016.
3) A report from the European Supervisory Authorities identified ongoing risks to the EU financial system from low growth, conduct issues, and IT/cyber risks, but noted regulatory reforms and initiatives are improving stability.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
The document provides a summary of recent developments in the European financial services industry. It discusses consultations and reports from ESMA on indirect clearing under EMIR and MiFIR, responses to draft implementing technical standards under MiFID II, an FSB review and progress report on OTC derivatives reforms, an extension of the senior managers regime to incoming EEA branches, progress on an SFT Regulation, divergence between US and EU rules on swaps, and revised Hedge Fund Standards. It also includes a guest section on locum CF30 services for investment managers experiencing headcount shortfalls.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 31.07.15 including AIFMD EMIR publishes passporting opinion and C...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes recent reports and decisions from organizations such as ESMA, the Cayman Islands government, the FCA, the BIS, ACER, and the IMF regarding several topics:
(1) ESMA published advice on extending the AIFMD passport to certain non-EEA countries but not the US.
(2) The Cayman Islands drafted bills to allow managers to opt into AIFMD reporting requirements.
(3) The FCA published guidance to help firms accurately report data under AIFMD Annex IV.
(4) Progress is being made on implementing OTC derivatives reforms but challenges remain regarding
Legal shorts 31.07.15 including AIFMD annex iv reporting AIFMD and UCITS V re...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry from the law firm Cummings Law. It summarizes updates from the FCA on AIFMD reporting requirements, ESMA guidelines on remuneration policies under AIFMD and UCITS V, and new FCA forms for the senior managers regime. It also briefly outlines reports from other organizations on topics like OTC derivatives reforms, the FX working group code of conduct, and proposed changes to UK limited partnerships for private equity investments.
Euro shorts 24.07.15 including AIFMD EMIR delay on passporting opinion and AI...Cummings
ESMA has announced a delay in publishing its opinion and advice relating to passporting under the AIFMD until the week of July 28, 2015. ESMA is also consulting on guidelines for sound remuneration policies under the AIFMD and UCITS V, with comments due by October 23, 2015. Additionally, ESMA has published updated Q&As on the application of the AIFMD and responses to its consultations on guidelines under MiFID II and draft RTS on clearing obligations under EMIR.
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
This document provides a summary of recent legal and regulatory developments in the UK financial services industry. It discusses the Bank of England's response to a consultation on CCP interoperability under EMIR, the EBA's response on an EMIR risk mitigation consultation, and the ESRB's response on an ESMA clearing obligation consultation. It also summarizes speeches by the FCA on the FEMR review and dealing commission, and notes the FCA's update to its enforcement referral criteria. Other topics covered include the EU Parliament's resolution on capital markets union, the introduction of a UK Financial List for complex disputes, concerns about REMIT and MiFID II/MAR reporting, and tax highlights from the UK's recent budget
Euro shorts 17.07.15 including EMIR: Bank of England response on CCP interope...Cummings
The document provides a summary of recent developments in the European financial services industry:
- The Bank of England published its approach to assessing interoperability arrangements between EU central counterparties.
- The European Banking Authority published responses to its consultation on risk mitigation techniques for over-the-counter derivatives.
- The European Systemic Risk Board supported the European Securities and Markets Authority's proposals to expand the clearing obligation for certain interest rate derivatives.
- The document also summarizes various speeches and updates from regulators like the Financial Conduct Authority on topics like the Fair and Effective Markets Review and enforcement criteria.
Euro shorts 10.07.15 including UK Budget and MiFID II - complex debt instrume...Cummings
The document provides a weekly briefing on financial services developments in Europe. It summarizes key measures from the UK Budget, including consultations on partnership legislation and carried interest taxation. It also outlines publications from ESMA on MiFID II guidelines, and the EBA's advice on a framework for qualifying securitizations. Additional updates cover FSB progress on benchmark reform, an IOSCO/CPMI assessment of financial market infrastructure principles, negotiations on an EU financial transaction tax, and reforms to UK non-domicile tax status and inheritance tax rules.
Euro shorts 03.07.15 including legal and regulatory update webinar and aifmd ...Cummings
This document provides a summary of recent financial services industry developments in Europe. It discusses regulatory updates from ESMA on MiFID II, AML/CTF rules for crowdfunding, and extending EMIR interoperability provisions to exchange-traded derivatives. It also mentions an upcoming webinar on legal and regulatory topics impacting asset management and consultations from IOSCO on investment fund fees and from FATF on risks from virtual currencies and gold. Finally, it provides brief updates on ESMA supporting a Greek short selling ban and an upcoming Greek referendum on creditor bailout proposals.
Euro shorts 19.06.15 including mi fid ii and esma launches new strategyCummings
ESMA has published a statement on implementing measures under MiFID II focusing on non-equity transparency, position limits, and ancillary activity tests. ESMA also launched a new 2015-2020 strategy focusing on investor protection, orderly markets, and financial stability through risk assessment, supervisory convergence, direct supervision, and completing the EU financial rulebook. Additionally, ISDA published an EMIR frontloading amendment agreement allowing parties to amend master agreements to incorporate a new termination event for frontloading, and the EU called an emergency eurozone summit for next week to discuss Greece's debt talks after they ended without a deal.
Legal shorts 19.06.15 including MiFID II and ESMA launches new strategyCummings
The document provides a weekly legal briefing on developments in the financial services industry from Cummings Law. It summarizes recent statements, reports and consultations from various regulatory bodies including ESMA, IOSCO, the European Commission, the FCA and the EBA on topics such as MiFID II implementation, ESMA's new strategy, EMIR frontloading rules, the Capital Markets Union, FCA's Project Innovate, equivalence of third country GAAP standards, and responses to consultations on remuneration guidelines and securities financing transactions. Readers are invited to contact the firm to discuss any of the points raised.
Euro shorts 12.06.15 including mansion house speech 2015 and BOE Carney targe...Cummings
The document provides a summary of recent developments in the financial services industry in Europe. It discusses George Osborne's speech on the UK's renegotiation of EU membership and the sale of shares in the Royal Bank of Scotland. It also mentions Mark Carney calling for longer prison sentences for bankers who break the law. Finally, it summarizes other regulatory developments and reports from the European Commission, Bank of England, and IMF regarding Greece's bailout talks.
Legal shorts 12.06.15 including ESMA speech on MiFID II and EMIR and commissi...Cummings
The document provides a summary of recent legal and regulatory developments in the financial services industry from Cummings Law. It discusses speeches and reports from ESMA on MiFID II, EMIR and risk mitigation techniques. It also mentions the European Commission extending the transitional period for capital requirements and responses to consultations on the capital markets union. Finally, it briefly outlines appointments at the FCA and upcoming publications from the European Parliament and IOSCO.
Legal shorts 05.06.15 including ESMA update on EMIR reporting and Jonathan Hi...Cummings
This weekly briefing from Cummings Law provides the following updates:
1) ESMA has improved the quality and harmonization of derivative transaction data reported to trade repositories.
2) Jonathan Hill discussed progress on EMIR implementation including upcoming clearing rules and margin requirements.
3) The FCA welcomed the EU's capital markets union initiative and outlined priorities to enhance investor protection and supply.
Legal Shorts 15.05.14 including ESMA consulting on clearing obligation under ...Cummings
ESMA has published consultations on expanding clearing obligations for certain interest rate derivatives and updating its Q&As on AIFMD. ESMA and the European Commission have agreed to an early legal review process for draft technical standards. As a result, ESMA's deadline for submitting MiFID II draft RTS has been extended by 3 months. Steven Maijoor of ESMA commented on priorities and challenges for establishing a capital markets union in a recent speech. The Bank of England also responded to the European Commission's green paper on capital markets union.
Legal Shorts 08.05.15 including ESMA clarifies commodity derivatives definiti...Cummings
This document provides summaries of recent legal and regulatory developments in the financial services industry from the past week:
1) ESMA published final guidelines clarifying the definitions of commodity derivatives and their classification under MiFID to provide consistent application until MiFID II is implemented in 2017.
2) The FCA published a one minute guide and webinar on the Market Abuse Regulation, which will replace the existing Market Abuse Directive in July 2016.
3) A report from the European Supervisory Authorities identified ongoing risks to the EU financial system from low growth, conduct issues, and IT/cyber risks, but noted regulatory reforms and initiatives are improving stability.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Budgeting as a Control Tool in Government Accounting in Nigeria
Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
How to Identify the Best Crypto to Buy Now in 2024.pdfKezex (KZX)
To identify the best crypto to buy in 2024, analyze market trends, assess the project's fundamentals, review the development team and community, monitor adoption rates, and evaluate risk tolerance. Stay updated with news, regulatory changes, and expert opinions to make informed decisions.
Euro shorts 17.01.14 including Eurex plans penalties and ISDA cancels Euro Libor interest rate
1. Welcome to Euro Shorts, a short briefing on some of the week’s developments in
the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or
one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
UK to form free trade zone within the EU?
The Chancellor has said that Britain should try to form a free trade zone
within the EU to speed up completion of the single market. Mr Osborne
expressed frustration at the slow pace of EU reform and suggested that the
principles of enhanced cooperation be used i.e. like-minded EU Member
States should be able to create a free trade agreement in the same way as 11
Member States have signed up for the proposed financial transaction tax.
AIFMD: FCA update on application process
The FCA has published information about the application process on its
AIFMD webpage. The new section explains that when a prospective AIFM
applies to the FCA for authorisation or a VoP, a "triage team" will decide
whether that application contains enough information to be assigned to a
case officer. The FCA carries out this analysis as quickly as possible, but it
is expecting to receive a high volume of AIFM applications in January 2014,
so the assessment could take longer than expected. If an application is
deemed to be incomplete, the FCA will notify the firm and ask the firm to
send the necessary information. The statutory timeframe for determinations
will only start once an application is complete.
2. MiFID II
The European Parliament has published a press release announcing that
informal political agreement in trialogue has been reached on the proposed
MiFID II Directive and the proposed Markets in Financial Instruments
Regulation (MiFIR). The press release highlights the agreements reached on
the following issues: market structure, investor protection, commodities (in
particular, the power of competent authorities to limit the size of a net
position that a person may hold in commodity derivatives), high-frequency
algorithmic trading in financial instruments and the use of an "EU passport"
by third countries whose rules are equivalent to those of MiFID II. The EU
plans to implement MiFID II by the end of 2016.
Eurex plans penalties
Deutsche Borse’s Eurex derivatives market is planning to impose financial
penalties on certain high-speed trading practices, amidst German and EU
attempts to curb computerised transactions. Eurex has said that it will start
charging those that submit an unusually high number of orders in relation to
closed transactions, which places a burden on the infrastructure of exchanges
and brokerages. It is believed that the plans are targeting high-speed traders
flooding the market with bids and offers in an attempt to find
counterparties. Eurex will also penalise those firms that exceed a daily
maximum of transactions. Germany is moving to implement stricter rules on
high-frequency trading ahead of EU rules that will also step up oversight.
ISDA cancels Euro Libor interest rate
ISDA has cancelled the ISDAfix Euro Libor rate, as Citigroup has decided to
stop submitting data for setting the benchmark. Without Citigroup, there are
not enough contributors and, as participation is voluntary, ISDA has been
forced to suspend the rate. The cancellation comes amid ongoing
investigations into the manipulation of benchmarks worldwide. Regulators
are concentrating on rates that are based on self-reported data by banks,
rather than being automatically calculated from actual trades. Some of
ISDA’s own bank-reported ISDAfix rates are also under investigation for
potential manipulation.
3. Capital Requirements Regulation: own funds
Further to the implementing Regulation relating to the disclosure of own
funds requirements under the Capital Requirements Regulation (CRR)
adopted by the European Commission last week, draft RTS have been set out
in a cover note published this week. The RTS cover a number of areas,
including: common equity tier 1 capital, additional tier 1 capital, deductions
from common equity tier 1 capital and from own funds in general,
transitional grandfathering provisions for own funds and specification of the
concept of gain on sale. The EBA published a final draft version of these
RTS in July 2013.
EMIR reporting deadline
According to reports, industry participants trading in the EU are struggling
to meet the EMIR reporting deadline due to the huge operational challenges
and a squeezed timetable for compliance. Operators of trade repositories to
which the deals will be reported say that many market participants have yet
to begin testing their systems, although there has been a surge in applications
for LEIs. It is believed that corporates and non-financial entities are less
likely to be ready than those financial firms representing the largest share of
trade reporting volumes.
Basel III proposals endorsed
The BIS has announced that the Basel Committee on Banking Supervision
(BCBS) has endorsed a number of Basel III proposals. These proposals
relate to completion of post-crisis regulatory reforms and include: (i) a
common definition of the leverage ratio; (ii) changes to the net stable
funding ratio (NSFR); (iii) minimum requirements for liquidity-related
disclosures; and (iv) the strategic priorities of the BCBS for the next two
years. A common definition of the leverage ratio has been formulated to
overcome differences in national accounting frameworks which had
prevented ready comparison and the ratio has been adjusted following
warnings that the rule could penalise low-risk financial activities and curtail
lending. The LCR-related disclosure requirements are intended to improve
the transparency of regulatory liquidity requirements and enhance market
discipline; the liquidity rules was also modified to make it easier to count a
certain type of central bank loan against regulatory standards.
4. First Renminbi ETF listed on LSE
A new qualified fund has been launched on the London Stock Exchange
enabling investors to invest directly in the Chinese equity markets in
Renminbi (RNB). CSOP Asset Management, a Chinese firm based in Hong
Kong, and Source, a UK firm based in London, are launching the fund,
which will be the first RNB qualified foreign institutional investor (RQFII)
exchange traded fund (ETF) listed in London. The Hong Kong and UK
RQFII schemes permit financial institutions to use offshore RNB to invest in
the Chinese mainland equity markets (that is, investments in shares, bonds
and money market instruments). This development follows steps taken by
the Chinese and UK governments to develop the offshore RNB market in
London. The fund will be available to retail and institutional investors across
the EU.
Benchmark Regulation
The ECB has published an opinion on the EC’s proposed Benchmark
Regulation in response to requests to do so from the EU and European
Parliament. ECB expresses its support for the proposed Regulation, but
states that, despite progress in strengthening the governance process and
restoring credibility, further steps need to be taken. The ECB also strongly
encourages market participants to be actively involved in the rate design
process to ensure that the resulting rate meets the market's needs. Amongst
others, specific observations on the legislative proposal cover the following
areas: scope of the proposed Regulation, the definition of "interbank interest
rate benchmark”, sectoral requirements, critical benchmarks and mandatory
contribution, supervisory co-operation and use of benchmarks provided by
third country administrators. The ECB's detailed drafting proposals are set
out in an Annex to the opinion.
Cummings
Tel: + 44 20 7585 1406