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  • CFTC Extends Public Comment Period For Proposed Rules Pertaining To Cross-Border Clearing

    Date 13/09/2019

    The U.S. Commodity Futures Trading Commission announced today that it is extending to November 18 the comment period for the proposal for an alternative compliance framework for derivatives clearing organizations (DCOs) organized outside of the United States that do not pose substantial risk to the U.S. financial system. Under the proposal, these DCOs would be able to register with the CFTC yet comply with the core principles applicable to DCOs in the Commodity Exchange Act through compliance with their home country regulatory regime, subject to certain conditions and limitations. The original comment period for the proposed rule was to expire on September 17.

  • New Rules On Strong Customer Authentication - Finansinspektionen Is Publishing A Q&A On New Rules That Will Go Into Effect On 14 September - Information To Firms Under Supervision | Information To Consumers

    Date 13/09/2019

    Information to firms under supervision

    What are the new rules that will be introduced?

    On 14 September 2019, new rules on strong customer authentication will be introduced within the EU. In brief, the rules require authentication through secure methods when payers access their payment account online, initiate an electronic payment transaction, or carry out any type of payment account action through a remote channel which may imply a risk of payment fraud or other abuses.


  • Borsa Istanbul: TLREF Turkish Lira Overnight Reference Rate Rules Have Been Updated

    Date 13/09/2019

    TLREF Rules are reviewed and updated by the TLREF Committee in order to:

    • calculate TLREF, with the available data, at 15:30 and announce via BISTECH Data Dissemination System at 15:50 and via Borsa Istanbul’s website after 16:00, on trading days,
    • define the rules to calculate TLREF in case of Insufficiency of Input Data,
    • include the Istanbul Clearing, Settlement and Custody Bank Inc. among the institutions represented in the TLREF Committee.

  • Joint Statement Of The CFTC And The European Commission Following Meeting On Cross-Border Derivatives Regulatory Issues

    Date 13/09/2019

    The following statement is released following a meeting between Heath Tarbert, Chairman, U.S. Commodity Futures Trading Commission and John Berrigan, Deputy Director General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission held in Washington, DC on September 5, 2019:

    The CFTC and European Commission reaffirm their mutual commitment to transatlantic cooperation among regulators.  Consistent with internationally agreed principles, dialogue, collaboration, and reciprocal deference among supervisors enables the effective implementation of the G20 reforms to derivatives markets.  Collectively, such coordination facilitates open, transparent, competitive, and financially sound markets.  It also strengthens domestic and global economies and promotes local and global financial stability, while its absence can produce undesirable consequences.

  • Fintech Firms Prepare: EU Increases Regulation To Tackle Financial Crime With Introduction Of 5th Anti-Money Laundering Directive - LexisNexis Risk Solutions Publishes New Guide To Help Educate Firms On Changes To Be Introduced As Part Of 5MLD

    Date 13/09/2019

    LexisNexis® Risk Solutions, the global analytics provider, today recognises that many firms will struggle to implement the new requirements of the upcoming 5th Anti-Money Laundering Directive (5MLD) coming into force on 10th January 2020. Prompted by recent events including the Panama Papers leaks, increased money laundering risks of cryptocurrencies and significant changes to the nature and frequency of terrorist attacks, the EU is cracking down on money laundering and terrorist financing with new legislation. UK Government recently consulted with industry on the introduction of 5MLD, but has yet to issue a response. However, business leaders should not wait, and must ensure that they are taking the necessary steps to prepare for the impending regulation ahead of the January deadline, or risk facing penalties for regulatory breaches in 2020 and beyond.