CCP Recovery and Resolution Regulation
BMR: Council of EU text of proposed amending Regulation to address benchmark cessation risks and exempt certain third-country FX benchmarks
CSDR: Delegated Regulation on RTS on settlement discipline postponed
EMIR: European Commission adopts Delegated Regulation on rules of procedure for penalties imposed on third-country CCPs
EMIR: Implementing Decision on equivalence of US SEC regime
EMIR: European Commission adopts Delegated Regulation on procedure for penalties imposed on trade repositories
EMIR: ESMA updates Q&As
SFTR: ESMA updates Q&As on data reporting
LIBOR cessation: FCA speech
The FCA has published a speech given by Edwin Schooling Latter, FCA Director of Markets and Wholesale Policy, on being ready for life without LIBOR from the end of 2021. Highlights from the speech include:
Risk.net
Matt Smith, SteelEye
Regulatory reporting product of the year: SteelEye
SteelEye’s regulatory reporting suite consolidates, cleanses, validates and enriches all required client data in real-time and automates large parts of the transaction reporting process. Currently supporting European Market Infrastructure Regulation (Emir) and Markets in Financial Instruments Regulation (Mifir) reporting, the suite was designed and developed to reduce the complexity and cost of compliance, and enables firms to manage multiple regulations via a single platform.
Client data is cleansed, mapped and accurately indexed before it is brought into the reporting suite. SteelEye also automatically generates the required daily transaction reports, which can be scheduled for automatic submission or manually submitted to a trade repository, national competent authority or approved reporting mechanism.
The Regulations have been made to specify that the legal and supervisory framework for stock exchanges in Switzerland meet at least equivalent outcomes to the UK s corresponding regime. The Regulations will allow all investment firms, which are subject to the trading obligation set out in Article 23(1) of the retained EU law version of the Markets in Financial Instruments Regulation (UK MiFIR), to trade shares that fall within scope of the share trading obligation on Swiss trading venues that have been recognised as equivalent (that is, BX Swiss AG and SIX Swiss Exchange AG).
The Regulations were laid before Parliament on 13 January 2021 and will come into force on 3 February 2021.
Press release content from Business Wire. The AP news staff was not involved in its creation.
State Street Corporation to Redeem $500 Million of Preferred Stock in the First Quarter of 2021
January 14, 2021 GMT
BOSTON (BUSINESS WIRE) Jan 14, 2021
State Street Corporation (NYSE:STT) today announced that it will redeem $500 million, or 5,000 of its 7,500 outstanding shares, of its non-cumulative perpetual preferred stock, Series F (“Series F Preferred Stock”) (represented by depositary shares, each representing a 1/100th interest in a share of Series F preferred stock) on March 15, 2021, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends (the “Redemption Price”). As separately announced, a cash dividend of $953.38 per share of Series F Preferred Stock (or approximately $9.5338 per depositary share) has been declared for the period from December 15, 2020 up to but not including March 15, 20
Friday, January 8, 2021
On December 31, 2020, the UK’s Financial Conduct Authority (FCA) published a statement on the use of temporary transitional power (TTP) to modify the UK’s derivatives trading obligation (DTO). The TTP will be implemented on December 31, 2020 at 11:00 p.m. UK time (the Statement).
Recently, the United Kingdom implemented the G20 commitment to improve over-the-counter derivatives markets by onshoring the Markets in Financial Instruments Regulation (MiFIR) DTO under the EU Withdrawal Act. The UK DTO applies to the same classes of derivatives as the EU DTO.
The United Kingdom has agreed to a trade and cooperation agreement and the associated joint declaration on financial services regulatory cooperation, which will consider mutual equivalence between the United Kingdom and European Union. The aim is to prevent disruption for market participants and reduce costs for investors.