Guernsey is aiming to take a leading role in drafting new laws to offer certainty in the use of ‘Electronic Agents’ in transactions and contract matters, and to create a smart, secure environment for the exploitation of technology for specialist financial services.
Legal & Regulation
ABN AMRO, Banco Santander, Bank of America Merrill Lynch, Barclays, Goldman Sachs, ING and three other financial institutions have joined IHS Markit’s technology design team for Securities Financing Transaction Regulation (SFTR) reporting.
The Depository Trust & Clearing Corporation (DTCC) has received regulatory approval from the Swiss Financial Market Supervisory Authority to provide trade reporting services in Switzerland via DTCC’s Global Trade Repository service (GTR) in Europe.
The Commission de Surveillance du Secteur Financier (CSSF), the financial regulator of Luxembourg, has granted a non-objection to the expansion of Wells Fargo Asset Management Luxembourg’s (WFAML’s) existing license.
The CMA has announced a range of reforms to the investment consultancy and fiduciary management sector after finding competition problems.
TISA, the investments and savings membership alliance, has achieved ISO accreditation for the open standards underpinning the downstream and upstream reporting of Costs & Charges and Target Market Data in its MiFID II solution.
The States of Guernsey’s Committee for Economic Development and finance sector promotional agency Guernsey Finance have published a Policy Framework to support the growth of the island’s finance sector.
The Dutch Authority for Financial Markets (AFM) has granted S&P DJI Netherlands (S&P DJI BV) authorisation as a regulated Dutch benchmark administrator, under the EU benchmark regulation.
By Andrew Millar & Gerrard Finnegan, Estera – While New Year is generally a time of celebration, recent history has shown that it can also ring in a regulatory deadline or two. As the world welcomed in 2018, Europe saw the Markets in Financial Instruments Directive (MiFID II) come into force. And later this year, it’s the turn of the Cayman Islands, with a final deadline for the revised Proceeds of Crime Law landing on 31 December.
The Swiss Federal Council has adopted an ordinance that introduces a new "recognition regime" for foreign trading venues which trade Swiss shares.