FATCA – 6 basic concepts you need to know

By Stanley Epstein, Eureka Financial The United Sates’ Foreign Account Tax Compliance Act (FATCA) was written into law in March 2010 and became operative on 1 July 2014. The objective of the legislation was to ensure that United States taxpayers with foreign bank accounts and certain types of offshore (that is non-US) assets complied with […]

Here comes the MiFID II

By Stanley Epstein, Eureka Financial The original Markets in Financial Instruments Directive (MiFID) came into force in November 2007. MiFID brought competition to the trading procedures in the European Union. Under MiFID investment firms could operate throughout the EU on the basis of the ‘authority’ of their home EU Member State. MiFID also introduces a […]

New enhanced solution for FATCA by Thomson Reuters

By: Market Watch  Thomson Reuters announced today enhancements to its Foreign Account Tax Compliance Act (FATCA) Grandfathered Obligations (GO) solution to include material modifications flags. The new material modifications feature will help financial institutions, including custodian banks, better determine the FATCA eligibility of financial instruments when and if an underlying debt modification occurs and changes […]

OTC Derivatives Market Update

Derivatives move into the shadows According to FT shadow financial institutions are taking advantage of a wave of new derivatives regulation imposed on the banks. This has resulted in a substantial portion of the derivative market moving away from the mainstream banks and towards the shadow financial institutions. Hedge funds and smaller banks are now trading more […]

Strengthening AML regulations across the world

Money Laundering laws strengthened in Bahrain Money Laundering regulations in Bahrain have been strengthened following the signing of a Royal Decree by Sheikh Hamad bin Isa Al Khalifa.  In an amendment to the Money Laundering and Counter Terrorism regulations, security services have been given extended powers to co-ordinate with other countries in cracking down on […]

Proposals for regulations in shadow banking and new standards for multi-listed securities

FSB proposals on shadow banking The Financial Stability Board (FSB) has published proposals to strengthen the oversight and regulation of shadow banking.  The proposals follow on from the 2011 G20 summit in Cannes at which the G20 leaders agreed to take steps to mitigate the risks posed by “that part of the financial system that […]

New Repo tool by FED to affect the short-term lending markets

By FT.com Policy makers were briefed by Simon Potter, head of the markets group at the New York Fed, about establishing a “fixed-rate, full-allotment overnight reverse repo” facility. This would operate alongside the Fed’s existing reverse repo facility that is designed to drain the vast amounts of excess reserves from the financial system when official overnight rates […]

AML in the News

BaFin is checking Deutsche Bank AML controls According to Reuters, the German regulator, BaFin, is looking into whether Deutsche Bank needs to tighten up its Anti Money Laundering (AML) controls.  The regulator is apparently concerned at potential delays in reporting suspicious cases to the police.  Whilst both BaFin and Deutsche Bank wouldn’t comment specifically on […]

ICMA issues covered bond statement

  The International Capital Market Association (ICMA) has issued a statement to the credit rating agencies relating to the methodologies used in rating covered bonds.  The statement revolves around the volatility of covered bond ratings in particular and other ratings in general. Acknowledging the challenge of giving a credit opinion “through the cycle” the statement […]

Tougher regulation in the repo market

The Basel Committee on Banking Supervision may have recommended a minimum 3% capital holding to cover repo deals but globally regulators now seem to be tightening the rules still further.  Within the past month both the US SEC and European regulators have set out proposals for enhanced ratios and larger capital cushions. If implemented Basel […]

We are using cookies on our website

Please confirm, if you accept our tracking cookies. You can also decline the tracking, so you can continue to visit our website without any data sent to third party services.