ESMA welcomes no-deal Brexit central clearing equivalence plans
The European Commission has said it will adopt temporary equivalence to ensure no disruption to central clearing in the case of no-deal Brexit.
Regulation
Brexit will drive regulatory changes within MiFID II review, says MEP Swinburne
Political factors taking centre stage for future regulatory reviews or introduction of MiFID II according to MEP.
Citi to pay nearly $40 million settlement over ADR charges
Citi is the second bank the SEC has taken action against for ADR pre-release abuses within its depositary banking business.
Data and securities laws could hold back blockchain adoption for CSDs
Europe’s data protection laws and the incoming CSD Regulation could prevent implementation of the technology in the post-trade area.
UK and Hong Kong regulators establish mutual fund recognition scheme
Funds in Hong Kong will now find it easier to market to UK investors if they can demonstrate broad equivalence.
EC failed CMU and needs a successor, says Eurofi chair
The chairman of one of Europe's main think tanks highlighted that market participants were becoming increasingly sceptical of CMU’s likelihood of success.
KPMG admits to failings in BNY Mellon client asset reports
The investigation was launched into KMPG’s audit of BNY Mellon in 2015, after the custody bank was hit with a £126 million fine by the UK's FCA.
Asset managers raise concerns about over-reliance on tech vendors post-MiFID II
Panel at InvestOps in London discussed the potential for over-reliance on RegTech firms to comply with MiFID II.
MiFID III is ‘further away than many might expect’ says MEP Swinburne
Author of MiFID II says any updates will be more about refinement and realignment as opposed to a re-write.
Broadridge makes first move with new FundAssist business by launching MiFID II ex-post reporting solution
Acquisition of FundAssist in May has led to new service set to help investment managers meet reporting obligations for the end of April 2019.