ESMA considering progressive penalties for settlement fails under CSDR revamp
Progressive penalties would increase with the length of the settlement fail as EU watchdog seeks industry input.
Regulation
Trade bodies challenge SEC securities lending and short position reporting rules
Arbitrary and capricious rules will hurt investors and markets, say industry bodies.
OCC says it has ‘concerns’ over SEC custody rule as Federal Reserve also weighs in
During the House Financial Services Subcommittee last week, Chairman French Hill challenged the OCC and Federal Reserve on their thoughts regarding the SEC’s controversial custody rule.
Regulation
Fireside Friday with… Clear Street’s Madhu Subbu
Rule 10c-1a has been adopted by the SEC with the aim of increasing transparency in the securities lending market. It requires lenders of securities to report the material terms of securities lending transactions to a registered national securities association (RNSA). Global Custodian spoke to Madhu Subbu, head of securities finance technology at Clear Street, to understand the implications of the new rule for the securities lending market.
SEC adopts securities lending reporting requirements in the US as key part of rule is changed
Reporting will be required by the end of the day as opposed to the initially proposed 15-minute window after the transaction.
Regulation
Fireside Friday with… BNY Mellon’s Ben Pott
Ben Pott, head of public policy, EMEA at BNY Mellon, discusses regulatory divergence between the EU and UK with Global Custodian’s deputy editor Chris Lemmon.
ESMA recommends harmonised ‘shareholder’ definition in latest SRD2 proposals
Report finds that almost all market participants said a common definition would be helpful in increasing efficiency throughout the custody chain.
US regulators unveil highly anticipated capital requirements with significant hikes proposed for largest banks
Proposal would bring the US in line with international Basel III ‘endgame’ rules, as regulators deliver details on new capital requirements which will hit the largest lenders in the market, with knock-on impacts expected across the markets.
Fund manager relief as AIFMD 2 proposals more favourable than expected
In contrast to its predecessor, the second iteration of the AIFMD (Alternative Investment Fund Managers Directive) promises to be a lot more straightforward. Global Custodian looks at what changes AIFMD 2 could bring for the funds industry.
European Commission publishes legislative proposal on a digital euro
Governing Council to decide in autumn whether to move to next phase of digital euro project.