ESMA rebukes FCA for poor handling of derivatives data under EMIR
The FCA has disputed a peer assessment that its analysis and integration of EMIR data in its supervisory approach is not meeting expectations.
Regulation
FCA assures ‘pragmatic approach’ to MiFID & EMIR reporting supervision as Brexit looms
Firms have been urged by the FCA to take reasonable steps to prepare with post-Brexit MiFID and EMIR reporting requirements.
Tullett Prebon fined £15.4 million for broker conduct failures
The rates division at Tullett Prebon engaged in improper trading with lax controls and systems in place to monitor broker conduct.
Inter-dealer brokers BGC and GFI in $25 million settlement for FX options fraud
BGC and GFI were accused of ‘flying’ and ‘printing’ fake FX options trades to deceive clients.
ESMA considers expansion of MAR to include spot FX market
Spot FX is currently out of scope of MiFID II and MAR, but ESMA is contemplating bringing the market in scope of the market abuse rules.
HSBC, Societe Generale, BNY Mellon and others fined $6 million for swaps violations
The US CFTC also fined NatWest Markets, PNC Bank and Northern Trust for reporting and risk management regulation failures.
US adopts ETF framework to speed up time to market
The SEC has voted to adopt a new framework to modernise rules for ETFs and reduce barriers to entry in the marketplace.
TMC Bonds fined $2.1 million for disclosing client trading intensions
TMC Bonds, recently acquired by ICE, was found to have revealed client trading intentions to potential counterparties on its anonymous trading platform.
FCA finds research unbundling has saved equity investors £70 million under MiFID II
Industry review from UK regulator finds positive results since MiFID II implementation with no negative impact to research access for small-to-mid caps.
Asset managers wary of potential new regulatory reporting regime
Asset managers express concerns over additional regulatory reporting burdens in addition to current requirements for MiFID II and AIFMD.