ISDA OTC Derivatives Compliance Calendar. The International Swaps and Derivatives Association (ISDA) has released an updated version of its OTC Derivatives Compliance Calendar. (1/4/2016)
IOSCO report on use of external credit ratings by large market intermediaries.The International Organization of Securities Commissions (IOSCO) released a final report entitled Sound Practices at Large Intermediaries Relating to the Assessment of Creditworthiness and the Use of External Credit Ratings. The report recommends 12 sound practices that regulators should consider in the oversight of market intermediaries to address the possible over-reliance of market participants on credit ratings. (12/22/2015) IOSCO press release.
IOSCO reports on business continuity plans for trading venues and intermediaries. The IOSCO published two reports that focus on business continuity plans for trading venues and intermediaries. The first report, Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity, highlights the methods Trading Venues use to manage the risks associated with electronic trading and the role of business continuity plans in preparing for and managing disruptions. The second report, Market Intermediary Business Continuity and Recovery Planning, outlines standards and sound practices for regulators to use in their oversight of market intermediaries. (12/22/2015) IOSCO press release.
IOSCO releases results of survey responses on crowdfunding. IOSCO published a report detailing the results of its 2015 survey of IOSCO members regarding crowdfunding, which examined current or proposed regulatory regimes for investment-based crowdfunding. IOSCO also issued a statement on the regulation of crowdfunding in which it emphasized the major risks crowdfunding poses to investors and encouraged regulators to take into consideration the possible cross-border implications of crowdfunding. (12/21/2015) IOSCO press release.
Basel Committee consults on proposed guidance for the regulation of institutions serving the financially underserved. The Basel Committee on Banking Supervision requested comment on proposed guidance on the application of its Core principles for effective banking supervision to the supervision of financial institutions that serve the financially unserved or underserved. Comments are due on or before March 31, 2016. (12/21/2015) BIS press release.
Basel Committee guidance for credit risk and accounting for expected credit losses. The Basel Committee published guidance that explains the supervisory expectations for banks related to sound credit risk practices associated with implementing and applying an expected credit loss (ECL) accounting framework. (12/18/2015) BIS press release.
IOSCO-CPMI joint consultation on a harmonized global UPI. IOSCO and the Committee on Payments and Market Infrastructures (CPMI) published a joint consultative report that proposes the implementation of a harmonized global Unique Product Identifier (UPI) to identify over-the-counter derivatives products that must be reported to trade repositories. Comments are due on or before February 24, 2016. (12/17/2015) Joint press release.
IOSCO-CPMI Level 2 assessment of PFMI implementation in Australia. IOSCO and CPMI released a report on their Level 2 assessment of Australia’s implementation of the Principles for financial market infrastructures (PFMI). The report assessed the degree to which Australia’s legal, regulatory and oversight frameworks for systemically important payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories are consistent with PFMI. (12/17/2015) Joint press release.
ISDA member firms agree to single-name CDS clearing. ISDA, the Managed Funds Association, and the Securities Industry and Financial Markets Association’s Asset Management Group announced that 25 of their collective members will begin clearing their single-name credit default swap trades through central counterparties. (12/16/2015) ISDA press release.
Basel Committee progress report on adoption of risk data aggregation principles by G-SIBs. The Basel Committee published a progress report on the adoption of its Principles for effective risk data aggregation and risk reporting by banks. The report measures the progress of global systemically important banks (G-SIBs) in implementing the Principles and makes recommendations to promote their adoption, which G-SIBs must implement completely by 2016. (12/16/2015) BIS press release.