Ready for FATCA? One in Four Financial Institutions Not Even Aware of Impending US Tax Legislation
RBC Dexia Investor Services said today that 26 per cent of financial institutions worldwide have little or no awareness of the Foreign Account Tax Compliance Act (FATCA)—despite the fact that the Act was passed in 2010, according to a survey conducted by the company. FATCA is the cornerstone of US tax legislation relating to foreign...
Corporate Boards Vulnerable to Hacking and Information Theft, Says Thomson Reuters Survey
Most major corporations surveyed have significant security gaps that leave sensitive board-level information open to information theft and hacking. Those are among the findings of a new survey of board members of UK and global corporations conducted by Thomson Reuters Governance, Risk & Compliance. The findings are particularly noteworthy in light of recent news stories...
A Blueprint for a European Consolidated Tape – Data Consolidation is a Top Priority for EFAMA under MiFID II
The European Fund and Asset Management Association (EFAMA) published today a Blueprint for a European Consolidated Tape intended to permit greater certainty amongst investors as to prices, best execution, valuation and performance measurement, leading to further reductions in direct and indirect costs of trading for investors. The liberalisation of trading venue regulation under MiFID has...
Opinion: The Correct Exposure for a Crisis
By Michel Lempicki, corporate development director at StatPro Group “Bad news isn’t wine. It doesn’t improve with age.” So said Colin Powell, Vietnam veteran, when he was chairman of the US Joint Chiefs of Staff during the Gulf War. In today’s investment climate, as in military circles, that maxim still holds true. It has become...
MiFID II Proposals: Perspective from MarketAxess
MarketAxess Holdings, the operator of a leading electronic trading platform for U.S. and European high-grade corporate bonds, emerging markets bonds and other fixed income securities, reiterates its views on the range of proposals outlined in the Markets in Financial Instruments Directive II (MiFID II), which is scheduled to be finalized in October. MarketAxess believes that:...
BBA Calls for Accountability and Strong Governance as New Regulators Take Shape
The new UK financial regulators currently being created need to be supported by strong systems of governance and accountability, the British Bankers’ Association has told HM Treasury. In its response to the latest Treasury consultation on regulatory reform, the BBA supported the new focus on supervising individual firms while also monitoring risk in the economy,...
Algorithmics Enhances Solvency II Standard Formula Reporting
Algorithmics, the leading provider of risk solutions, today announced enhancements to its Solvency II Standard Formula reporting capabilities with the launch of a new web-based Standard Formula reporting product: Algo Audit and Compliance. The product is designed to address Pillars 2 and 3 of Solvency II which require insurance firms conducting business in Europe to...
Quality of Regulatory Authorities More Important Than Structure, BBA Tells Parliamentary Committee
The UK’s new financial regulators will need clear lines of responsibility and the right statutory objectives if they are to meet their intended aims, the BBA has told the joint committee of MPs and Lords scrutinising the new Financial Services Bill. More important than the new regulatory structure will be clarity in the chain of...
The IMS Group Appoints Three New Compliance Consultants
The IMS Group (IMS), the compliance and regulation consultancy, has appointed three new compliance consultants. The new hires are Diana Stevens, Cynthia Griffith and Daniel Sharpe. Diana joins IMS from multi-billion dollar hedge fund Eton Park Capital Management, L.P, where she assumed the day to day coverage of compliance in its London branch. Her areas...
ESMA Provides FAQ on Common Definitions for European Money Market Funds Under UCITS
As part of the revised Undertakings for Collective Investment in Transferable Securities (UCITS) Directive in Europe, the European Securities and Markets Authority (ESMA) has published a Q&A document that details its guidelines for regulators regarding common definitions for the supervision of money market funds. The paper is aimed at getting European regulators in synch with...