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The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
Key points of contention include the investor sanctions regime and the definition of 'resilience'
European and other regulators are working on reforms to make covered bond funding more efficient
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On Nov. 16 the Department of the Treasury issued a determination that foreign exchange swaps and fx forwards should not be regulated under the Commodity Exchange Act and therefore should be exempted from the definition of swap under the CEA as amended by the Dodd Frank Wall Street Reform and Consumer Protection Act. The Determination is a wholesale adoption of the proposed determination issued by the Treasury last year and took effect immediately.
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The European Securities and Markets Authorities has published guidelines stating that a national competent authority should assess and ensure that a central counterparty has put in place a framework to identify, monitor and manage potential risks arising from interoperability arrangements.
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The Philippine Securities and Exchange Commission is looking at creating an equity-linked derivative to ensure continued foreign investment in the country.
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The Swiss Financial Market Supervisory Authority has ordered UBS to improve processes and controls for the submission of interest rates data for benchmarks. This comes after UBS was fined approximately USD1.5 billion by U.S., U.K., and Swiss regulators for attempting to manipulate the London interbank lending rate and other interest rate benchmarks. -
The Australian Securities and Investments Commission has released regulatory guidance for domestic and overseas clearing and settlement providers wanting to operate within the domestic Australian market.
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Regulatory proposals for initial margin requirements for non-centrally cleared derivatives will severely impact liquidity and could increase systemic risk, according to trade associations.
