Financial Regulatory Developments (FReD) – 31 July 2015

Headlines

• FSB updates on OTC derivatives progress
• ESMA consults on sound remuneration practices for UCITS
• ESMA publishes AIFMD third-country passport advice
• FCA consults on cash savings holder remedies
• FCA publishes benchmarks review

EUROPEAN UNION AND INTERNATIONAL

Financial Stability Board (FSB)

FSB updates on OTC derivatives progress: FSB has published its ninth progress report on implementation of OTC derivatives market reforms. It found good progress overall, and noted:

• reform is most advanced for trade reporting and for higher capital requirements for non-centrally cleared derivatives;
• five jurisdictions now have central clearing requirements in effect for one or more specific product types, with progress anticipated in several more jurisdictions over the next year;