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AIFM Level 1 Directive Still Not Fit for Purpose in Spite of Delay, say Kinetic Partners
Level 1 of the AIFM Directive, which was due to be published in Q1 2011, was finally published by the EU on 27th May. It was hoped that the delay was an indication of the level of improvements that were needed and that the final published text would have addressed all the deficiencies present in…
SEC Publishes 517 Pages of Proposed Rules for Ratings Sector, More Data Transparency is on the Cards
At the end of last month, the Securities and Exchange Commission (SEC) published a 517 page document that details a whole host of new requirements for ratings agencies and those that use ratings in their day to day operations (ergo most of the market). The paper adds to the regulator’s recent investigation into he feasibility…
Translation Fears Mount Over KIID Documents
Legal, translation and reporting specialists have voiced fears over the burden for fund promoters under UCITS IV. Among the important legal, workflow and production challenges in meeting the KIID (Key Investor Information Documents) requirements to be implemented in July, fund managers that wish to ‘passport’ UCITS funds into other EU states will have to translate…
ISDA Releases 2011 Operations Benchmarking Survey Results
The International Swaps and Derivatives Association, Inc. (ISDA) today announced the publication of its 2011 Operations Benchmarking Survey. This publication includes results from G14 respondents as of year-end 2010, and follows the release of survey highlights at ISDA’s 26th Annual General meeting in April. The survey notes the continuing decrease in confirmations outstanding, particularly among…
CFTC Plans 8 June Roundtable to Discuss Instrument Identification Standards
In keeping with its push to keep data standardisation high on the industry agenda and the establishment of a new regulator subcommittee on the subject earlier this month, the Commodity Futures Trading Commission (CFTC) has indicated that it will be conducting a public roundtable on 8 June to discuss the technical aspects of the introduction…
BVI’s Siebel Elaborates on Why EC’s Current Agreement with S&P on US ISINs Could Hold Back Systemic Risk Monitoring Efforts
If further action is not taken with regards to ensuring the licensing issues around Standard & Poor’s US ISIN practices for European firms are tackled (as well as the pricing issues) then regulators may be held back in their systemic risk monitoring activities, according to Rudolf Siebel, managing director who is responsible for legal and…
S&P’s Purcell Discusses the European Commission’s Ruling Regarding US ISIN Pricing Practices
Given the industry debate that has been sparked by the European Commission’s agreement with Standard & Poor’s for the vendor’s Cusip Global Services (CGS) business to cut the fee it charges European customers to receive ISINs for US securities, Reference Data Review catches up with Darren Purcell, European director for CGS, to find out the vendor’s perspective….
Does the European Commission’s Ruling on S&P Regarding ISIN Pricing go Far Enough?
Some corners of the industry are not convinced that the European Commission’s recent ruling on Standard & Poor’s ISIN pricing commitments goes far enough, as evidenced by comments made by a number of industry associations including the European Fund and Asset Management Association (EFAMA) and the UK-based Information Provider User Group (IPUG) last week. It…
Full Backing for European Commission Consultation on Cloud Computing
The Cloud Industry Forum has warmly welcomed the news that the European Commission has launched a public consultation on the benefits that cloud computing can deliver. Launched by Neelie Kroes, European Commission Vice President for the Digital Agenda, the consultation is seeking views from citizens, businesses, public administrations and other interested parties on how to…
Latest JWG Risk Research Finds Industry Unlikely to be Ready for 2012 Regulatory Environment
JWG, the independent financial regulatory think-tank, today released their latest research entitled ‘Clearing the risk MI bar?’ The report is based on a survey of 20 risk, data and finance professionals in 16 global financial institutions which was released in March 2011 as well as discussions with international trade associations, regulators and technology vendors. The…