The U.K. Financial Services Authority, H.M. Treasury and the Bank of England have given their support to a global framework for reporting information on derivatives to trade repositories, arguing that this would avoid regulatory arbitrage and data fragmentation.
Market participants in the U.K. remain unclear about disclosure obligations required of brokers that act for persons discharging managerial responsibilities (PDMR) who are selling stock in their own company, according to the Financial Services Authority.
Splitting the Financial Services Authority's enforcement division under the planned changes to the U.K. regulatory structure may undo the recent successes enjoyed by the division, according to attorneys.
Planned U.K. regulatory changes to the way certain service providers, known as platform businesses, can charge for their work could create additional work for compliance officers, according to attorneys in London.
The transition to the new U.K. regulatory framework risks sapping supervisors of resources for policing markets and combating financial crime, according to Arun Srivastava, partner at Baker & McKenzie in London.
The European Parliament's Economic and Monetary Affairs Committee (ECON) has urged the European Commission to draw up legislation that would give the proposed European Banking Authority the power to sack management at cross-border financial institutions, including those managers who oversee a firm's derivatives operations.