Latest Regulation Articles

EMIR: An Unpleasant and Imminent Surprise

André Frugte , Orchard Finance - Esther Goemans-Verkleij , Orchard Finance - 16 May 2013

European governments have a plan that enables banks to go bankrupt without having a devastating effect on the financial system via recovery and resolution plans. The problem is that no-one knows exactly what to expect from this plan, included in the European Market Infrastructure Regulation (EMIR), which also covers the move to centralised clearing for over-the-counter (OTC) trades and other market reforms. The introduction has been briefly delayed until the framework is in place, but mandarins insist that from 23 September 2013 all companies, including banks and corporates, will be confronted with this new legislation.

AIFMD: A Wide-reaching Scope

Florence Fontan , BNP Paribas - 30 Apr 2013

The Alternative Investment Fund Managers Directive (AIFMD), a European Union law to put hedge funds and private equity funds under the supervision of an EU regulatory body comes into force on 22 July 2013. If fund managers haven’t started working towards compliance already, they risk missing the deadline even though they have a one year transitional period to fully comply. This article provides a potted guide to compliance and examines if it will impact on treasurers.

The Tax Planning / Avoidance Debate

Clive Jones, Eversheds - 15 Apr 2013

Tax policy is an issue of concern for many in the UK business community, especially after UK Chancellor, George Osborne, outlined measures in last month’s Budget to clamp down on tax avoidance and evasion and to strengthen a General Anti-Abuse Rule (GAAR), a move imitated by orthers around Europe as austerity bites. What is merely effective tax planning, however, and what is avoidance? This article looks at the future of tax policy and the ramifications for treasurers.

Basel III: Getting Better Gradually?

Kevin Lester, Validus Risk Management - 26 Mar 2013

The Basel III capital adequacy regime has been attacked from all sides for disrupting market processes and raising the cost of capital for banks and banking activities, including lending and derivatives trading, which will become more expensive for corporate treasury end users. However, there are two recent revisions – to the Liquidity Coverage Ratio (LCR) and the imminent decision to drop the credit value adjustment (CVA) capital charge in Europe for firms using derivatives to hedge – which suggest the new regime is getting better for corporates.

Regulation Blogs

Regulation Commentaries

Regulation Q&As

Regulation Survey Results

Regulation Videos