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FIA elects Directors and Officers
FIA today announced the election of board directors at its annual meeting in Boca Raton, Fla. Fifteen directors were elected in total at this meeting, including eight regular member directors for two-year terms; two regular member directors for one-year terms; four associate member directors for two-year terms; and one associate member director for a one-year term. Following the election, the new board elected the association’s officers and public directors.
CONTINUE READINGUS and European Financial Services Trade Associations statement on TTIP
The undersigned financial services trade associations, based in the US and Europe, today issued the following statement in support of a Transatlantic Trade and Investment Partnership (TTIP) that includes financial services regulatory coordination, in advance of the March 26 EU-US Summit attended by US President Barack Obama, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso:
CONTINUE READINGFIA PTG statement on Flash Boys
The FIA Principal Traders Group issued the following statement in anticipation of the release of "Flash Boys", a book by Michael Lewis that describes some of the recent developments in electronic trading and market structure in the U.S. equity markets:
CONTINUE READINGLetter to the EC - Written submissions as a follow-up to the Public Hearing of 10 March 2014 on the Leverage Ratio
In a letter to the European Commission, FIA Europe welcomes the opportunity to provide feedback on the Public Hearing on the Liquidity Coverage Requirement and the Leverage Ratio that the European Commission organised on 10 March 2014.On 17 March 2014 a number of trade associations sent a letter to the Basel Committee on their revised Basel III Leverage Ratio framework and disclosure requirements that they had published in January 2014 (BCBS270 document). Having reviewed the EBA’s Report on impact of differences in leverage ratio definitions and following the public hearing, FIA Europe took this opportunity to reinforce some of the points raised in the attached letter sent to the Basel Committee and to highlight some of the areas of uncertainty of interpretation that remain outstanding, with a view to providing guidance of areas that would benefit from clarification in the European Commission’s draft Delegated Act that is to be published pursuant to CRR Article 456(1)(j).The key recommendations can be found in the full letter and attachments.
CONTINUE READINGFIA Webinar: Washington Update: A Briefing on CFTC Reauthorization, CFTC Nominations Process & Other Key Issues
The U.S. House of Representatives is set to consider legislation to reauthorize the Commodity Futures Trading Commission. The bill, which was approved by the House Agriculture Committee on April 9 by a voice vote, reauthorizes the CFTC through September 2018. The legislation also includes provisions to better protect customer assets, it revises the organizational and operational requirements of the CFTC, and it provides regulatory relief to end-users of derivatives. Dawn Stump, FIA's head of government affairs, will give a brief presentation on the reauthorization legislation approved by the House Agriculture Committee and the process for advancing such legislation through the full House of Representatives and U.S. Senate, as well as the status of current CFTC nominees being considered in the Senate.
CONTINUE READINGInfoNet 2014 - Trading & execution issues in derivatives
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CONTINUE READINGAnti-Money Laundering: FIA Asks CFTC for No-Action Letter on Customer Identification
The Futures Industry Association, on behalf of its member firms and similarly situated futures commission merchants and introducing brokers (each, a “Firm”), respectfully requests the staff of the Commodity Futures Trading Commission (“Commission”) to confirm that it will not recommend that the Commission initiate an enforcement action against a Firm, if the Firm, in complying with its obligations under the customer identification rule (“CIP Rule”), relies on certain commodity trading advisors (“CTAs”) to perform elements of the Firm’s customer identification program notwithstanding that such CTAs currently are not subject to an anti-money laundering program rule under 31 USC 5318(h) (“AML Rule”) for the purposes of paragraph (b)(6) of the CIP Rule.
CONTINUE READINGMiFID II/ MiFIR - Work Streams Where FIA Europe is Acting as Joint Lead Trade Association Within The Joint Trade Association Group (JTAG)
FIA Europe has set up a number of working groups to help develop responses to ESMA's Discussion Paper and Consultation Paper on MiFID II / MiFIR, published on 22 May 2014. FIA Europe is coordinating its response with other trade associations under the Joint Trade Association Group (JTAG).
CONTINUE READINGCBRF issues paper on Key Issues and Challenges Relevant to the Regulation of Cross-Border Business in Financial Services
On 28 May, the CBRF submitted a written response to an IOSCO questionnaire on a number of issues arising in connection with the regulation of cross-border business and, in particular, regulatory recognition and substituted compliance. The paper:
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