U.S. banks may need to update their anti-money-laundering (AML) policies as a result of key provisions of the National Defense Authorization Act of 2021 (NDAA), which primarily covers appropriations for the U.S. Department of Defense programs, activities, and military personnel. However, the NDAA also covers many “matters relating to foreign nations,” according to the overview… Read More >>
Fitch Ratings Fined $1.8M for Regulatory Breaches
The European Securities and Markets Authority (ESMA) has fined Fitch Ratings €1.38 million ($1.8 million) for a series of negligent breaches of the Credit Rating Agencies (CRA) regulation. Following an investigation of credit rating agencies in 2013, the regulator discovered that from December 1, 2010 to June 7, 2012 certain senior analysts in Fitch sent… Read More >>
Firms Get a Bit of Luck via New Basel Rules
Although regulators have been accused of making matters more complicated, the recent consultation issued by the Basel Committee on Banking Supervision (BCBS) on operational risk aims to simplify the process. It has proposed creating a new standardised measurement approach (SMA) to replace all existing and proposed methods of calculating regulatory capital for operational risks. Industry… Read More >>
Lack of Global Standards Impedes Trade Repositories: ESMA Report
The lack of global standards in the trade repository space (TR) could hinder the repository process, a finding of the European Securities and Markets Authority (ESMA) in its recently published 55-page 2016 annual report, which outlines its supervisory priorities for credit ratings agency (CRA) governance as well as the quality and data access for TRs…. Read More >>
Former PIMCO Investment Exec Launches Consultancy
Maisonneuve Founds Financial Consulting Firm Virginie Maisonneuve, a former chief investment officer for equities at PIMCO, as the Pacific Investment Management Company is known, has founded Maisonneuve Global Advisors (MGA), where she is managing director. Maisonneuve is also a director at London-based Notting Hill Digital, which specializes in advising companies about Internet technologies, and is… Read More >>
