The Financial Times and The Banker presented the second in their series of high-level, strategic briefings focused on International Financial Centres in Hong Kong today. Here's Geoff Cook's presentation
4. The Age of Instability has created a
Regulatory Tsunami
5. The industry is facing an unprecedented wave of new regulations
BCBS
shadow
banking
update
Global
FSB
Shadow
Banking
FSB review
of GSIBs
G20
Leaders
Russia
FSB GSIB
list
BCBS
RWA
PRIPS /
IMD MEP
vote
Banking
Union
DGS
proposals
EC EMIR
level 2
measures
EU
Banking
Union SSM
in force
EC FTT
proposal
MAD/MA
R trialogue
AIFMD
final text
National
FSB GSIBs
fully in force
G20
Finance
Russia
BCBS
trading
book
CFTC swap
in force
Jan
2013
France FTT
Feb
EMIR in
force
EC
Liikanen
update
EBA
Mortgage
guidelines
UCITS 5
MEP vote
CFTC swap
in force
Apr
EBA CRD4
/ CRR ITS
consult
EBA RRP
RTS
EMIR
initial
margin in
force
EC ESA
review
ESMA
CSD ITS
RRD
trialogues
EC
Shadow
Banking
Audit
reform
proposals
MiFID2
Council
agreement
US DFA
mandatory
clearing
Mar
PRIPS /
IMD level
2
RRD MEP
vote
CRD4
MEP vote
FR – Bank
separation
proposal
EMIR
reporting
in force
EC data
protection
proposals
CRD4
Regulation
in force
AIFMD
national
implement
ESMA
MiFID2
level 2
MEP
Shadow
Banking
vote
EBA stress
testing
CRA RTS
MiFID2
final MEP
vote
ESMA
Short
selling
Banking
Union fully
EMIR in force
Banking
Union SRA
in place
Basel 3
liquidity in
force
MiFID2
in force
Solvency 2
in force
clearing
obligation
EC UCITS
6
EC LIBOR
proposals
FSB GSIB
surcharge in
force
Basel 3
capital in
force
EBA CRD4
Home /
Host ITS
PRIPs in
force
Shadow
Banking in
force
IMD in
force
CRD4
Directive
DE – Bank
separation
proposal
UK Vickers in
force
FCA/PRA
May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
2014
2015
2016
2017
In force
2014
2018
2019
Consultation
2013 was supposed to be the year of implementation of the G20 agenda but many of the details
are still be discussed – and new things keep being added…
6. Systemic Risk
Crisis Management and Recovery &
Resolution Planning
OTC Derivatives
Capital Requirements
Liquidity
Accounting Standards
Taxes
Compensation
Securitisation
Credit Rating Agencies
Hedge Funds
Short Sales
Commodities
8. Systemic Risk
Crisis Management and Recovery &
Resolution Planning
OTC Derivatives
Capital Requirements
Liquidity
Accounting Standards
Taxes
Compensation
Securitisation
Credit Rating Agencies
Hedge Funds
Short Sales
Commodities
9. Emerging Trends
Beps and profit
shifting
International
reach
Exchange of
information
regarding client
identity
Replacing
withholding tax
with full
information
exchange
Greater tax
transparency
Tax information
exchange
agreements
(“TIEAs”)
Trend towards
automatic
exchange of
information
12. Hedge Funds
Compliance is
costing the
industry more
than
USD3 billion
Smaller fund
managers
spending
USD700,000
on compliance
on average
Medium fund
managers
spending
approximately
USD6 million
Large fund
managers
spending more
than
USD14 million.
“77% of respondents think
that EU managers may
choose to set up offshore
structures to avoid AIFMD
costs” (Mutifonds survey)