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FinFrag

This category contains 18 posts

Blockchain and Crypto regulatory update: ICOs, political comments and more

There have been many announcements and stories around the regulatory side of blockchain use since our last post (see here): ICOs Finma, the financial regulator of Switzerland has issued these guidelines on the regulatory framework around Initial Coin Offerings(ICO). The guidelines categorise the tokens arising from ICOs into “Payment”, “Utility” and “Asset” tokens. In general … Continue reading

2018 begins – what does it have in store?

The 2018 working year starts today for most, which provides a good opportunity to consider the months ahead. Start of year The end of 2017 has unsurprisingly busy, with several pieces of news posted since our “end of year” entry.  In addition to today being the first day on which Swiss “FC-” and “NFC+” entities … Continue reading

More MiFID II limits, and some Finfrag news

Finanstilsynet the Norwegian National Competent Authority (NCA) last week adopted the EU position limits rules  as announced here, and set limits for positions in commodity derivatives on  relevant venues, including Nasdaq OMX, which can be found here. Finansinspektionen  the Swedish NCA has also announced limits at the end of November here. This follows limits announcements earlier this … Continue reading

The year winds down, sort of

For many this will be the last working day of the year. However, the wind down is not quite as widespread as usual, given the proximity to the MiFID II deadline, less than two weeks away. With several new pieces of information coming out in the last days, both generally (see here) and related to … Continue reading

Finfrag delay for smaller Swiss entities

Finma, the Swiss financial regulator, has announced that the start of reporting for the smallest non financial entities caught by the Financial Markets Infrastructure Act (also known as “Finfrag”) will be delayed by nine months, to the 1st January 2019. The announcement can be found here. The first group of counterparties, larger financial counterparties (FC+) … Continue reading

First “Finfrag” go live

Yesterday was the first day of reporting under the Swiss Financial Markets Infrastructure Act, also known as “Finfrag” (short for Finanzmarktinfrastrukturgesetz). Finfrag is the Swiss set of rules that meet the requirements of the G20 Finanzmarktinfrastrukturgesetz) in Pittsburgh in 2009, which are met in the EU by EMIR, the US by the Dodd Frank Act and … Continue reading

Could EMIR reporting change? Articles and information on trade reporting under EMIR, MiFID, SFTR and FinFrag

There has been a great deal of discussion on the future of EMIR following the EMIR review in 2015. Some of this has focused on whether the reporting of trades under EMIR should move to a one sided model, or possibly one with “enforced delegation” when a financial counterparty trades with a “small” non financial. … Continue reading

“Finfrag” dates set by FINMA with two trade repositories approved

FINMA, the Swiss Financial Market Supervisory Authority has approved both the Six Trade Repository and also REGIS-TR under the Financial Market Infrastructure Act (FMIA, also known as “Finfrag”, short for “Finanzmarktinfrastrukturgesetz”). The act of approval sets the start dates for reporting under the rules, in three phases: 1st October 2017 – For “FC+” entities and CCPs. … Continue reading

Article on regulatory change and architecture

See here for an article by Ian Sutherland on The OTC Space about implementing regulatory change and technology. While the article is focused on banking , the energy and commodity sector is in the process of grappling with similar issues. These are the ones of whether to approach regulatory change on a strategic or tactical … Continue reading

SIX receives initial Finfrag trade repository approval

The SIX trade repository has received approval as a Trade Repository for the Swiss FMIA “Finfrag” rules from the regulator  FINMA. according to  the press release which can be found here. Reporting under the rules, is to start for large financial counterparties 6 months after the final approval, which according the press release will be received … Continue reading