Overview

Each month Norton Rose’s Markets Infrastructure Group (MIG) publishes an ‘updater’ which covers the latest regulatory developments that affect those involved in brokerage and market infrastructure.

The September Updater covers:

- Clearing & settlement
A consultation on the implementation of EU Directive 2009/44/EC on settlement finality and financial collateral arrangements

- Market abuse
Joint FSA / HMT response to European Commission public consultation on a revision of the Market Abuse Directive

- Regulation & compliance
IOSCO publishes Principles for Direct Electronic Access to Markets

- Public hearing on the "Review of the Markets in Financial Instruments Directive (MiFID)"
The European Commission will be holding a public hearing on the review of the Markets in Financial Instruments Directive (MiFID) on 20-21 September 2010 in Brussels.

- Responses - Consultation on transaction reporting on OTC derivatives and extension of the scope of the transaction reporting obligations
On 19 July 2010, the Committee of European Securities Regulators published a consultation paper setting out proposals for the possible organisation of transaction reporting on over-the-counter derivatives as well as for the extension of the scope of transaction reporting obligations. CESR has now published the responses received to the consultation.

- Discussion Paper 10/4: The prudential regime for trading activities: A fundamental review
On 25 August 2010, the FSA published Discussion Paper 10/4: The prudential regime for trading activities: A fundamental review (DP10/4).

- AIMA welcomes EU OTC derivatives reform
On 18 August 2010, the Alternative Investment Management Association issued a press release urging EU policymakers to push ahead with reforms of over-the-counter (OTC) derivatives, arguing that the benefits will outweigh increased costs.

- The City of London Law Society response to Consultation Paper 10/9: Enhancing the Client Assets sourcebook
On 5 August 2010, the City of London Law Society (CLLS) published its response to FSA Consultation Paper 10/9: Enhancing the client assets sourcebook (CP10/9).