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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
Citation preview
Geoff CookCEO
Jersey Finance
Financial Crisis the genesis of increased
regulation
The Age of Instability has created a Regulatory Tsunami
EU
Jan 2013
Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 20182015 2016 2017 2019
Glo
bal
Nati
on
al
EMIR in force
Banking Union SSM in force
CFTC swap in
force
MiFID2 final MEP
vote
MiFID2 Council agreeme
nt
MAD/MAR
trialogue
EC EMIR level 2
measures Banking Union fully in force
EC Liikanen update
EC FTT proposal
Basel 3 liquidity in
force
Basel 3 capital in
force
FSB GSIB surcharge in force
FSB GSIBs fully
in force
Banking Union SRA in place
MiFID2 in force
UK - Vickers in force
CRD4 Regulation in force
PRIPs in force
IMD in force
France - FTT
US DFA mandator
y clearing
RRD MEP vote
AIFMD final text
ESMA MiFID2 level 2
PRIPS / IMD MEP
voteBanking Union DGS
proposals
RRD trialogue
s
EC Shadow Banking
2014
2014
CRD4 MEP vote
CRD4 Directive
Solvency 2 in force
PRIPS / IMD level
2
Audit reform
proposals
MEP Shadow Banking
vote Shadow Banking in force
EC ESA review
EC LIBOR
proposals
EC UCITS 6
UCITS 5 MEP vote
EC data protectio
n proposals
EBA CRD4 /
CRR ITS consult
EBA CRD4
Home / Host ITS
EBA RRP RTS
EMIR initial
margin in force
AIFMD national
implement
EMIR reporting in force
EMIR clearing obligatio
n
EBA stress testing
EBA Mortgage guideline
s
CRA RTS
ESMA CSD ITS
ESMA Short selling
In force Consultation
FCA/PRA
FSB Shadow Banking
BCBS RWA
BCBS trading
book
FSB GSIB list
G20 Leaders Russia
G20 Finance Russia
BCBS shadow banking update
FSB review of
GSIBs
CFTC swap in
force
FR – Bank
separation
proposal
DE – Bank
separation
proposal
The industry is facing an unprecedented wave of new regulations
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…
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
Is regulation tilting the competitive landscape
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
Emerging Trends
Beps and profit shifting
Greater tax transparency
Tax information exchange
agreements (“TIEAs”)
Trend towards automatic
exchange of information
Replacing withholding tax
with full information exchange
Exchange of information regarding
client identity
International reach
Hedge Funds
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)
Hedge Funds
Going where the growth is
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