The on-going amendments to the US regulatory framework for financial markets have their roots in the Global Financial Crisis of 2007-10. The global nature of the crisis, and the financial markets it affected, has required a co-ordinated global response. Regulators such as the Commodity Futures and Trading Commission (CFTC) and European Securities and Market Authority (ESMA) have sought to extend the scope of their oversight to include all institutions who may affect their local markets, regardless of where they are based. Global entities struggling to navigate Dodd – Frank’s derivatives requirements are about to be hit by a second wave of regulation. European legislators have completed the first set of implementation rules for the European Markets and Infrastructure Regulation (“EMIR”); triggering the first EMIR Compliance dates for firms. Although similarities exist between Dodd – Frank and EMIR, there are several significant differences with respect to scope and timing. Global firms will need to identify core processes and procedures that can be leveraged across compliance regimes while identifying those areas that will require unique solutions. Building programs that satisfy both sets of rules – as well as rules from other global market centres – will be a challenge. However, industry participants who successfully navigate change across their global organizations have the opportunity to establish themselves as market leaders. Global firms which trade derivatives in multiple jurisdictions must be able to fully catalogue all derivatives activity by transaction-type and region to understand the full regulatory impact to their derivatives business. Strategies that rely upon certain product exemptions to limit exposure to Dodd-Frank requirements may not be applicable under EMIR and vice versa.
This seminar was a great success because of A&Z’s exclusive guest speakers namely:
- Bilal Hasanjee: CFA®, MSc Finance, MBA
- Karim Aziz: FCA, AFFM Senior Finance & Compliance Professional / Consultant, Compliance and Risk Management
- Mr. Ahmed Al Maqtari: FCCA,MCI (ARB.) – as a chief guest