{"id":46908,"date":"2024-01-04T11:08:56","date_gmt":"2024-01-04T16:08:56","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-trading-and-markets-january-edition-1\/"},"modified":"2025-12-30T18:16:43","modified_gmt":"2025-12-30T23:16:43","slug":"global-regulatory-brief-trading-and-markets-january-edition-1","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/global-regulatory-brief-trading-and-markets-january-edition-1\/","title":{"rendered":"Global Regulatory Brief: Trading and markets, January edition"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe27c0a54c4]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0a54c4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Global Regulatory Brief: Trading and markets, January edition<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0ab6f4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">January 4, 2024<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0ad6c9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/em><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0aefc3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Trading and markets regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">In anticipation of a busy and ambitious 2024 for global market structure reform, financial regulators used December as a chance to advance important changes to various rules governing securities markets. From the US to India, the following global developments in trading and markets from the past month stand out:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> SEC adopts central clearing and risk management rules for US Treasury market<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>UK: <\/b><span style=\"font-weight: 400;\">FCA sets out significant programme of detailed reforms to UK wholesale markets<br \/>\n<\/span><b><\/b><\/li>\n<li style=\"font-weight: 400;\"><b>India<\/b><span style=\"font-weight: 400;\">: SEBI approves framework for index providers <\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">Lawmakers adopt reforms on Central Securities Depositories\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Korea:<\/b><span style=\"font-weight: 400;\"> FSC announces series of measures to enhance foreign-investor access\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Switzerland:<\/b><span style=\"font-weight: 400;\"> FINMA extends transitional period for equity options<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Qatar:<\/b><span style=\"font-weight: 400;\"> Financial regulators publish 2023-27 strategic plan\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>China: <\/b><span style=\"font-weight: 400;\">FX regulator eases rules to boost trade and investment<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>EU: <\/b><span style=\"font-weight: 400;\">Member States agree negotiating position on EMIR Review<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US:<\/b><span style=\"font-weight: 400;\"> SEC adopts rule to prohibit conflicts of interest in certain securitizations<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>International: <\/b><span style=\"font-weight: 400;\">IOSCO consults on market outages\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>US<\/b><span style=\"font-weight: 400;\">: SEC staff issues report on definition of Accredited Investor<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0b0fb4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>SEC adopts central clearing and risk management rules for US Treasury market<\/h2>\n<p><span style=\"font-weight: 400;\">The US Securities and Exchange Commission (SEC)<\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-247\"> <span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> rules to enhance risk management practices for central counterparties in the US Treasury market and facilitate additional clearing of US Treasury securities transactions.<\/span><b>\u00a0<\/b><\/p>\n<p><b><\/b><b>The details:<\/b><span style=\"font-weight: 400;\"> Covered clearing agencies in the US Treasury market must adopt policies and procedures designed to require their members to submit for clearing all secondary market transactions in US treasury securities to which it is a counterparty, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All repurchase and reverse repurchase agreements collateralized by US Treasury securities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All interdealer broker purchase and sale transactions<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All purchase and sale transactions between a clearing agency member and either a registered broker dealer, government securities broker, or government securities dealer<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Transactions between a direct participant and a central bank, sovereign entity, international financial institution, or natural person are excluded from the definition of secondary market transactions.<\/span><\/p>\n<p><b>Other important changes: <\/b><span style=\"font-weight: 400;\">Broker-dealers may include customer margin required and on deposit at a clearing agency in the US Treasury market as a debit in the customer reserve formula.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Covered clearing agencies must collect and calculate margin for house and customer transactions separately and are required to develop policies to ensure access to clearing<\/span><\/li>\n<\/ul>\n<p><b>Compliance Timeline: <\/b><span style=\"font-weight: 400;\">The amendments will go into effect in two phases, with the changes regarding the separation of house and customer margin, the broker-dealer customer protection rule, and access to central clearing required to be completed first, by March 31, 2025.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After that time, the requirement to clear specific transactions would go into effect in two phases, with cash transactions being required to be cleared before repurchase transactions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Compliance with the requirement to clear eligible secondary market cash transactions would not be required until Dec 31, 2025, and compliance with the requirement to clear eligible repo transactions would follow on June 30, 2026<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0b2cf9'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FCA sets out significant programme of detailed reforms to UK wholesale markets<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Financial Conduct Authority (FCA) <\/span><a href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/proposed-new-rules-encourage-companies-list-uk-other-market-improvements\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> a range of publications representing significant reform to UK financial market rules and practices, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transparency for bond and derivative markets\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Detailed changes to UK listings rules<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Consolidated tape framework<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Commodity derivatives framework\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Transparency reform for bond and derivative markets:<\/b><span style=\"font-weight: 400;\"> The FCA <\/span><a href=\"https:\/\/www.fca.org.uk\/publication\/consultation\/cp23-32.pdf\"><span style=\"font-weight: 400;\">issued<\/span><\/a><span style=\"font-weight: 400;\"> proposals to recalibrate the UK&#8217;s market transparency regime to better tailor the existing transparency requirements for bond and derivative markets under the UK Markets in Financial Instruments Directive (MiFID).\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA sets out proposals regarding the scope, pre- and post-trade transparency requirements, exemptions from post-trade reporting, the content of post-trade information including identifiers, and guidance on the definition of a systematic internaliser (SI)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The consultation closes on March 6, 2024 and the FCA will decide on final rules following industry feedback.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Public listing regime reform:<\/b><span style=\"font-weight: 400;\"> The FCA has <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp23-31-primary-markets-effectiveness-review-feedback-detailed-proposals-listing-rules\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> feedback to its May 2023 consultation on proposals to make the UK\u2019s listing regime more accessible, effective, and competitive, and provides more detailed proposals to reform UK listing rules.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA continues to propose a single &#8216;commercial companies&#8217; category for equity share listings to replace the current &#8216;premium&#8217; and &#8216;standard&#8217; listing segments. This is intended to streamline eligibility and encourage a greater range of companies to list in the UK<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA is proposing to create an entirely new \u2018UK Listing Rules\u2019 sourcebook (UKLR) to make obligations for issuers and sponsors more accessible and less complex. The consultation will be open until March 22, 2024\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA aims to publish the final UKLR via a Policy Statement at the start of the second half of 2024<\/span><\/li>\n<\/ul>\n<p><b>Consolidated tape:<\/b><span style=\"font-weight: 400;\"> The FCA <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp23-33-payments-data-providers-drsp-policy-statement-framework-consolidated-tape-cp23-15\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a policy statement on the consolidated tape for bonds, along with proposals regarding payments from the consolidated tape provider (CTP) to data providers to offset the cost of connecting to send data to the CTP.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The policy statement clarifies a range of key details on the future CTP framework, such as the requirement for the CTP to offer a historical data service, the need for legal separation for value-added services, data pricing rules, and the requirement for data to be transmitted from data providers and received by the CTP<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA will appoint a single bond CTP through a two-stage tender process for a contract length of five years<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The FCA will continue to work on the basis that the bond CT will come into effect after the bond transparency regime changes go live<\/span><\/li>\n<\/ul>\n<p><b>Commodity derivatives framework:<\/b><span style=\"font-weight: 400;\"> The FCA <\/span><a href=\"https:\/\/www.fca.org.uk\/publications\/consultation-papers\/cp23-27-reforming-commodity-derivatives-regulatory-framework\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> proposals on reforms to the UK&#8217;s regulatory framework for commodity derivatives.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The proposals concern the key pillars of the regime, including setting of position limits by trading venues, applying position limits only to certain commodity derivatives contracts, exemptions from position limits, position management controls and reporting, and the ancillary activities test<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The consultation is open until February 16, 2024 and the FCA plans to publish a policy statement in H2 2024<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0b4c9a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>India approves regulatory framework for index providers<\/h2>\n<p><span style=\"font-weight: 400;\">The Securities and Exchange Board of India (SEBI) <\/span><a href=\"https:\/\/www.sebi.gov.in\/media-and-notifications\/press-releases\/nov-2023\/sebi-board-meeting_79337.html\"><span style=\"font-weight: 400;\">approved<\/span><\/a><span style=\"font-weight: 400;\"> a regulatory framework for index providers at its board meeting in Mumbai on November 25, 2023.\u00a0<\/span><\/p>\n<p><b>The intention:<\/b><span style=\"font-weight: 400;\"> SEBI is aiming to foster greater transparency and accountability in governance and administration of financial benchmarks in the securities market.\u00a0<\/span><\/p>\n<p><b>More detail:<\/b><span style=\"font-weight: 400;\"> The regulatory framework will introduce a registration scheme for index providers to license \u2018significant indices\u2019, in line with IOSCO Principles for Financial Benchmarks.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0b6568'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>EU adopts reforms to the Central Securities Depositories Regulation<\/h2>\n<p><span style=\"font-weight: 400;\">The European Union (EU) <\/span><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2023\/12\/06\/capital-markets-union-council-reaches-agreement-on-improvements-to-eu-clearing-services\/\"><span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> reforms to the rules governing central securities depositories (CSDs).<\/span><\/p>\n<p><b>Objective: <\/b><span style=\"font-weight: 400;\">The new CSDR seeks to reduce compliance costs and regulatory burdens for CSDs, facilitate the provision of services across the EU, and improve cooperation among supervisors. It also addressed the challenges that the settlement discipline regime has posed to the industry.<\/span><\/p>\n<p><b>In more detail: <\/b><span style=\"font-weight: 400;\">The new rules will bring a number of important changes to the existing regime for securities settlement, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Simplified passporting regime: <\/b><span style=\"font-weight: 400;\">The new regulation clarifies and simplifies the rules for a CSD based in one EU member state providing services in another member state<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Enhanced supervision:<\/b><span style=\"font-weight: 400;\"> CSD operating in more than one member states will be considered of substantial importance to the functioning of the securities markets and investor protection. As a result, a college of supervisors from these member states will be set up to facilitate cooperation and information exchange<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Improved settlement efficiency:<\/b><span style=\"font-weight: 400;\"> The new regulation contains measures to improve \u2018settlement efficiency\u2019 (the rate at which securities transactions settle on the intended date) by amending certain elements of the settlement discipline regime, including the preconditions for applying so-called mandatory buy-ins. Under the revised regulation, such buy-ins will only be introduced as a measure of last resort, where the rate of settlement fails in the EU is not improving and is presenting a threat to financial stability<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>CSDs to offer additional services:<\/b><span style=\"font-weight: 400;\"> The reform facilitates CSDs access to banking-type services. As a result, offering services for a broader range of currencies as well as across borders will be facilitated<\/span><\/li>\n<\/ul>\n<p><b>Settlement discipline in more detail:<\/b><span style=\"font-weight: 400;\"> Mandatory buy-ins occur when a transaction has failed to settle at the end of an agreed period and the buyer of the securities is forced to repurchase them elsewhere.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The original 2014 CSD rules introduced a settlement discipline framework that included a mandatory buy-in process and cash penalties for settlement fails that would apply from February 2022\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The implementation of the rules presented important challenges for the buy-side and the EU agreed to delay the application of the rules until a solution was found\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under the new rules mandatory buy-ins will only be introduced as a measure of last resort, where the rate of settlement fails in the EU is not improving and is presenting a threat to financial stability<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In addition, the scope of the cash penalties and of the mandatory buy-in process is clarified to distinguish the requirements relating to cash penalties from those relating to mandatory buy-ins<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The final rules should be published in the Official Journal shortly. Key changes will start being phased in from May 2024, and the new settlement discipline will apply from 2026.<\/span><\/p>\n<p><b>Closely related:<\/b><span style=\"font-weight: 400;\"> The European Securities and Markets Authority (ESMA) <\/span><a href=\"https:\/\/www.esma.europa.eu\/sites\/default\/files\/2023-12\/ESMA74-2119945925-1634_CSDR_Consultation_Paper_on_Technical_Advice_on_Penalty_Mechanism.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a consultation on proposals to revamp the penalty mechanism rules under the central securities depositories regulation (CSDR).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The consultation runs until February 29, 2024 and stakeholders\u2019 input will shape ESMA\u2019s advice to the European Commission which will be delivered by the end of September 2024. The EU will then decide on the final changes to the technical rules<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0b8489'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Korea FSC announce measures to enhance foreign investor access<\/h2>\n<p><span style=\"font-weight: 400;\">Korea\u2019s Financial Services Commission <\/span><a href=\"https:\/\/www.fsc.go.kr\/eng\/pr010101\/81237?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that a set of measures intended to enhance foreign investors\u2019 access to domestic capital markets have now taken effect.\u00a0<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The measures include the abolishment of foreign investors\u2019 prior registration requirement, the easing of reporting duty for foreign securities firms in their use of omnibus account, and the expanded scope of foreign investors\u2019 OTC transactions eligible for ex post reporting.\u00a0<\/span><\/p>\n<p><b>Foreign investor registration system: <\/b><span style=\"font-weight: 400;\">The requirement for mandated foreign investors to register prior to investing in domestic stock markets has been abolished.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Foreign investors are able to open investment accounts in domestic capital markets either with a legal entity identifier (LEI, for corporate investors) or a passport number (for individual investors) without going through a prior registration process\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Omnibus account system:<\/b><span style=\"font-weight: 400;\"> The use of the omnibus account for foreign securities firms will be made more convenient by easing the reporting cycle to once every month.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under the revised rules, foreign securities firms will be required to report each end-investor\u2019s transaction details to an omnibus account operating domestic securities firm until the 10th day of the following month<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then, the domestic securities firm will need to report their transaction details to the FSS until the 15th day of the same month<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The authorities expect that these changes will help to facilitate foreign investors\u2019 use of the omnibus account and enhance their access to domestic stock markets<\/span><\/li>\n<\/ul>\n<p><b>OTC transaction convenience:<\/b><span style=\"font-weight: 400;\"> The scope of foreign investors\u2019 over-the-counter (OTC) transaction types permitted on an ex post reporting basis will be expanded, which will help to mitigate their reporting burden.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Until now, foreign investors\u2019 OTC transactions were subject to a preliminary examination by the FSS, except for a limited scope of transaction types allowed on an ex post-reporting basis<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> The Korean government, and other regulatory authorities, intend to set up and operate a joint inspection team to ensure that the new rules are properly implemented.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0ba139'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>FINMA extends transitional period for equity options<\/h2>\n<p><span style=\"font-weight: 400;\">Swiss regulator FINMA is <\/span><a href=\"https:\/\/www.finma.ch\/en\/news\/2023\/12\/20232020-meldung-am-9-23\/\"><span style=\"font-weight: 400;\">extending<\/span><\/a><span style=\"font-weight: 400;\"> the transitional period for the duty to exchange collateral for non-centrally, cleared over the counter (OTC) derivatives transactions that are options on individual equities or index options.\u00a0<\/span><\/p>\n<p><b>The intention: <\/b><span style=\"font-weight: 400;\">This move is designed to prevent disadvantages for Swiss derivatives traders.<\/span><\/p>\n<p><b>In summary:<\/b><span style=\"font-weight: 400;\"> Due to legal developments in financial centers like the EU and UK, the transitional period for exchanging collateral in the case of equity options is being extended by at least two years. Against this background, FINMA is also granting a corresponding deadline extension until January 1, 2026 in order to prevent disadvantages for Swiss derivatives traders.<\/span><\/p>\n<p><b>Closely related: <\/b><span style=\"font-weight: 400;\">FINMA had already extended the transitional period for the duty to exchange collateral for non-centrally cleared OTC derivatives transactions that are options on individual equities or index options twice. The Federal Council also extended the deadline in the corresponding ordinance to January 1, 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0bba88'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Qatar financial regulators launch 2023-2027 3rd Strategic Plan<\/h2>\n<p><span style=\"font-weight: 400;\">The Qatar Central Bank (QCB) and Qatar Financial Market Authority (QFMA)<\/span><a href=\"https:\/\/www.qfma.org.qa\/English\/MediaCenter\/News\/Pages\/news208.aspx\"><span style=\"font-weight: 400;\"> launched<\/span><\/a><span style=\"font-weight: 400;\"> its 2023-2027, third strategic plan.\u00a0<\/span><\/p>\n<p><b>The aim: <\/b><span style=\"font-weight: 400;\">The strategic plan is designed to achieve an enhanced regulatory framework aligned with international standards, including robust regulation on investor protection, market transparency, and corporate governance.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The vision of the QFMA in accordance with the new strategy is to advance the Qatari capital market to the &#8220;Developed&#8221; status<\/span><\/li>\n<\/ul>\n<p><b>Enhancing capital markets: <\/b><span style=\"font-weight: 400;\">The plan seeks to support the enhancement of Qatari capital markets through implementing Governance Codes for Financial Services Companies, Companies Listed on the main and second market, listed funds and entities subject to the authority&#8217;s supervision, developing a framework for fixed-income markets and for asset management as well for Islamic finance, developing targeted regulations for green assets and an initiative for developing solvency standards.<\/span><\/p>\n<p><b>Digital transformation in focus:<\/b><span style=\"font-weight: 400;\"> The QFMA strategic plan includes a set of digital transformation initiatives such as establishing a framework for IT governance, establishing a project management system, an inspection system and another for insider information tracking, moving to cloud computing and artificial intelligence in social media for disclosure, developing a regulatory technology strategy and developing guidelines and implementation of Qatar&#8217;s National Cybersecurity Framework.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0bd496'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>China FX regulator eases rules to boost cross-border trade and investment<\/h2>\n<p><span style=\"font-weight: 400;\">China\u2019s State Administration of Foreign Exchange (SAFE) is <\/span><a href=\"https:\/\/www.safe.gov.cn\/safe\/2023\/1215\/23626.html\"><span style=\"font-weight: 400;\">piloting<\/span><\/a><span style=\"font-weight: 400;\"> a series of initiatives to increase cross-border trade and investment.\u00a0<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> SAFE is implementing the following measures:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Further facilitate the receipt and payment of foreign exchange funds under current accounts<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supporting banks to optimize new international trade settlements and independently handle new international trade foreign exchange receipts and payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Expand the scope of net settlement of trade balance of payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Special remittances such as overdue remittances for trade in goods are exempt from registration<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Optimize the management of advance or apportionment business under service trade<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Domestic reinvestment by foreign-invested enterprises is exempted from registration<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Financial leasing parent and subsidiary companies share the foreign debt quota<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Foreign exchange registration for some capital items shall be handled directly by banks<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead:<\/b><span style=\"font-weight: 400;\"> Branch offices in the pilot areas are asked to formulate detailed business implementation rules in accordance with this notice, strengthen supervision and verification, and ensure compliance with regulations.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0befc8'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>EU member states agree negotiating position on review of EU clearing rules<\/h2>\n<p><span style=\"font-weight: 400;\">European Union (EU) member states meeting in the Council of the EU <\/span><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2023\/12\/06\/capital-markets-union-council-reaches-agreement-on-improvements-to-eu-clearing-services\/\"><span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> their negotiating mandate on the review of the European market infrastructure regulation and directive (EMIR).<\/span><\/p>\n<p><b>What is the EMIR Review?<\/b><span style=\"font-weight: 400;\"> EMIR sets out rules on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories in the EU.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The proposed review of the rules aims to streamline and shorten procedures, strengthen CCP supervision, and require market participants subject to a clearing obligation to clear a portion of the products through active accounts at EU CCPs<\/span><\/li>\n<\/ul>\n<p><b>What is the council proposing?<\/b><span style=\"font-weight: 400;\"> Member states propose a strengthened role for the supervisory frameworks, by establishing a joint monitoring mechanism and providing ESMA with a coordination role in cross-border emergency situations.<\/span><\/p>\n<p><b>The active account requirement: <\/b><span style=\"font-weight: 400;\">The council position would require certain financial and non-financial counterparties to have an account at an EU CCP, which includes operational elements such as the ability to handle the counterparty\u2019s transactions at short notice if need be and activity elements so that the account is effectively used.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This is ensured by a number of requirements, which have to be fulfilled by these accounts, including requirements for counterparties above a certain threshold to clear trades in the most relevant sub-categories of derivatives of substantial systemic importance defined in terms of class of derivative, size and maturity<\/span><\/li>\n<\/ul>\n<p><b>Important context:<\/b><span style=\"font-weight: 400;\"> The risks that derivatives can pose to economic stability were demonstrated during the 2008 financial crisis, when significant weaknesses in the OTC derivatives markets were evident.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">EMIR was adopted in 2012 to increase transparency in the OTC derivatives markets, mitigate credit risk, and reduce operational risk<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The EMIR review aims to make the EU clearing landscape more attractive and resilient<\/span><\/li>\n<\/ul>\n<p><b>Looking ahead: <\/b><span style=\"font-weight: 400;\">With members of the European Parliament having recently adopted their negotiating position on the EMIR review, final negotiations between the parliament, council, and commission on the final text will start shortly. Final adoption of the rules is expected in Q2 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c0bf7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>SEC adopts rule to prohibit conflicts of interest in certain securitizations<\/h2>\n<p><span style=\"font-weight: 400;\">The US SEC<\/span><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-240\"> <span style=\"font-weight: 400;\">adopted<\/span><\/a><span style=\"font-weight: 400;\"> Securities Act Rule 192 which will prohibit a securitization participant, for a specified period of time, from engaging in any transaction that would involve or result in any material conflict of interest between the securitization participant and an investor in the relevant asset-backed security (ABS).\u00a0<\/span><\/p>\n<p><b>Further detail:<\/b><span style=\"font-weight: 400;\"> Under the new rule, such transactions would be &#8220;conflicted transactions&#8221; and implements Section 27B of the Securities Act of 1933, a provision added by the Dodd-Frank Act, to prevent the sale of asset-backed securities that are tainted by material conflicts of interest.<\/span><\/p>\n<p><b>Compliance timeline:<\/b><span style=\"font-weight: 400;\"> Rule 192 will become effective 60 days after publication in the Federal Register. Compliance will be required with respect to any ABS the first closing of the sale of which occurs 18 months after the date of the publication in the Federal Register.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c254e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>IOSCO publishes good practices for market outages<\/h2>\n<p><span style=\"font-weight: 400;\">The International Organisation of Securities Commissions (IOSCO) <\/span><a href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD751.pdf\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a report on market outages for public consultation.\u00a0<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The report outlines key lessons from market outages across the 24 jurisdictions covered and sets out a set of best practices across five areas:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(1) Outage plans<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(2) Communications plans\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(3) Reopening of trading<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(4) Closing auctions\/closing prices<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(5) Post-outage plans<\/span><\/p>\n<p><b>Important context: <\/b><span style=\"font-weight: 400;\">The IOSCO report is intended to assist regulators, trading venues, and market participants prepare for and manage future outages and thereby help improve market-wide resilience.<\/span><\/p>\n<p><b>Key dates:<\/b><span style=\"font-weight: 400;\"> The report is open for consultation until March 1, 2024.<\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c3eeb'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>SEC staff issues report on definition of Accredited Investor<\/h2>\n<p><span style=\"font-weight: 400;\">The quadrennial<\/span><a href=\"https:\/\/www.sec.gov\/files\/review-definition-accredited-investor-2023.pdf\"> <span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, required under the Dodd-Frank Act, <\/span><span style=\"font-weight: 400;\">examines the pool of US individuals and households that qualify for accreditation and reviews various potential revisions.\u00a0<\/span><\/p>\n<p><b>Wider context:<\/b><span style=\"font-weight: 400;\"> While the staff report carries no rulemaking authority, it comes as the Commission continues to signal its appetite for reforms.<\/span><\/p>\n<p><b>Increased risk to retail investors:<\/b><span style=\"font-weight: 400;\"> The report shares concerns that the rise of private markets combined with non-inflation-adjusted income and asset thresholds may endanger retail investors.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While previous revisions to the definition allowed individuals to qualify through professional licensure, income or asset-based tests remain the most common qualification for accreditation.<\/span><\/li>\n<\/ul>\n<p><b>Equitable participation:<\/b><span style=\"font-weight: 400;\"> The use of income or assets as a proxy for financial sophistication has been a point of contention for various stakeholders.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In a recent<\/span><a href=\"https:\/\/www.sec.gov\/files\/2023-oasb-annual-report.pdf\"> <span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> to Congress, the SEC\u2019s Office of the Advocate for Small Business Capital Formation urged the Commission to proceed with caution on any proposed revisions to Regulation D and the accredited investor definition that could negatively impact small businesses capital formation, particularly for businesses founded by racially or ethnically diverse entrepreneurs.<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c59ad'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-risk-capital-and-financial-stability-january-edition-1\/?tactic-page=747199\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-green-finance-january-edition-1\/?tactic-page=747199\">Green finance<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/blog\/global-regulatory-brief-digital-finance-january-edition-1\/?tactic-page=747199\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c72b0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row bg--black  text--white row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe27c0c8ad3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--halign-center\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2 style=\"text-align: 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bbg-spacer--md\"\n    >\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card_hasCta bbg-card_hasLinkWrap bbg-card-text-white\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #000000;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid var( --brand-white, #fff) !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tbackground-color: #ffffff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #ffffff !important;\n\t}#card_1:hover .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 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class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\">SOLUTIONS<\/div>\n      \n                      <h3 class=\"bbg-card__title\">Data<\/h3>\n      \n          <\/div>\n\n          \n<div\n  id=\"cta_2228578588220174462\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <span         class=\"bbg-cta-link link bbg-cta-arrow\"\n        \n        >\n                <\/span>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n      <\/a>\n  <\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe27c0cd44f]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" 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out significant programme of detailed reforms to UK wholesale markets, and more.<\/p>\n","protected":false},"author":1679,"featured_media":45287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"486","footnotes":""},"categories":[453,486,469],"tags":[843,500],"series":[],"class_list":["post-46908","post","type-post","status-publish","format-standard","hentry","category-markets","category-regulation","category-risk","tag-843","tag-credit-risk","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global Regulatory Brief: Trading and markets, January edition | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"This month, the Bloomberg Regulatory Brief on trading and markets covers: SEC adopts central clearing and risk management rules for US 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