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