Excellent briefing from Norton Rose Fullbright law firm this morning on the regulatory themes for this year. To get the detail I refer you to their excellent blog, RegulationTomorrow.
For those of you who woke up with a New Year hangover this week however, that EMIR dream was real. Norton Rose Fullbright expect the FCA priorities this year to include EMIR enforcement to be incorporated into business as usual. Trade Reporting, LEI annual renewal, internal checks on the accuracy of reports, and monitoring of clearing thresholds is all on the cards, and for NFC+ firms don’t forget readiness for the clearing and collateralisation requirements.
To mix metaphors dreadfully, a wise New Year’s resolution would be to call your internal audit and make sure they intend to review your implementation before a regulatory visit, possibly with some outside help for perspective. That should help relieve the worst hangover pains.