12/17/2013

The European Securities and Markets Authority has caught the U.K. Financial Conduct Authority and others off guard regarding a grace period for reporting trades. "The 90-day delay envisaged in the implementing of technical standards was only applicable to trades that were outstanding on Aug. 16, 2012, and are still outstanding on the reporting start date," an ESMA spokesman said. "There is no delay foreseen in the regulations for trades that were executed after Aug. 16, 2012, and are still outstanding on Feb. 12, 2014."

Related Summaries