Ontario Bill 148, Fair Workplaces, Better Jobs Act Proposes Key Reforms for Bargaining Unit Review

  Under the current Labour Relations Act, 1995 (“LRA”), once a bargaining unit is certified, any changes to the composition of the bargaining unit are voluntary. Bill 148 proposals, if passed, would amend the LRA to provide that: the Ontario Labour Relations Board (“OLRB”) can review the structure of a bargaining unit if it is satisfied that the bargaining unit or units are no longer appropriate for collective bargaining in the circumstances; and where the OLRB certifies a union (or council of unions) for a bargaining unit and the same union or council of unions is certified for a unit of employees in a separate location of the same employer (or for an additional unit at the same location), whether or not a collective agreement is in effect in the prior certified unit, the OLRB can consolidate or vary the bargaining unit description. View Full Post
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Proposed Rules Aimed at High-Risk Brokers Confirm FINRA Push for Firms to “Do Their Part”

Pen Financial Industry Regulatory Authority (FINRA) President and CEO Robert Cook spoke earlier this month at Georgetown University’s McDonough School of Business, where he outlined several proposals to further what he called one of FINRA’s “most important purposes”—“to protect investors from bad actors.”  Taking aim at “those who seek to evade regulatory requirements and harm investors for their own personal gain,” Cook outlined a series of new regulatory proposals he hopes will “further augment” FINRA’s “long-standing regulatory programs.” The group of proposed regulations, approved by FINRA’s Board of Governors last month, is one component of FINRA360, “a multi-year exercise focused on creating an organization that is committed to continuous improvement.” Among the proposals Cook outlined are rules that would: reinforce the supervisory obligations of brokerage firms with respect to the continued employment of brokers with disciplinary records; require heightened supervision by those firms of individuals with a disciplinary case pending on appeal; grant adjudicators greater discretion to consider more severe sanctions when an individual’s history reveals repeated misconduct; enable hearing panels to limit the activities firms and individuals may undertake while a disciplinary matter is pending; increase fees related to FINRA’s statutory disqualification applications; render more of an individual’s history relevant to a request for an exam waiver from FINRA; and require disclosure in BrokerCheck of a firm’s status as a “taping” firm. View Full Post
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The Money Laundering, Terrorist Financing and Transfer of Funds (Information On the Payer) Regulations 2017 Published

The Government has laid before Parliament The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017 No. 692), which will come into force on Monday, 26 June 2017.Money_Laundering_Regulations_2017 – black line The Regulations replace the Money Laundering Regulations 2007 and the Transfer of Funds (Information on the Payer) Regulations 2007 with updated provisions that implement in part the Fourth Money Laundering Directive and the Funds Transfer Regulation. View Full Post
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Benchmarks Regulation – Draft Delegated Regulations Published

The European Commission has published four draft delegated regulations supplementing the Benchmarks Regulation (BMR). The draft delegated regulations set out: technical elements of the definitions set out in the BMR (link); conditions to assess impacts of cessation or changing of a benchmark (link); application of qualitative criteria for critical benchmarks (link);  and calculation of total values of references to benchmarks (link). View Full Post
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SMSG Own Initiative Report On Product Intervention Under MiFIR

The Securities and Markets Stakeholders Group (SMSG) has published an own initiative report on product intervention under MiFIR. The purpose of the own initiative report is to: give the SMSG’s opinion on two important legal questions relating to MiFIR product intervention (scope of application and whether pre-MiFIR national product intervention measures should be grandfathered); summarise national measures already taken before the entry into force of MiFIR; and indicate issues where intervention by the European Securities and Markets Authority is considered useful. View Full Post
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Basel Committee Report On Range of Practices in Implementing the Countercyclical Capital Buffer

The Basel Committee on Banking Supervision (Basel Committee) has published a report, Range of practices in implementing the countercyclical capital buffer policy. The primary objective of the countercyclical capital buffer (CCyB) is to build a varying capital buffer that protects the banking sector from periods of excess credit growth that are often associated with the build-up of systemic risk. View Full Post
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EBA Publishes Discussion Paper On the Treatment of Structural FX

The European Banking Authority (EBA) has published a Discussion Paper on the treatment of structural FX under Article 352(2) of the Capital Requirements Regulation (CRR). The structural FX provision in Article 352(2) of the CRR is subject to various interpretations that have led to differences in its application both in EU Member States and across banks. View Full Post
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EBA Publishes Draft Amending Technical Standards On CVA Proxy Spread

The European Banking Authority (EBA) has published draft amending Regulatory Technical Standards (RTS) on credit valuation adjustment (CVA) proxy spread. The RTS propose certain amendments to Commission Delegated Regulation (EU) No. 526/2014 for determining proxy spread and limited smaller portfolios for CVA risk, based on two policy recommendations contained in an earlier EBA CVA report published on 25 February 2015. View Full Post
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ECB to Develop a Service for the Settlement of Instant Payments

The European Central Bank has announced that its Governing Council has decided to develop a new service for the settlement of instant payments. The new service, TARGET instant payment settlement (TIPS), will enable citizens and firms to transfer money between each other in real time and will be available around the clock, 365 days a year. View Full Post
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