Agenda

1. Introduction and welcome
2. Ratify Rory Webster as Chair of the Regulation Subject Group
3. Chair’s view of scope and purpose of group
4. Agree high level action and immediate deliverables
5. AOB

Minutes

Introduction and Welcome

• MP welcomed attendees and thanked SNR Denton for hosting the event
• MP recapped on some of the points reported at the last plenary session

Ratify proposed Chair of Group

• MP introduced RW and proposed RW as chair. Unanimously carried by the floor
• MP invited further nominations for co-chair and minute-taker

Chair’s view of scope and purpose of group

• RW summarised his view of what the scope, purpose and objectives of the group should be and invited the audience to do the same
• Audience were of the opinion that there was little scope to influence some of the initiatives currently underway but there was value in increasing awareness and educating the market at large
• RP also reminded the group that the in-scope regulation should be limited to impacts on post-trade only, which significantly reduces the number in scope
• It was also recognised by the floor that other may play an important part in shaping the regulatory landscape
• To this end a number of action points were agreed

Agree action points and immediate deliverables

• See action points section

AOB

Background:

The Regulation Subject Group is focused upon:

• Understanding new regulation, the impacts and cross-border inconsistencies
• Basel III and the treatment of collateral
• The European Markets Infrastructure Regulation (EMIR) and how it impacts both Over-the-Counter (OTC) Central Counterparty (CCP) clearing and Central Securities Depositories (CSD) regulation
• The Markets in Financial Instruments Directive revision (MiFID II) and its impact on internal infrastructures and the market at large
• The Financial Services Authority (FSA) break-up and how the new Bank of England regulator will change the City
• Dodd-Frank’s impact upon OTC derivatives CCP clearing
• Trade Repositories

The Group has Kiri Self of the Realisation Group as Acting Chair, and is open to nomination for this position.