cfa regulatory presentation
DESCRIPTION
REGULATORY UPDATE G20, OTC Derivatives (TR & CCP), FMA, REG 28 (OTC, Hedge Funds, Securities Lending),Collateral, FATCA, POPITRANSCRIPT
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REGULATORY UPDATE
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• G20
• OTC Derivatives (TR & CCP)
• FMA
• REG 28 (OTC, Hedge Funds, Securities
Lending)
• COLLATERAL
• FATCA
• POPI
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AIG
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G20
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G20, IOSCO, BASEL III, DODD
FRANK, SOLVENCY II, EMIR & CCP
G20
IOSCO
BASEL III
DODD FRANK
SOLVENCY II
EMIR
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GROUP OF 20 (G-20)
The effects of the 2007/2008 global financial crisis
prompted the Group of 20 (G20) leaders and their
international coordinating body, the Financial Stability
Board, to review global financial markets to enhance their
stability and integrity, and to provide necessary protections
to financial market participants.
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G-20 BACKGROUND
• The G-20, was established in 1999 and Trevor Manual was the
chairperson in 2007
• Australia, India, Argentina, France, China, Canada, Russia,
Brazil, Germany, Indonesia, Saudi Arabia, South Africa,
Mexico, Italy, Japan, United States, Turkey, United Kingdom,
South Korea and a representative of the European Union
• Brings together major industrialized and developing economies
to discuss key issues in the global economy
• It is the premier forum for international economic discussion on
issues related to global economic stability
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G20 OTC REQUIREMENT
All OTC derivatives trades should be reported to a trade repository
All standardised OTC derivatives trades should be centrally cleared
Standardised OTC derivatives should be traded on exchange or electronic
platforms where appropriate
Higher capital charges should be implemented for non-cleared OTC
derivatives
2009 commit to reform the OTC derivatives
market in 4 key areas:
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IOSCO – INTERNATIONAL ORGANISATIONS
OF SECURITIES COMMISSIONS
• International Organisations of Securities
Commissions
• IOSCO reiterated calls by the G-20 and the
Financial Stability Board for regulatory
intervention in the structural and operational
functioning of OTC derivatives markets.
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IOSCO RECOMMENDATIONS FOR OTC
DERIVATIVES FOR EMERGING MARKETS
•Players should have the necessary resources, especially minimum regulatory capital, to minimise the risk resulting from transactions. Market entry
•Disclosure standards and suitability tests of unsophisticated OTC investors can reduce the risk they face. Investor protection
•This can enhance data quality and reporting standards, but the balance between standardisation and market efficiency and liquidity must be taken into account. Standardisation
•For cost reasons, central clearing of standardised contracts makes more sense for large OTC markets.
Clearing/central counterparty (CCP) clearing
•Central counterparties or trade repositories can improve transparency. Regulatory standards and arrangements should be established for them. Transparency
•Reporting should cover at least the size of positions and be accessible to regulators and supervisors. The standards of reporting should be set out. Providing data and reporting
•For transactions that are not centrally cleared, the standards for bilateral collateralisation should be set and appropriate capital charges should be arranged for the relevant risks.
Collateralisation and risk management
•OTC derivatives should be valued realistically. Market value should be applied as much as possible. Where market value is not available, fair value should be used. Valuation
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TRADE REPOSITORIES
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WHAT IS A TRADE REPOSITORY
Trade Repository or Swap Data Repository is:
an entity that centrally collects and
maintains the records of over-the-
counter (OTC) derivatives
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G20 VIEW OF THE ROLE OF A TRADE REPOSITORY
OTC derivatives contracts should be reported to trade repositories (“TRs”) in order to:
improve transparency
mitigate systemic risk
protect against
market abuse in the
derivatives markets
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WHY THE NEED FOR A TRADE
REPOSITORY
What to do when we next face a Lehman
Trade repositories act as authoritative registries of key information regarding open over-the-counter (OTC) derivatives trades
They provide an effective tool for mitigating the inherent opacity of OTC derivatives markets, i.e. brings transparency
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FMA : TRADE REPOSITORY
FMA establish duties of TRs and a framework for their supervision by Registrar
Not an ‘SRO’, Licensed under s 56 & regulations by Minister
Trade Repository for unlisted securities
Silent on what trade data must be reported, format, storage, etc – but Registrar regulates on which transactions to be reported on and frequency of reporting (s 58)
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FMB : TRADE REPOSITORY
Domestic TR
Registration of foreign TR with equivalent test
External TR
A juristic person may apply for a license: cross- border reach taking into account global nature of derivative transactions
involving local and international
counterparties (and Minister determines where
assets may be held)
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WHAT IS TR REQUIRED TO DO:
Accept data from swap
counterparties
Confirm the accuracy of
that data
Maintain the data pursuant to standards to be established
by the regulator
Including direct electronic
access to the regulatory
systems for monitoring and analyzing data
Making information available to
other regulators
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TR DATA DISCLOSURE
register with their home regulator
make available on a confidential basis all data obtained by the TR (including individual counterparty
trade and position data)
to each appropriate prudential regulator
Including foreign financial supervisors (including foreign
futures authorities), and foreign central banks and foreign
ministries
TR required to
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SA PROPOSED REGULATION
Required to ensure the confidentiality, integrity and protection of reported information.
They will need to calculate the positions by class of derivatives and by reporting entity,
based on the details of the derivatives contracts.
Trade repositories will be obliged to allow parties access to correct contract information to prevent any misuse of data and confidential information by the trade repository or any of its
subsidiaries.
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TRANSPARENCY
REDUCTION
• The collection of data and making it available to regulators does not
automatically reduce systemic risk.
• In order to reduce systemic risk regulators/supervisors must:
– sensibly interpret data
– overcome data gaps
– accurately assess risks
– enforce risk-reducing measures
RISK
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COST OF A TR
OTC derivative market participants
Additional systems
Staff Controls
Trade Repository Establishment
cost Staffing Systems Governance
Regulators/supervisors Systems Extracting
and analysing the data
Staffing
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CENTRAL CLEARING
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COUNTERPARTY RISK
© 2011 Hedge Fund Academy. All rights
reserved www.hedgefundacademy.co.za
Credit counterparty risk has proven to be one of
the biggest risks to financial institutions and the
best way to mitigate this risk is through collateral
management.
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AIG 2008
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BEFORE OTC CLEARING
Counterparty A
(End user - asset manager )
Counterparty B
(OTC Dealer - Bank)
ISDA & CSA (COLLATERAL AND BILATERAL NETTING)
Bilateral / Unilateral Collateral Move
Bilateral trade execution
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OTC DERIVATIVES – COUNTERPARTY RISK
AND THE THREAT OF CONTAGION
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OTC Derivatives: The default of firm A in an OTC derivative transaction has a
possible contagion effect. It does not only affect firm C it leaves all connected
trading counterparties to firm A and C potentially at risk.
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ONCE CLEARED
Counterparty A
(End user - asset
manager )
Counterparty B
(OTC Dealer - Bank)
Could also be a clearing
member
CLEARING HOUSE INITIAL MARGIN + DEFAULT FUND
Bilateral trade execution
Clearing member Clearing member
Initial and variation margin
Initial and variation margin
Initial and variation margin
Variation margin
Variation margin
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BENEFITS OF CENTRAL CLEARING
• Multilateral netting reduces overall exposure
• Mitigate risk of counterparty default
• Robust margining methodology & Collaterals
• Cross margining benefit
• Well defined default management procedure
1. Reduced Credit Risk
• Automated operational procedures
• Transparency in positions and collateral reporting
2. Reduced Operational
Risk
• Multilateral netting reduces knock on failures
• CCP access to central bank liquidity
• Absence of connectivity for transferring
• Legal enforceability possible
3. Reduced Systemic & Legal Risk
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DISADVANTAGES OF CCP
• Concentration of risk at CCP – what if CCP fails?
• Mutualization risk by CM
1. Risk of CCP failure
• Product complexity & valuation of illiquid products
• ETD Risk management methodology may not be equally effective for OTC
2. Standardization issues
• a. Differences in Risk Management & Default by independent entity
• b. Lack of coordination in managing exposures
• c. Absence of connectivity for transferring
3. Interoperability between multiple
CCP
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FMA - FINANCIAL MARKETS ACT
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FINANCIAL MARKETS ACT
Bring securities services industry in line with new legislative development and replaces the Securities Services Act.
Companies Act 2008
Competition Amendment Act
2009
Financial institutions
(protection of Funds) act 2001.
Financial Services Board
Act 1990.
NB: Consumer protection act
will not apply to any person, function, act, transaction goods or
services that are subjected to the
FMA
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FINANCIAL MARKETS ACT
Developed by:
•Nat Treasury
•FSB
•Market
• Consultation with JSE and Strate
Dates
•Expected effective date 3 June 2013
Regulate and controls
•securities trading
•custody
•administration of securities
Prohibit insider trading
•limits current available defences
•approve holders of securities on behalf of others
•provide codes for conduct of the market
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FINANCIAL MARKETS ACT
• Bill recognises self-regulatory originations – Including stock exchange, CSD’S, independent clearing houses.
Self Regulatory
Organisation
• Clarify SA law re offering securities as collateral. Replaces Section 43 of Securities Services Act.
Collateral
• Recognises outright transfers of dematerialised securities in non-insolvency context.
Read with insolvency Act.
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FINANCIAL MARKETS ACT
OTC
•Lays groundwork for OTC derivative regulation (as per G20).
•FMBA provides for establishment + licencing of trade repositories in SA and establishment of “ independent clearing houses” not directly appointed by an exchange.
•FMA currently doesn’t set out which OTC derivative must be reported to TR or stipulating which market participants are obligated to report OTC derivatives.
“Securities” definition
• Applies to listed and unlisted securities.
• Definition of “ securities services” extended to OTC derivatives.
Section 5(6)
• Foreign entities participation in SA market phased in.
• New definitions include international market players.
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TIMELINES
• The Financial Markets Act will become effective in
Q2, 2013.
• Requirements for the authorisation of OTC
Derivative Providers (issuers). (including
confirmation timelines, reconciliation and
compression) will be released for consultation in Q2,
2013 and are expected to be effective by Q4, 2013.
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DODD FRANK
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DODD FRANK
• Registration
• Mandatory clearing
• Transparency and execution
• Reporting requirements
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BASEL III
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BASEL
• The Basel Committee is a committee based in Basel, Switzerland, consisting of senior central bankers from 27 leading industrial countries.
• The Basel Committee provides a forum for regular cooperation on banking supervisory matters with the goal of enhancing the understanding of key supervisory issues and improving the quality of banking supervision worldwide.
• It fulfills this objective by, among other things, issuing supervisory standards in areas that the Basel Committee considers most in need.
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BASEL 1 - 3
• the first international risk-based capital standards for banking organizations in. Basel 1 - 1988
• revisited the standards and issued a second Basel accord Basel 2 – 2004
• to address deficiencies identified during the financial crisis (Market and securitisation rules) Basel 2.5 – 2009
• Aimed at strengthening bank capital requirements and increasing bank liquidity and bank leverage. Basel 3 – 2010
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LIQUIDITY LIQUIDITY LIQUIDITY
Without it you ARE
in real trouble my
friends.
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BASEL III
• Basel III brings new rules in four areas
• capital quality
• capital requirements
• leverage ratios
• liquidity ratios (LCR & Net Stable Funding Ratio)
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LIQUIDITY COVERAGE RATIO (LCR)
• To ensure that a bank maintains an adequate level of
unencumbered, high-quality liquid assets that can be
converted into cash to meet its liquidity needs for a 30
calendar day time horizon under a significantly severe
liquidity stress scenario.
• Banks are expected to meet this requirement
continuously…”
• 1 Jan 2015
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NET STABLE FUNDING RATIO (NSFR)
• To promote resiliency over longer-term horizons by creating
additional incentives for banks to fund their activities with more
stable, longer tenor sources of funding.
• 1 Jan 2018
• Given the structural funding challenges faced in the South African
economy, sourcing stable funding will increase funding costs, whilst
the lack of appropriate funding levels may hamper credit extension,
which is already under pressure.
• The availability of the required stable funding in South Africa to meet
these requirements will also be a challenge
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OPTIMISATION
About managing and optimising the use of cash,
optimal use of the balance sheet.
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SA BANKS & THE CRISIS
• South African banks were:
• not exposed to toxic assets
• are well capitalised
• generally well run from a liquidity risk management perspective
• not overly reliant on offshore funding
• have only a small portion of funding arising from structured
products
• the necessity for the new regulations from a purely local context
could be questioned, but in order to align itself with global market
standards these are essential.
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CVA (CREDIT VALUE ADJUSTMENTS)
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BASEL III – CVA
• Credit value adjustment
• Seeks to mitigate counterparty credit risk in
bilateral trades
• Based on the riskiness of the counterparty
• Will significantly increase capital requirements
for uncleared OTC derivatives
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BEFORE OTC CLEARING
Counterparty A
(End user - asset manager )
(CVA)
Counterparty B
(OTC Dealer - Bank)
ISDA & CSA (COLLATERAL AND BILATERAL NETTING)
Bilateral / Unilateral Collateral Move
Bilateral trade execution
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EXEMPTION FROM CLEARING IN EU
• Pension funds / Corporates hedging in Europe
have been granted exemption from clearing
• Dilemma …
– Opting for exemption means opting for higher capital
charges on uncleared OTC and therefore a higher
CVA and therefore higher price putting on the same
position
– Impact on asset managers, pension funds and
corporates
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MITIGATING CVA
• Buy protection like a CDS (if available on a single name counterparty and therefore not practical)
CDS
• with both initial and variation margin (probably cash)
• Threshold
• Min Transfer amout
Collateralise the trade
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CURRENT COLLATERAL LEVELS
• ISDA Margin Survey, 2012:
– $3.6tr of collateral already supporting non-cleared
OTC derivatives transactions.
– CVA will potentially increase this number.
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ESTIMATED GLOBAL COLLATERAL
REQUIREMENTS FOR CCP TRADES
Source Gross Net Notes
Oliver Wyman $3,1tr $700bn $700bn middle of the range
$500 - $800bn
Bank of
England
$156bn -
$594bn
Financial Stability paper Oct
2012
BIS $718bn Range $303bn - $1.167tn
depending on volatility (BIS
working paper March 2012)
OCC $2.56tr Based on OCC’s large
dealers
Moody’s $3.6tr “New OTC regulations will
boos demand for eligible
collateral”
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$3tr - $4trn gross additional collateral
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HEDGE FUND REGULATIONS (PROPOSED)
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OBJECTIVE OF THE HF
FRAMEWORK
Greater investment protection
Prevention of systemic risk
Promotion of market integrity
Transparency
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REGULATORY FRAMEWORK
CISCA Framework (Collective Investment Scheme Control Act)
Creation of a separate category
G20 requirement
CAT II A license
All hedge fund managers
• to be authorised by the Registrar irrespective of value of the assets of the fund
• Subject to fitness and proper test
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TWO CATEGORIES R
estr
icte
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fu
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Lightly regulated
Cannot solicit from public
Qualified investors only
Re
tail
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dg
e fu
nd
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Highly regulated
Retail and institutional
Min investment between R50 – 100k prescribed
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SERVICE PROVIDERS S
A P
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HF
The intention is not to regulate the service providers but to regulate the hedge funds as a special collective investment scheme.
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REGULATION 28
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HEDGE FUNDS, PE & OTHER
• Total Investment into Asset Class 15%
• Inside the Republic and foreign assets
Hedge Fund & Private Equity
• 10%
• 5% per fund of hedge funds
• 2.5% per hedge fund Hedge Funds
• 10%
• 5% per fund of private equity funds
• 2.5% per private equity fund
Private Equity Funds
• 2.5% Other assets
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PENSION FUND INVESTMENT INTO
HEDGE FUNDS (DRAFT NOTICES)
Hedge fund structure permitted
Authorisation of hedge
fund manager
Investment reports
Disclosure of conflict of interest
Confirmation of assets
Suitability of investment
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REG 28 & OTC (DRAFT NOTICES)
Who will be an
acceptable counterparty
Calculation of exposure
Focus on collateral
management
Due diligence on
the counterparty
risk
Reporting
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REG 28 & SLB (DRAFT NOTICES)
Acceptable counterparties
Securities eligible for
lending
Lending limits
Collateral
• 105% cash
• 110 % bonds
• 115% equities
Structure of the legal
agreements
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ALTERNATIVE INVESTMENT FUND
MANAGEMENT DIRECTIVE
European Hedge Fund Regulations Anything that is non-UCITS
Authorisation Minimum capital requirements Remuneration Depositaries Notification of major holdings Leverage limits Valuation Risk management Delegation Marketing and third country provisions
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FATCA
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OFFSHORE FOREIGN ACCOUNT TAX COMPLIANCE ACT
• The US Govt intent on determining ownership of assets in foreign accounts Purpose:
• Any foreign financial institution that expects to have American investors Application:
• Must institute procedures to identify US Investors and report their investments to the IRS
• Enter into an agreement with the IRS
• Must obtain waiver from Investor consenting to reporting to IRS
Obligation:
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FATCA
Penalties
30% withholding on all payments from the US
US FSPs must close accounts of any fund that fails to sign an
agreement
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POPI – PROTECTION OF PERSONAL INFORMATION
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POPI WILL
become SA primary legislation dealing with the processing of personal info.
significantly affect the manner in which companies collect, store, process and disseminate personal information.
bring SA in line with other jurisdictions that have similar legislation (such as the 1995 EU Directive, currently under review).
place a significant compliance burden on companies and public bodies, as such bodies are likely to possess substantial personal data records (electronically and hard copy).
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PURPOSE OF POPI
• gives effect to the constitutional right to privacy;
• regulates the manner in which personal information may be processed; and
• provides rights and remedies to protect personal information.
POPI:
• the protection of personal information processed by the private and the public sectors. Promotes
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RESEARCH MATERIAL
Thank you to Bloomberg for providing us some
research material on:
– CVA
– Regulations
– Credit Risk
Additional research which we have available to email to
you.
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UPCOMING COURSES
• 26 June Cape Town UCITS
• 27 - 28 June Cape Town Hedge Fund 101 Masterclass
• 2 - 3 July Johannesburg Collateral Management & Credit counterparty Risk
• 8 July Johannesburg Proposed hedge fund regulations analysed and clarified.
• 10 - 12 July Johannesburg Prime Brokerage
• 15 July Cape Town Proposed hedge fund regulations analysed and clarified
• 22 – 23 July Johannesburg Introduction to Securities Lending
• 24 - 25 July Johannesburg Central Clearing of OTC derivatives
• 29 July Johannesburg FATCA
• 2 August Johannesburg Fundamentals of UCITS
• 5 August Johannesburg Hedge Fund Distribution Conference
• 3 – 4 October Johannesburg Hedge Fund 101 Masterclass
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CONTACT DETAILS
Marilyn Ramplin
Mercy Chigoma
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011 783 9390
www.hedgefundacademy.co.za
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