New EU Regulations to Have Significant Impact on Financial Services Firms
- Topics:
- Commercial Lending
- Tags:
- Chicago Mercantile Exchange Holdings,
- Finance,
- Financial,
- Financial Planning,
- Financial Service,
- Financial Services,
- Government,
- Regulations
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Overview: The Investment Services Directive ("ISD") and the Capital Adequacy Directive ("CAD") came into force on 1st January 1996 and all EU Member States are required to have brought in compliant local legislation by that date. In future all investment firms conducting relevant financial services activities will need to be authorized in their home State and will need to assess both new local rules and the extent to which their cross border activities will forthwith require prior approval. As will be apparent from the preceding, the implementation of the ISD and the CAD will have a significant impact on the way in which investment firms conduct their day-to-day business. Changes will undoubtedly be required to systems and internal procedures to implement the new CAD method of calculating regulatory capital and monitor applicable rules and regulations in both the firm’s home State and in any host State in which it conducts ISD business.
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Format: PDF | Size: 53KB | Date: May 2001 | Pages: 8
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