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Financial Services Regulation And Legislation To Watch In 2017

January 2, 2017, Law360

Carlo Kostka is quoted in a Law360 article regarding UK financial services reforms to watch in 2017. Commenting on the 2014 Markets in Financial Instruments Directive II and Brexit, Kostka says, “There’s a host of operational reasons why you’d say you don’t want to fragment the clearing market.” He adds, “But the flip side ... is this is going to be a horse-trading negotiation [and] this is going to be one of the chips on the table.”

Regarding capital requirements and bail-in rules, Kostka says, “What has been going on since the financial crisis ... has been a steady drumbeat of driving the capital requirements of banks upwards. He continues, “A second push which has now been heard says basically, give everybody breathing space because the banking system needs to generate its own capital and reinvest it in their business ... and the machine won’t work to provide credit to the real economy because banks are so busy obtaining their own capital.”

Kostka also comments on cybersecurity and data protection saying, “Data is everything for the financial community, and what’s been going on I think is going to get people more and more upset because there’s no sign that it’s getting better.” He adds, “If anything, there are signs it’s getting worse.”

 

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