Adaptation to Shadow Banking Sector Regulatory Frameworks

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An Exploration of the Implications for the EU Funds Management Industry

This report examines the implementation and compliance reporting implications of three new EU regulations impacting the transactions reporting obligations of funds management companies within the 28-member state bloc operating inside the confines of the shadow banking system. Specifically, the new EU shadow banking system regulations featured in this report are:

  • The Securities Financing Transactions Regulation;
  • The Money Market Funds Regulation; and
  • The Securitisation Regulation.

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Since 2009, the re-regulation by EU authorities of secondary markets trading – affecting investment banking, non-bank brokerage and asset management industry activities on a cross-asset class basis – was executed in earnest via mandates including MiFID II and the European Market Infrastructure Regulation.

Shadow banking sector regulation has, however, taken longer for EU regulators to implement, in part due to the already quasi-regulated nature of the transactional operations of companies within the system and also due to the overall complexity of the interwoven nature of securities financing transactions with money markets activity and asset-backed products securitisation.

In addition to exploring the implementation and compliance obligations of SFTR, MMFR and SR for the EU-domiciled funds management industry, this report also assesses the landscape for technology vendor solutions that can be used for transaction reporting purposes.

Published on: 9 Nov, 2018

Adaptation to Shadow Banking Sector Regulatory Frameworks – Table of Contents

  • 1.0 Defining the Change in the Characteristics of the Shadow Banking Sector, post-Financial Crisis
    • 1.1 The Change in the Size of the Shadow Banking Sector: 2015 to 2018
    • 1.2 The Impetus of the EU to Regulate the Shadow Banking Sector
    • 1.3 Overlap of EU Shadow Banking Sector Regulatory Coverage
  • 2.0 Implementation & Compliance Technology Issues for Funds Managers
    • 2.1 Data Fragmentation
    • 2.2 Implementing a Consolidated Data Management & Reporting Solution: The Buy vs. Build Dilemma
  • 3.0 The Securities Financing Transactions Regulation: Implications for Funds Managers
    • 3.1 Definition of the Regulation
    • 3.2 Mapping of the Funds Management Affected Universe
    • 3.3 Compliance Implications
    • 3.4 Strategic Choices
  • 4.0 The Money Market Funds Regulation: Implications for Funds Managers
    • 4.1 Definition of the Regulation
    • 4.2 Mapping of the Funds Management Affected Universe
    • 4.3 Compliance Implications
    • 4.4 Strategic Choices
  • 5.0 The Securitisation Regulation: Implications for Fund Managers
    • 5.1 Definition of the Regulation
    • 5.2 Compliance Implications
    • 5.3 Strategic Choices
  • 6.0 Appendices
    • 6.1 Glossary of Terms
    • 6.2 Table of Figures