Regulatory Alerts2018-08-15
FMA Joint Standard 1 of 2018: Licensing Requirements and Additional Duties of a Trade Repository
The Authority and the Prudential Authority issued this joint standard to prescribe licensing requirements and additional duties for applicants and licensed trade repositories under the Financial Markets Act. The regulation mandates robust governance structures with independent controlling bodies, comprehensive risk management and business continuity frameworks, and permanent independent compliance functions. It further imposes strict rules on outsourcing arrangements, objective non-discriminatory user access, secure data safeguarding, and continuous electronic data access for supervisory authorities.
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