Insights

Research, white papers and articles

SEC Rule 10c-1a & FINRA Rule 6500 Series

January 2025

Regulatory Overview and Timelines, Differences Between SEC 10c-1a and ESMA/FCA SFTR, In-Scope Reportable Securities and Reporting Persons, Details of the Public Dissemination of Loan Information, Reporting and Public Dissemination Deadlines, Reportable Data Elements

FINRA Rule 6730 & MSRB Rule G-14 Amendments

January 2025

Regulatory Overview and Timelines, One-Minute Reporting including Exceptions, “De Minimis” Exception for Dealers with Limited Trading Activity, Exception for Trades with a Manual Component, Key Project Activities Required For Rule Compliance

EMIR 3.0

December 2024

Regulatory Overview and Expected Timeline, Summary of the Key Changes to EMIR 3.0: Clearing, Trade Reporting, Margin and Collateral, Rule Scope Thresholds and Definitions, Changes to the CCP Clearing Rules for Derivatives

Webinar Recap: CSA Trade Reporting Rewrite

December 2024

Botsford Associates joined the Ontario Securities Commission and Cappitech from S&P Global Market Intelligence, in a Impact and Analysis Webinar, to review the CSA OTC derivatives trade reporting rewrite.

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CSA Rewrite

December 2024

Regulatory Overview, Top 3 Impacts and Considerations, Timelines, Comparison Between CSA and CFTC Rewrites, Key Changes Introduced with the Canadian Rewrite

Capital Requirements Directive VI (“CRD VI”)

October 2024

Regulatory Overview, Background and Timelines, Third Country Branch and Subsidiarization Requirements, Minimum Requirements for Third-Country Branches

OSFI’s Guideline E-21

October 2024

Summary of the Guideline Updates, Guideline E-21’s Intended Outcomes and Expectations, Differences Between OSFI’s Guideline E-21 and EU’s DORA, Regulatory timelines, Guideline Sections Expectations and Requirements

Large Trader Reporting for Futures and Options

October 2024

Summary of Key Changes to CFTC’s Part 17, Regulatory Overview, Timelines, Summary of Changes Made to the Data Elements to be Reported, Changes to the Position Reports Data Elements, Example to Compare the 80-Byte and FIXML Formats

Financial Services 2024 Regulatory Outlook

September 2024

Global themes impacting the regulatory outlook, New Prudential Developments, Supervisory Effectiveness, Financial Crime and Operational Resilience, Environmental, Social, and Governance (ESG) related reporting, and Digitization of Finance and Digital Assets

Increasing Clearing in U.S. Treasuries Regulation

August 2024

Significant updates and proposed changes within the US Treasury clearing landscape, Summary of the Four Rules Being Amended, Regulatory Timelines, Definition of “Eligible Secondary Market Transactions”, Requirement for Access to Clearing and Monitoring of Compliance, Summary of Proposed Rule Changes

OSFI Delays Basel III Floor: Global Coordination amid Industry Extensions

August 2024

OSFI's recent decision to delay the implementation of the Basel III output floor aligns with similar deferrals by global regulators, highlighting the importance of global coordination to ensure consistency across international regulations.

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CIRO Strategic Plan FY 2025-2027

August 2024

Overview and Initial Strategic Objectives, CSAs Planned Implementation Process for CIRO, Details of CIRO Strategic Objectives including Outcomes, Priority Transformative Initiatives aligned to High Level Strategic Goals

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Liquidity Adequacy Monitoring Tools
Liquidity Adequacy Monitoring Tools

Overview of Liquidity Tools Available for Banks to Monitor its Liquidity Adequacy, Liquidity Coverage Ratio, Net stable funding ratio, Net cumulative cash flow, Additional liquidity monitoring tools and metrics

FinCEN New Account Opening Rules
FinCEN New Account Opening Rules

Regulation Overview, Indicative Example of the Obligations for Broker-Dealers that Open New Accounts for Legal Entity Customers, Certification Regarding Beneficial Owners of Legal Entity Customers

MiFID II Platform Migration
MiFID II Platform Migration

MiFID II mandates exceptional granularity and detail in data management and reporting, making data quality crucial for compliance.

Explore the role of technology in meeting MiFID II Requirements and Botsford’s approach to migrating systems

SWIFT CBPR+ ISO 20022 Migration
SWIFT CBPR+ ISO 20022 Migration

Background, Benefits to Migrate from MT (ISO 15022) to MX (ISO 20022), CBPR+ Timelines, Improvements of New Message Structure & Roadmap, New XML Message Types Introduced with CBPR+, Release Dates for MX Message Types

Open Banking in Canada
Open Banking in Canada

Key Policy Objectives for an Open Banking System in Canada, Timeline of Events to Establish an Open Banking System in Canada, Implementation Plan as Proposed in the Final Report by the Advisory Committee, Details of Bill C-365, the Consumer-Led Banking Act

CVA Risk Framework
CVA Risk Framework

Purpose and Regulatory Background, Comparison of the Calculation Steps of US FRTB’s Sensitivity-Based Method (SBM) vs Basel IV Standardised Approach, Differences Between SA-CVA and US FRTB-SBM

OSFI Guidelines B-10 and B-13
OSFI Guidelines B-10 and B-13

Overview, Compliance Dates, Foreign Branches In-Scope of Guideline Amendments, Regulatory Objectives of Guideline B-10, Regulatory Objectives of Guideline B-13, Third-Party Risk Management Requirements, Technology and Cyber Risk Management Requirements

Increasing Clearing in U.S. Treasuries Regulation
Increasing Clearing in U.S. Treasuries Regulation

Regulation Overview, Regulatory Objectives, Compliance Dates, Summary of the Four Rules Being Amended, Definition of “Eligible Secondary Market Transactions”, Requirement for the Separation of House and Customer Margin, Requirement for Access to Clearing and Monitoring of Compliance

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