26 February 2018
On 9 February 2018, the Minister of Finance enacted into law the final version of the Regulations to the Financial Markets Act, 2012 (FMA Regulations). In summary, the FMA Regulations govern the provision of securities services under the Financial Markets Act, 2012 (FMA) including in respect of over-the-counter derivatives (OTC derivatives). The enactment of the FMA Regulations will come as no surprise to the financial services market (other than in respect of timing) as market participants were given the opportunity to comment on the draft versions of the FMA Regulations first in 2014, again in 2015 and once more in 2016. Following the enactment of the FMA Regulations, market participants will be required to comply with the new licensing, trade reporting and clearing requirements for OTC derivatives transactions.