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Latest news of financial regulation

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Commission delegated regulation with regard to RTS on the identification of the geographical location of the relevant credit exposures for calculating institution-specific countercyclical capital buffer rates published on the O.J.E.U.

Created
Thursday, 30 October 2014

                                                           30 October 2014

 

Commission delegated regulation (EU) No 1152/2014 supplementing Directive 2013/36/EU (CRD IV) with regard to regulatory technical standards on the identification of the geographical location of the relevant credit exposures for calculating institution-specific countercyclical capital buffer rates has been published on the Official Journal of the EU.

 

 

This Regulation shall enter into force on 19 November 2014.

 

Related document

Commission delegated regulation

Commission delegated regulation with regard to RTS on the information to be notified when exercising the right of establishment and the freedom to provide services published on the O.J.E.U.

Created
Thursday, 30 October 2014

                                                           30 October 2014

 

Commission delegated regulation (EU) No 1151/2014 supplementing Directive 2013/36/EU (CRD IV) with regard to regulatory technical standards on the information to be notified when exercising the right of establishment and the freedom to provide services has been published on the Official Journal of the EU. 

 

This Regulation shall enter into force on 19 November 2014.

 

Related document

Commission delegated regulation

Commission delegated regulation with regard to RTS on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by credit intermediaries published on the Official Journal of the EU

Created
Wednesday, 29 October 2014

                                                             24 October 2014

 

 

Commission delegated regulation (EU) No 1125/2014 supplementing Directive 2014/17/EU with regard to regulatory technical standards on the minimum monetary amount of the professional indemnity insurance or comparable guarantee to be held by credit intermediaries has been published on the Official Journal of the EU.

The Regulation shall enter into force on 13 November 2014.

Related document

Commission delegated regulation

EU Council Presidency publishes compromise text on proposed regulation on financial benchmarks

Created
Wednesday, 29 October 2014

                                                             27 October 2014

 

 

EU Council Presidency published compromise text on proposed regulation on indices used as benchmarks in financial instruments and financial contracts. The draft proposal seeks to introduce a common framework to ensure the accuracy and integrity of indices used as benchmarks in financial instruments and financial contracts in the Union.

Related document

Presidency compromise

News & articles

EU transaction tax bid falters on revenue disagreement (Bloomberg)

EU benchmarks plan too demanding of other nations, lawmaker says (Bloomberg)

Next step

Council position

Vote in EP’s ECON Committee

FSB publishes report on cross-border consistencies and global financial stability implications of structural banking reforms

Created
Wednesday, 29 October 2014

                                                             27 October 2014

 

 

FSB published report on cross-border consistencies and global financial stability implications of structural banking reforms. A broad aim of many structural banking reforms is therefore to introduce a separation between certain ‘core’ banking activities and the risks emanating from investment banking and capital market activities. The reforms are designed to reduce risks to banking groups stemming from trading activities, limit the range of activities covered by the public safety net, and more generally to simplify legal and operational structures of complex banking groups.

Related document

Report

Anti-Money Laundering: Financial Action Task Force adoptes guidance on transparency and beneficial ownership and risk-based approach guidance for the banking sector

Created
Wednesday, 29 October 2014

                                                             24 October 2014                  

 

 

Financial Action Task Force (FATF) adopted guidance on transparency and beneficial ownership and risk-based approach guidance for the banking sector.

FATF has established standards on transparency, so as to deter and prevent the misuse of corporate vehicles (such as companies, trusts, foundations, partnerships, and other types of legal persons and arrangements).

The risk-based approach is central to the effective implementation of the revised FATF international standards on combating money laundering and the financing of terrorism and proliferation, which were adopted in 2012.

Related documents

Press release

Guidance on Transparency and Beneficial Ownership

Risk-based approach guidance for the Banking Sector

ESMA publishes updated EMIR Q&A

Created
Monday, 27 October 2014

                                                     27 October 2014

 

The ESMA issued the 11th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR.

 

 

Related document

Q&A

The ECB publishes the results of comprehensive assessment

Created
Monday, 27 October 2014

                                                           27 October 2014

 

The ECB published the results of a thorough year-long examination of the resilience and positions of the 130 largest banks in the euro area as of 31 December 2013. The comprehensive assessment, which consisted of the asset quality review (AQR) and a forward-looking stress test of the banks, found a capital shortfall of €25 billion at 25 banks. Twelve of the 25 banks have already covered their capital shortfall by increasing their capital by €15 billion in 2014. Banks with shortfalls must prepare capital plans within two weeks of the announcement of the results. The banks will have up to nine months to cover the capital shortfall.

 

Related documents

Press release

Results of Comprehensive assessment

EC Statement

 

News & articles

ECB list of failing banks shrinks if you read small print (Bloomberg)

The EBA publishes 2014 EU-wide stress test results

Created
Monday, 27 October 2014

 

                                                           27 October 2014

 

The EBA published the results of the 2014 EU-wide stress test of 123 banks.The aim of the stress test is to assess the resilience of EU banks to adverse economic developments, so as to understand remaining vulnerabilities, complete the repair of the EU banking sector and increase confidence.The 2014 EU-wide stress test results show an overall impact of the adverse macroeconomic scenario on the CET1 ratio of 260 basis points over 3 years, with CET1 decreasing from 11.1% in 2013 to 8.5% in 2016.

 

Related documents

Press release

Results of 2014 EU‐wide stress test

EC Statement

 

News & articles

EU stress test shows how capital rules give room to hide (Bloomberg)

Toughest bank rules underpin Sweden stress test supremacy (Bloomberg)

Bank Crisis Management: Bank of England sets out how it will resolve failed institutions

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The Bank of England published its approach to resolving a failed bank, building society or investment firm.  Resolution is the process by which the authorities can intervene to manage the failure of a firm. The publication explains the purpose and objectives of the UK’s resolution regime, its key features, the approach that the Bank would take to resolve a failed firm and the arrangements for safeguarding the rights of depositors, clients, counterparties and creditors.

 

 

Related documents

 

Press release

The Bank of England's approach to resolution

Prudential Requirements: EBA issues revised list of ITS validation rules

Created
Thursday, 23 October 2014

                                                             22 October 2014

 

The EBA published a new XBRL taxonomy to be used by competent authorities for remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The new taxonomy presents the data items, business concepts, relations, visualisations and validation rules described by the EBA Data Point Model (DPM) which are contained in the ITS on supervisory reporting and in the EBA Guidelines on definitions and templates on funding plans.

Related documents

Press release

Data Point Model and Taxonomies for Implementing Technical Standard (ITS) on Supervisory Reporting


Prospectus Directive: ESMA publishes latest statistical data on prospectus approval in the EEA and Q&A

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The ESMA published two reports containing the latest statistical data in relation to the number of prospectuses approved and passported by National Competent Authorities in the European Economic Area (EEA). The two reports cover the periods January 2013 – December 2013 and January 2014 – June 2014 and are part of ESMA’s ongoing monitoring of prospectus activity in the EEA.

Related documents

Report - January 2013 to December 2013

Report - January 2014 to June 2014

Q&A

Banking Union: ECB launches public consultation on draft Regulation on reporting of supervisory financial information

Created
Thursday, 23 October 2014

                                                            23 October 2014

 

The ECB published a draft regulation on reporting of supervisory financial information for public consultation. This draft regulation lays down the requirements regarding reporting on supervisory financial information to be submitted to national competent authorities (NCAs) and the ECB by supervised banks.

The ECB will take over as competent authority for supervision of euro area banks in November 2014 as part of the Single Supervisory Mechanism (SSM).

The consultation opened for a six-week period, until 4 December 2014.

Related documents

Press release

Public consultation

Q&A

The Joint Committee publishes the 2014 List of Identified Financial Conglomerates

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The Joint Committee publishes the 2014 List of Identified Financial Conglomerates. The latest version of the list shows 71 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.

 

Related document

List of Identified Financial Conglomerates 2014

EBA consults on implementation of guidelines on internet payments security

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The EBA published a consultation paper on the implementation of its guidelines on the security of internet payments. The draft guidelines on the security of internet payments are based on the recommendations of the European Forum on the Security of Retail Payments, a voluntary cooperative initiative set up by the ECB and comprising relevant authorities from the European Economic Area with the aim of facilitating understanding of issues related to the security of electronic retail payment services.

The consultation will close on 14 November 2014.

 

Related documents

Press release

Consultation paper

EU Commission adopts delegated regulation on notification of significant net short positions in sovereign debt

Created
Wednesday, 22 October 2014

                                                             17 October 2014

 

EU Commission adopted delegated regulation correcting Delegated Regulation (EU) No 918/2012 as regards the notification of significant net short positions in sovereign debt.

Article 13(3) of Commission Delegated Regulation (EU) No 918/2012 requires to be corrected by means of a correcting act so as to ensure legal certainty to the market on the method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer.

The regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the EU.

Related documents

Delegated regulation

EU Council Presidency publishes compromise texts on two proposals on payment services

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

EU Council Presidency published compromise texts on EU Commission (EC) proposal for a revised payment services directive (PSD2) and on EC proposal for a regulation on multilateral interchange fees (MIFs). 

 

 

 

Related documents

Presidency compromise on proposed directive

Presidency compromise on proposed regulation

Next step

Council position

EC + EP + EU Council: Trilogue

FSB consults on guidance for the identification of the critical functions and critical shared services for systemically important insurers

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The FSB launched a public consultation on guidance for the identification of the critical functions and critical shared services for systemically important insurers. The guidance should assist national authorities in implementing the recovery and resolution planning requirements set out in the FSB key attributes of effective resolution regimes for financial institutions and in the policy measures of the International Association of Insurance Supervisors for globally systemically important insurers.

The consultation will close on 15 December 2014.

 

Related documents

Press release

Consultative document

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions publishes a report on recovery of financial market infrastructures

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a report on recovery of financial market infrastructures. The report provides guidance to financial market infrastructures such as central counterparties on how to develop plans to enable them to recover from threats to their viability and financial strength that might prevent them from continuing to provide critical services to their participants and the markets they serve. It also provides guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans.

 

Related documents

Press release

Report

EIOPA issues guidelines on the use of the legal entity identifier

Created
Wednesday, 22 October 2014

                                                             20 October 2014

 

The EIOPA issued its guidelines on the use of the Legal Entity Identifier (LEI) in all the official languages of the EU. According to them, national competent authorities (NCAs) should ensure that all institutions under their supervisory remit obtain a LEI code. The use of LEI will apply to all information collected by EIOPA including Solvency II reporting and registers.

Within 2 months, the NCAs should confirm to EIOPA their compliance or intention to comply with the Guidelines on the use of LEI that will become applicable on 31 December 2014.

Related document

Guidelines

  • Last Update: Thursday 30 October 2014, 18:08.
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Countdown to Single Supervisory Mechanism in EU

The establishment of the SSM on 4th November 2014 will be an important milestone towards a banking union in Europe.

3 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 23 - 29 Oct)

Highlights (week 16 - 22 Oct)