Latest news of financial regulation
02 October 2015
The European Securities and Markets Authority (ESMA) published two sets of Technical Advice and a Report on the regulation of credit rating agencies (CRAs) in the EU. These papers provide an overview of competition and insight into the market dynamics of this industry. They also consider measures to provide stronger controls around credit ratings for structured finance instruments and to reduce reliance on credit ratings.
01 October 2015
The European Securities and Markets Authority (ESMA) issued the 14th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR).
This update includes guidance on a procedure to be followed by counterparties and TRs in order to update counterparty’s identifier in case where a counterparty obtains LEI or its LEI changes due to a merger or acquisition.
01 October 2015
The European Securities and Markets Authority (ESMA) published its updated Questions and Answers document (Q&A) for the Alternative Investment Funds Management Directive (AIFMD) in relation to depositaries.
The Q&A now clarifies that when an Alternative Investment Fund’s (AIF) depositary sub-delegates custody of the AIF’s assets to either an EU or third-country central securities depositary (CSD), that CSD must comply with the provisions on delegation under Article 21(11) of the AIFMD.
Capital Markets Union: Commission launches an action plan to boost business funding and investment financing
30 September 2015
The European Commission is launching the Capital Markets Union Action Plan today to help build a true single market for capital across the 28 EU Member States. The Commission is unveiling a first set of measures to relaunch high-quality securitisation, and to promote long-term investment in infrastructure. In addition, the Commission has opened two consultations on Venture Capital Funds and on Covered Bonds and a call for evidence on the cumulative impact of financial legislation.
BCBS publishes a report on the regulatory consistency of risk-weighted assets for counterparty credit risk
01 October 2015
The Basel Committee on Banking Supervision published a report on the regulatory consistency of risk-weighted assets (RWAs) for counterparty credit risk. This study is a part of its wider Regulatory Consistency Assessment Programme (RCAP), which is intended to ensure consistent implementation of the Basel III framework.
The report presents the findings from a hypothetical test portfolio exercise to examine variability in banks' modelling of derivatives, and specifically in exposure modelling. The report focuses on the internal models method and the advanced credit valuation adjustments (CVA) risk capital charge for over-the-counter (OTC) derivative trades.
25 September 2015
The European Securities and Markets Authority (ESMA) launched a public consultation on its regulatory technical standards on the European Single Electronic Format (ESEF).
The amended Transparency Directive requires issuers listed on regulated markets to prepare their annual financial reports (AFR) in an ESEF from 1 January 2020, with the objectives of making submission easier for issuers and facilitating accessibility, analysis and comparability for investors and regulators. This consultation paper includes an assessment of current electronic reporting and explores ways forward with regard to the establishment of an ESEF.
The consultation will run until 24 December 2015.
ESMA delivers its regulatory technical standards on European electronic access point to the EC for endorsement
25 September 2015
The European Securities and Markets Authority (ESMA) delivered its regulatory technical standards (RTS) on the European Electronic Access Point (EEAP), as required under the amended Transparency Directive, to the European Commission for endorsement.
The objective of the EEAP is to provide an easy search and access tool for end-users looking for regulated information, such as annual reports, major shareholdings etc., on issuers admitted to trading on regulated markets in Europe. The EEAP will be a web-portal, built and operated by ESMA, to provide a single point of access at EU level to the regulated information stored by officially appointed mechanisms (OAM) in each Member State. Currently, end users must search each OAM individually.
EIOPA publishes its advice to the EC on the identification and calibration of infrastructure investments risk categories
29 September 2015
The European Insurance and Occupational Pensions Authority (EIOPA) published its advice to the EC on the identification and calibration of infrastructure investments risk categories.
EIOPA has suggested a more granular approach by advising to create a separate asset class under Solvency II standard formula for investments in infrastructure projects. This new asset class seeks to capture high quality infrastructure, whilst recognising the complex and heterogeneous nature of such investments.
25 September 2015
The European Insurance and Occupational Pensions Authority (EIOPA) published an opinion on group solvency calculation in the context of equivalence.
The opinion aims to provide consistency on the group supervisors approach towards the third countries capital requirement to be used for the calculation of the solvency position of such groups and to ensure that the supervisory assessment of the availability of third‑country undertakings' eligible own funds is carried out in a convergent manner.
EC publishes joint statement following Financial Market Regulatory Dialogue between EU and US agencies and regulators
25 September 2015
The European Commission (EC) published joint statement following Financial Market Regulatory Dialogue (FMRD) between EU and US agencies and regulators.
Participants held productive discussions and exchanged views on bank structural measures, recent developments in bank resolution, central counterparty (CCP) resolution, derivatives reforms, securitisation within the context of the Capital Markets Union, money market funds, alternative investment fund managers, benchmarks, information sharing for supervisory and enforcement purposes, cybersecurity, and cooperation on audit oversight.
The FMRD has been the forum for discussion of EU and US regulators since 2002. It brings together representatives of the EC, the European Supervisory Authorities and the U.S. Treasury and independent regulatory agencies.
25 September 2015
The European Banking Authority (EBA) issued an opinion to the European Commission (EC) dissenting to its proposed amendment to remove the maturity ladder from the EBA final draft Implementing Technical Standard (ITS) on additional liquidity monitoring metrics.
The EC considers that the maturity ladder needs to be adapted to the detailed definitions of liquid assets set by Commission Delegated Regulation (EU) 2015/61. For this reason, the EC suggests removing the maturity ladder from the ITS also because, in its view, it would avoid unnecessary regulatory burden and the duplication of implementation costs for the industry.
The EBA, while sharing some of the concerns raised by the EU Commission, deems it essential to keep the maturity ladder in the ITS considering the relevance of the metric in the liquidity risk assessment by supervisors and the need to have a harmonised metric for this purpose.
28 September 2015
The European Securities and Markets Authority (ESMA) published its final technical standards (TS) on some of the most important pieces of post-crisis financial regulation: theMarkets in Financial Instruments Directive(MiFID II), theMarket Abuse Regulation(MAR) and theCentral Securities Depositaries Regulation(CSDR). ESMA’s TS translate how the legislation will apply in practice to market participants, market infrastructures and national supervisors. The new technical standards will alter the functioning of European financial markets by increasing their transparency, safety and resilience as well as investor protection.
After CSDR, which entered into force back in 2014, MAR and MiFID II will enter into force in 2016 and 2017 respectively.
Corrigendum to Commission Implementing Regulation (EU) 2015/880 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties has been published in the O.J of EU.
19 September 2015
Corrigendum to Commission Implementing Regulation (EU) 2015/880 of 4 June 2015 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in Regulations (EU) No 575/2013 and (EU) No 648/2012 of the European Parliament and of the Council has been published in the O.J of the EU.
Corrigendum to Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property has been published in the O.J of EU.
23 September 2015
Corrigendum to Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010has been published in the O.J of EU.
17 September 2015
The International Swaps and Derivatives Association (ISDA) launched a new industry data project, aimed at developing an open-source standard derivatives product identification system that can be applied consistently and comprehensively across all derivatives facilities, including trading venues, clearing houses, repositories and other infrastructures.
ISDA is overseeing the symbology project, which involves a consortium of buy- and sell-side market participants, vendors, platforms and trade associations. London-based capital markets technology consultancy Etrading Software is acting as project manager.
IOSCO publishes final report aimed at addressing cross-border regulatory issues with respect to activities involving market intermediaries
The International Organization of Securities Commissions (IOSCO) published final report aimed at addressing cross-border regulatory issues with respect to activities involving, among others, market intermediaries, securities exchanges and markets, collective investment schemes, and financial market infrastructures.
22 September 2015
The European Banking Authority (EBA) launched a consultation on its draft Guidelines specifying the application of the definition of default. A detailed clarification of the definition of default and its application is provided in these Guidelines, which cover key aspects, such as the days past due criterion for default identification, indications of unlikeliness to pay, conditions for the return to non-defaulted status, treatment of the definition of default in external data, application of the default definition in a banking group and specific aspects related with retail exposures.
The consultation runs until 22 January 2016.
FSB, BCBS, CPMI and IOSCO publish a progress report on work to enhance central counterparties resilience
22 September 2015
The Financial Stability Board (FSB), the Basel Committee on Banking Supervision (BCBS), the Committee on Payments and Markets Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) released a progress report on their work to enhance the resilience, recovery planning and resolvability of central counterparties (CCPs).
22 September 2015
The Financial Stability Board (FSB) released three reports that were sent to G20 Finance Ministers and Central Bank Governors ahead of their meetings in Ankara on 4-5 September.
- Last Update: Monday 05 October 2015, 18:31.
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