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EP’s ECON Committee published report on the proposed regulation on reporting and transparency of securities financing transactions

Created
Wednesday, 15 April 2015

logo ep european parliamentThe European Parliament’s ECON Committee published report tabled for plenary on the proposed regulation on reporting and transparency of securities financing transactions (STFs). This Regulation responds to the need to enhance transparency of securities financing markets and thus of the financial system. In order to ensure equivalent conditions of competition and international convergence, this Regulation follows the FSB Recommendations. It creates a Union framework under which information on SFTs can be efficiently reported to trade repositories and investors.

Related document

Report

Next step

EP: Plenary session scheduled for 8 September 2015

Ongoing progress on the convergence of supervisory practices

Created
Thursday, 09 April 2015

09 April 2015

 

logo eba european banking authorityThe EBA published its first annual report addressed to the EU Parliament and the Council on the convergence of supervisory review practices in the EU banking sector. The Report covers the findings of an assessment carried out over the past 3 years and focuses on Supervisory Review and Evaluation Process and assessment of risks (SREP), supervisory stress testing, ongoing review of internal models, and supervisory measures and powers.

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Press release

Report

EBA issues recommendation on equivalence of non-EU authorities for participation in supervisory colleges

Created
Wednesday, 08 April 2015

                                                                  01 April 2015

 

The European Banking Authority (EBA) published a recommendation specifying its opinion on the confidentiality regime of several non-EU supervisory authorities to facilitate their participation in supervisory colleges overseeing international banks, led by EU supervisors. The paper looks at the conditions that need to be met in terms of confidentiality requirements and gives an overview of equivalence to EU standards.

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Press release

Recommendation

Next step

Competent Authorities must notify the EBA as to whether they comply or intend to comply by 02 June 2015.

 

IOSCO consults on business continuity plans for trading venues and intermediaries

Created
Wednesday, 08 April 2015

                                                                  07 April 2015

 

The International Organization of Securities Commissions (IOSCO) published two consultation reports aimed at further enhancing the ability of financial markets and intermediaries to manage risks, withstand catastrophic events, and swiftly resume their services in the event of disruption.

First consultation report “Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity” provides a comprehensive overview of the steps trading venues take to manage the risks associated with electronic trading and the ways they plan for and manage disruptions through business continuity plans.

Second consultation report “Market Intermediary Business Continuity and Recovery Planning” proposes standards and sound practices that regulators could consider as part of their oversight of the business continuity and recovery planning by market intermediaries.

Consultations will run until 6 June 2015.

ISDA publishes a set of principles aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives

Created
Wednesday, 08 April 2015

                                                                  01 April 2015

 

The International Swaps and Derivatives Association, Inc. (ISDA) published a set of principles aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives.

The execution of standardized derivatives on an exchange or electronic trading platform was a key objective from the Group of 20 summit in 2009, and regulations have either been implemented or are being developed in several key jurisdictions. However, ISDA and its members are concerned about the potential for divergences in how these rules are applied in each jurisdiction, which could lead to market fragmentation, low trading liquidity, duplicative compliance requirements and increased risk.

Related documents

Press release

Paper

ESMA launches centralised data projects for MiFIR and EMIR

Created
Thursday, 02 April 2015

                                                                01 April 2015

 

The ESMA launched two major projects at the request of a number of National Competent Authorities (NCAs) who have delegated the following tasks to ESMA:

 

- to provide a central facility in relation to instrument and trading data and the calculation of the MiFIR transparency and liquidity thresholds -  Instrument Reference Data Project, and

 

- to provide a single access point to trade repositories data under EMIR – the Trade Repositories Project.

The projects are currently being developed by ESMA, with the Instrument Reference Data Project expected to go live in early 2017, and the Trade Repositories Project will go live in 2016.

Related document

Press release

FCA launches a discussion on MiFID II conduct of business and organisational requirements

Created
Wednesday, 01 April 2015

                                                              26 March 2015

 

The FCA launched a discussion on MiFID II conduct of business and organisational requirements.

This paper discusses the implications of certain MiFID II conduct of business and organizational requirements for firms, primarily contained within Articles 24 and 25. It also discusses certain changes to domestic rules to implement the new minimum regulatory framework required under MiFID II for firms exempt from MiFID II (‘Article 3 exempt’ firms), and suggests options for alternative domestic criteria for the categorisation of local authorities.

The consultation will close on 26 May 2015.

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Press release

Discussion paper

News & articles

FCA consults on Mifid II discretionary third party rebate ban (Citywire)

ECB and BoE announce measures to enhance financial stability in relation to centrally cleared markets in the EU.

Created
Wednesday, 01 April 2015

                                                              29 March 2015

 

The European Central Bank (ECB) and the Bank of England (BoE) announced a series of measures aimed at enhancing financial stability in relation to centrally cleared markets within the EU. They agreed enhanced arrangements for information exchange and cooperation regarding UK Central Counterparties (CCPs) with significant euro-denominated business.

Related document

Press release

News & articles

Bank of England, ECB strike data sharing deal over central counterparties (Reuters)

ECB, BOE to guard clearinghouse stability after EU ruling (Bloomberg Business)

ESMA publishes final draft technical standards on the assessment of acquisitions and increases in qualifying holdings in investment firms

Created
Wednesday, 01 April 2015

                                                              27 March 2015

 

The ESMA published final draft technical standards (TS) on the assessment of acquisitions and increases in qualifying holdings in investment firms.

Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided by the proposed acquirer at the time of the initial notification.  ESMA submitted the updated draft TS to the Commission on 27 March 2015. The Commission has three months to decide whether to endorse ESMA’s draft TS.

Related documents

Press release

Final report

Regulation (EU) 2015/534 of the ECB on reporting of supervisory financial information published in the O.J. of EU.

Created
Wednesday, 01 April 2015

 

                                                              31 March 2015

 

Regulation (EU) 2015/534 of the ECB on reporting of supervisory financial information has been published in the O.J. of EU.

 

This Regulation entered into force on 1° April 2015.

 

Related document

 

Regulation (EU) 2015/534 of the ECB

 

 

PRA publishes a consultation paper on treatment of sovereign debt in internal models

Created
Tuesday, 31 March 2015

                                                              31 March 2015

 

The PRA published a consultation paper on treatment of sovereign debt in internal models. This consultation paper seeks feedback on a draft supervisory statement which sets out the PRA expectations of firms in relation to treatment of sovereign debt in internal models.

The consultation will close on 1 May 2015.

Related document

Consultation paper

FCA publishes a policy statement on Solvency II

Created
Tuesday, 31 March 2015

                                                              27 March 2015

 

The FCA published a policy statement on Solvency II. The Solvency II Directive is being transposed into the UK by the FCA and the PRA. It comes into effect for firms from 1 January 2016. The FCA is changing its rules, both to transpose some of the articles and to harmonise its rules with the Directive. The FCA is publishing its final rules in this paper.

The main purpose of the Solvency II Directive is to increase consumer protection by requiring member states to ensure firms better assess the risks that they run and hold capital against those risks.  

Related document

Solvency II

ESMA publishes Q&A on EMIR

Created
Tuesday, 31 March 2015

                                                              31 March 2015

 

The ESMA issued the 12th 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

ECON Committee targets conflicts of interest in benchmark setting

Created
Tuesday, 31 March 2015

                                                              31 March 2015

 

The EP’s ECON Committee targeted conflicts of interest in benchmark setting. The text aims to clean up the benchmark-setting process, by curbing conflicts of interest like those that led to the London Interbank Offered Rate (LIBOR) rigging scandals of recent years.

 

 

 

Related document

Press release

Next steps

The text will be put to a vote by Parliament as a whole to consolidate Parliament's position before its three-way negotiations with EU member states and the European Commission.

Bank of England publishes details of 2015 stress test for largest UK banks and building societies

Created
Monday, 30 March 2015

                                                              30 March 2015

 

The Bank of England published the scenario for the 2015 stress test, which will be applied to the largest UK banks and building societies. The 2015 stress test will assess the resilience of the UK banking system to a deterioration in global economic conditions. The stress scenario is not a forecast of macroeconomic and financial conditions in the United Kingdom or other countries, nor is it a set of events that is expected, or likely, to materialise.

Related documents

Press release

Stress testing the UK banking system: key elements of the 2015 stress test

MiFID 2: HM Treasury consults on transposition

Created
Monday, 30 March 2015

                                                              27 March 2015

 

The HM Treasury launched a consultation on the transposition of MiFID 2. The Government’s general approach to transposition is to follow the previous approach under MiFID. This approach is underpinned by the following principles – to which there are some exceptions:

- Continuity: changes to the current UK legislative regime required by MiFID 2 will be enacted by amendments to Financial Services and Markets Act 2000, the Regulated Activities Order 2001 and related statutory instruments.

- Copy out: transposition should mirror as closely as possible the original wording of a directive and go no further than the requirements of MiFID II, except where there is a clear justification and authority to do otherwise.

- Transparency: the UK is providing draft secondary legislation as early as possible to provide stakeholders with the opportunity to review and comment.

The consultation will close on 18 June 2015.

Related document

Consultation

FCA publishes a policy statement on Mortgage Credit Directive

Created
Monday, 30 March 2015

                                                              27 March 2015

 

The FCA published a policy statement on Mortgage Credit Directive (MCD). The MCD introduces a European framework of conduct rules for firms selling both first and second charge mortgages and, in many ways, is designed to achieve similar consumer protection objectives as our existing mortgage rules. This Policy Statement will be of interest to lenders, administrators, intermediaries and consumers in both the first and second charge mortgage markets.

Related document

Policy Statement

Prudential Regulation Authority provides feedback on Solvency II matching adjustment pre-application process

Created
Monday, 30 March 2015

                                                              28 March 2015

 

The PRA concluded the pre-application process for the Solvency II. The matching adjustment is an adjustment to the risk-free interest rate term structure used to calculate the best estimate of a portfolio of eligible insurance obligations under Solvency II. Its use is subject to prior supervisory approval where certain eligibility criteria are met.

The application process for matching adjustment approvals opens on 1 April 2015.

Related documents

Press release

Solvency II: matching adjustment

EIOPA publishes the discussion paper on infrastructure investments by insurers

Created
Friday, 27 March 2015

                                                              27 March 2015

 

The EIOPA published the discussion paper on infrastructure investments by insurers. The paper sets out initial ideas on the following topics:

 - Definition of infrastructure investments that offer predictable long-term cash-flows and whose risks can be properly identified, managed and monitored by insurers;

- Possible criteria for this new category of infrastructure investments covering issues such as standardisation and transparency;

- Prudentially sound treatment of the identified investments within a risk based supervisory system, focusing on their specific risk profile;

- Effectiveness of the current Solvency II risk management requirements in ensuring that the risks of this complex and, for insurers, relatively new asset class, are properly managed.

The consultation period will end on 26 April 2015.

Related documents

Press release

Discussion paper

EIOPA consults on the Implementing Technical Standards on information exchange between supervisors

Created
Friday, 27 March 2015

                                                              27 March 2015

 

The EIOPA consulted on the Implementing Technical Standards on information exchange between supervisors and invites market participants and (re)insurance stakeholders to provide their feedback on the procedures and templates for the submission of information to the group supervisor as well as the exchange of information between supervisory authorities especially within colleges of supervisors.

Related documents

Press release

Consultation paper

  • Last Update: Friday 17 April 2015, 12:43.
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