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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

Commission Delegated Regulation (EU) 2015/514 on AIFMD published in the O.J. of EU

Created
Friday, 27 March 2015

                                                              27 March 2015

 

Commission Delegated Regulation (EU) 2015/514 of 18 December 2014 on the information to be provided by competent authorities to the European Securities and Markets Authority pursuant to Article 67(3) of Directive 2011/61/EU of the European Parliament and of the Council has been published in the O.J. of EU.

This Regulation shall enter into force on 16 April 2015.

Related document

Commission Delegated Regulation (EU) 2015/514

ESMA publishes updates to Q&As on the AIFMD application and on Key Investor Information Document for UCITS

Created
Thursday, 26 March 2015

                                                              26 March 2015

 

The ESMA published updated questions and answers on:

$1- the application of the AIFMD including updated or new questions and answering on reporting, notification, additional own funds and scope.

$1- Key Investor Information Document (KIID) for UCITS.

 

Related document

Q&A on AIFMD

Q&A on KIID for UCITS

ECB publishes a regulation on reporting of supervisory financial information

Created
Thursday, 26 March 2015

                                                              26 March 2015

 

The ECB published a regulation on reporting of supervisory financial information. The Regulation lays down the rules and procedures for the reporting of supervisory financial information by supervised entities to national competent authorities and the ECB. Institutions applying International Financial Reporting Standards (IFRS) at the consolidated level are already obliged to submit supervisory financial reports.

Related document

Regulation

MEPs back transparency rules on lending and re-use of securities

Created
Thursday, 26 March 2015

                                                              25 March 2015

 

The ECON Committee voted on the proposed regulation on securities financing transactions (SFTs). The draft regulation seeks to cover all forms of lending, borrowing and re-use of securities in the EU and in all the branches of counterparties to SFTs no matter where they are located. While the effect on current practices will be marginal, these trades should become more transparent.

Related document

Press release

Next steps

The vote consolidates the ECON position and the upcoming negotiations with the member states should start in April.

Commission Implementing Regulation (EU) 2015/500 has been published in the O.J. of EU

Created
Wednesday, 25 March 2015

                                                              24 March 2015

 

Commission Implementing Regulation (EU) 2015/500 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be followed for the supervisory approval of the application of a matching adjustment in accordance with Solvency II has been published in the O.J. of EU.

This Regulation shall enter into force on 26 March 2015

Related document

Commission Implementing Regulation (EU) 2015/500

Commission Implementing Regulation (EU) 2015/499 has been published in the O.J. of EU

Created
Wednesday, 25 March 2015

                                                             24 March 2015 

 

Commission Implementing Regulation (EU) 2015/499 of 24 March 2015 laying down implementing technical standards with regard to the procedures to be used for granting supervisory approval for the use of ancillary own-fund items in accordance with Solvency II has been published in the O.J. of EU.

This Regulation shall enter into force on 26 March 2015.

Related document

Commission Implementing Regulation (EU) 2015/499

Commission Implementing Regulation (EU) 2015/498 has been published in the O.J. of EU.

Created
Wednesday, 25 March 2015

                                                              24 March 2015

 

Commission Implementing Regulation (EU) 2015/498 of 24 March 2015 laying down ITS with regard to the supervisory approval procedure to use undertaking-specific parameters in accordance with Solvency II has been published in the O.J. of EU.

This Regulation shall enter into force on 26 March 2015.

 

Related document

Commission Implementing Regulation (EU) 2015/498

Commission Delegated Regulation (EU) 2015/488 has been published in the O.J. of EU.

Created
Wednesday, 25 March 2015

                                                              24 March 2015

 

Commission Delegated Regulation (EU) 2015/488 of 4 September 2014 amending Delegated Regulation (EU) No 241/2014 as regards own funds requirements for firms based on fixed overheads has been published in the O.J. of EU.

This Regulation shall enter into force on 13 April 2015.

 

Related document

Commission Delegated Regulation (EU) 2015/488

IOSCO issues final code of conduct fundamentals for credit rating agencies

Created
Tuesday, 24 March 2015

                                                              24 March 2015

 

The IOSCO published the final report on code of conduct fundamentals for credit rating agencies, which includes significant revisions and updates to the current IOSCO code of conduct for credit rating agencies (IOSCO CRA Code). The IOSCO CRA Code is intended to offer a set of robust, practical measures as a guide to and a framework for CRAs with respect to protecting the integrity of the rating process, ensuring that issuers and users of credit ratings, including investors, are treated fairly, and safeguarding confidential material information provided them by issuers.

Related document

Press Release

Final report

ESMA consults on complex debt instruments and structured deposits in MiFID II

Created
Tuesday, 24 March 2015

                                                              24 March 2015

 

The ESMA launched a consultation on draft guidelines on complex debt instruments and structured deposits. These guidelines are intended to enhance investor protection by offering further clarification on which types of financial instruments and structured deposits can be provided, that all the relevant legal conditions are fulfilled, without the firm assessing a client’s knowledge and experience (i.e. to carry out an appropriateness test).

The consultation will be open until 15 June 2015. ESMA expects to publish final guidelines in Q4 2015.

Related documents

Press release

Consultation paper

Commission Delegated Regulation (EU) 2015/488 published on the OJ of EU

Created
Tuesday, 24 March 2015

                                                              24 March 2015

 

Commission Delegated Regulation (EU) 2015/488 of 4 September 2014 amending Delegated Regulation (EU) No 241/2014 as regards own funds requirements for firms based on fixed overheads published on the O.J. of EU.

This Regulation shall enter into force on 13th .

Related document

Commission Delegated Regulation (EU) 2015/488

PRA publishes its final rules on implementation of the Solvency II Directive in the UK

Created
Monday, 23 March 2015

                                                              20 March 2015

 

PRA publishes its final rules setting out how it will implement the Solvency II Directive (Solvency II) in the UK.

The policy statement sets out how the PRA will implement the ‘long-term guarantees package’. Insurers can reduce the level of risk on some types of long-term liabilities, such as annuities, if they hold closely-matched, long-term assets to back them.The PRA has also published a consultation paper on the application process for the ‘volatility adjustment’. This is an adjustment to the Solvency II risk-free discount rate which will be used to value insurance liabilities. It is designed to mitigate the effect of short-term volatility in financial markets on valuation of insurers’ long-term liabilities under Solvency II. This consultation closes on 20 April 2015.

Related documents

Press release

Solvency II: A new regime for insurers 

Solvency II: supervisory approval for the volatility adjustment

ESMA consults on disclosure requirements for private and bilateral structured finance instruments

Created
Friday, 20 March 2015

                                                              20 March 2015

 

The ESMA launched a call for evidence to collect information from market participants about the approach to disclosure for Structured Finance Instruments (SFIs) originated and/or traded on a private and/or bilateral basis. On the basis of the feedback received, ESMA will draft a Consultation Paper to be submitted during the course of Q4 2015.

 

Related document

Press release

Call for evidence

Solvency II: Commission Implementing Regulation (EU) 2015/462 published in the O.J of EU

Created
Friday, 20 March 2015

                                                              19 March 2015

 

Commission Implementing Regulation (Eu) 2015/462 of 19 March 2015 laying down implementing technical standards with regard to the procedures for supervisory approval to establish special purpose vehicles, for the cooperation and exchange of information between supervisory authorities regarding special purpose vehicles as well as to set out formats and templates for information to be reported by special purpose vehicles in accordance with Directive 2009/138/EC of the European Parliament and of the Council published in the O.J of EU.

This Regulation entered into force on 20th March.

Related document

Commission Implementing Regulation (Eu) 2015/462

  • Last Update: Monday 30 March 2015, 19:06.
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