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SEC proposes rules requiring companies to adopt clawback policies on executive compensation

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The Securities and Exchange Commission (SEC) proposed rules directing national securities exchanges and associations to establish listing standards requiring companies to adopt policies that require executive officers to pay back incentive-based compensation that they were awarded erroneously. 

With this proposal, the Commission has completed proposals on all executive compensation rules required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The comment period for the proposed rules will be 60 days after publication in the Federal Register.

Related documents

Press release

Proposed rule

Federal Reserve Board releases first determination of the aggregate consolidated liabilities of all financial companies in accordance with section 622 of the Dodd-Frank Act

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The Federal Reserve Board (FED) released its first determination of the aggregate consolidated liabilities of all financial companies in accordance with section 622 of the Dodd-Frank Act, which prohibits any financial company from combining with another company if the resulting company's liabilities exceed 10 percent of the aggregate consolidated liabilities of all financial companies.

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Press release

Determination

ESMA issues Q&A on anti-money laundering and investment-based crowdfunding platforms

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The European Securities and Markets Authority (ESMA) issued questions and answers (Q&A) in order to promote the sound, effective and consistent application of rules on anti-money laundering and terrorist financing to investment-based crowdfunding platforms. The Q&A aims to promote common supervisory approaches and practices in the application of anti-money laundering rules to investment-based crowdfunding. It provides responses to questions posed by national competent authorities in the course of ESMA’s work on investment-based crowdfunding, drawing on expert input from the Joint Committee sub-committee on Anti-Money Laundering.

Related documents

Press release

Q&A

ESMA publishes draft RTS on prospectus related issues under the Omnibus II Directive

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The European Securities and Markets Authority (ESMA) published the final report and draft regulatory technical standards on prospectus related issues under the Omnibus II Directive.

Related documents

Press release

Final report

ESMA issues its final report on interoperability arrangements for CCPs

Created
Thursday, 02 July 2015

                                                                   02 July 2015

 

The European Securities and Markets Authority (ESMA) issued its final report on interoperability arrangements between EU-based clearinghouses (CCPs) required under the European Markets Infrastructure Regulation (EMIR) and related Guidelines and Recommendations. In its report, ESMA recommends to extend the EMIR provisions related to interoperability arrangements to Exchange-Traded Derivatives (ETDs). A further extension to OTC derivatives will be assessed at a later stage.

Related documents

Press release

Final Report

FSB launches and invites feedback on its peer review on implementation of the FSB policy framework for shadow banking entities

Created
Thursday, 02 July 2015

                                                                   02 July 2015

 

The Financial Stability Board (FSB) launched a peer review on the implementation of its policy framework for financial stability risks posed by non-bank financial entities other than money market funds (“other shadow banking entities”). The objective of the review is to evaluate the progress made by FSB jurisdictions in implementing the overarching principles set out in the framework – in particular, to assess shadow banking entities based on economic functions, to adopt policy tools if necessary to mitigate any identified financial stability risks, and to participate in the FSB information-sharing process.

Related document

Press release

Peer review

BIS publishes a report on the impact and accountability of banking supervision

Created
Thursday, 02 July 2015

                                                                   02 July 2015

 

The Bank for International Settlements (BIS) published a report on the impact and accountability of banking supervision, which presents a range-of-practice study on how supervisors around the world define and evaluate the impact of their policies and actions, manage against that impact and then account for it to their external stakeholders.

 

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Press release

Report

publishes a review of the credit valuation adjustment (CVA) risk framework

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The Bank for International Settlements (BIS) consulted on a review of the credit valuation adjustment (CVA) risk framework.

The objectives of the review are to (i) ensure that all important drivers of credit valuation adjustment (CVA) risk and CVA hedges are covered in the Basel regulatory capital standard; (ii) align the capital standard with the fair value measurement of CVA employed under various accounting regimes; and (iii) ensure consistency with the proposed revisions to the market risk framework under the Basel Committee'sFundamental review of the trading book.

The consultation will close on 1 October 2015.

Related documents

Press release

Consultative document

IAIS consults on Higher Loss Absorbency requirements for G-SIIs

Created
Thursday, 02 July 2015

                                                                  25 June 2015

 

The International Association of Insurance Supervisors (IAIS) published consultation document aimed at obtaining input regarding the development of the Higher Loss Absorbency (HLA) requirement to apply to Global Systemically Important Insurers (G-SIIs).

When the HLA is implemented G-SIIs will be expected to hold regulatory capital that is not less than the sum of the required capital amounts from the Basic Capital Requirements and the HLA.

The consultation will run until 21 August 2015.

Related documents

Press release

EIOPA publishes the overview of equivalence decisions taken by the European Commission

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

EIOPA published the overview of equivalence decisions taken by the European Commission. The Solvency II Directive recognises the fact that the insurance industry is a global industry.

To avoid unnecessary duplication of regulation, the European Commission may decide about the equivalence of a third country's solvency and prudential regime. Positive equivalence findings are mutually beneficial to European Economic Area (EEA) (re)insurers and third country (re)insurers. Moreover, equivalence findings promote open international insurance markets, whilst simultaneously ensuring that policy holders are adequately protected globally.

Related document

Overview

Suggesting reading

Solvency II Equivalence (Clifford Chance)

IOSCO seeks better understanding of other CRA products and services

Created
Thursday, 02 July 2015

                                                                   01 July 2015

 

The Board of the International Organization of Securities Commissions (IOSCO) approved a project specification for its Committee 6 on Credit Rating Agencies (C6) to gain a better understanding of the credit rating industry and in particular of certain other products or services.

Other CRA Products are distinguishable from the traditional credit ratings that CRAs publicly disclose or disseminate to subscribers. They may include, for example, private ratings, confidential ratings, expected ratings, indicative ratings, prospective ratings, provisional ratings, preliminary ratings.

Qualified parties should complete the questionnaire and return it to IOSCO by no later than 31 July 2015.

Related documents

Press release

 

Questionnaire

 

CFTC issues proposed rule on cross-border margin

Created
Tuesday, 30 June 2015

                                                                  30 June 2015

 

The U.S. Commodity Futures Trading Commission voted unanimously to propose a rule that would apply the Commission’s margin requirements for uncleared swaps in the context of cross-border transactions (Proposed Rule). The comment period ends 60 days after the publication in the Federal Register.

Related documents

Press release

Fact sheet

Proposed rule

ESMA publishes the final report on draft technical standards on MiFID II and MiFIR

Created
Tuesday, 30 June 2015

                                                                  30 June 2015

 

The ESMA published its final report on MiFID II - MiFIR (Markets in Financial Instruments Directive II package) draft RTS on authorisation, passporting, registration of third country firms and cooperation between competent authorities. This Final Report covers the majority of the draft Regulatory and Implementing TS on investor protection topics which ESMA is expected to develop. The remaining draft technical standards ESMA is mandated to develop under MiFID II and MiFIR will be published by the end of 2015.

The final report is submitted to the Commission for endorsement of the draft RTS and ITS. The European Commission has three months to endorse the standards.

Related document

Final report

ESMA consults on regulatory technical standards under the CSD Regulation

Created
Tuesday, 30 June 2015

                                                                 30 June 2015 

 

The European Securities and Markets Authority (ESMA) published a consultation paper on regulatory technical standards under the central securities depositories’ regulation (CSD Regulation). This secondconsultation paper is limited to the provisions on buy-in of the draft Regulatory Technical Standards (RTS) and is seeking input and quantitative elements from stakeholders on the different options presented in the paper.

The Consultation is open until 6 August 2015.

Related document

Consultation paper

Securities financing transactions: Council confirms agreement with EP on transparency rules

Created
Tuesday, 30 June 2015

                                                                  30 June 2015

 

The Council of the European Union published final compromise text on proposal for a regulation of the European Parliament and of the Council on reporting and transparency of securities financing transactions and amending Regulation (EU) No 648/2012.

Related documents

Press release

Final compromise text

Next step

EP: Vote in Plenary

EBA presents advice on criteria and capital treatment for securitisation

Created
Friday, 26 June 2015

                                                                  26 June 2015

 

The EBA presents its recommendations on a European Union (EU) framework for qualifying securitisations at a public hearing held in London. The EBA advice on securitisation defines a series of criteria to identify simple standard and transparent term securitisation and asset-backed commercial paper transactions; one of the salient points is that capital charges foreseen by the 2014 Basel securitisation framework can be lowered for on qualifying securitisations to reflect their relative lower riskiness.

Related documents

Press release

Technical advice

EBF publishes a discussion paper on the digital transformation of banks and the digital single market

Created
Friday, 26 June 2015

                                                                                                                  26 June 2016

The EBF publishes a discussion paper on the digital transformation of banks and the digital single market

This paper discusses the digital transformation of the banking sector and reviews how new services let banks strengthen their customer experience. The banking sector supports a competitive and innovative EU Digital Single Market which safeguards existing consumer protection, trust and security.

Related document

Discussion paper

IOSCO consults on international standards on fees and expenses of investment funds

Created
Friday, 26 June 2015

                                                                  25 June 2015

 

The IOSCO published the consultation report which proposes an updated set of common international standards of best practice for the operators of Collective Investment Schemes (CIS) and regulators to consider. This consultation report builds on the recommendations made in the 2004 paper on International Regulatory Standards on Fees and Expenses of Investment Funds. It seeks to determine whether these standards are still valid or might be updated or supplemented in light of market and regulatory changes.

The consultation will run until 23 September 2015.

Related documents

Press release

Consultation report

EIOPA modifies the methodology for calculating the relevant risk-free interest rate term structures for Solvency II

Created
Wednesday, 24 June 2015

                                                                  19 June 2015

 

The European Insurance and Occupational Pensions Authority (EIOPA) decided to slightly modify the methodology for calculating the term structures. The modification relates to the daily fixing times of the swap rates, overnight indexed swap rates and government bond rates that the calculation is based on. The aim of the change is to improve the reliability of the market rates used in the calculation by determining them at times of high trading activity.

EIOPA will continue reviewing the methodology to implement any necessary changes in time before the start of Solvency II on 1 January 2016.

Related documents

Press release

Technical documentation

ESMA publishes guidelines on periodic information to be submitted by CRAs

Created
Wednesday, 24 June 2015

                                                                  24 June 2015

 

The European Securities and Markets Authority (ESMA) published the guidelines on periodic information to be submitted to ESMA by Credit Rating Agencies (CRAs), in all EU languages.

These Guidelines apply to credit rating agencies registered in the EU, and will become effective two months after their publication.

 

 

Related documents

Press release

List

  • Last Update: Friday 03 July 2015, 17:44.

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