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Latest news of financial regulation

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Financial Markets: IOSCO launches public information repository for central clearing requirements

Created
Wednesday, 06 August 2014

                                                              05 August 2014

 

IOSCO unveiled an information repository for central clearing requirementsfor OTC derivatives, which provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions.

Related document

Press release

FCA sets out its approach to financial promotions in social media

Created
Wednesday, 06 August 2014

                                                               06 August 2014

 

The FCA launched a consultation which is intended to clarify its approach to the supervision of financial promotions in social media. The FCA’s overall approach is that the financial promotion rules are intended to be media-neutral to ensure that consumers are presented with certain minimum information, in a fair and balanced way, at the outset of firms’ interaction with them.

Related documents

Press release

Guidance consultation

FCA consults on implementation of the directive on bank recovery and resolution

Created
Wednesday, 06 August 2014

                                                              05 August 2014

 

The FCA published a consultation paper (CP14/15) setting out proposed changes to its Handbook that are required to transpose the Bank Recovery and Resolution Directive (BRRD) into the UK regulatory regime for the investment firms and certain group entities that the FCA regulates prudentially and that fall within the scope of the Directive.

Comments on CP14/15 are due by 1 October 2014. The BRRD must be transposed into national law by 31 December 2014 and applied from 1 January 2015.

Related document

Consultation paper

ECB publishes quarterly report on progress in the operational implementation of the Single Supervisory Mechanism Regulation

Created
Wednesday, 06 August 2014

                                                              05 August 2014

 

The ECB published quarterly report on progress in the operational implementation of the Single Supervisory Mechanism Regulation.

The ECB will assume the tasks conferred on it by the SSM Regulation within three months, on 4 November 2014.

Related document

SSM Quarterly Report

ESMA issues Guidelines and Recommendations on the implementation of the CPSS-IOSCO Principles for financial market infrastructure

Created
Wednesday, 06 August 2014

 

                                                               05 August 2014

 

The ESMA issued guidelines and recommendations regarding the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructures in respect of Central Counterparties.

These Guidelines and Recommendations will apply after their publication by ESMA on its website in the EU official languages.

 

Related documents

Final report

 

ESMA publishes report on staffing and resources for CRA supervision

Created
Wednesday, 06 August 2014

                                                              05 August 2014

 

The ESMA submitted a report outlining its staffing and resources needs in relation to its responsibility for supervising credit rating agencies (CRA) in the European Union.

The Report:

- provides an overview of the tasks ESMA carries out in relation to the supervision of CRAs;

- identifies the new tasks and responsibilities resulting from the entry into force of the CRA3 Regulation; and

- sets out staffing and budget needs.

Related document

Report on staffing and resources

Financial Markets: EBA consults on criteria for intervention on structured deposits under MiFIR

Created
Wednesday, 06 August 2014

                                                              05 August 2014

 

The EBA published a paper laying out criteria for its task of exercising intervention powers on structured deposits. The paper is launched for a public consultation that will run until 5 October 2014.

Related documents

Press release

Consultation paper

Bank Capital Requirements: EBA publishes final technical standards on the treatment of equity exposures under the IRB approach

Created
Wednesday, 06 August 2014

                                                               05 August 2014

 

The EBA published its final draft Regulatory Technical Standards (RTS) specifying the treatment of equity exposures under the internal ratings-based (IRB) approach. The final draft standards have been sent to the European Commission for their adoption as EU Regulations that will be directly applicable throughout the EU.

 

Related documents

Press release

Final draft RTS on the IRB equity exemption

Bank capital requirements: EBA issues revise set of Q&As on supervisory reporting

Created
Tuesday, 05 August 2014

                                                              01 August 2014

 

The EBA published a new set of final Q&As on supervisory reporting. The overall objective of the Q&A tool is to ensure consistent and effective application of the new regulatory framework across the Single Market, and hence contribute to the building of the Single Rulebook in banking.

 

 

Related documents

Press release

Supervisory reporting-Final Q&As

Investment Funds: ESMA publishes an update of its Guidelines on ETFs and other UCITS issues

Created
Friday, 01 August 2014

                                                               01 August 2014

 

The ESMA published an update of its Guidelines on ETFs and other UCITS issues. The new version of the guidelines modifies the original provision on diversification of collateral received by UCITS in the context of efficient portfolio management techniques and over-the-counter financial derivative transactions. This publication triggers a period of two months within which competent authorities subject to these guidelines have to notify ESMA of their compliance position.

Related documents

Press release

Guidelines

The Joint Committee of the ESAs remind financial institutions of their responsibilities when placing their own financial products with consumers

Created
Thursday, 31 July 2014

                                                                    31 July2014

 

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) published a reminder to banks and insurance companies across the EU on the consumer protection requirements that apply to certain financial instruments they issue. In addition, ESMA highlighted specific risks posed to investors by contingent convertible instruments (CoCos).

Related documents

Press release

 Reminder

Statement by ESMA

News & articles

EU warns of CoCo risk as banks build buffers on new rules (Bloomberg)

EIOPA publishes document on underlying assumptions of the standard formula that are used for the Solvency Capital Requirement calculations

Created
Thursday, 31 July 2014

                                                                     31 July 2014

 

EIOPA published document on underlying assumptions of the standard formula that are used for the Solvency Capital Requirement (SCR) calculations. The assessment of the significance with which the risk profile of an insurance or reinsurance undertaking (“undertaking”) or group deviates from the assumptions underlying the SCR calculation, is an important process which undertakings and groups are required to perform starting from 2015.

Related document

Document

 

SEPA became fully operational in all Eurozone countries on 1 August 2014

Created
Thursday, 31 July 2014

                                                                    01 July 2014

 

The Single Euro Payments Area (SEPA) became fully operational in all Eurozone countries on 1 August 2014.

The ECB marked a major milestone in the integration of retail payments in Europe. After 15 years of work, the SEPA has been successfully implemented for credit transfers and direct debits in the euro area. Every month more than 2 billion payments will now flow across the euro area in new standardised formats.

SEPA opens new avenues to Europe’s consumers and businesses.

-        It allows consumers to use just one euro bank account for all credit transfers and direct debits, no matter where in Europe the recipients or businesses may be. It strengthens consumer protection for direct debits, bringing in new rules to facilitate refunds.

-        It allows businesses to grow and to broaden their reach within Europe, and reduces costs by providing a standardised framework for all their payments. Businesses can now use a single system and set of accounts for all their euro trade in Europe.

Related documents

ECB press release

ECB related webpage

European Commission FAQ

European Commission related webpage

Statement by Vice-President M. Barnier

Statement by EBF

 

EBA issues amended technical standards on supervisory reporting for institutions

Created
Thursday, 31 July 2014

                                                                  31 July 2014

 

The EBA published Final draft Implementing Technical Standards (ITS) amending the Commission's Implementing Regulation (EU) No 680/2014 on supervisory reporting under Regulation (EU) No 575/2013 (CRR). These final draft ITS include minor changes to templates and instructions which the EBA deemed necessary to publish in order to reflect some of the answers published in its Single Rulebook Q&As, as well as to correct legal references and other clerical errors. The amendments are expected to be applicable for reporting as of December 2014.

Related documents

Press release

Final draft ITS

PRA and FCA consult on accountability in banking and new remuneration rules

Created
Wednesday, 30 July 2014

                                                                     30 July 2014

 

The PRA and the FCA published:

- consultation paper (CP14/14) setting out proposed changes to the way individuals working for UK banks, building societies, credit unions and PRA-designated investment firms are assessed and held accountable for the roles they perform. The consultation will close on 31 October 2014.

- consultation paper (CP15/14) seeking views on proposed changes to the regulators’ rules on remuneration, including: deferral; clawback; bailed-out banks; buy-outs; risk adjustment (PRA only);and the remuneration of non-executive directors. The consultation will close on 31 October 2014.

Related documents

Press release

CP14/14 “Strengthening accountability in banking: a new regulatory framework for individuals”

Press release

CP15/14 “Strengthening the alignment of risk and reward: new remuneration rules”

News & articles

Bank of England unveils bankers' bonus clawback plan (BBC)

Regulation (EU) No 806/2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a SRM and a Single Resolution Fund published in the Official Journal of the EU

Created
Wednesday, 30 July 2014

                                                                     30 July 2014

 

Regulation (EU) No 806/2014 of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund has been published in the Official Journal of the EU.

This Regulation shall enter into force on 19 August 2014.

 

Related document

Regulation (EU) No 806/2014

EBA publishes peer review on the implementation of credit concentration risk guidelines

Created
Friday, 25 July 2014

                                                                     24 July 2014

 

The EBA published a peer review on the implementation of its guidelines on the management of concentration risk under the supervisory review process (SREP).The report shows that National Competent Authorities (NCAs) largely comply with the assessed guidelines (GL31) and credit concentration risk forms an integral part of NCAs' risk assessment system.

 

 

Related documents

Press release

Report

IOSCO publishes report on the social media and automation of advice tools surveys

Created
Friday, 25 July 2014

 

                                                                     24 July 2014

 

The IOSCO published report on the IOSCO Social Media and Automation of Advice Tools Surveys. The paper presents the results of four surveys on the use of social media and automated advice tools in capital markets, and how regulators oversee the use of these tools

 

 

 

Related document

Press release

Report

 

IASB completes reform of financial instruments accounting

Created
Friday, 25 July 2014

                                                                     24 July 2014

 

The IASB completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9 Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting.

The new Standard will come into effect on 1 January 2018 with early application permitted.

Related documents

Press release

Project summary

PRA consults on implementing the Bank Recovery and Resolution Directive

Created
Thursday, 24 July 2014

                                                                     24 July 2014

 

The PRA proposed changes to its rules to implement the EU Bank Recovery and Resolution Directive (BRRD). The BRRD provides a common set of tools and powers for dealing with failing banks and will take effect at the end of 2014.

The PRA’s consultation closes on 19 September 2014 and final rules will be published by 31 December 2014.

 

Related documents

Press release

Consultation Paper

  • Last Update: Monday 25 August 2014, 17:47.
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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.

63 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 03 - 09 July)