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EBA advises the European Commission on credit valuation adjustment (CVA) risk

Created
Thursday, 26 February 2015

                                                          25 February 2015

 

The EBA published a report addressed to the European Commission on several aspects related to the calculation of own funds requirements for Credit Valuation Adjustment (CVA) risk. The CVA data collection exercise conducted by the EBA on a sample of 32 banks across 11 jurisdictions has highlighted the materiality of the CVA risks that are currently not covered by EU legislation due to some exemptions provided for in the Capital Requirements Regulation (CRR).

Related documents

Press release

Report on CVA

Opinion on CVA risk

IOSCO reviews implementation of financial benchmark principles

Created
Thursday, 26 February 2015

                                                          25 February 2015

 

The IOSCO published the report on the Implementation of IOSCO's Principles for Financial Benchmarks. The report sets out the findings of IOSCO ́s review of the implementation of its Principles for Financial Benchmarks by a sample of administrators of financial benchmarks across a range of geographical areas and asset classes.

 

 

Related documents

Press release

Review of the Implementation of IOSCO's Principles for Financial Benchmarks

FCA publishes thematic review on asset management firms and the risk of market abuse

Created
Wednesday, 25 February 2015

                                                          18 February 2015

 

The Financial Conduct Authority (FCA) published thematic review on asset management firms and the risk of market abuse.

Market abuse damages market integrity and undermines confidence in financial markets. At a firm level, association with market abuse causes reputational damage and can lead to substantial financial loss. FCA’s regime requires firms to have effective processes to identify, monitor and manage the risk of market abuse.

Related documents

Press release

Thematic review

News & articles

UK watchdog tells asset managers to improve market abuse controls (Reuters)

ESMA publishes addendum consultation paper to implementing rules for MiFID II/MiFIR

Created
Wednesday, 25 February 2015

                                                          18 February 2015

 

The European Securities and Markets Authority (ESMA) published a consultation paper (CP) which complements the transparency section of the CP on MiFID II/MiFIR published on 19 December 2014.

This CP covers the following non-equity asset classes: (1) foreign exchange derivatives; (2) credit derivatives; (3) other derivatives; and (4) contracts for difference (CFDs).

This consultation runs until 20 March 2015.

Related documents

Press release

Addendum consultation paper

ESMA publishes a peer review on best execution under MIFID

Created
Wednesday, 25 February 2015

                                                          25 February 2015

 

The ESMA conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders.

ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low.

Related documents

Press release

Peer review

Bank of England and PRA publish consultation paper on Solvency II

Created
Wednesday, 25 February 2015

                                                         20 February 2015

 

The Bank of England and the Prudential Regulation Authority (PRA) published consultation paper on a draft supervisory statement setting out the PRA’s expectations of firms in relation to the European Insurance and Occupational Pensions Authority’s (EIOPA) Set 1 Solvency II Guidelines published on 2 February 2015.

This consultation runs until 19 March 2015.

Related document

Consultation paper

FCA challenges firms to review approach to consumer vulnerability

Created
Monday, 23 February 2015

                                                          23 February 2015

 

The FCA launched occasional paper on consumer vulnerability. This paper aims to broaden understanding and stimulate interest and debate around vulnerability and to provide practical help and resources to firms in developing and implementing a vulnerability strategy. The occasional paper includes a Practitioners’ Pack to support firms’ understanding of how they can generate better outcomes and develop more inclusive services for vulnerable consumers.

Related documents

Press release

Consumer Vulnerability

Practitioners' Pack

Vulnerability exposed:The consumer experience of vulnerability in financial services

PRA sets out how it will hold senior managers accountable for failure to meet its requirements

Created
Monday, 23 February 2015

                                                          23 February 2015

 

The PRA set out how it will hold senior managers in banks, building societies and designated investment firms to account if they do not take reasonable steps to prevent or stop breaches of regulatory requirements in their areas of responsibility.

Related documents

Press release

CP6/15

CP7/15

Next steps

The consultation paper on whistleblowing in deposit-takers (CP6/15) will close on 22 May 2015.

The consultation paper on approach to non-executive directors in banking and Solvency II firms (CP7/15) will close on 27 April 2015.

The EC launches its landmark project to unlock funding for Europe’s businesses and to boost growth in the EU’s 28 Member States

Created
Wednesday, 18 February 2015

                                                          18 February 2015

 

The European Commission launched its landmark project to unlock funding for Europe’s businesses and to boost growth in the EU’s 28 Member States with the creation of a true single market for capital. The Commission launched a three-month consultation round which aims to kick-start a debate across the EU over the possible measures needed to create a true single market for capital.

Two complementary consultations on “high-quality” securitisation and the prospectus directive are also being launched.

Consultations will run until 13 May 2015.

Related documents

Press release

Green paper: Building a Capital Markets Union

Commission staff working document: Initial Reflections on the Impediments to the Development of Deep and Integrated EU Capital Markets

Frequently asked questions

Related EC web-page

 

Consultation document: Review of the prospectus directive

Related EC web-page

 

Consultation document: An EU framework for simple, transparent and standardised securitisation

Related EC web-page

ESMA publishes an annual report on its direct supervisory activities in 2014 regarding credit rating agencies and trade repositories

Created
Wednesday, 18 February 2015

                                                          16 February 2015

 

ESMA published an annual report on its direct supervisory activities in 2014 regarding credit rating agencies and trade repositories within the European Union.

It sets out ESMAs key areas of action during 2014 and outlines ESMA’s main priorities for 2015.

Related documents

Press release

Report

News & articles

Big Three ratings agencies defy new curbs to regain pre-crisis clout-watchdog (Reuters)

Commission implementing regulation (EU) 2015/233 on currencies in which there is an extremely narrow definition of central bank eligibility pursuant to CRR publishes on the Official Journal of the EU

Created
Wednesday, 18 February 2015

                                                          13 February 2015

 

Commission implementing regulation (EU) 2015/233 on currencies in which there is an extremely narrow definition of central bank eligibility pursuant to Regulation (EU) No 575/2013 has been published on the Official Journal of the EU.

This Regulation shall enter into force on 6 March 2015.

 

Related document

Commission implementing regulation

EU Council approves draft proposals of directive and regulation on anti-money laundering and fund transfers

Created
Wednesday, 11 February 2015

                                                          10 February 2015

 

EU Council approved draft proposals of directive and regulation on anti-money laundering and fund transfers.

Related document

Political agreement

Next step

EP: vote in plenary

Council: ECOFIN final decision

EBA publishes report providing a global overview of the potential implications of regulatory measures for business models

Created
Wednesday, 11 February 2015

                                                          10 February 2015

 

EBA published report providing a global overview of the potential implications for business models resulting from the collective implementation of the regulatory measures developed since the financial crisis (CRR/CRD IV capital requirements, Basel III leverage ratio (LR), liquidity coverage ratio (LCR), net stable funding ratio (NSFR), reforms in banking structures, resolution regimes and EMIR).

Related document

Report

EIOPA provides advice to the EU Commission on conflicts of interest in the context of the distribution of insurance-based investment products

Created
Tuesday, 10 February 2015

                                                            30 January 2015

 

The EIOPA provided advice to the European Commission on the identification, prevention, management and disclosure of conflicts of interest which may arise in the course of the distribution of insurance-based investment products. The advice will assist the Commission on possible future implementing legislation. EIOPA recommends requiring insurance intermediaries and insurers to assess all cases where they have an interest related to distribution which is distinct from the customer's interest and which has the potential to influence the outcome of the services to the detriment of the customer.

Related documents

Press release

Technical advice

ECB publishes decision on the conditions under which credit institutions are permitted to include interim or year-end profits in Common Equity Tier 1 capital

Created
Tuesday, 10 February 2015

                                                           04 february 2015

 

ECB published decision on the conditions under which credit institutions are permitted to include interim or year-end profits in Common Equity Tier 1 capital in accordance with Article 26(2) of Regulation (EU) No 575/2013 (Capital Requirements Regulation - CRR).

This Decision lays down the conditions under which the ECB has determined to grant permission to credit institutions to include interim or year-end profits in CET1 capital.

This Decision applies to credit institutions for which the ECB carries out direct supervision in accordance with Regulation (EU) No 468/2014 of the ECB establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities.

Related document

ECB decision

FCA publishes a consultation paper on the implementation of mortgage credit directive

Created
Friday, 06 February 2015

                                                          05 February 2015

 

The FCA published a consultation paper for implementing a legislative framework for ‘consumer buy-to-let’ (CBTL) mortgages. These proposals will interest consumers who may wish to take out a buy-to-let mortgage from 21 March 2016, when the government’s CBTL framework comes into effect.

Comments on this consultative document should be uploaded by 19 March 2015.

Related documents

Press release

Consultation paper

BIS publishes a Joint Forum’s report on credit risk management

Created
Friday, 06 February 2015

                                                          06 February 2015

 

The Joint Forum released its report developments in credit risk management across sectors: current practices and recommendations. The aim of this report is to provide updated information and analyses of key credit risk management issues discussed in the Joint Forum’s 2001 and 2006 reports. In particular, four broad matters related to CR management for financial firms in the banking, securities and insurance sectors, as well as in financial conglomerates.

Comments on this consultative document should be uploaded by 4 March 2015.

Related documents

Press release

Report

IOSCO seeks better understanding of other CRA products and services

Created
Friday, 06 February 2015

                                                          05 February 2015

 

The IOSCO approved a project specification for its Committee 6 on Credit Rating Agencies to gain a better understanding of the credit rating industry and in particular of certain other products or services (Other CRA Products).

Related documents

Press release

First questionnaire on other CRA products

ECB Banking Supervision issues a recommendation to banks on their dividend distribution policies for the financial year 2014

Created
Wednesday, 04 February 2015

                                                            29 January 2015

 

ECB Banking Supervision issued a recommendation to banks on their dividend distribution policies for the financial year 2014 as part of its aim to strengthen the safety and soundness of the euro area banking system. The ECB has also notified banks that variable remuneration will be thoroughly reviewed in the coming months.

The dividend recommendations follow on from the comprehensive assessment, the recent in-depth review of the largest banks’ balance sheets aimed at boosting public confidence in the banking sector.

Related documents

Press release

Recommendation

ESMA publishes opinion on draft RTS on the clearing obligation for interest rate swaps

Created
Wednesday, 04 February 2015

                                                            29 January 2015

 

The ESMA published an Opinion on the draft RTS on the clearing obligation on interest rate swaps. The opinion explains ESMA’s support of the Commission’s intention to extend the initial approach with the objective of postponing the start date of the frontloading obligation, as this should provide counterparties with sufficient time to determine whether their contracts are subject to the frontloading obligation.

Related documents

Press release

Opinion

  • Last Update: Friday 27 February 2015, 15:13.
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