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Latest news of financial regulation

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Bank Crisis Management: Bank of England sets out how it will resolve failed institutions

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The Bank of England published its approach to resolving a failed bank, building society or investment firm.  Resolution is the process by which the authorities can intervene to manage the failure of a firm. The publication explains the purpose and objectives of the UK’s resolution regime, its key features, the approach that the Bank would take to resolve a failed firm and the arrangements for safeguarding the rights of depositors, clients, counterparties and creditors.

 

 

Related documents

 

Press release

The Bank of England's approach to resolution

Prudential Requirements: EBA issues revised list of ITS validation rules

Created
Thursday, 23 October 2014

                                                             22 October 2014

 

The EBA published a new XBRL taxonomy to be used by competent authorities for remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. The new taxonomy presents the data items, business concepts, relations, visualisations and validation rules described by the EBA Data Point Model (DPM) which are contained in the ITS on supervisory reporting and in the EBA Guidelines on definitions and templates on funding plans.

Related documents

Press release

Data Point Model and Taxonomies for Implementing Technical Standard (ITS) on Supervisory Reporting


Prospectus Directive: ESMA publishes latest statistical data on prospectus approval in the EEA and Q&A

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The ESMA published two reports containing the latest statistical data in relation to the number of prospectuses approved and passported by National Competent Authorities in the European Economic Area (EEA). The two reports cover the periods January 2013 – December 2013 and January 2014 – June 2014 and are part of ESMA’s ongoing monitoring of prospectus activity in the EEA.

Related documents

Report - January 2013 to December 2013

Report - January 2014 to June 2014

Q&A

Banking Union: ECB launches public consultation on draft Regulation on reporting of supervisory financial information

Created
Thursday, 23 October 2014

                                                            23 October 2014

 

The ECB published a draft regulation on reporting of supervisory financial information for public consultation. This draft regulation lays down the requirements regarding reporting on supervisory financial information to be submitted to national competent authorities (NCAs) and the ECB by supervised banks.

The ECB will take over as competent authority for supervision of euro area banks in November 2014 as part of the Single Supervisory Mechanism (SSM).

The consultation opened for a six-week period, until 4 December 2014.

Related documents

Press release

Public consultation

Q&A

The Joint Committee publishes the 2014 List of Identified Financial Conglomerates

Created
Thursday, 23 October 2014

                                                             23 October 2014

 

The Joint Committee publishes the 2014 List of Identified Financial Conglomerates. The latest version of the list shows 71 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.

 

Related document

List of Identified Financial Conglomerates 2014

EBA consults on implementation of guidelines on internet payments security

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The EBA published a consultation paper on the implementation of its guidelines on the security of internet payments. The draft guidelines on the security of internet payments are based on the recommendations of the European Forum on the Security of Retail Payments, a voluntary cooperative initiative set up by the ECB and comprising relevant authorities from the European Economic Area with the aim of facilitating understanding of issues related to the security of electronic retail payment services.

The consultation will close on 14 November 2014.

 

Related documents

Press release

Consultation paper

EU Commission adopts delegated regulation on notification of significant net short positions in sovereign debt

Created
Wednesday, 22 October 2014

                                                             17 October 2014

 

EU Commission adopted delegated regulation correcting Delegated Regulation (EU) No 918/2012 as regards the notification of significant net short positions in sovereign debt.

Article 13(3) of Commission Delegated Regulation (EU) No 918/2012 requires to be corrected by means of a correcting act so as to ensure legal certainty to the market on the method of calculating positions for legal entities within a group that have long or short positions in relation to a particular issuer.

The regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the EU.

Related documents

Delegated regulation

EU Council Presidency publishes compromise texts on two proposals on payment services

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

EU Council Presidency published compromise texts on EU Commission (EC) proposal for a revised payment services directive (PSD2) and on EC proposal for a regulation on multilateral interchange fees (MIFs). 

 

 

 

Related documents

Presidency compromise on proposed directive

Presidency compromise on proposed regulation

Next step

Council position

EC + EP + EU Council: Trilogue

FSB consults on guidance for the identification of the critical functions and critical shared services for systemically important insurers

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The FSB launched a public consultation on guidance for the identification of the critical functions and critical shared services for systemically important insurers. The guidance should assist national authorities in implementing the recovery and resolution planning requirements set out in the FSB key attributes of effective resolution regimes for financial institutions and in the policy measures of the International Association of Insurance Supervisors for globally systemically important insurers.

The consultation will close on 15 December 2014.

 

Related documents

Press release

Consultative document

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions publishes a report on recovery of financial market infrastructures

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a report on recovery of financial market infrastructures. The report provides guidance to financial market infrastructures such as central counterparties on how to develop plans to enable them to recover from threats to their viability and financial strength that might prevent them from continuing to provide critical services to their participants and the markets they serve. It also provides guidance to relevant authorities in carrying out their responsibilities associated with the development and implementation of recovery plans.

 

Related documents

Press release

Report

EIOPA issues guidelines on the use of the legal entity identifier

Created
Wednesday, 22 October 2014

                                                             20 October 2014

 

The EIOPA issued its guidelines on the use of the Legal Entity Identifier (LEI) in all the official languages of the EU. According to them, national competent authorities (NCAs) should ensure that all institutions under their supervisory remit obtain a LEI code. The use of LEI will apply to all information collected by EIOPA including Solvency II reporting and registers.

Within 2 months, the NCAs should confirm to EIOPA their compliance or intention to comply with the Guidelines on the use of LEI that will become applicable on 31 December 2014.

Related document

Guidelines

FSB consults on guidance on cooperation and information sharing with Non-Crisis Management Group host authorities

Created
Wednesday, 22 October 2014

                                                           22 October 2014

 

The FSB consults on guidance on cooperation and information sharing with Non-Crisis Management Group (non-CMG) host authorities.

The draft Guidance note covers four main areas: (i) Process for identifying non-CMG host jurisdictions; (ii) Criteria for assessing the systemic nature of a G-SIFI's presence in a non-CMG host jurisdiction; (iii) Cooperation and information sharing arrangements with a non-CMG host jurisdiction; and (iv) Classes of information to be shared between home authorities and non-CMG host jurisdictions.

The consultation will close on 1 December 2014.

 

Related documents

Press release

Draft guidance

Single Resolution Mechanism: EC adopts a Council implementing act to calculate the contributions of banks to the Single Resolution Fund

Created
Wednesday, 22 October 2014

                                                              21 october 2014

 

The European Commission adopted a delegated act and a draft proposal for a Council implementing act to calculate the contributions of banks to the national resolution funds and to the Single Resolution Fund respectively.

In particular:

- The delegated act will determine how much individual credit institutions will have to pay each year to their respective resolution funds according to the bank's size and risk profile.

- The draft proposal for a Council implementing act adapts the methodology to the specificities of a unified system of contributions pooled in the Fund on the basis of a European target level.

Related documents

 Press release

 Frequently Asked Questions

 Delegated actRelated EC webpage on crisis management

 Implementing actRelated EC webpage on single resolution mechanism

 Next step

The Delegated act is subject to a right of objection by Council and Parliament within three months extendable by a further three months.

The Commission will formally adopt the proposal for an Implementing act of the Council after 1 November. The act will have to be discussed and adopted by the Council by the end of the year.

Single Supervisory Mechanism: Decision of the ECB on the implementation of separation between the monetary policy and supervision functions of the ECB published in the EU Official Journal

Created
Wednesday, 22 October 2014

                                                           18 October 2014

 

 

Decision of the ECB on the implementation of separation between the monetary policy and supervision functions of the ECB has been published in the EU Official Journal.

The ECB shall maintain autonomous decision-making procedures for its supervisory and monetary policy functions. All work units of the ECB shall be placed under the managing direction of the Executive Board. The competence of the Executive Board in respect of the ECB’s internal structure and the staff of the ECB shall encompass the supervisory tasks. The Executive Board shall consult the Chair and the Vice Chair of the Supervisory Board on such internal structure.

This Decision entered into force on 18 October 2014.

Related document

Decision

Payment System: EBA and ECB step up cooperation to make retail payments safer

Created
Monday, 20 October 2014

                                                             20 October 2014

 

The EBA and ECB are stepping up their cooperation to increase the security of retail payments. The ECB and EBA have agreed to coordinate and further enhance their cooperation through SecuRe Pay (european forum on theSecurity of Retail Payments), in light of the fact that the European System of Central Banks is tasked with promoting the smooth operation of payment systems and that the regulation of payments services falls into the EBA's scope of action, with security-related mandates in the context of the revision to the EU Payment Services Directive (PSD2).

Related documents

Press release

Mandate of the european forum on the security of retail payments

Consultation Paper

Remuneration Policy: EBA discloses probe into EU bankers allowances

Created
Thursday, 16 October 2014

                                                             16 October 2014

 

The EBA published the findings of its investigation regarding discretionary remuneration practices across the EU banking sector. The report shows that some institutions have classified the so-called ‘role-based' allowances in a way that increases the fixed component of remuneration, which may impact on the limitation of the bonus cap. As a result of this analysis, the EBA issued an Opinion to the European Commission and EU competent authorities calling for supervisors to ensure that institutions' remuneration practices on allowances comply with EU legislation.

Related documents

Press release

Report

Opinion

CPMI and IOSCO issue report on the recovery of financial market infrastructures

Created
Thursday, 16 October 2014

                                                             15 October 2014

 

The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report entitled Recovery of financial market infrastructures.

The report provides guidance to financial market infrastructures (FMIs) such as central counterparties (CCPs) on how to develop plans to enable them to recover from threats to their viability and financial strength that might prevent them from continuing to provide critical services to their participants and the markets they serve.

Related documents

Press release

Report

FSB launches public consultation on guidance for the identification of critical functions of G-SIIs

Created
Thursday, 16 October 2014

                                                             16 October 2014

 

The FSB launched a public consultation on guidance for the identification of the critical functions and critical shared services for systemically important insurers. The draft guidance designed to support resolution planning for G-SIIs and other systemically important insurers by providing a framework for the identification of the functions and services that would need to be maintained in resolution consistent with the objectives of systemic stability and policyholder protection.

The FSB welcomes comments and responses to the questions set out in the consultative document by 15 December 2014.

Related document

Consultative document

FSB reissues key attributes of effective resolution regimes for financial institutions

Created
Thursday, 16 October 2014

                                                             15 October 2014

                                                   

The FSB reissued the key attributes of effective resolution regimes for financial institutions incorporating guidance on their application to non-bank financial institutions and on arrangements for information sharing that support the effective resolution of cross-border financial institutions.

 

 

Related document

Press release

Key attributes of effective resolution regimes for financial institutions

BoE publishes a consultation paper on Solvency II

Created
Wednesday, 15 October 2014

                                                             15 October 2014

 

The Bank of England published a consultation paper seeking views on a draft supervisory statement which sets out the Prudential Regulatory Authority’s (PRA’s) expectations of firms, and provides further clarity in relation to applying for certain Solvency II approvals.

The consultation will close on 9 January 2015.

 

 

Related documents

Press release

Consultation paper

  • Last Update: Friday 24 October 2014, 14:16.
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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.

9 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 16 - 22 Oct)

Highlights (week 25 Sep - 01 Oct)