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Latest news of financial regulation

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Financial Markets: EU Commission updates FAQs on EMIR

Created
Monday, 14 July 2014

                                                                     10 July 2014

 

The EU Commission published an updated set of FAQs on the regulation on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories (EMIR).

Related document

FAQs


Financial Markets: EU and US meet to exchange information on regulatory developments

Created
Monday, 14 July 2014

                                                                     08 July 2014

 

EU and US met to exchange information on regulatory developments as part of their ongoing dialogue, and discuss their shared interests in continuing to implement and enforce robust standards, including those on the G-20 financial regulatory agenda. EU and U.S. officials held productive discussions on their respective reforms, including those reforms implementing key commitments by the G-20 leaders such as the implementation of Basel III capital, leverage, and liquidity rules; the implementation of over-the-counter (OTC) derivatives reforms (including a discussion of related cross-border issues); and the orderly resolution of global banks.

Related document

Joint Statement

Single Resolution Mechanism: Council adopts rules setting up single resolution mechanism

Created
Monday, 14 July 2014

                                                                     14 July 2014

 

The Council adopted a regulation establishing a single resolution mechanism for failing banks. The creation of a single resolution mechanism (SRM) – with a central decision-making board and a single resolution fund – ensures that resolution decisions across participating member states will be taken in a coordinated and effective manner, minimising negative impacts on financial stability and reducing the dependence of banks on the creditworthiness of sovereigns

Related documents

Press release

Regulation

Next step

Final publication on the Official Journal of the EU.

IstEin Seminar on "Rating Performance and Bank Business Models"

Created
Thursday, 10 July 2014

        "Rating Performance and Bank Business Models"

 Rome, Via delle Botteghe Oscure 4 (sala E) - July 14th,   2014.

 Language: Italian - Free attendance

 

 

A roundtable will be held discussing a research paper written by Abi research department and IstEin: “Rating Performance and Bank Business Models: Is There a Change With the Global Crisis?”.

 

The paper investigates whether bank ratings reflect bank business models. It uses the level of bank ratings – by Fitch, Moody’s and S&P’s – from 2006 to 2009 and an index as indicator of the traditional business model. In a sample of 241 listed banks from 39 countries, it finds that banks with a higher share of traditional income over total income show better rating performance through the crisis, even after controlling for sovereign ratings and other bank characteristics.

To see the research paper click here

Seminar web page

Accounting Standards: ESMA publishes accounting enforcement guidelines

Created
Thursday, 10 July 2014

                                                                     10 July 2014

 

The ESMA published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers.

The Guidelines provide a common approach in the following areas:

- Enforcement objectives and scope;

- The enforcement process at national level, such as selection methods, examination procedures and enforcement actions; and

- Coordination of enforcement activities at European level, such as: setting up European common enforcement priorities, defining criteria for selecting accounting matters for further discussion at European level and their reporting.

Related documents

Press release

Guidelines

Next step

The Guidelines will be translated into the official languages of the EU and national securities regulators will then have two months from the date of the publication of the translations on ESMA’s website, to confirm to ESMA whether they comply or intend to comply with the Guidelines by incorporating them into their supervisory practices.

 

Bank Recovery and Resolution: EBA consults on resolution planning and on measures to address impediments to resolvability

Created
Thursday, 10 July 2014

                                                                     09 July 2014

 

The EBA launched two consultations on draft Regulatory Technical Standards (RTS) on resolution planning and on draft Guidelines on measures to reduce or remove impediments to resolvability. Bank resolution can be a complex process, and so robust and credible resolution strategies and plans are needed in advance. The proposed RTS specify the contents of resolution plans drawn up by resolution authorities for individual institutions and groups as well as the criteria on which the resolvability assessment should be based. Common European standards in these areas are essential to facilitate effective cooperation and joint decisions between resolution authorities.

Both consultations run until 9 October 2014.

Related documents

Press release

Consultation paper No. 15

Consultation paper No. 16

Bank Recovery and Resolution: EBA consults on tests, reviews and exercises that may lead to public support measures

Created
Thursday, 10 July 2014

                                                                     09 July 2014

 

The EBA launched a consultation on its draft Guidelines specifying the type of tests, review or exercises that may lead to extraordinary public support measures for institutions. One of the overarching objectives of the Bank Recovery and Resolution Directive (BRRD) is to avoid, as far as possible, resorting to taxpayers' funds when dealing with unsound or failing credit institutions and investment firms. With this in mind, the BRRD sets out a harmonised regulatory framework for resolving institutions at EU level and establishes that resolution should be primarily and almost exclusively financed by private resources.

The consultation runs until 9 August 2014.

Related documents

Press release

Consultation paper

The Council takes note of the presentation by the Italian presidency of a work programme

Created
Wednesday, 09 July 2014

                                                                     08 July 2014

 

The Council took note of the presentation by the Italian presidency of a work programme on economic and financial matters for the duration of its term, which runs from July to December 2014.

Related document

Ecofin press release

Market Abuse: Securities and Markets Stakeholder Group publishes an opinion on ESMA’s discussion paper

Created
Wednesday, 09 July 2014

                                                                     07 July 2014

 

Securities and Markets Stakeholder Group published an opinion to ESMA on its Discussion Paper on policy orientations on possible implementing measures under the Market Abuse Regulation.

Related document

Opinion

Bank Capital Requirements: EBA publishes new XBRL taxonomy for remittance of supervisory reporting as of 30 September 2014

Created
Wednesday, 09 July 2014

                                                                     08 July 2014

 

The EBA published an XBRL taxonomy to be used by competent authorities for remittance of data under the EBA Implementing Technical Standards (ITS) on supervisory reporting. It presents the data items, business concepts, relations, visualisations and validation rules described by the EBA Data Point Model (DPM) contained in the ITS on supervisory reporting, including the amendments relating to asset encumbrance, forbearance and non-performing exposures. The taxonomy proposed by the EBA will lead to greater efficiency in and convergence of supervisory practices across Members States. The reference date is as of 30 September 2014 onwards and it includes the first reports under FINREP.

Related documents

Press release

Data point model

Banking Regulation: PRA and FCA publish review of barriers to entry for new banks

Created
Monday, 07 July 2014

                                                                     07 July 2014

 

The PRA and FCA published a review of the changes introduced last year which were put in place to reduce the barriers to entry for new financial institutions. The review shows that the changes introduced last year have led to a number of positive developments. In the twelve months following the changes, the PRA authorised five new banks and there has been a substantial increase in the number of firms discussing the possibility of becoming a bank with the regulators.

Related documents

Press release

Review

Capital Requirements: EBA publishes final draft technical standards on the margin periods of risk for the treatment of clearing members exposures to clients

Created
Monday, 07 July 2014

                                                                     04 July 2014

 

The EBA published its final draft Regulatory Technical Standards (RTS) specifying the minimum margin periods of risk (MPOR) that institutions acting as clearing members may use for the calculation of their capital requirements for exposures to clients. In order to incentivise the use of central counterparties (CCPs), and in line with the international standards that amended the Basel II text, the Capital Requirements Regulation (CRR) introduces a special treatment for centrally cleared derivatives. These draft RTS do not deal with institutions' exposures to central counterparties (CCPs).

Related documents

Press release

Final draft RTS on Margin Periods of Risk

Capital Requirements: EBA publishes final draft RTS on conditions for assessing materiality of extensions and changes of internal approaches for market risk

Created
Monday, 07 July 2014

                                                                     07 July 2014

 

The EBA published its final Regulatory Technical Standards (RTS) specifying the conditions for assessing the materiality of extensions and changes of the Internal Models Approach (IMA) for market risk. According to the Capital Requirements Regulation, all institutions shall apply for permission whenever they intend to implement any material extension or change to their internal approaches for credit, market and operational risk.

In this respect, the proposed RTS harmonise the assessment of the materiality of extensions and changes to internal approaches, and ensure that approved internal approaches comply with the regulatory requirements.

Related documents

Press release

Final draft RTS on market risk model extensions and changes

Capital Requirements: EBA consults on a framework for common supervisory procedures and methodologies

Created
Monday, 07 July 2014

                                                                     07 July 2014

 

The EBA launched a consultation on its draft Guidelines for common procedures and methodologies for the supervisory review and evaluation process (SREP). The guidelines hinge on four main components: (i) business model analysis; (ii) assessment of internal governance; (iii) assessment of risks to capital and adequacy of capital; (iv) assessment of risks to liquidity and adequacy of liquidity. The assessment will be summarised in a common scoring and will lead to a consistency in setting supervisory requirements to hold additional capital and liquidity resources as needed.

The consultation runs until 7 October 2014.

Related documents

Press release

Consultation paper

Capital Requirements: EBA publishes final guidelines on significant credit risk transfer for securitisation transactions

Created
Monday, 07 July 2014

                                                                     07 July 2014

 

The EBA published a final set of Guidelines that will support both originator institutions and competent authorities in the assessment of significant risk transfer (SRT) for securitisation transactions. The EBA recognizes that securitisation in a well-defined prudential framework is beneficial to banks and is a key funding tool for the real economy. Furthermore, it is a useful tool to achieve credit risk transfer and risk-sharing in the financial system and to support the current deleveraging and de-risking process of EU banks without inducing an excessive contraction in the real economy.

The EBA will provide advice to the European Commission by 31 December 2017 on whether a binding technical standard is required on SRT.

Related documents

Press release

Guidelines

Consumer protection and financial innovation: EBA proposes potential regulatory regime for virtual currencies

Created
Friday, 04 July 2014

                                                                     04 July 2014

 

The EBA published an opinion addressed to the EU Council, European Commission and European Parliament setting out the requirements that would be needed to regulate ‘virtual currencies'. The Opinion is also addressed to national supervisory authorities and advises to discourage financial institutions from buying, holding or selling virtual currencies while no regulatory regime is in place.

 

Related documents

Press release

Opinion

Financial supervision: The FSB announces the launch of a peer review on supervisory frameworks and approaches to SIFIs

Created
Friday, 04 July 2014

                                                                     04 July 2014

 

The FSB announces the launch of a peer review on supervisory frameworks and approaches to SIFIs. The review will draw from responses to two questionnaires: one for national supervisory authorities and one for a representative sample of G-SIBs.

Related document

Thematic Peer Review on Supervisory Frameworks and Approaches to SIFIs

Bank Capital Requirements: EBA advises on the prudential filter for gains and losses from own credit risk related to derivatives

Created
Thursday, 03 July 2014

                                                                     03 July 2014

 

The EBA launched a public consultation on standards on colleges of supervisors and on standards on joint decisions on approval of internal models. The technical standards on colleges detail supervisory activities performed by colleges in going concern and emergency situations, while the ITS on joint decisions relate to the approval of internal models and detail the processes to be followed by competent authorities when reaching joint decisions.

The consultations run until 3 October 2014.

Related documents

Press release

Consultation paper N. 12

Consultation paper N. 13

Bank Capital Requirements: EBA consults on technical standards on home host cooperation in the EU banking sector

Created
Thursday, 03 July 2014

                                                                     02 July 2014

 

The EBA published its technical advice to the European Commission on the use of a prudential filter for gains and losses arising from banks' own credit risk of derivatives. The Authority considers as appropriate not to deviate from the current prudential approach applied at the international level under the Basel III rules, i.e. full deduction of institutions' own credit risk of derivatives. The work of the EBA will inform the work of the EU Commission on the topic.

Related documents

Press release

Technical advice

Bank Capital Requirements: EBA publishes lists for the calculation of capital requirements for credit risk

Created
Thursday, 03 July 2014

                                                                     02 July 2014

 

The EBA published a series of lists in the field of credit risk, in accordance with the EU Capital Requirements Regulation (CRR). These lists will assist EU institutions in the determination of their capital requirements for credit risk.

Related document

Press release

  • Last Update: Wednesday 22 October 2014, 15:54.
IstEin - Istituto Einaudi IstEin - Istituto Einaudi

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.

11 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 16 - 22 Oct)

Highlights (week 25 Sep - 01 Oct)