Latest news of financial regulation
02 June 2015
The EU Council published the final compromise text of the recast Payment Services Directive (PSD 2) following a provisional agreement reached between the EU Council, EU Parliament and EU Commission at trilogue negotiations on 5 May 2015.
European Commission extends transitional period for capital requirements for banks' exposures to CCPs
04 June 2015
The European Commission adopted an implementing act that will extend the transitional period for capital requirements for EU banking groups’ exposures to central counterparties (CCPs) under the Capital Requirements Regulation (CRR). The current transitional period expires on 15 June 2015.
The PRA published supervisory statement on supervisory approval for the volatility adjustment (VA). In particular, the statement clarifies the items that should be included in an application to use the VA; how the PRA will use the content of applications to assess whether the statutory conditions for approval to use the VA have been satisfied; and how the VA approval process will work.
Commission Delegated Regulation (EU) 2015/850 with regard to regulatory technical standards for own funds requirements for institutions published in the O.J. of EU.
02 June 2015
Commission Delegated Regulation (EU) 2015/850 supplementing Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms (Capital Requirements Regulation - CRR) with regard to regulatory technical standards for own funds requirements for institutions has been published in the O.J. of EU.
This regulation shall enter into force on 22 June 2015.
EBA issues final guidelines and its opinion on mortgage creditworthiness assessments and arrears and foreclosure.
02 June 2015
The EBA issued its final Guidelines on creditworthiness assessment, as well as its final Guidelines on arrears and foreclosure. These Guidelines support the national implementation by Member States of the forthcoming Mortgage Credit Directive (MCD). They will ensure that consumers are protected consistently across the European Union when interacting with creditors. The Guidelines apply from 21 March 2016, the transposition date of the MCD. As a further support to the implementation of the MCD, the EBA also published today the Opinion on Good Practices for Mortgage Creditworthiness Assessments and Arrears and Foreclosure, including expected mortgage payment difficulties.
Guideline (EU) 2015/856 of the ECB laying down the principles of an ethics framework for the single supervisory mechanism published in the O.J. of EU.
02 June 2015
Guideline (EU) 2015/856 of the ECB of 12 March 2015 laying down the principles of an ethics framework for the single supervisory mechanism has been published in the O.J. of EU. This Guideline is addressed to the ECB and the national competent authorities.
28 May 2015
The European Commission has requested Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland, Romania and Sweden to fully implement the Bank Recovery and Resolution Directive. This Directive (2014/59/EU) is a centrepiece of the EU’s Banking Union that was put in place to create a safer and sounder financial sector in the wake of the financial crisis.
02 June 2015
The Joint Forum released its report on developments in credit risk management across sectors and put forth the following recommendations for consideration by supervisors:
Recommendation 1: Supervisors should be cautious against over-reliance on internal models for credit risk management and regulatory capital.
Recommendation 2: With the current low interest rate environment possibly generating a "search for yield" through a variety of mechanisms, supervisors should be cognisant of the growth of such risk-taking behaviours and the resulting need for firms to have appropriate risk management processes.
Recommendation 3: Supervisors should be aware of the growing need for high-quality liquid collateral to meet margin requirements for OTC derivatives sectors, and if any issues arise in this regard they should respond appropriately.
Recommendation 4: Supervisors should consider whether firms are accurately capturing central counterparty exposures as part of their credit risk management.
News & articles
Agencies release statement on Dodd-Frank Act company-run stress tests at medium-sized financial companies
02 June 2015
Federal banking agencies reiterated the disclosure requirements for the annual stress tests conducted by financial institutions with total consolidated assets between $10 billion and $50 billion.
These medium-sized companies are required to conduct annual, company-run stress tests--implementing a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act--with the results disclosed to the public for the first time this year.
Decision of the ECB identifying the credit institutions that are subject to a comprehensive assessment published in the O.J. of EU
29 May 2015
Decision (EU) 2015/839 of the European Central Bank of 27 April 2015 identifying the credit institutions that are subject to a comprehensive assessment has been published in the O.J of EU
This Decision shall entered into force on 6 May 2015.
29 May 2015
The EBA published its final guidelines on contributions to deposit guarantee schemes and on payment commitments. The objective of the DGSD is to increase the resilience of deposit guarantee schemes (DGSs) and improve depositors' access to compensation
The EBA Guidelines on risk-based contributions set forward methods for calculating ex-ante contributions to DGSs that are adjusted to the risk profile of each credit institution, thus promoting risk discipline and addressing moral hazard.
EBA publishes final version of its updated report on the monitoring of Additional Tier 1 capital instruments
29 May 2015
The EBA published the final version of its updated report on the monitoring of Additional Tier 1 (AT1) capital instruments issued by EU institutions, following a public hearing held on 18 May 2015.
22 May 2015
The European Banking Authority (EBA) published an updated version of the Committee of European Banking Supervisors guidelines on technical aspects of the management of interest rate risk arising from non-trading activities under the supervisory review process. The guidance provided in these updated guidelines applies to the interest rate risk arising from non-trading activities (IRRBB), one of the Pillar 2 risks specified in the Capital Requirements Directive (CRD IV).
26 May 2015
The EBA published its final Guidelines on the circumstances under which an institution shall be considered as ‘failing or likely to fail' (triggers for resolution). These Guidelines aim at promoting convergence of EU supervisory and resolution practices in relation to how resolution should be triggered. These Guidelines have been developed according to Article 32(6) of the Bank Recovery and Resolution Directive (BRRD), which mandates the EBA to specify the circumstances under which an institution shall be considered as failing or likely to fail.
26 May 2015
The FSB published athematic peer review on supervisory frameworks and approaches for systemically important banks (SIBs).
The review, which was conducted in close collaboration with the Basel Committee on Banking Supervision (BCBS), assesses progress towards enhancing supervisory frameworks and approaches for SIBs since the financial crisis, in particular for global systemically important banks (G-SIBs).
21 May 2015
The EBA announced that it is getting ready to develop requirements that will harmonise regulatory and supervisory practices to ensure secure, easy and efficient payment services across the EU. The EBA will do so by fulfilling mandates under the upcoming revised Payments Services Directive (PSD2) and the Interchange Fee Regulation (IFR).
21 May 2015
The ESMA published its response to the European Commission’s Green Paper on Building a Capital Markets Union. The response sets out how ESMA’s main objectives of enhancing investor protection and promoting stable and orderly financial markets, and its linked activities, can contribute to the CMU Further, the response contains specific proposals where improvements could be made in relation to access to credit information for SME’s and increasing cross-border retail participation in investment funds such as UCITS.
21 May 2015
The ESMA published an opinion on the composition of the CCP Colleges to clarify which authorities qualify as a college member under Article 18(2)(c) of EMIR following the establishment of the SSM and to resulting voting rights. The opinion clarifies that where the ECB has taken over the direct prudential supervision of any of the clearing members of the CCP that are established in the three Member States with the largest contributions to the default fund of the CCP, it should join the college pursuant to Article 18(2)(c) of EMIR.
21 May 2015
The European Commission launched a public consultation as part of a review of EMIR. EMIR is a regulation that introduces trade reporting, central clearing and risk mitigation requirements for derivative counterparties. It also establishes harmonised business requirements for trade repositories and central counterparties operating in the Union.
The consultation will run until 13 August 2015.
- Last Update: Tuesday 06 October 2015, 19:28.
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