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Decision (EU) 2015/656 of the ECB published in the O.J. of EU

Created
Monday, 27 April 2015

                                                                  25 April 2015

 

Decision (EU) 2015/656 of the ECB of 4 February 2015 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 (ECB/2015/4) has been published in the O.J. of EU.

This Decision entered into force on 6 February 2015.

Related document

Decision (EU) 2015/656

MAS strengthens regulations against money laundering and terrorism Financing

Created
Friday, 24 April 2015

                                                                  24 April 2015

 

The Monetary Authority of Singapore (MAS) issued revised notices to financial institutions (FIs) on anti-money laundering (AML) and countering the financing of terrorism (CFT). The revisions are benchmarked against international best practices and the latest recommendations of the Financial Action Task Force (FATF), the global standard-setter for AML/CFT measures.

 

Related document

Press release

Solvency II: PRA publishes supervisory statement on applying EIOPA's Set 1 Guidelines

Created
Thursday, 23 April 2015

                                                                  22 April 2015

 

The PRA published a supervisory statement on applying the Solvency II Set 1 Guidelines, issued by the EIOPA on 2 February 2015. This supervisory statement expands on the Prudential Regulation Authority’s (PRA’s) general approach set out in the PRA’s Approach to Insurance Supervision.

 

 

Related documents

Press release

Supervisory statement

ESMA consults on draft guidelines specifying criteria for the assessment of knowledge and competence in MiFID II

Created
Thursday, 23 April 2015

                                                                  23 April 2015

 

The ESMA launched a consultation on draft guidelines specifying criteria for the assessment of knowledge and competence of natural persons in investment firms that provide investment advice or information about financial instruments, investment services or ancillary services to clients.

The consultation will be open until 10 July 2015.

 

Related documents

Press release

Consultation paper

Basel Committee removes selected national discretions and replies to frequently asked question on funding valuation adjustment

Created
Tuesday, 21 April 2015

                                                                  21 April 2015

 

The Basel Committee agreed to remove certain national discretions from the Basel capital framework. National discretion allows countries to adapt the Basel standards to reflect differences in local financial systems. However, the use of national discretions can also impair comparability across jurisdictions and increase variability in risk-weighted assets.

 

Related documents

Press release

Council adopts new rules on long-term investment funds

Created
Monday, 20 April 2015

                                                                 20 April 2015

 

The Council adopted a regulation aimed at increasing the pool of capital available for long-terminvestment in the EU economyby creating a new form of fund vehicle. 

European long-term investment funds (ELTIFs), by virtue of the asset classes that they will be allowed to invest in, are expected to provide investors with long-term, stable returns. 

 

Related documents

Press release

Draft regulation

Next step

Publication on the Official Journal of the EU.

The Regulation shall enter into force on the twentieth day following that of this publication.

Council approves strengthened rules on anti-money laundering

Created
Monday, 20 April 2015

                                                                  20 April 2015

 

The Council adopted its position at first reading on new rules aimed at preventing money laundering and terrorist financing. The directive and regulation will strengthen EU rules against money laundering and ensure consistency with the approach followed at international level. The regulation deals more specifically with information accompanying transfers of funds.

 

Related documents

Press release

Draft regulation

Draft directive

Statement of the Council's Reasons

Next step

The decision will enable the European Parliament, with which agreement was reached on 16 December 2014, to adopt the package at second reading at a forthcoming plenary session.

EP’s ECON Committee published report on the proposed regulation on reporting and transparency of securities financing transactions

Created
Wednesday, 15 April 2015

logo ep european parliamentThe European Parliament’s ECON Committee published report tabled for plenary on the proposed regulation on reporting and transparency of securities financing transactions (STFs). This Regulation responds to the need to enhance transparency of securities financing markets and thus of the financial system. In order to ensure equivalent conditions of competition and international convergence, this Regulation follows the FSB Recommendations. It creates a Union framework under which information on SFTs can be efficiently reported to trade repositories and investors.

Related document

Report

Next step

EP: Plenary session scheduled for 8 September 2015

Ongoing progress on the convergence of supervisory practices

Created
Thursday, 09 April 2015

09 April 2015

 

logo eba european banking authorityThe EBA published its first annual report addressed to the EU Parliament and the Council on the convergence of supervisory review practices in the EU banking sector. The Report covers the findings of an assessment carried out over the past 3 years and focuses on Supervisory Review and Evaluation Process and assessment of risks (SREP), supervisory stress testing, ongoing review of internal models, and supervisory measures and powers.

Related documents

Press release

Report

EBA issues recommendation on equivalence of non-EU authorities for participation in supervisory colleges

Created
Wednesday, 08 April 2015

                                                                  01 April 2015

 

The European Banking Authority (EBA) published a recommendation specifying its opinion on the confidentiality regime of several non-EU supervisory authorities to facilitate their participation in supervisory colleges overseeing international banks, led by EU supervisors. The paper looks at the conditions that need to be met in terms of confidentiality requirements and gives an overview of equivalence to EU standards.

Related documents

Press release

Recommendation

Next step

Competent Authorities must notify the EBA as to whether they comply or intend to comply by 02 June 2015.

 

IOSCO consults on business continuity plans for trading venues and intermediaries

Created
Wednesday, 08 April 2015

                                                                  07 April 2015

 

The International Organization of Securities Commissions (IOSCO) published two consultation reports aimed at further enhancing the ability of financial markets and intermediaries to manage risks, withstand catastrophic events, and swiftly resume their services in the event of disruption.

First consultation report “Mechanisms for Trading Venues to Effectively Manage Electronic Trading Risks and Plans for Business Continuity” provides a comprehensive overview of the steps trading venues take to manage the risks associated with electronic trading and the ways they plan for and manage disruptions through business continuity plans.

Second consultation report “Market Intermediary Business Continuity and Recovery Planning” proposes standards and sound practices that regulators could consider as part of their oversight of the business continuity and recovery planning by market intermediaries.

Consultations will run until 6 June 2015.

ISDA publishes a set of principles aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives

Created
Wednesday, 08 April 2015

                                                                  01 April 2015

 

The International Swaps and Derivatives Association, Inc. (ISDA) published a set of principles aimed at promoting regulatory consistency in the development and application of centralized trading rules for derivatives.

The execution of standardized derivatives on an exchange or electronic trading platform was a key objective from the Group of 20 summit in 2009, and regulations have either been implemented or are being developed in several key jurisdictions. However, ISDA and its members are concerned about the potential for divergences in how these rules are applied in each jurisdiction, which could lead to market fragmentation, low trading liquidity, duplicative compliance requirements and increased risk.

Related documents

Press release

Paper

ESMA launches centralised data projects for MiFIR and EMIR

Created
Thursday, 02 April 2015

                                                                01 April 2015

 

The ESMA launched two major projects at the request of a number of National Competent Authorities (NCAs) who have delegated the following tasks to ESMA:

 

- to provide a central facility in relation to instrument and trading data and the calculation of the MiFIR transparency and liquidity thresholds -  Instrument Reference Data Project, and

 

- to provide a single access point to trade repositories data under EMIR – the Trade Repositories Project.

The projects are currently being developed by ESMA, with the Instrument Reference Data Project expected to go live in early 2017, and the Trade Repositories Project will go live in 2016.

Related document

Press release

FCA launches a discussion on MiFID II conduct of business and organisational requirements

Created
Wednesday, 01 April 2015

                                                              26 March 2015

 

The FCA launched a discussion on MiFID II conduct of business and organisational requirements.

This paper discusses the implications of certain MiFID II conduct of business and organizational requirements for firms, primarily contained within Articles 24 and 25. It also discusses certain changes to domestic rules to implement the new minimum regulatory framework required under MiFID II for firms exempt from MiFID II (‘Article 3 exempt’ firms), and suggests options for alternative domestic criteria for the categorisation of local authorities.

The consultation will close on 26 May 2015.

Related documents

Press release

Discussion paper

News & articles

FCA consults on Mifid II discretionary third party rebate ban (Citywire)

ECB and BoE announce measures to enhance financial stability in relation to centrally cleared markets in the EU.

Created
Wednesday, 01 April 2015

                                                              29 March 2015

 

The European Central Bank (ECB) and the Bank of England (BoE) announced a series of measures aimed at enhancing financial stability in relation to centrally cleared markets within the EU. They agreed enhanced arrangements for information exchange and cooperation regarding UK Central Counterparties (CCPs) with significant euro-denominated business.

Related document

Press release

News & articles

Bank of England, ECB strike data sharing deal over central counterparties (Reuters)

ECB, BOE to guard clearinghouse stability after EU ruling (Bloomberg Business)

ESMA publishes final draft technical standards on the assessment of acquisitions and increases in qualifying holdings in investment firms

Created
Wednesday, 01 April 2015

                                                              27 March 2015

 

The ESMA published final draft technical standards (TS) on the assessment of acquisitions and increases in qualifying holdings in investment firms.

Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided by the proposed acquirer at the time of the initial notification.  ESMA submitted the updated draft TS to the Commission on 27 March 2015. The Commission has three months to decide whether to endorse ESMA’s draft TS.

Related documents

Press release

Final report

Regulation (EU) 2015/534 of the ECB on reporting of supervisory financial information published in the O.J. of EU.

Created
Wednesday, 01 April 2015

 

                                                              31 March 2015

 

Regulation (EU) 2015/534 of the ECB on reporting of supervisory financial information has been published in the O.J. of EU.

 

This Regulation entered into force on 1° April 2015.

 

Related document

 

Regulation (EU) 2015/534 of the ECB

 

 

PRA publishes a consultation paper on treatment of sovereign debt in internal models

Created
Tuesday, 31 March 2015

                                                              31 March 2015

 

The PRA published a consultation paper on treatment of sovereign debt in internal models. This consultation paper seeks feedback on a draft supervisory statement which sets out the PRA expectations of firms in relation to treatment of sovereign debt in internal models.

The consultation will close on 1 May 2015.

Related document

Consultation paper

FCA publishes a policy statement on Solvency II

Created
Tuesday, 31 March 2015

                                                              27 March 2015

 

The FCA published a policy statement on Solvency II. The Solvency II Directive is being transposed into the UK by the FCA and the PRA. It comes into effect for firms from 1 January 2016. The FCA is changing its rules, both to transpose some of the articles and to harmonise its rules with the Directive. The FCA is publishing its final rules in this paper.

The main purpose of the Solvency II Directive is to increase consumer protection by requiring member states to ensure firms better assess the risks that they run and hold capital against those risks.  

Related document

Solvency II

ESMA publishes Q&A on EMIR

Created
Tuesday, 31 March 2015

                                                              31 March 2015

 

The ESMA issued the 12th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR. 

Related document

Q&A

  • Last Update: Thursday 30 July 2015, 17:46.

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