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Latest news of financial regulation

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Commission Delegated Regulation (EU) No 527/2014 Specifying the Classes of Instruments that Adequately Reflect the Credit Quality of an Institution as a Going Concern has been published in the Official Journal of the EU

Created
Tuesday, 20 May 2014

                                                              20 May 2014

 

Commission Delegated Regulation (EU) No 527/2014 of 12 March 2014 supplementing Directive (EU) No 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the classes of instruments that adequately reflect the credit quality of an institution as a going concern and are appropriate to be used for the purposes of variable remuneration has been published in the Official Journal of EU.

This Regulation shall enter into force on 9 June 2014.

Related document

Commission Delegated Regulation (EU) No 527/2014

Commission Delegated Regulation (EU) No 526/2014 of 12 March 2014 with Regard to RTS for Determining Proxy Spread and Limited Smaller Portfolios for Credit Valuation Adjustment Risk has been published in the Official Journal of the EU

Created
Tuesday, 20 May 2014

                                                              20 May 2014

 

Commission Delegated Regulation (EU) No 526/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for determining proxy spread and limited smaller portfolios for credit valuation adjustment risk has been published in the Official Journal of EU.

This Regulation shall enter into force on 9 June 2014.

Related document

Commission Delegated Regulation (EU) No 526/2014

Commission Delegated Regulation (EU) No 525/2014 of 12 March 2014 with Regard to RTS for the Definition of Market has been published in the Official Journal of the EU

Created
Tuesday, 20 May 2014

                                                              20 May 2014

 

Commission Delegated Regulation (EU) No 525/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for the definition of market has been published in the Official Journal of EU.

This Regulation shall enter into force on 9 June 2014.

 

Related document

Commission Delegated Regulation (EU) No 525/2014

Commission Delegated Regulation (EU) No 524/2014 with Regard to RTS Specifying the Information that Competent Authorities of Home and Host Member States Supply to One Another has been published in the Official Journal of the EU

Created
Tuesday, 20 May 2014

                                                              20 May 2014

 

Commission Delegated Regulation (EU) No 524/2014 of 12 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the information that competent authorities of home and host Member States supply to one another has been published in the Official Journal of EU.

This Regulation shall enter into force on 9 June 2014.

Related document

Commission Delegated Regulation (EU) No 524/2014

Commission Delegated Regulation (EU) No 523/2014 has been published in the Official Journal of the EU

Created
Tuesday, 20 May 2014

                                                              20 May 2014

 

Commission Delegated Regulation (EU) No 523/2014 of 12 March 2014 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for determining what constitutes the close correspondence between the value of an institution's covered bonds and the value of the institution's assets has been published in the Official Journal of EU.

This Regulation shall enter into force on 9 June 2014.

Related document

Commission Delegated Regulation (EU) No 523/2014

European Commission presents a first comprehensive review of the EU's reform agenda

Created
Thursday, 15 May 2014

                                                              15 May 2014

 

The European Commission published a first comprehensive review of the financial regulation agenda. This economic review sets out how the reforms will deliver a safer and more responsible financial system by enhancing financial stability, deepening the single market for financial services and improving its efficiency whilst improving market integrity and confidence. Evidence suggests that the total expected benefits of the financial regulation agenda will outweigh the expected costs, both on a rule-by-rule basis and when considering the reforms as a whole. Many rules create considerable positive synergies, e.g. between the capital requirements package in banking and the reform of derivatives markets. The financial system is already changing and improving. This change will continue as the reforms take effect.

Related documents

Press release

Frequently asked questions

Text of the Communication

Commission staff working document

Regulation of the ECB establishing the framework for cooperation between the ECB and national competent authorities and with national designated authorities published on the O.J.

Created
Wednesday, 14 May 2014

                                                              14 May 2014

 

Regulation No 468/2014 of the European Central Bank (ECB) establishing the framework for cooperation between the ECB and national competent authorities and with national designated authorities published on the O.J.

This Regulation shall enter into force on 15 May 2014.

 

Related document

Regulation

MiFID II: Council adopts new rules

Created
Tuesday, 13 May 2014

                                                              13 May 2014

 

The Council adopted new rules on the provision of services for investments in financial instruments and on the operation of regulated financial markets.

They consist of two new legislative instruments:

- a regulation ("MIFIR") improving transparency and competition of trading activities by limiting the use of waiverson disclosure requirements;

- a directive ("MIFID") amending rules on the authorisation and organizational requirements for providers of investment services and on investor protection.

Both the directive and the regulation will for the most part become applicable 30 months after entry into force.

Related document

Press release

EMIR: Implementing technical standards with regard to the hypothetical capital of a CCP published on the O.J.

Created
Tuesday, 13 May 2014

                                                              12 May 2014

 

Commission Implementing Regulation (EU) No 484/2014 of 12 May 2014 laying down implementing technical standards with regard to the hypothetical capital of a central counterparty according to Regulation (EU) No 648/2012 of the European Parliament and of the Council has been published in the Official Journal of the EU.

This Regulation shall enter into force on 2 June 2014.

 

Related document

Commission Implementing Regulation

FSB publishes report on reducing reliance on CRAs

Created
Monday, 12 May 2014

                                                              12 May 2014

 

The FSB published the final peer review report on national authorities' implementation of the FSB Principles for Reducing Reliance on CRA Ratings. The review found that progress toward the removal of references to CRA ratings from standards, laws and regulation has been uneven across jurisdictions and the financial sectors. Even so, removing references to CRA ratings from laws and regulations is only the first step; mechanistic reliance on CRA ratings can also come from market practices and contracts. The key challenge lies in developing alternative standards of creditworthiness and processes so that CRA ratings are not the sole input to credit risk assessment.

Related documents

Press release

Peer Review Report

Concentration limits on large financial companies: Federal Reserve Board invites comment on proposed rulemaking

Created
Friday, 09 May 2014

                                                              08 May 2014

 

The Federal Reserve Board invited comment on a proposed rulemaking that would implement section 622 of the Dodd-Frank Act, which prohibits a financial company from combining with another company if the ratio of the resulting financial company's liabilities exceeds 10 percent of the aggregate consolidated liabilities of all financial companies.

Comments must be received no later than 8 July 2014.

Related documents

Press release

Notice of proposed rulemaking

 

ESMA informs European Commission of its intention to ease certain frontloading requirements under EMIR

Created
Friday, 09 May 2014

                                                              08 May 2014

 

The ESMA sent a letter to the European Commission advancing its intention to ease certain frontloading requirement under the European Markets Infrastructure Regulation (EMIR). Frontloading is a term that refers to the clearing obligation under EMIR, which will oblige counterparties to centrally clear certain derivative trades through clearing houses (CCP).

 

Related documents

Press release

Letter

Bank Capital Requirements: EBA consults on draft technical standards on the treatment of equity exposures under the IRB approach

Created
Friday, 09 May 2014

                                                              08 May 2014

 

The EBA launched a consultation on draft Regulatory Technical Standards (RTS) to specify the treatment of equity exposures under the internal ratings-based (IRB) approach. These RTS propose that competent authorities grant institutions a temporary exemption from IRB treatment of certain equity exposures if such exemption was being applied on the last day of application of the Capital Requirements Directive I (CRD I) – 31 December 2007.

The consultation runs until 7 July 2014.

Related documents

Press release

RTS

Single Supervisory Mechanism: ECB publishes a report on the progress in the operational implementation of the Regulation

Created
Friday, 09 May 2014

                                                              06 May 2014

 

The ECB published a quarterly report on progress in implementing the Regulation on the Single Supervisory Mechanism (SSM Regulation). The report covers the three months between 4 February and 3 May 2014.

The key messages of this Quarterly Report are the following:

- The establishment of the SSM governance structures, including the related organizational rules and arrangements, has largely been completed;

- Work on the SSM Supervisory Manual continued during the period under review;

- The establishment of Joint Supervisory Teams (JSTs), which will be the main operational structure for the conduct of supervision by the SSM, has been initiated;

- The staffing of the SSM is proceeding at a satisfactory pace, after initial delays in the   appointments at senior manager level;

- There has been significant progress in the conduct of the comprehensive assessment;

The ECB will assume supervisory powers until 4 November 2014.

Related document

SSM Quarterly Report

The Council discusses the situation concerning the introduction of a FTT in 11 member states through the “enhanced cooperation” procedure

Created
Wednesday, 07 May 2014

The Council discussed the situation concerning the introduction of a FTT in 11 member states through the “enhanced cooperation” procedure.

The presidency reported on work carried out so far. The presidency took note of a joint statement by ministers of participating countries and confirmed that all relevant issues will continue to be examined by national experts. It noted the intention of participating countries to work on a progressive implementation of the FTT, focusing initially on the taxation of shares and some derivatives. The first steps would be implemented at the latest on 1 January 2016.

Related documents

ECOFIN press release

Comments

EBF press release

News & articles

UK, Sweden attack FTT statement by euro nations (€urActiv)

Osborne says U.K. won’t hesitate to challenge transaction tax (Bloomberg)

ESMA approves EuroRating as a credit rating agency

Created
Wednesday, 07 May 2014

                                                              07 may 2014

 

ESMA approved the registration of EuroRating Sp. z o.o., based in Poland, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 7 May 2014.

EuroRating’s registration as a CRA means that its credit ratings can be used for regulatory purposes under EU legislation. A registered CRA must continue to comply, on an ongoing basis, with the regulatory requirements set out under the CRA Regulation.

Related document

Press release

Global Systemically Important Banks: The FSB announces the launch of Phase 2 of its Data Gaps initiative

Created
Wednesday, 07 May 2014

                                                              06 May 2014

 

The FSB announced the launch of Phase 2 of its Data Gaps initiative to collect information on the G-SIBs’ major funding providers, assessing relevant interlinkages and concentrations. Phase 1 of the project, started in March 2013, focused on the exposures of G-SIBs to their largest counterparties and to major risk dimensions. Phase 2 will fill a substantial data gap by adding information on G-SIBs’ Institution-to-Institution liabilities, their largest funding providers (banks and non-banks) and their funding structure (e.g. use of wholesale funding).

Related document

Press release

EBA Risk Dashboard Q1 2014

Created
Wednesday, 07 May 2014

This edition of the EBA dashboard also highlights a persistent shifting of balance sheets structure. During this last quarter of 2013, weighted average of debt-to-equity ratio fell to the lowest level of the last 4 years. Loan-to-deposit ratio declined significantly, also reaching the lowest level of the last 4 years.

 

Bank Resolution: Council adopts a directive harmonising national rules

Created
Tuesday, 06 May 2014

                                                              06 May 2014

 

The Council adopted a directive harmonising national rules on bank recovery and resolution.

The directive provides national authorities with common powers and instruments to pre-empt bank crises and resolve any financial institution in an orderly manner in the event of failure, whilst preserving essential bank operations and minimising taxpayers’ exposure to losses.

 

Related documents

Press release

Text of directive

Document drafted by the Economic Governance Support Unit of the EP

Next step

Publication of the final act in the Official Journal

Credit Rating Agencies: Commission adopts report on feasibility of a network

Created
Tuesday, 06 May 2014

                                                              05 May 2014

 

The Commission adopted a report addressed to the European Parliament and the Council on the feasibility of a network of smaller CRAs in the EU. The report assesses how the establishment of such a network could contribute to the strengthening of smaller CRAs, facilitating their growth to become more competitive market players. The report proposes the establishment of a regulatory dialogue with smaller CRAs. It also recommends that a full assessment of the feasibility to establish a more integrated network of smaller CRAs be carried out within the medium to long term when the overall impact of the recently enacted legislation can be effectively analysed.

Related documents

Press release

Report

Commission staff working document

  • Last Update: Monday 25 August 2014, 17:47.
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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.

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Link:
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