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Latest news of financial regulation

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Corrigendum to Directive 2014/49/EU on deposit guarantee schemes published in the Official Journal of EU.

Created
Friday, 18 July 2014

                                                                     18 July 2014

 

Corrigendum to Directive 2014/49/EU of the EP and of the Council of 16 April 2014 on deposit guarantee schemes has been published in the Official Journal of EU.

Related document

Corrigendum

Credit Rating Agencies: ESMA advises Commission on creditworthiness assessment for sovereign debt

Created
Friday, 18 July 2014

                                                                     18 July 2014

 

The ESMA published its advice to the European Commission on the appropriateness of the development of a European creditworthiness assessment for sovereign debt.

ESMA identifies several key points concerning the appropriateness of the development of a European creditworthiness assessment of sovereign debt.

The European Commission is expected to submit a report to the European Parliament and to the Council by 31 December 2014.

Related documents

Press release

Technical advice

Risk Management: Agencies finalize technical correction of risk-based capital rules

Created
Thursday, 17 July 2014

                                                                     16 July 2014

 

The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) announced the finalization of a technical correction of the definition of "eligible guarantee" in the agencies' risk-based capital rules.

The final rule is effective October 1, 2014.

 

Related documents

Press release

Final Rule

CRD IV: EBA publishes revised guidelines on high earners data collection and remuneration benchmarking

Created
Thursday, 17 July 2014

                                                                     16 July 2014

 

The EBA published revised Guidelines on (i) the data collection exercise regarding high earners and (ii) on the remuneration benchmarking exercise. The update ensures that the data collection is in line with the amended provisions laid down in the Capital Requirements Directive (CRD IV), which provides for higher quality of the collected data and will increase transparency of remuneration paid to high earners.

Related documents

Press release

Guidelines on remuneration benchmarking

Guidelines on high earners data collection

Banking Union: ECB publishes disclosure process for comprehensive assessment

Created
Thursday, 17 July 2014

                                                                     17 July 2014

 

The ECB presented the process for interacting with banks and communicating the results of its on-going comprehensive assessment of 128 banks.

The comprehensive assessment results will be published in the second half of October, after having been endorsed by the ECB. Banks will be informed of the full and final results only shortly before they are communicated to the markets. In the run-up to this final disclosure, the ECB and the national competent authorities (NCAs) will discuss partial and preliminary findings with individual banks in what is known as a supervisory dialogue, checking data and facts, and discussing methodological issues.

Related documents

Press release

Comprehensive assessment

IstEin & ABI Country Risk Forum

Created
Thursday, 17 July 2014

IstEin started a new collaboration with ABI to improve the contents of ABI Country Risk Forum website.

Click here for more details.

ESMA consults on credit ratings agencies periodic information

Created
Wednesday, 16 July 2014

                                                           16 July 2014

 

The ESMA launched a consultation on new supervisory guidelines regarding the information that is periodically submitted to ESMA by credit rating agencies. Good quality, relevant and timely data is key to the efficient and effective supervision of the CRA sector and the aim of this consultation paper is to ensure that the information that CRAs are requested to submit supports ESMA's supervisory work in identifying the key risks in the sector.

The consultation runs until 31 October 2014.

Related documents

Press release

 

Consultation paper

 

Financial Markets: ESMA details new market abuse regime

Created
Tuesday, 15 July 2014

                                                                     15 July 2014

 

The ESMA launched a consultation on the new Market Abuse Regulation (MAR) which entered into force on 2 July 2014. It is issuing two consultation papers seeking stakeholders’ views on the draft regulatory and implementing technical standards and Technical Advice, ESMA has to develop for the implementation of the new MAR framework which will become applicable in July 2016.

Both consultation papers are open for feedback until 15 October 2014.

Related documents

Press release

Consultation paper

Financial Markets: ESMA and IFRS Foundation sign joint Statement of Protocols

Created
Tuesday, 15 July 2014

                                                                     15 July 2014

 

The ESMA and IFRS Foundation announced the agreement of a joint Statement of Protocols to serve as the basis for future cooperation in areas of mutual interest. The Statement of Protocols reaffirms the existing high levels of co-operation between the IFRS Foundation and ESMA, as well as describing additional areas of co-operation, including electronic reporting, the implementation of new Standards and other emerging financial reporting issues.

The Foundation and ESMA will review this protocol after two years to assess the need for any revisions.

Related documents

Press release

Statement of Protocols

Financial Markets: FSB consults on foreign exchange benchmarks

Created
Tuesday, 15 July 2014

                                                                     15 July 2014

 

The FSB publishes a consultative document on foreign exchange benchmarks.

The Foreign Exchange Benchmarks Group, established to undertake a review of FX

Benchmarks, is proposing possible recommendations for reform in the foreign exchange market in the following broad categories:

- The calculation methodology of the WM/Reuters (WMR) benchmark rates;

- The publication of reference rates by central banks;

- Market infrastructure in relation to the execution of fix trades;

- The behaviour of market participants around the time of the major FX benchmarks (primarily the WMR 4pm London fix);

- Recommendations from a forthcoming IOSCO review of the WMR fixes.

The consultation runs until 12 August 2014.

Related documents

Press release

Consultative document

Leverage ratio: Bank of England launches a consultation on the design of a leverage ratio framework for the UK

Created
Monday, 14 July 2014

                                                                     11 July 2014

 

The Financial Policy Committee launched a consultation on the design of a leverage ratio framework for the UK. This consultation paper sets out the FPC's analysis of the policy choices that would determine the role of the leverage ratio within this framework.

The FPC consultation will close on 14 August 2014.

 

Related documents

Press release

Consultation paper

Bank Resolution: EBA consults on technical standards on independent valuers

Created
Monday, 14 July 2014

                                                                    11 July 2014  

 

The EBA launched a consultation on draft RTS setting out the general criteria against which a valuer should be assessed to determine whether (s)he complies with the legal requirement of independence when performing valuation tasks with respect to a bank under resolution. These RTS are part of the EBA's work to promote a consistent and coherent approach to bank resolution across the European Union and will contribute to the completion of the Single Rulebook in the EU banking sector.

The consultation runs until 11 October 2014.

Related documents

Press release

Consultation paper

Financial Markets: ESMA defines central clearing of interest rate and credit default swaps

Created
Monday, 14 July 2014

                                                                     11 July 2014

 

The ESMA launched a first round of consultations to prepare for central clearing of OTC derivatives within the European Union. The two consultation papers seek stakeholders’ views on draft regulatory technical standards (RTS) for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR).

Related documents

Press release

Consultation Paper (no. 1)

Consultation Paper (no.2 )

Next step

The IRS consultation paper is open for feedback until 18 August 2014 and the CDS consultation paper until 18 September 2014.

Financial Markets: ESMA publishes an update of its Q&A document regarding the implementation of the EMIR

Created
Monday, 14 July 2014

                                                                     10 July 2014

 

The ESMA published an update of its Q&A document regarding the implementation of the EMIR

Related document

Q&A

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

  • Last Update: Thursday 30 October 2014, 18:08.
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.

3 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 23 - 29 Oct)

Highlights (week 16 - 22 Oct)