Latest news of financial regulation
03 August 2015
The Prudential Regulation Authority (PRA) published package of policy on the PRA rulebook, part 3.
It is the third in a series of publications over two years that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.
FSB decides to wait to finalise the assessment methodologies for non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs)
30 July 2015
The Financial Stability Board (FSB) announced that it has decided to wait to finalise the assessment methodologies for non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs) until the current FSB work on financial stability risks from asset management activities is completed.
ESRB publishes a report on issues to be considered in the EMIR revision other than the efficiency of margining requirements
28 July 2015
The European Systemic Risk Board (ESRB) published a report on issues to be considered in the EMIR revision other than the efficiency of margining requirements.
The European Commission is under the obligation to review the European Market Infrastructure Regulation (EMIR) by 17 August 2015. The ESRB is mandated to provide its views on the pro-cyclicality of margining requirements and on the need to consider additional intervention capacity in this area. The ESRB is taking this opportunity to provide its views on topics other than the efficiency of margining requirements for the European Commission’s consideration in preparing its report to the European Parliament and the Council.
30 July 2015
The European Securities and Markets Authority (ESMA) published its advice in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) and its opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (NPPRs). The Advice and Opinion, required under AIFMD, will now be considered by the European Commission, Parliament and Council.
29 July 2015
The European Banking Authority (EBA) launched a consultation on draft guidelines on cooperation agreements between deposit guarantee schemes (DGSs). The proposed guidelines specify the objectives and minimum content of those cooperation agreements, with the aim of ensuring a consistent and coherent approach across Member States, thus contributing to strengthen the European system of national DGSs. In addition, these draft Guidelines include a multilateral framework cooperation agreement, which the DGSs should adhere to, still allowing for bilateral agreements in specific cases.
The consultation runs until 29 October 2015.
30 July 2015
The Board of the International Organization of Securities Commissions (IOSCO) published its review on the timeliness and frequency of disclosure to investors. The report sets out the findings of the thematic review about the timeliness and frequency of disclosure by issuers and collective investment schemes (CIS) under Principles 16 and 26 of IOSCO’s Objectives and Principles of Securities Regulation (IOSCO Principles).
IOSCO publishes thematic review of implementation progress in regulation of Derivative Market Intermediaries
29 July 2015
The Board of the International Organization of Securities Commissions (IOSCO) published its report on the review of implementation progress in regulation of derivative market intermediaries. The report sets out the findings on the progress jurisdictions have made in adopting legislation, regulation and policies in relation to derivatives market intermediaries in the six reform areas addressed in IOSCO’s 2012 report on International Standards for Derivative Market Intermediary Regulation.
EIOPA publishes questions and answers on occupational pensions stress test and quantitative assessment
29 July 2015
EIOPA published the 8th set of questions and answers, the updated DB reporting spreadsheet as well as the helper tab and the tool allowing to update the previous spreadsheets - for its occupational pensions stress test and quantitative assessment.
29 July 2015
The European Securities and Markets Authority (ESMA) published an update of its l list of central clearinghouses (CCPs)which are authorised under the European Markets Infrastructure Regulation (EMIR) and itsPublic Register for the Clearing Obligation.
24 July 2015
The Financial Stability Board (FSB) published its ninth progress report on implementation of OTC derivatives market reforms.
The report published today finds that implementation of OTC derivatives market reforms is well underway, with the foundational authority needed to give effect to the full range of these reforms in place in most FSB member jurisdictions.
28 July 2015
The European Banking Authority (EBA) published the key metrics used to identify global systemically important institutions (G-SIIs) in the EU, with information on size, interconnectedness, substitutability, complexity and cross-jurisdictional activity. The EBA's regulatory package on G-SIIs identification and data disclosure are in line with the internationally agreed framework developed by the Financial Stability Board (FSB) and by the Basel Committee on Banking Supervision (BCBS).
EBA publishes risk weighted assets assessment as the next step in improving consistency of internal model outcomes
22 July 2015
The European Banking Authority (EBA) published two reports on the consistency of Risk Weighted Assets (RWAs) across large EU institutions for large corporate, sovereign and institutions' Internal Ratings-Based (IRB) portfolios, (collectively referred to as "low default portfolios" - LDP), as well as for the calculation of counterparty credit risk (CCR) exposures under the Internal Model Method (IMM) and the credit value adjustments (CVA) according to the advanced approach (ACVA). The reports summarise the findings obtained from two benchmarking exercises conducted in line with the mandate laid down in the Capital Requirements Directive (CRD) and related draft technical standards. The benchmarking exercises aim at improving the comparability of EU banks' RWAs and are a crucial tool to restoring trust in internal models.
EBA publishes peer review report on the assessment of the suitability of members of the management body and key function holders
22 July 2015
The European Banking Authority (EBA) published a peer review report on the assessment of the suitability of members of the management body and key function holders.
The report shows that National Competent Authorities (NCAs) largely comply with the EBA guidelines. The EBA analysis identified best practices carried out by some NCAs, but also highlighted significant differences remaining between NCAs' supervisory approaches. The EBA concluded that the existing EBA guidelines have not led to sufficient convergence in supervisory practices, and proposed the incorporation in its forthcoming review of the guidelines of a number of specific best practices observed
27 July 2015
The Financial Conduct Authority (FCA) published thematic review of oversight and controls.
The FCA found that firms were failing to identify a wide enough scope of benchmark activities by interpreting the International Organization of Securities Commissions (IOSCO) definition too narrowly. In addition, some firms had not made sufficient effort to properly identify the conflicts of interest that could arise from their businesses and benchmark activities.
UK Government launches consultation on new rules to cap fees charged by banks to their business customers for processing credit and debit card payments
27 July 2015
UK Government launched consultation on new rules to cap fees charged by banks to their business customers for processing credit and debit card payments.
These new rules, which are part of the Interchange Fee Regulation that the European Union (EU) agreed earlier this year, introduce an EU-wide cap on the charges paid by a business when a customer pays for something using a card. From 9 December 2015 the fees banks can charge will be capped at 0.30% and 0.20% for credit and debit card transactions respectively.
Consultation will run until 29 August 2015.
PRA publishes its feedback statement, supervisory statements and statement of policy alongside its reporting instrument on Pillar 2 capital requirements for the banking sector
29 July 2015
The Prudential Regulation Authority (PRA) published its feedback statement, supervisory statements and statement of policy alongside its reporting instrument on Pillar 2 capital requirements for the banking sector.
In January, the PRA published a consultation paper that contained proposals on its Pillar 2 policy.
The purpose of the proposals was to enhance the transparency and accountability of the PRA’s approach to setting Pillar 2 capital requirements while at the same time ensuring that the approach is applied in a consistent and proportionate way across the population of relevant firms.
28 July 2015
The Federal Reserve Board and the Federal Deposit Insurance Corporation provided guidance to 119 firms that in December will be filing updated resolution plans. Based on a review of their plans submitted late last year, the agencies are tailoring the requirements for the submissions. Some firms will receive individual feedback on areas for improvement.
The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council as systemically important periodically submit resolution plans to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code or other applicable insolvency regime in the event of material financial distress or failure of the company.
FRB approves final rule requiring largest, most systemically important US bank holding companies to further strengthen capital positions
20 July 2015
The Federal Reserve Board approved a final rule requiring the largest, most systemically important U.S. bank holding companies to further strengthen their capital positions.
The final rule establishes the criteria for identifying a GSIB and the methods that those firms will use to calculate a risk-based capital surcharge, which is calibrated to each firm's overall systemic risk.
The surcharges will be phased in beginning on 1 January 2016, becoming fully effective on 1 January 2019.
The BCBS and the IOSCO release final criteria for identifying simple, transparent and comparable securitisations
23 July 2015
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) released final criteria for identifying simple, transparent and comparable securitisations. The purpose of these criteria is to assist in the financial industry's development of simple, transparent and comparable securitisation structures.
PRA publishes supervisory statement setting out the specific liquidity coverage requirement reporting arrangements
20 July 2015
The Prudential Regulation Authority (PRA) published supervisory statement setting out the specific liquidity coverage requirement reporting arrangements which the PRA expects firms to follow on an interim basis in the period between 1 October 2015, the date the LCR standard applies in accordance with the European Commission’s delegated act with regard to the LCR for credit institutions, and the introduction of mandatory reporting of the new LCR return following adoption of the amending implementing technical standard on liquidity reporting by the Commission.
- Last Update: Friday 27 November 2015, 16:01.
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