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Latest news of financial regulation

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Council agrees position on proposal to boost long-term investment in EU economy

Created
Wednesday, 25 June 2014

                                                                    25 June 2014

 

The Permanent Representatives Committee agreed, on behalf of the Council, its position on a proposed regulation aimed at increasing the pool of capital available for long-term investment into the EU economy by creating a new form of fund vehicle. These European long-term investment funds (ELTIFs), by virtue of the asset classes that they would be allowed to invest in, are expected to be able to provide investors with longterm, stable returns.

Related document

Press release

Next step

Vote in ECON Committee

EC + EP + EU Council: Trilogue

EBA publishes final draft technical standards on the minimum monetary amount of the professional indemnity insurance

Created
Wednesday, 25 June 2014

                                                                    24 June 2014

 

EBA published its final draft Regulatory Technical Standards (RTS) on the minimum monetary amount of the professional indemnity insurance or comparable guarantee for mortgage credit intermediaries (RTS on PII).

These final draft RTS set the minimum monetary amount of the PII or comparable guarantee for mortgage credit intermediaries by specifying an amount for each individual claim (EUR 460,000) and an aggregate amount per calendar year for all claims (EUR 750,000).

Related documents

Press release

Final draft RTS

Next step

The final draft standards have been sent to the European Commission for their adoption as EU Regulations that will be directly applicable throughout the EU.

CRAs: ESMA publishes draft RTS on CRA3 transparency requirements

Created
Tuesday, 24 June 2014

                                                                    24 June 2014

 

The ESMA published its final report on draft Regulatory Technical Standards (RTS) required under the Credit Rating Agencies (CRA3) Regulation regarding information on transparency of structured finance instruments, the European Rating Platform and periodic reporting of fees charged by credit rating agencies.

The draft RTS, which complement the existing regulatory framework for credit rating agencies (CRAs), cover:

- disclosure requirements on structured finance instruments (SFIs);

- the European Rating Platform (ERP); and

- the periodic reporting on fees charged by CRAs.

The draft RTS have been submitted to the EC for its approval, it now has three months to decide whether to endorse the draft RTS.

Related documents

Press release

Final report

Insurance sector: compromise text published

Created
Tuesday, 24 June 2014

                                                                    20 June 2014

 

The Council of EU published a presidency compromise on proposal for a directive on insurance mediation.

Related document

Presidency compromise

Next step

Council: agreement on a general approach

AIFMD: Commission Delegated Regulation supplementing Directive 2011/61/EU published in the Official Journal of EU

Created
Tuesday, 24 June 2014

                                                                    24 June 2014

 

Commission Delegated Regulation (EU) No 694/2014 of 17 December 2013 supplementing Directive 2011/61/EU with regard to RTS determining types of alternative investment fund managers.

This Regulation shall enter into force on 14 July 2014.

 

Related document

Commission Delegated Regulation (EU) No 694/2014


Basel: BCBS proposes revisions to Pillar 3 disclosure requirements

Created
Tuesday, 24 June 2014

                                                                    24 June 2014

 

The BCBS published for consultation its review of the Pillar 3 disclosure requirements. The proposed revisions aim to enhance comparability across banks by ensuring greater consistency in the way they disclose information about risk exposures. The review was prompted by concerns that the Basel framework's existing Pillar 3 disclosure regime failed to promote the early identification of a bank's material risks and did not provide sufficient information to enable market participants to assess a bank's overall capital adequacy.

Related documents

Press release

Review of the Pillar 3 disclosure requirements

EU Commission consults on contributions of credit institutions to resolution financing arrangements

Created
Monday, 23 June 2014

                                                                    20 June 2014

 

The European Commission launched a consultation on key elements for the determination of contributions of institutions to the resolution financing arrangements established by the framework for the recovery and resolution of credit institutions and investment firms (BRRD), and the Single Resolution Mechanism Regulation (SRMR). The consultation paper invites comments on the proposed contribution framework under the Commission's delegated act and the Commission proposal for a Council implementing act.

Comments are due by 14 July 2014.

Related documents

Press release

Consultation document

EMIR: ESMA publishes updated Q&A

Created
Monday, 23 June 2014

                                                                    23 June 2014

 

The ESMA published an update of its Questions & Answers (Q&A) document regarding the implementation of the European Markets Infrastructure Regulation (EMIR).

Related document

Questions and Answers

PRA issues publications on insurance and banking supervision

Created
Thursday, 19 June 2014

                                                                    19 June 2014

 

The PRA issues the publications on insurance and banking supervision. The PRA has two primary objectives: a general objective to promote the safety and soundness of the firms it regulates, focusing on the adverse effects that they can have on the stability of the UK financial system; and an objective specific to insurance firms, to contribute to ensuring that policyholders are appropriately protected.

Related documents

The PRA's approach to banking supervision

The PRA's approach to insurance supervision


Commission Delegated Regulation supplementing EMIR published in the Official Journal of EU

Created
Thursday, 19 June 2014

                                                                    19 June 2014

 

Commission Delegated Regulation (EU) No 667/2014 of 13 March 2014 supplementing regulation (EU) No 648/2012 of the EP and of the Council with regard to rules of procedure for penalties imposed on trade repositories by the ESMA including rules on the right of defence and temporal provisions has been published in the Official Journal of EU.

This Regulation shall enter into force on 22 June.

Related document

Commission Delegated Regulation (EU) No 667/2014

OCC issues Volcker Rule Interim Examination Procedures

Created
Wednesday, 18 June 2014

                                                                    18 June 2014

 

The Office of the Comptroller of the Currency (OCC) issued interim procedures for examiners to assess banks’ progress in developing a framework to comply with requirements of section 619 of the Dodd-Frank Act and the implementing regulations adopted by the OCC with the other rule-writing agencies. Section 619, commonly known as the Volcker Rule, prohibits national banks (other than certain limited-purpose trust banks), federal savings associations, and federal branches and agencies of foreign banks (collectively, banks) from engaging in short-term proprietary trading of financial instruments and from owning, sponsoring, or having certain relationships with hedge funds or private equity funds (also known as covered funds).

Related documents

Press release

Volcker rule interim examination procedures

Comments

OCC’s interim Volcker rule examination procedures provide much-needed guidance to banks seeking to comply (Morrison & Foerster)


Financial Crime: Council agrees a negotiating mandate on money laundering

Created
Wednesday, 18 June 2014

                                                                    18 June 2014

 

The Permanent Representatives Committee agreed, on behalf of the Council, a negotiating mandate on new rules aimed at clamping down on money laundering and terrorist financing. The proposed directive and regulation are intended to ensure consistency between EU anti-money laundering rules and the approach followed at international level. The draft regulation deals more specifically with information accompanying transfers of funds.

Related documents

Press release

General approach on anti-money laundering

General approach on information accompanying transfers of funds

Next step

EC + EP + EU Council: Trilogue

Weak Bank Supervision: BCBS publishes consultative document

Created
Wednesday, 18 June 2014

                                                                    18 June 2014

 

The BCBS published the consultative document “Supervisory guidelines for identifying and dealing with weak banks”.

The Committee is updating its guidelines in light of the significant developments that have transpired in global financial markets and the global regulatory landscape since the financial crisis. Key changes to the guidelines include:

- emphasising the need for early intervention and the use of recovery and resolution tools;

- providing further guidance for improving supervisory processes;

- highlighting the issues of liquidity shortfalls, excessive concentrations, misaligned compensation and inadequate risk management; and

- expanding guidelines for information-sharing and cooperation among relevant authorities.

Consultation runs until 19 September 2014.

Related documents

Press release

Consultative document

Consumer Protection: ESMA and EBA publish harmonised guidelines for handling consumer complaints across the EU

Created
Monday, 16 June 2014

                                                                    13 June 2014

 

The ESMA and the EBA published their Joint Committee final Report on guidelines for handling consumer complaints in the securities and banking sectors. ESMA and the EBA consider that these guidelines will ensure a consistent approach to complaints-handling across the EU. Consumers can purchase financial services and products in the investment, banking and insurance sectors across the entire EU Single Market and these guidelines will allow them to refer to a single set of complaints-handling arrangements.

Related documents

Press release

Final report

 

Bank Capital Requirements: EBA consults on draft guidelines related to disclosure requirements for the EU banking sector

Created
Monday, 16 June 2014

                                                                    13 June 2014

 

The EBA launched a consultation on three Guidelines related to the information that institutions in the EU banking sector should disclose under Part Eight of the Regulation (EU) No 575/2013 (Capital Requirements Regulation - CRR). These Guidelines provide a common and flexible framework that promotes consistency and enhances transparency on the assessments of materiality, proprietary or confidential nature of information, as well as the frequency of disclosures.

The consultation runs until 13 September 2014.

Related documents

Press release

Consultation paper

Capital Requirements Directive: EBA publishes report on benchmarking of remuneration practices in the EU

Created
Friday, 13 June 2014

                                                                    13 June 2014

 

The EBA published a report providing a detailed analysis on remuneration practices across a sample of EU banks. The report, based on data collected on a consolidated basis from 2010 to 2012, sets benchmarks for different aspects of remuneration policies, and provides additional insight into the previously published data on "high earners" (staff earning EUR one million or more per year). Overall, the report shows an increasing trend in the remuneration paid to "risk takers", as well as a material shift from variable to fixed remuneration.

Related documents

Press release

Report

The OCC releases proposed rulemaking to amend annual stress test rule

Created
Friday, 13 June 2014

                                                                    12 June 2014

 

The Office of the Comptroller of the Currency (OCC) announced it is seeking comment on a notice of proposed rulemaking amending the OCC’s Annual Stress Test rule. This proposed rule would shift back the timing of the annual stress testing cycle by approximately 90 days, and clarify that institutions covered by the Annual Stress Test rule will not have to calculate their regulatory capital ratios using the Basel III advanced approaches until the stress testing cycle beginning on January 1, 2016.

The public comment period closes 60 days from publication in the Federal Register. Publication of the proposal in the Federal Register is expected shortly.

Related documents

Press release

Proposed Rule

Commission Delegated Regulation (EU) No 625/2014 specifying the requirements for investor, sponsor, original lenders and originator institutions has been published on the O.J. of the EU

Created
Friday, 13 June 2014

                                                                    13 June 2014

 

Commission Delegated Regulation (EU) No 625/2014 of 13 March 2014 supplementing Regulation (EU) No 575/2013 of the EP and of the Council by way of regulatory technical standards specifying the requirements for investor, sponsor, original lenders and originator institutions relating to exposures to transferred credit risk has been published on the Official Journal of the EU.

This Regulation shall enter into force on 3 July 2014.

Related document

Regulation (EU) No 625/2014

IOSCO Intensifies Work on Market-Based Finance

Created
Friday, 13 June 2014

                                                                    12 June 2014

 

The board of the IOSCO met in Madrid to drive forward IOSCO’s work on market-based finance.

The IOSCO Board discussed audit quality and important initiatives to build confidence in global securities markets and to:

- reduce the reliance of asset managers and market intermediaries on credit ratings

- promote effective credible deterrence as a key element in improving investor protection and confidence in markets.

Related document

Press release

Risk Analysis: The EBA publishes a second report on the consistency of risk weighted assets (RWAs) in the residential mortgage portfolio

Created
Thursday, 12 June 2014

                                                                    12 June 2014

 

The EBA published a second report on the consistency of risk weighted assets (RWAs) in the residential mortgage portfolio. The report, which is part of a wider ongoing EBA work on comparability of RWAs, illustrates the findings of a so called "drill-down analysis", an investigation on the extent to which the most commonly used risk drivers influence the variability in risk weights. Overall, the analysis confirmed that risk parameters, such as loan to value, are drivers of RWAs. However, there are differences in how the banks reflect such drivers in RWAs.

Related documents

Press release

Fourth report

  • Last Update: Tuesday 30 September 2014, 18:46.
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.

34 Days

Link:
European Central Bank: Banking Supervision