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Latest news of financial regulation

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Regulation No 596/2014 on market abuse and Directive 2014/57/EU on criminal sanctions for market abuse have been published in the EU Official Journal

Created
Thursday, 12 June 2014

                                                                    12 June 2014

 

Regulation No 596/2014 on market abuse (Market Abuse Regulation) and Directive 2014/57/EU on criminal sanctions for market abuse (Market Abuse Directive) have been published in the EU Official Journal.

The Market Abuse Regulation shall enter into application in July 2016. Member States have two years to transpose the Directive on criminal sanctions for market abuse into their national law. The new rules on market abuse update and strengthen the existing framework to ensure market integrity and investor protection provided by the existing Market Abuse Directive (2003/6/EC) which will now be repealed.

Related documents

Press release

Regulation No 596/2014

Directive 2014/57/EU

Volker Rule: SEC issues FAQs on Volcker rule

Created
Wednesday, 11 June 2014

                                                              10 June 2014

 

The SEC issued a series of FAQs on its final rule implementing section 13 of the Bank Holding Company Act of 1956 (“BHC Act”), commonly referred to as the “Volcker Rule.”

Section 619 of the Dodd Frank Wall Street Reform and Consumer Protection Act added new section 13 to the BHC Act. Section 13 of the BHC Act generally prohibits banking entities from engaging in proprietary trading or from acquiring or retaining an ownership interest in, or sponsoring, a hedge fund or private equity fund (“covered fund”), subject to certain exemptions and limitations on those exemptions.

Related document

Frequently Asked Questions

Comments

SEC issues FAQs on Volcker rule (Dodd-Frank.com)

Commission Delegated Regulation (EU) No 604/2014 supplementing CRD IV with regard to RTS with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities published on the O.J. of the EU

Created
Friday, 06 June 2014

                                                              06 June 2014

 

Commission Delegated Regulation (EU) No 604/2014 of 4 March 2014 supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards with respect to qualitative and appropriate quantitative criteria to identify categories of staff whose professional activities have a material impact on an institution's risk profile has been published on the Official Journal of the EU.

It shall enter into force on 26 June 2014.

Related document

Commission Delegated Regulation (EU) No 604/2014

Bank Capital Requirements: European Commission adopts 3 new Implementing Technical Standards and 2 new Regulatory Technical Standards

Created
Friday, 06 June 2014

                                                              06 June 2014

 

The Commission adopted 3 new Implementing Technical Standards.

ITS overview table

 

The Commission adopted 2 new Regulatory Technical Standards.

RTS overview table

Bank Capital Requirements: EBA publishes final draft technical standards on disclosure for the leverage ratio

Created
Friday, 06 June 2014

                                                              05 June 2014

 

The EBA published its final draft Implementing Technical Standards (ITS) on disclosure for the leverage ratio. The disclosure framework set out in the ITS consists of four templates:

- a table reconciling the figures of the leverage ratio denominator with those reported under the relevant accounting standards;

- a table providing, a breakdown of the leverage ratio denominator by exposure category;

- a table providing a further breakdown of the leverage ratio denominator by group of counterparty;

- a table with qualitative information on leverage risk.

Related documents

Press release

Final Draft ITS leverage ratio disclosure

Bank Capital Requirements: EBA publishes final draft technical standards and guidelines on methodology and disclosure for global systemically important institutions

Created
Friday, 06 June 2014

                                                              05 June 2014

 

The EBA published final draft Regulatory Technical Standards (RTS) on the methodology for identifying Global Systemically Important Institutions (G-SIIs), final draft Implementing Technical Standards (ITS) on special disclosure rules applicable to G-SIIs, and final guidelines on special disclosure rules for large institutions. The Capital Requirements Directive, (CRD IV) requires G-SIIs to hold higher capital levels in order to contain the risks they pose to the financial system and the impact that their potential failure may have on sovereign finance and taxpayers, the so-called ‘too big to fail' problem.

Related documents

Press release

Final Draft RTS on G-SII identification

Final Draft ITS on G-SII disclosure of indicators

Guidelines on disclosure of indicators of systemic importance

 


Commission Implementing Regulation (EU) No 602/2014 with regard to the implementation of additional risk weights according to Regulation (EU) No 575/2013 of the EP and of the Council has been published in the Official Journal of the EU

Created
Thursday, 05 June 2014

                                                              04 June 2014

 

Commission Implementing Regulation (EU) No 602/2014 laying down implementing technical standards for facilitating the convergence of supervisory practices with regard to the implementation of additional risk weights according to Regulation (EU) No 575/2013 has been published in the Official Journal of the EU.

This Regulation shall enter into force on 25 June 2014.

 

Related document

Commission Implementing Regulation (EU) 602/2014

 

Credit Rating Agencies: IOSCO consults on good practices on reducing reliance on asset management

Created
Thursday, 05 June 2014

                                                              04 June 2014

 

The IOSCO published consultation paper on good practices on reducing reliance on CRAs in asset management. The report is aimed at gathering the views and practices of investment managers, institutional investors and other interested parties, with a view to developing a set of good practices on reducing over reliance on external credit rating in the asset management space.

 

Related papers

Press release

Consultation paper

Solvency II: EIOPA consults on Set 1 of its Guidelines on Solvency II

Created
Wednesday, 04 June 2014

Investment Funds: Commission implementing regulation on European venture capital funds published in the Official Journal of the EU

Created
Wednesday, 04 June 2014

                                                              03 June 2014

 

Commission implementing regulation (EU) No 593/2014 of 3 June 2014 laying down implementing technical standards with regard to the format of the notification according to Article 16(1) of Regulation (EU) No 345/2013 on European venture capital funds has been published in the Official Journal of the EU.

This Regulation shall enter into force on 7 June 2014.

 

Related document

Regulation

Bank Capital Requirements: Commission implementing regulation on the extension of the transitional periods related to own funds requirements for exposures to CCPs published in the Official Journal of the EU

Created
Wednesday, 04 June 2014

                                                              03 June 2014

 

Commission implementing regulation (EU) No 591/2014 of 3 June 2014 on the extension of the transitional periods related to own funds requirements for exposures to CCPs has been published in the Official Journal of the EU.

This Regulation shall enter into force on 5 June 2014.

 

Related document

Regulation

Credit Rating Agencies: ESMA publishes a second set of Q&As

Created
Tuesday, 03 June 2014

                                                              02 June 2014

 

The ESMA published a second set of Q&As on the CRA Regulation (CRA 3). The updated Q&A provides clarifications regarding the publication of sovereign ratings and conflict of interests concerning investments in CRAs.

Related document

Q&A

Market Abuse Regulation: EC issues request to ESMA for technical advice on implementing acts

Created
Tuesday, 03 June 2014

                                                              28 May 2014

 

The EU Commission issued a request to the ESMA for technical advice on implementing acts concerning the regulation on insider dealing and market manipulation (MAR).

ESMA is invited to provide technical advice on the specification of procedures to enable reporting of actual or potential infringements of MAR to competent authorities, including the arrangements for reporting and for following up reports, and measures for the protection of persons working under a contract of employment and measures for the protection of personal data.

ESMA is invited to deliver the technical advice within eight months after the entry into force of the Regulation.

Related document

Request

Insurance sector: Bank of England publishes two consultation papers

Created
Tuesday, 03 June 2014

                                                              30 May 2014

 

The Bank of England published two consultation papers on:

- Subordinated guarantees and the quality of capital for insurers. It seeks views on a draft supervisory statement which sets out the PRA’s expectations of PRA-authorised insurers in relation to the use of subordinated guarantees in connection with capital instruments issued by a company, whereby the payment of coupons and repayment of principal are guaranteed by a firm;

- Valuation risk for insurers. It seeks views on a draft supervisory statement which sets out the PRA’s expectations of firms in relation to existing rules on the valuation of financial assets.

Both consultations will close on 11 July 2014.

Related documents

Press release

Subordinated guarantees and the quality of capital for insurers

Press release

Valuation risk for insurer

Financial markets: Bank of England and ECB publish discussion paper on potential benefits of securitisation

Created
Tuesday, 03 June 2014

                                                              29 May 2014

 

The Bank of England and the European Central Bank published discussion paper on securitisation market in the EU. It examines the potential benefits of securitisation and outlines various impediments that may currently be preventing the emergence of a robust securitisation market. It also presents possible policy options authorities could consider in response. The potential benefits of securitisation depend on its purpose: it can be used as a way to fund assets, a means of transferring risk, or both.

Comments should be sent by 4 July 2014.

Related document

The case for a better functioning securitisation market in the European Union

Investor protection: IOSCO consults on strategic framework for Investor Education

Created
Tuesday, 03 June 2014

                                                              29 May 2014

 

The IOSCO published a consultation report which describes IOSCO’s role in promoting investor education and financial literacy and its strategic approach to both. The organization believes the need for investor education and financial literacy has never been greater than today. As the financial marketplace continues to evolve and innovate, investment products are becoming increasingly complex and financial services increasingly diverse.

The consultation will close on 31 July 2014.

Related documents

Press release

Strategic framework for investor education and financial literacy

Solvency II: EIOPA publishes updated information on Data Point Model and XBRL taxonomy

Created
Thursday, 29 May 2014

                                                              28 May 2014

 

EIOPA published updated information on DPM and XBRL taxonomy design on its website in order to increase awareness and collect technical feedback from the relevant market participants. 
The EIOPA DPM and XBRL Taxonomy are subject to any further necessary revisions to the source materials arising during this publication and adoption process and/or any critical technical corrections that may be identified.

Related document

Related web page

Bank Capital Requirements: EBA publishes list of Common Equity Tier 1 (CET1) capital instruments

Created
Thursday, 29 May 2014

                                                              28 May 2014

 

The EBA published a list of capital instruments across the EU that national supervisory authorities have classified as Common Equity Tier 1. This list is based on the information received from the 28 national competent authorities across the EU and includes all the CET1 instruments issued by institutions and evaluated as compliant by the national supervisory authorities.

Related document

Press release

Bank Capital Requirements: EBA consults on technical standards on supervisory benchmarking of internal approaches for calculating capital requirements

Created
Thursday, 29 May 2014

                                                              28 May 2014

 

The EBA launched a consultation on draft Implementing Technical Standards (ITS) and Regulatory Technical Standards (RTS) aimed at specifying the EU framework for the conduct of annual supervisory benchmarking of internal approaches for calculating own funds requirements for credit and market risk exposures. These ITS and RTS follow the significant work that the EBA conducted on the comparability of capital requirements for internal ratings-based approach (IRBA) for credit risk and market internal risk models, including a series of benchmarking exercises run in 2013.

The consultation runs until 19 August 2014.

Related documents

Press release

Consultation paper

Financial Markets: CPSS and IOSCO publish the first update to the Level 1 assessments of implementation monitoring for the Principles for financial market infrastructures (PFMIs)

Created
Thursday, 29 May 2014

                                                              28 May 2014

 

The CPSS and the IOSCO published the first update to the Level 1 assessments of implementation monitoring for the Principles for financial market infrastructures (PFMIs). The update report shows that significant progress has been made by the 28 participating jurisdictions since the initial Level 1 report in August 2013. The report also reveals that progress in implementing the PFMIs continues to vary according to the type of financial market infrastructure (FMI).

Further updates of the Level 1 assessments will be conducted periodically to show progress made by jurisdictions in achieving full implementation. The next update is planned for later 2014.

Related documents

Press release

Report

  • Last Update: Wednesday 17 September 2014, 14:57.
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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.

46 Days

Link:
European Central Bank: Banking Supervision

Highlights (month 07 Aug - 03 Sep)