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Latest news of financial regulation

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Financial Markets: ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps

Created
Thursday, 02 October 2014

                                                            01 October 2014

 

The ESMA issued final draft RTS for the central clearing of Interest Rate Swaps (IRS) which it is required to develop under the EMIR. The RTS define those types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory for them.

 

Related documents

Press release

Final Draft Regulatory Technical Standards

Next step

ESMA has submitted its final draft IRS RTS to the European Commission, which has now up to three months to endorse them. The RTS will enter into force and become effective 20 days after its publication in the Official Journal.

Financial Markets: ESMA consults on draft standards for the clearing of foreign-exchange non-deliverable forwards

Created
Thursday, 02 October 2014

                                                             01 October 2014

 

The ESMA published a consultation on draft regulatory technical standards (RTS) it has to develop under the European Markets Infrastructure Regulation (EMIR) for the clearing of foreign-exchange non-deliverable forwards.

The consultation runs until 6 November 2014.

 

 

Related documents

Press release

Consultation paper

Draft Guidelines Concerning the Interrelationship between the BRRD Sequence of Writedown and Conversion and CRR/CRD IV

Created
Thursday, 02 October 2014

                                                            02 October 2014

 

The EBA launched a consultation on draft guidelines clarifying the interrelationship between the sequence in which liabilities should be written down or converted when the bail-in power introduced by the Bank Recovery and Resolution Directive is used, and the hierarchy of capital instruments in the Capital Requirements Regulation.

The consultation runs until 3 January 2015.

 

Related documents

Press release

 

Consultation paper

 

ESMA issues updated Q&A on the application of the Alternative Investment Managers Directive (AIFMD)

Created
Wednesday, 01 October 2014

                                                       30 September 2014

 

The ESMA published an update of its Questions & Answers (Q&A) document on the application of the Alternative Investment Managers Directive. The updated Q&A clarifies:

• the reporting obligations to national competent authorities; as well as

• the delegation of portfolio and/or risk management.

 

Related documents

Press release

Q&A

IOSCO review implementation of significant FX benchmark

Created
Wednesday, 01 October 2014

                                                      30 September 2014

 

The IOSCO reviewed implementation of significant foreign exchange benchmark. The report sets out the findings of the review of the implementation of IOSCO’s Principles for Financial Benchmarks by The World Markets Company PLC as administrator of the WM/Reuters 4 p.m. London closing spot rate.

Related documents

Press release

Report

IOSCO issues report on market-based financing for SMEs and Infrastructure

Created
Wednesday, 01 October 2014

                                                        30 September 2014

 

The IOSCO published a report on market-based long-term financing solutions for small and medium enterprises (SMEs) and Infrastructure.

The note is a compilation of recent examples of capital market solutions in developed and emerging markets that have contributed to the financing of SME and infrastructure projects. The research note was prepared for the G20 Finance Ministers and Central Bank Governors.

It describes innovative structures and products in equity capital markets, debt capital markets, securitization and pooled investment vehicles that provide practical solutions to broadly recognized challenges for financing of SMEs and infrastructure projects.

Related documents

Press release

Report

CRAs: Commission adopts Regulatory Technical Standards to implement stricter new rules

Created
Tuesday, 30 September 2014

                                                        30 September 2014

 

The European Commission adopted three Regulatory Technical Standards (RTS) needed to implement key provisions of the Regulation on Credit Rating Agencies (CRAs).

These RTS set out:

- the disclosure requirements for issuers, originators and sponsors on structured finance instruments (Text of the Regulation and Annexes);

- reporting requirements to CRAs for the European Rating Platform (Text of the Regulation and Annexes);

- reporting requirements for CRAs on fees for the purpose of ongoing supervision by the ESMA (Text of the Regulation and Annexes).

Related documents

Press release

Related EC page

FAQs

CRR: Commission Implementing Regulation (EU) No 1030/2014 published in the Official Journal of E.U.

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

Commission Implementing Regulation (EU) No 1030/2014 of 29 September 2014 laying down ITS with regard to the uniform formats and date for the disclosure of the values used to identify global

systemically important institutions according to Regulation (EU) No 575/2013 (CRR) has been published in the Official Journal of E.U.

The regulation shall enter into force on 20 October 2014.

Related document

Commission Implementing Regulation (EU) No 1030/2014

Banking Union: ECB publishes a guide to banking supervision

Created
Tuesday, 30 September 2014

                                                        30 September 2014

 

The ECB published a guide to banking supervisionThis guide is an important milestone in the implementation of the Single Supervisory Mechanism (SSM), the new system of financial supervision comprising, as at October 2014, the European Central Bank and the national competent authorities of euro area countries. It explains how the SSM will function and gives guidance on the SSM’s supervisory practices.

Related documents

Guide to banking supervision

One more step towards a better Europe: building banking supervision (Opinion piece by D. Nouy, Chair of the Supervisory Board of the SSM)

FSB publishes final version of its report on FX rate benchmarks

Created
Tuesday, 30 September 2014

                                                        30 September 2014

 

The FSB released the final version of its report on foreign exchange (FX) rate benchmarks. This report has been prepared in light of discussions with a range of FX market participants across the globe, along with submissions received in response to an interim report published in July 2014 for wider public consultation.

 

 

Related documents

Press release

Final report

Transparency directive: ESMA publishes draft RTS on major shareholder disclosures

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

The ESMA published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.

The revised Transparency Directive harmonised transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated markets. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares.

Related documents

Press release

Final report

Omnibus II directive: ESMA consults on prospectus related issues

Created
Tuesday, 30 September 2014

                                                        26 September 2014

 

The ESMA launched a consultation on draft Regulatory Technical Standards (RTS) on prospectus related issues under the Omnibus II Directive.

The proposed draft RTS addresses four topics within the prospectuses regime:

- Procedures for approval of prospectuses;

- Information which may be incorporated into prospectuses by reference;

- Publication of prospectuses;

- Dissemination of information relating to offers to the public and admissions to trading on a regulated market outside the prospectus, including advertisements.

The consultation runs until 19 January 2015.

Related documents

Press release

Consultation paper

MiFID I: ESMA consults on draft guidelines clarifying the definition of derivatives

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

ESMA published a consultation paper on future guidelines clarifying the definition of derivatives as financial instruments under the current Markets in Financial Instruments Directive (MiFID I).

The different approaches to the interpretation of MiFID I across Member States mean that there is no commonly-adopted application of the definition of derivative or derivative contract in the EU for some asset classes. Whilst this issue has in the past been noted as a concern since the implementation of MiFID, the practical consequences have come to the forefront with the implementation of the European Markets Infrastructure Regulation (EMIR).

The consultation runs until 5 January 2015.

Related documents

Press release

Consultation paper

Consultation page

G-SIIs: EBA publishes indicators

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

 

The EBA published indicators from global systemically important institutions (G-SIIs) as provided for in the Implementing Technical Standards (ITS) and Guidelines on disclosure rules applicable to large institutions.

The ITS and Guidelines define uniform requirements for disclosing the values used during the identification and scoring process of G-SIIs, in line with the internationally agreed standards developed by the Financial Stability Board and by the Basel Committee on Banking Supervision.

Related documents

Press release

Summary & charts

Capital Requirements Regulation: ESMA consults on proposed list of main indices and recognised exchanges

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

The ESMA opened a consultation regarding the Capital Requirements Regulation (CRR). The CRR tasks ESMA with defining “main indices” and “recognised exchanges”, concepts that are used –inter alia - in the specification of “eligible collateral”.

Defining “main indices” and “recognised exchanges” is important for the calculation of credit risk by the credit institutions and investment firms to which that Regulation applies. This CP sets out a proposed rationale for each definition, and includes a draft Implementing Technical Standards (ITS) which contains a proposed list of “main indices” and “recognised exchanges”.

The consultation runs until 1 November 2014.

Related documents

Press release

Consultation paper

Consultation page

Bank crisis management: EBA consults on qualitative and quantitative recovery plan indicators

Created
Tuesday, 30 September 2014

                                                       26 September 2014

 

The EBA launched a consultation on Guidelines identifying the minimum qualitative and quantitative indicators that institutions should include in their recovery plans. The proposed Guidelines have been developed within the framework established by the Bank Recovery and Resolution Directive (BRRD) for the recovery and resolution of credit institutions and investment firms.

The consultation runs until 2 January 2015.

Related documents

Press release

Consultation paper

Too-big-to-fail: FSB consults on proposals to achieve the cross-border recognition of resolution action

Created
Tuesday, 30 September 2014

                                                        29 September 2014

 

The FSB consulted on proposals to achieve the cross-border recognition of resolution actions consisting of elements that jurisdictions should consider including in their statutory frameworks and of contractual approaches to cross-border recognition with a focus on temporary stays on early termination and cross-default rights in financial contracts and the bail-in of debt instruments that are governed by the law of a jurisdiction other than that of the issuing entity.

The consultation runs until 1 December 2014.

Related documents

Press release

Consultation Paper


UCITS V: ESMA consults on depositary requirements under UCITS V

Created
Tuesday, 30 September 2014

                                                        26 September 2014

 

The ESMA issued a consultation paper on draft technical advice to the European Commission under the revised Undertakings for Collective Investments in Transferable Securities (UCITS) Directive (UCITS V). ESMA is consulting on draft implementing measures regarding the depositary role of UCITS funds.

In order to enhance the protection of investors’ assets, UCITS V upgrades the duties and liabilities of UCITS’ depositaries by clarifying the safekeeping, oversight and cash flow monitoring functions. The new rules prescribe the types of entity that may act as a depositary. ESMA’s consultation seeks stakeholders’ views on proposals in two areas related to the depositary function:

Insolvency protection when delegating safekeeping;

Independence requirements.

ESMA will consider all comments received by 24 October 2014.

Related documents

Press release

Consultation paper

Consultation page

. EuVECA: ESMA consults on implementing measures for EuSEF and EuVECA

Created
Tuesday, 30 September 2014

                                                        26 September 2014

 

The ESMA issued a consultation on future technical advice it has to provide to the European Commission on the implementing measures of the Regulations 346/2013 on European Social Entrepreneurship Funds (EuSEF) and 345/2013 on European Venture Capital Funds (EuVECA).

The consultation paper is divided in five parts:

the first one deals with the advice on the types of goods and services, methods of production for goods and services and financial support embodying a social objective;

the second and third parts deal with the advice on the conflicts of interest of EuSEF and EuVECA managers, respectively;

the fourth part deals with the advice on the methods for the measurement of the social impact;

the fifth part deals with the advice on the information that EuSEF managers should provide to investors.

ESMA will consider all comments received by 10 December 2014.

Related documents

Press release

Consultation paper

Consultation page

DGS: EBA consults on guidelines on payment commitments to deposit guarantee schemes

Created
Tuesday, 30 September 2014

 

                                                        25 September 2014

 

The EBA launched a consultation on Guidelines on payment commitments to deposit guarantee schemes (DGSs). These Guidelines are part of the EBA's work to promote a consistent and coherent approach to deposit guarantee schemes across the EU.

The Deposit Guarantee Schemes Directive (DGSD) aims at ensuring a uniform level of protection for depositors throughout the EU and the same level of stability of DGSs through the harmonisation of the financing methods. DGSs are financed by institutions through ex-ante contributions, regardless of any failure and ex post contributions when the failure actually materialises and the advanced contributions are not sufficient.

The consultation runs until 2 January 2015.

Related documents

Press release

Consultation paper

  • Last Update: Thursday 23 October 2014, 18:27.
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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.

11 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 16 - 22 Oct)

Highlights (week 25 Sep - 01 Oct)