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ESMA issues MiFID II guidelines on cross-selling practices

Created
Wednesday, 23 December 2015

                                                       22 December 2015

 

 The European Securities and Markets Authority (ESMA) published guidelines on cross-selling practices under MiFID II to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.

The guidelines include principles on:

Improving disclosures when different products are cross-sold with one another;

Requiring firms to provide investors with all relevant information in a timely and clear manner; addressing conflicts of interest arising from remuneration models; and

Improving client understanding on whether purchasing the individual products offered in a package is possible.

The guidelines apply from 3 January 2017.

Related documents

Press release

Guidelines

News & Articles

ESMA targets investment firms with MiFID II cross-selling guidance (Investment week)

ESMA publishes final report on MiFID II guidelines on assessment and knowledge of competence

Created
Wednesday, 23 December 2015

                                                       17 December 2015

 

The European Securities and Markets Authority (ESMA) published the final report on guidelines for the assessment of knowledge and competence.

These guidelines are intended to enhance investor protection by increasing the knowledge and competence of natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of investment firms.

Related documents

Press release

Final report

Regulation (EU) 2015/2365 has been published in the Official Journal of the EU.

Created
Wednesday, 23 December 2015

                                                       23 December 2015

 

Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 has been published in the Official Journal of the EU.

This Regulation shall enter into force on 12 January 2016.

 

Related document

Regulation (EU) 2015/2365

EBA publishes its draft RTS on prudential requirements for Central Securities Depositories

Created
Wednesday, 23 December 2015

                                                       16 December 2015

 

The European Banking Authority (EBA) published draft Regulatory Technical Standards (RTS) on prudential requirements for Central Securities Depositories (CSDs). These RTS will define a prudential framework for CSDs and harmonise calculations for their capital requirements which currently vary across Member States. These RTS have been developed within the framework of the Central Securities Depositories Regulation (CSDR) to increase the safety and efficiency of securities settlement and settlement infrastructures.

Related documents

Press release

Final draft RTS

EBA publishes final draft RTS on the content of business reorganisation plans under the BRRD

Created
Wednesday, 23 December 2015

                                                       17 December 2015

 

The European Banking Authority (EBA) published final draft Regulatory Technical Standards (RTS) on the content of business reorganisation plans and progress reports, as well as guidelines defining how to assess plans under the Bank Recovery and Resolution Directive (BRRD).

The EBA defined details for business reorganisation plans  that identify and address the causes of the institution's failure and set out how the institution will be restored to long-term viability. As explained in the EBA RTS, the reorganisation strategy should be prudent and take into account the strengths and weaknesses of the institution, the relevant market and the macro-economic situation.

Related documents

Press release

Final draft RTS

EBA publishes final draft RTS on detailed records of financial contracts

Created
Wednesday, 23 December 2015

                                                       17 December 2015

 

The European Banking Authority (EBA) published final draft Regulatory Technical Standards (RTS) on detailed records of financial contracts. These RTS have been developed within the framework established by the EU bank Recovery and Resolution Directive (BRRD) and further specify the minimum set of the information on financial contracts that should be contained in detailed records and the circumstances under which the requirement to maintain such detailed records should be imposed. These standards are part of the EBA's work to implement the BRRD and address the problem of too-big-to-fail banks.

Related documents

Press release

Final draft RTS

EBA publishes a report on the impact assessment and calibration of the net stable funding ratio

Created
Wednesday, 23 December 2015

                                                       17 December 2015

 

The European Banking Authority (EBA) published its report on the impact assessment and calibration of the Net Stable funding Ratio (NSFR), recommending the introduction of the NSFR in the EU to ensure stable funding structures. The analysis did not find strong statistical evidence of significant negative impacts of the NSFR on bank lending, financial assets markets or trading book positions. The EBA also explained that certain EU specificities should be taken into account. The report will inform the work of the European Commission on potential legislative proposals on NSFR.

Related documents

Press release

Report

EBA issues an opinion on the trigger, calculation and transparency of the Maximum Distributable Amount

Created
Wednesday, 23 December 2015

                                                       18 December 2015

 

The European Banking Authority (EBA) issued an opinion on the trigger, calculation and transparency of the Maximum Distributable Amount (MDA).

The Opinion clarifies that the MDA should be calculated taking into account both minimum (Pillar 1) and additional (Pillar 2) capital requirements which should be met at all times, as well as the combined buffer requirement. The Opinion is designed to support the consistent application of distribution restrictions laid down in the Capital Requirements Directive (CRD) in order to promote a level playing field across the Single Market, and to give greater certainty for banks' capital planning needs. It also calls for transparency in Pillar 2 outcomes for all banks, with a view to providing clarity for investors in banks. The Opinion advises the European Commission to review the CRD text in the future to ensure certainty and more consistency.

Related documents

Press release

Opinion

EC proposes regulation amending CRR as regards exemptions for commodity dealers

Created
Wednesday, 23 December 2015

                                                       16 December 2015

 

The European Commission proposed regulation of the European Parliament and of the Council amending Regulation (EU) No 575/2013 as regards exemptions for commodity dealers.

The term “commodity dealer” covers a wide spectrum of actors in energy and commodity markets: some trade exclusively in commodity derivative contracts and resemble investment firms in terms of functions and risks, whereas others trade commodity derivatives purely as an ancillary activity to commodities production.

Related document

Text of the proposal

Next step

Preparatory phase in Parliament

BCBS issues guidance on credit risk and accounting for expected credit losses

Created
Wednesday, 23 December 2015

                                                       18 December 2015

 

The Basel Committee on Banking Supervision (BCBS) issued guidance on credit risk and accounting for expected credit losses.

This document sets out supervisory guidance on sound credit risk practices associated with the implementation and ongoing application of expected credit loss (ECL) accounting frameworks. The move to ECL accounting frameworks by accounting standard setters is an important step forward in resolving the weakness identified during the recent financial crisis that credit loss recognition was too little, too late.

Related documents

Press release

Guidance

BCBS launches a consultation on identification and measurement of step-in risk

Created
Wednesday, 23 December 2015

 

 

                                                       17 December 2015

 

The Basel Committee on Banking Supervision (BCBS) released a consultative document entitled “Identification and measurement of step-in risk”.

 

The objective is to mitigate potential spillover effects from the shadow banking system to banks. This work falls within the G20 initiative to strengthen the oversight and regulation of the shadow banking system and mitigate the associated potential systemic risks.

 

Step-in risk refers to the risk that a bank will provide financial support to an entity beyond, or in the absence of, its contractual obligations should the entity experience financial stress. The proposals would form the basis of an approach for identifying, assessing and addressing step-in risk potentially embedded in banks' relationships with shadow banking entities (although without limiting the proposals to specific entities).

 

The consultation runs until 17 March 2016.

 

Related documents

 

Press release

 

Consultative document

 

News & Articles

 

Shadow-bank ties to lenders in crosshairs of Basel supervisors (Bloomberg)

 

 

IOSCO publishes final report on sound practices at large intermediaries relating to the assessment of creditworthiness and the use of external credit ratings

Created
Wednesday, 23 December 2015

                                                       22 December 2015

 

The International Organization of Securities Commissions (IOSCO) published the final report on “Sound practices at large intermediaries relating to the assessment of creditworthiness and the use of external credit ratings”.

The report recommends 12 sound practices that regulators could consider as part of their oversight of market intermediaries. Large market intermediaries also may find the sound practices useful in the development and implementation of effective alternative methods for the assessment of creditworthiness. IOSCO believes that identifying sound practices regarding suitable alternatives to credit ratings should reduce the overreliance on credit rating agencies (CRAs) for credit risk assessment. Such a development would help increase investor protection, while contributing to market integrity and financial stability.

Related documents

Press release

Final report

IOSCO publishes two reports on business continuity plans for trading venues and intermediaries

Created
Wednesday, 23 December 2015

                                                       22 December 2015

 

The Board of the International Organization of Securities Commissions (IOSCO) published two reports that seek to enhance the ability of financial markets and intermediaries to manage risks, withstand catastrophic events, and swiftly resume their services in the event of disruption.

The report “Mechanisms for trading venues to effectively manage electronic trading risks and plans for business continuity” provides a comprehensive overview of the steps trading venues take to manage the risks associated with electronic trading and the ways they plan for and manage disruptions through BCPs.

The second report, “Market intermediary business continuity and recovery planning”, sets forth two standards for regulators and sound practices that regulators could consider as part of their oversight of market intermediaries

Related documents

Press release

Mechanisms for trading venues to effectively manage electronic trading risks and plans for business continuity

Market intermediary business continuity and recovery planning

BCBS launches a consultation on guidance for the regulation and supervision of institutions relevant to financial inclusion

Created
Wednesday, 23 December 2015

                                                       21 December 2015

 

The Basel Committee on Banking Supervision (BCBS) issued for public consultation proposed guidance for the regulation and supervision of institutions relevant to financial inclusion.

Financial innovation and financial inclusion can introduce potential benefits to the safety, soundness, and integrity of the financial system as well as potential risks to providers and customers alike and the transfer of well-known risks to new players. This Guidance examines the risks presented by banks and nonbank financial institutions in their endeavour to reach the unserved and underserved customers and, using the lens of the Core Principles, guides prudential supervisors on the application of a proportionate regulatory and supervisory approach.

The consultation runs until 31 March 2016.

Related documents

Press release

Consultative document

EBA updates on the status of its final Implementing Technical Standards on benchmarking portfolios

Created
Tuesday, 22 December 2015

                                                       21 December 2015

 

The European Banking Authority (EBA), following requests from stakeholders, published today an update on the application date of its final draft Implementing Technical Standards (ITS) on benchmarking portfolios.

Related documents

Supervisory Reporting

 

PRA updates to reporting data items and instructions

Created
Tuesday, 22 December 2015

                                                       21 December 2015

 

The Prudential Regulatory Authority (PRA) published a consultation paper that sets out proposed changes to data items FSA071 to FSA082 (‘Pillar 2 data items’) and to the Pillar 2 reporting instructions. This consultation is relevant to banks, building societies and PRA-designated firms (‘firms’). The Pillar 2 data items and reporting instructions were first published in July 2015, in Policy Statement (PS) 17/15, as part of the Reporting Pillar 2 Part of the PRA Rulebook and Supervisory Statement (SS) 32/15.

The consultation runs until 18 January 2016.

Related document

Consultation paper

HM Treasury consults on granting power of direction to FPC over buy-to-let mortgage lending

Created
Tuesday, 22 December 2015

                                                       17 December 2015

 

The HM Treasury (HMT) launched a consultation on proposals to grant a power of direction to the Financial Policy Committee (FPC) of the Bank of England (BoE) in respect of buy-to-let lending.

In response to the Chancellor of the Exchequer's Mansion House Speech in 2014, the FPC recommended that the Government grant it powers of direction relating to housing market tools for owner-occupied mortgages and buy-to-let residential mortgages. The Government announced that a consultation on buy-to-let lending would be held by the end of 2015.

Related document

Consultation paper

 

EBA consults on draft Guidelines on stress testing

Created
Tuesday, 22 December 2015

                                                       18 December 2015

 

The European Banking Authority (EBA) launched a consultation on its draft Guidelines on stress testing. These Guidelines set out expectations for institutions' stress testing programmes and seek improvements by drawing on lessons from previous stress test exercises. In addition, they aim at promoting convergence of the use of stress testing in the context of the supervisory review and evaluation process (SREP).

The consultation runs until 18 March 2016.

Related documents

Press release

Consultation paper

EBA calls for more certainty and consistency in the application of restrictions to profits pay-outs to restore capital adequacy

Created
Tuesday, 22 December 2015

                                                     18 December 2015

 

The European Banking Authority (EBA) issued an opinion on the trigger, calculation and transparency of theMaximum Distributable Amount (MDA). The Opinion clarifies that the MDA should be calculated taking into account both minimum (Pillar 1) and additional (Pillar 2) capital requirements which should be met at all times, as well as the combined buffer requirement. The Opinion is designed to support the consistent application of distribution restrictions laid down in the Capital Requirements Directive (CRD) in order to promote a level playing field across the Single Market, and to give greater certainty for banks' capital planning needs.

Related documents

Press release

Opinion

EBA publishes final Guidelines on sound remuneration policies and its Opinion on the application of proportionality

Created
Tuesday, 22 December 2015

                                                    21 December 2015

 

The European Banking Authority (EBA) published its final guidelines on sound remuneration policies together with its Opinion on proportionality, recommending exemptions from the remuneration principles in the Capital Requirements Directive (CRD IV). The guidelines ensure that institutions calculate correctly and consistently the so called ‘bonus cap' by setting out specific criteria for mapping all remuneration components into either fixed or variable pay and detailing how specific remuneration elements such as allowances, sign-on bonuses, retention bonuses and severance pay are to be recognised over time. 

EBA publishes also the opinion that clarifies that the application of the so called ‘bonus cap' should not be subject to any exemption.

Related documents

Press release

Guidelines

Opinion

  • Last Update: Thursday 11 February 2016, 15:35.

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