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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

Bank Crisis Management: EBA consults on the eligibility of institutions for simplified obligations for recovery and resolution planning

Created
Thursday, 25 September 2014

                                                       25 September 2014

 

The EBA launched two consultations on its draft Guidelines and Implementing Technical Standards (ITS) related to recovery planning, resolution planning and resolvability assessments under the BRRD. The Guidelines define how EU authorities should assess whether an institution is eligible for simplified obligations.

These consultations run until 3 January 2015.

Related documents

Press release

Consultation paper on ITS on simplified obligations

Consultation paper on Guidelines on simplified obligations

Bank Crisis Management: EBA consults on the implementation of resolution tools

Created
Thursday, 25 September 2014

                                                        24 September 2014

 

The EBA consulted on three sets of Guidelines related to the Bank Recovery and Resolution Directive (BRRD). The documents aim at facilitating the implementation of resolution tools in the EU banking sector, and in particular at regulating the sale of business tool and the asset separation tool, as well as the transfer of an institution or its assets under any of the resolution tools.

The consultation runs until 22 December 2014.

 

Related documents

Press release

Consultation paper on draft GL on necessary services

Consultation paper draft GL on the asset separation tool and on the sale of business tool

 

EBA publishes guidelines on recovery and resolution and consulted on triggers for early intervention and resolution

Created
Wednesday, 24 September 2014

The EBA published its final guidelines specifying the type of tests, review or exercises that may lead to extraordinary public support measures for institutions in the banking sector.

For the purpose of these Guidelines, the following definitions apply:

  •  - ‘tests’ means stress tests that are tools designed to assess the resilience of a group of institutions against hypothetical adverse market developments.
  •  - ‘reviews’ means asset quality reviews consisting in assessments of the quality of the accounting or prudential framework applied by a group of institutions.
  •  - ‘exercises’ means tests or reviews coordinated at Union level and conducted on a population of institutions over multiple jurisdictions.
  •   ‘competent authorities’ are authorities identified as competent authorities in Article 4(1)(a) and 4(1)(d) of the EBA Regulation.

Related documents

Press release

Guidelines

EBA consults on triggers for early intervention and resolution

Created
Monday, 22 September 2014

                                                        22 September 2014

 

The EBA launched a consultation on two draft Guidelines on (i) the triggers for using early intervention measures (triggers for early intervention) and on (ii) the circumstances under which an institution shall be considered as ‘failing or likely to fail' (triggers for resolution).

The consultations run until 22 December 2014.

 

Related documents

Press release

Consultation paper on early intervention triggers

Consultation paper on failing or likely to fail

CRD IV:PRA and FCA publish a consultation paper on remuneration practices

Created
Monday, 22 September 2014

                                                        22 September 2014

 

PRA and FCA published a consultation paper forpropose amendments to its current approach to data collection of remuneration practices and the corresponding reporting requirements as reflected in the new draft data templates that firms will be required to complete.

The consultation will close on 17 October 2014.

 

Related documents

Press release

Consultation paper

Risk Management: ESAs update on risks in EU financial system

Created
Monday, 22 September 2014

                                                        22 September 2014

 

The ESAs published its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies.

Related documents

Press release

Report

Financial Markets: FSB publishes feasibility study on aggregation of OTC derivatives trade repository data

Created
Monday, 22 September 2014

                                                       19 September 2014

 

FSB published feasibility study on aggregation of OTC derivatives trade repository data and announces next steps. Aggregation of the data being reported across these TRs is necessary to ensure that authorities are able to obtain a comprehensive global view of the OTC derivatives market and activity. The feasibility study should take into account legal and technical issues and the aggregated TR data that authorities need to fulfil their mandates. This study responds to that request.

Related documents

Press release

Feasibility study on approaches to aggregate OTC derivatives data

CRAs: ESMA publishes updated technical advice on development of European creditworthiness assessment for sovereign debt

Created
Thursday, 18 September 2014

                                                        17 September 2014

 

ESMA publishes updated technical advice on development of European creditworthiness assessment for sovereign debt. ESMA provided information regarding the market for sovereign ratings and advised on criteria critical in the consideration of the development of a creditworthiness assessment.

 

 

Related documents

Press release

Final report

Financial Markets: IOSCO consults on risk mitigation standards for non-centrally cleared OTC derivatives

Created
Thursday, 18 September 2014

                                                        17 September 2014

 

The IOSCO published a consultation report on risk mitigation standards for non-centrally cleared OTC derivatives. It proposed nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets.

Comments should be submitted on or before 17 October 2014.

 

Related documents

Press release

Consultation report

ESMA adds BME Clearing to list of authorised CCPs under EMIR

Created
Thursday, 18 September 2014

                                                        17 September 2014

 

ESMA added BME Clearing to its list of authorised central counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). EMIR requires EU-based CCPs to be authorised and non-EU CCPs to be recognised in the European Union (EU).

Related document

List of Central Counterparties authorised to offer services and activities in the Union

Payment Services: EU Council Presidency publishes compromise text on proposed directive

Created
Wednesday, 17 September 2014

                                                     12 September 2014

 

 

EU Council Presidency published compromise text on proposed directive on payment services in the internal market.

Related document

Presidency compromise

Next step

Council: agreement on a general approach (Council position)

EP + EU Council + EC: Trilogue

Financial Benchmarks : EU Council Presidency publishes compromise text on proposed regulation

Created
Wednesday, 17 September 2014

                                                      09 September 2014

 

 

EU Council Presidency published compromise text on proposed regulation on indices used as benchmarks in financial instruments and financial contracts.

Related document

Presidency compromise

Next step

Council: agreement on a general approach (Council position)

EP ECON Committee: vote on amendments to EU Commission proposal

OTC Derivatives Regulators issue report to the G20

Created
Thursday, 11 September 2014

                                                        10 September 2014

 

The Over-the-Counter (OTC) Derivatives Regulators Group (ODRG), issued a report that provides an update to the G20 on further progress in resolving OTC derivatives cross-border implementation issues and identifies a cross-border issue that may call for legislative change.

The ODRG anticipates that it will submit its next report in preparation for the G20 Leaders Summit in November 2014.

Related documents

Press release

Report of the OTC Derivatives Regulators Group (ODRG) on Cross-Border Implementation Issues


Basel III: BCBS and EBA publish the Basel monitoring report as of 31 December 2013

Created
Thursday, 11 September 2014

                                                        11 September 2014

 

At a global level

The BCBS published the results of its latest Basel III monitoring exercise.

A total of 227 banks participated in the current study, comprising 102 large internationally active banks ("Group 1 banks", defined as internationally active banks that have Tier 1 capital of more than €3 billion) and 125 Group 2 banks (ie representative of all other banks).

Data as of 31 December 2013 show that most large internationally active banks now meet the Basel III risk-based capital minimum requirements, and capital shortfalls have been further reduced relative to the target levels. For example, at the Common Equity Tier 1 (CET1) target level of 7.0% (plus the surcharges on G-SIBs as applicable), the aggregate shortfall for Group 1 banks is €15.1 billion, compared to €57.5 billion on 30 June 2013. As a point of reference, the sum of after-tax profits prior to distributions across the same sample of Group 1 banks for the year ending 31 December 2013 was €419 billion.

Related documents

Press release

Basel III Monitoring Report

 

At a European level

The EBA published its sixth report of the Basel III monitoring exercise on the European banking system.

Results show that the Common Equity Tier 1 capital ratio (CET1) of the largest internationally-active European banks (Group 1 banks) would be on average 10.1% compared to a ratio of 12.4% under the current regulation. Therefore, Group 1 banks would face a CET1 capital shortfall of EUR 0.1 billion to achieve the minimum requirement of 4.5%, and of EUR 11.6 billion to reach the target level of 7.0% or the higher threshold set for global systemically important banks (G-SIBs). The latter capital shortfall would, therefore, be decreased by 68% (from EUR 36.3 billion to EUR 11.6 billion).

Related documents

Press release

Report

  • Last Update: Tuesday 21 October 2014, 14:55.
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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.

13 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 25 Sep - 01 Oct)