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Latest news of financial regulation

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EIOPA publishes document on underlying assumptions of the standard formula that are used for the Solvency Capital Requirement calculations

Created
Thursday, 31 July 2014

                                                                     31 July 2014

 

EIOPA published document on underlying assumptions of the standard formula that are used for the Solvency Capital Requirement (SCR) calculations. The assessment of the significance with which the risk profile of an insurance or reinsurance undertaking (“undertaking”) or group deviates from the assumptions underlying the SCR calculation, is an important process which undertakings and groups are required to perform starting from 2015.

Related document

Document

 

SEPA became fully operational in all Eurozone countries on 1 August 2014

Created
Thursday, 31 July 2014

                                                                    01 July 2014

 

The Single Euro Payments Area (SEPA) became fully operational in all Eurozone countries on 1 August 2014.

The ECB marked a major milestone in the integration of retail payments in Europe. After 15 years of work, the SEPA has been successfully implemented for credit transfers and direct debits in the euro area. Every month more than 2 billion payments will now flow across the euro area in new standardised formats.

SEPA opens new avenues to Europe’s consumers and businesses.

-        It allows consumers to use just one euro bank account for all credit transfers and direct debits, no matter where in Europe the recipients or businesses may be. It strengthens consumer protection for direct debits, bringing in new rules to facilitate refunds.

-        It allows businesses to grow and to broaden their reach within Europe, and reduces costs by providing a standardised framework for all their payments. Businesses can now use a single system and set of accounts for all their euro trade in Europe.

Related documents

ECB press release

ECB related webpage

European Commission FAQ

European Commission related webpage

Statement by Vice-President M. Barnier

Statement by EBF

 

EBA issues amended technical standards on supervisory reporting for institutions

Created
Thursday, 31 July 2014

                                                                  31 July 2014

 

The EBA published Final draft Implementing Technical Standards (ITS) amending the Commission's Implementing Regulation (EU) No 680/2014 on supervisory reporting under Regulation (EU) No 575/2013 (CRR). These final draft ITS include minor changes to templates and instructions which the EBA deemed necessary to publish in order to reflect some of the answers published in its Single Rulebook Q&As, as well as to correct legal references and other clerical errors. The amendments are expected to be applicable for reporting as of December 2014.

Related documents

Press release

Final draft ITS

PRA and FCA consult on accountability in banking and new remuneration rules

Created
Wednesday, 30 July 2014

                                                                     30 July 2014

 

The PRA and the FCA published:

- consultation paper (CP14/14) setting out proposed changes to the way individuals working for UK banks, building societies, credit unions and PRA-designated investment firms are assessed and held accountable for the roles they perform. The consultation will close on 31 October 2014.

- consultation paper (CP15/14) seeking views on proposed changes to the regulators’ rules on remuneration, including: deferral; clawback; bailed-out banks; buy-outs; risk adjustment (PRA only);and the remuneration of non-executive directors. The consultation will close on 31 October 2014.

Related documents

Press release

CP14/14 “Strengthening accountability in banking: a new regulatory framework for individuals”

Press release

CP15/14 “Strengthening the alignment of risk and reward: new remuneration rules”

News & articles

Bank of England unveils bankers' bonus clawback plan (BBC)

Regulation (EU) No 806/2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a SRM and a Single Resolution Fund published in the Official Journal of the EU

Created
Wednesday, 30 July 2014

                                                                     30 July 2014

 

Regulation (EU) No 806/2014 of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund has been published in the Official Journal of the EU.

This Regulation shall enter into force on 19 August 2014.

 

Related document

Regulation (EU) No 806/2014

EBA publishes peer review on the implementation of credit concentration risk guidelines

Created
Friday, 25 July 2014

                                                                     24 July 2014

 

The EBA published a peer review on the implementation of its guidelines on the management of concentration risk under the supervisory review process (SREP).The report shows that National Competent Authorities (NCAs) largely comply with the assessed guidelines (GL31) and credit concentration risk forms an integral part of NCAs' risk assessment system.

 

 

Related documents

Press release

Report

IOSCO publishes report on the social media and automation of advice tools surveys

Created
Friday, 25 July 2014

 

                                                                     24 July 2014

 

The IOSCO published report on the IOSCO Social Media and Automation of Advice Tools Surveys. The paper presents the results of four surveys on the use of social media and automated advice tools in capital markets, and how regulators oversee the use of these tools

 

 

 

Related document

Press release

Report

 

IASB completes reform of financial instruments accounting

Created
Friday, 25 July 2014

                                                                     24 July 2014

 

The IASB completed the final element of its comprehensive response to the financial crisis by issuing IFRS 9 Financial Instruments. The package of improvements introduced by IFRS 9 includes a logical model for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and a substantially-reformed approach to hedge accounting.

The new Standard will come into effect on 1 January 2018 with early application permitted.

Related documents

Press release

Project summary

PRA consults on implementing the Bank Recovery and Resolution Directive

Created
Thursday, 24 July 2014

                                                                     24 July 2014

 

The PRA proposed changes to its rules to implement the EU Bank Recovery and Resolution Directive (BRRD). The BRRD provides a common set of tools and powers for dealing with failing banks and will take effect at the end of 2014.

The PRA’s consultation closes on 19 September 2014 and final rules will be published by 31 December 2014.

 

Related documents

Press release

Consultation Paper

SEC adopts Money Market Fund Reform Rules

Created
Thursday, 24 July 2014

                                                                     24 July 2014

 

The SEC adopted amendments to the rules that govern money market mutual funds.The amendments make structural and operational reforms to address risks of investor runs in money market funds, while preserving the benefits of the funds.

The new rules require a floating net asset value (NAV) for institutional prime money market funds, which allows the daily share prices of these funds to fluctuate along with changes in the market-based value of fund assets and provide non-government money market fund boards new tools – liquidity fees and redemption gates – to address runs.

The SEC also issued a related notice proposing exemptions from certain confirmation requirements for transactions effected in shares of floating NAV money market funds. Additionally, the SEC re-proposed amendments to the Commission’s money market fund rules and Form N-MFP to address provisions that reference credit ratings.

Related documents

Press release

Final rule

Related notice

Proposed rule

News

Money Funds Get New Restrictions Aimed at Preventing Runs (Bloomberg)

Risk Management: EBA, ESMA and EIOPA consult on technical standards for financial conglomerates risk concentration and intra-group transactions

Created
Thursday, 24 July 2014

 

                                                                     24 July 2014

 

The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched a consultation on draft Regulatory Technical Standards on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD).

 

The consultation runs until 24 October 2014.

 

Related documents

 

Press release

 

Consultation paper

 

Investment Funds: ESMA consults on counterparty risk calculation methods for UCITS subject to central clearing

Created
Wednesday, 23 July 2014

                                                                     23 July 2014

 

ESMA launched a consultation on the calculation of counterparty risk by Undertakings for Collective Investment in Transferable Securities (UCITS) which enter into OTC derivative transactions which need to be centrally cleared under the European Markets Infrastructure Regulation (EMIR).

The UCITS Directive allows UCITS to invest in both exchange-traded derivatives (ETDs) and OTC derivatives. However, only investments in OTC derivatives are subject to counterparty risk exposure limits.

The consultation runs until 22 October 2014.

Related documents

Press release

Discussion paper

Council adopts rules on payment services and account fees

Created
Wednesday, 23 July 2014

                                                                     23 July 2014

 

The Council adopted a directive aimed at guaranteeing access to basic payment services and improving information on fees related to payment accounts. The directive will enable consumers to make informed choices when opening a payment account by improving the transparency and comparability of information on account fees, whilst eliminating discrimination based on residency. It will also enable consumers to switch accounts more easily.

Related documents

Press release

Cover note

Legislative act

Next step

Publication on the Official Journal of the EU

Council adopts new rules on investment funds

Created
Wednesday, 23 July 2014

                                                                     23 July 2014

 

The Council adopted a directive amending EU rules on investment funds as concerns depository functions, remuneration policies and sanctions. The text amends directive 2009/65/EC on undertakings for collective investment in transferable securities (UCITS), introducing specific provisions on the depository's safekeeping and oversight duties, and defining the conditions in which safekeeping duties can be delegated to a sub-custodian.

Related documents

Press release

Cover note

Legislative act

Next step

Publication on the Official Journal of the EU

Council adopts rules on central securities depositories

Created
Wednesday, 23 July 2014

                                                                     23 July 2014

 

The Council adopted a regulation aimed at improving safety in the securities settlement system and opening the market for central securities depositories (CSD) services. The regulation introduces an obligation to represent all transferable securities in book entry form, i.e. recorded electronically, and to record them in CSDs before trading them on regulated venues. It harmonises settlement periods and settlement discipline regimes across the EU and introduces a common set of rules, inspired by international standards, addressing the risks of CSD operations and services.

Related documents

Press release

Cover note

Legislative act

Next step

Publication on the Official Journal of the EU

The FSB publishes a report on Reforming Major Interest Rate Benchmarks

Created
Tuesday, 22 July 2014

                                                                     22 July 2014

 

The FSB published a report setting out proposals for the reform and strengthening of major interest rate benchmarks and for additional work on the development and introduction of alternative benchmarks. The report draws on an assessment of the major interest rate benchmarks against the IOSCO Principles for Financial Benchmarks conducted by IOSCO and a report by a Markets Participants Group established by the FSB.

Related documents

Press release

Report

CRD IV: EBA consults on criteria to assess other systemically important institutions (O-SIIs)

Created
Monday, 21 July 2014

                                                                     18 July 2014

 

The EBA launched a consultation on draft Guidelines setting forth criteria to identify institutions that are systemically important either at Member State or Union level, the so called ‘other systemically important institutions' (O-SIIs). The Guidelines aim at achieving an appropriate degree of convergence in the identification process as well as at ensuring a comparable, clear and transparent assessment of O-SIIs.

The consultation runs until 18 October 2014.

Related documents

Press release

Consultation paper

 

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

Created
Monday, 21 July 2014

                                                                     21 July 2014

 

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

The updated Q&A clarifies:

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

- the obligations for depositaries and the calculation of leverage.

Related document

Questions & Answers

Bank resolution: EBA publishes final draft technical standards and guidelines on recovery plans

Created
Friday, 18 July 2014

                                                                     18 July 2014

 

The EBA published two final draft Regulatory Technical Standards (RTS) specifying (i) the information to be included in a recovery plan, and (ii) the criteria which competent authorities should apply when assessing the recovery plan of an institution or a group. The final draft RTS are complemented by Guidelines providing the range of scenarios to be used when testing recovery plans.

Related documents

Press release

Guidelines on recovery plan scenarios

Draft RTS on content of recovery plans

Draft RTS on assessment of recovery plans

Corrigendum to Directive 2014/49/EU on deposit guarantee schemes published in the Official Journal of EU.

Created
Friday, 18 July 2014

                                                                     18 July 2014

 

Corrigendum to Directive 2014/49/EU of the EP and of the Council of 16 April 2014 on deposit guarantee schemes has been published in the Official Journal of EU.

Related document

Corrigendum

  • Last Update: Monday 15 September 2014, 14:49.
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.

48 Days

Link:
European Central Bank: Banking Supervision

Highlights (month 07 Aug - 03 Sep)