Latest news of financial regulation
13 August 2015
The European Securities and Markets Authority (ESMA) published four reports focused on how the European Markets Infrastructure Regulation (EMIR) framework has been functioning and providing input and recommendations to the European Commission’s (EC) EMIR Review.
Three of the reports are required under Article 85 of EMIR, and cover non-financial counterparties, pro-cyclicality and the segregation and portability for Central Counterparties (CCPs). The fourth report responds to the EC’s Review including recommendations on amending EMIR in relation to the clearing obligation, the recognition of third country CCPs and the supervision and enforcement procedures for trade repositories.
The EBA issued its opinion on how to define what arrangements should be protected in a partial property transfer in resolution. The Opinion ensures full protection of well-established sources of refinancing such as secured debt, including securities lending and covered bonds, and of means of risk mitigation.
The Bank Resolution and Recovery Directive lists five general categories of arrangements which may be protected (security arrangements, title transfer collateral arrangements, set-off arrangements, netting arrangements, covered bonds and structured finance arrangements). As these categories are quite broad, the scope needs to be further specified, and the Commission is empowered to do so in its delegated acts.
EBA launches a consultation on technical standards on exemption of non-financial counterparties from credit valuation adjustment risk charge
05 August 2015
The EBA launched a consultation on Regulatory Technical Standards (RTS) on the procedures for excluding transactions with non-financial counterparties (NFCs) established in a third country from the own funds requirement for credit valuation adjustment (CVA) risk.
The proposed RTS align the treatment of NFCs established in a third country with the treatment of EU NFCs.
Consultation will run until 5 November 2015.
07 September 2015
The EBA published a report combining the benchmarking of remuneration practices across the European Union and aggregated data on the remuneration of EU institutions' staff who received, in total, EUR one million or more in 2013. The analysis focuses, in particular, on the identification of staff, the application of deferral arrangements and the pay out in instruments, as well as on the use of specific remuneration elements, such as guaranteed variable remuneration and severance payments. The report shows that the number of high earners slightly decreased since 2012 and that the ratio between the variable and fixed remuneration paid to identified staff was further reduced in 2013.
EBA informs that it will incorporate additional analysis into its calibration reports on net stable funding requirements and leverage ratio
19 August 2015
The European Banking Authority (EBA) has been called to conduct further analysis on proportionality, the scope of application and impact on markets of the calibration of Net Stable Funding Requirements (NSFR) and Leverage Ratio (LR). The analysis on proportionality will be based on an assessment of the impact of the requirements on banks with different business models and will also specifically aim to cover potential future reporting requirements. The EBA will try to incorporate these aspects into its reports to the maximum extent possible and taking into account constraints in data availability.
19 August 2015
The CPMI and the IOSCO published for public comment a consultative report on harmonisation of the Unique Transaction Identifier (UTI).
This consultative report is one part of the Harmonisation Group’s response to its mandate. It focuses on the harmonised global UTI, whose purpose is to uniquely identify each OTC derivative transaction required by authorities to be reported to trade repositories. The final objective is to produce clear guidance as to UTI definition, format and usage that meets the needs of UTI users, is global in scale, and is jurisdiction-agnostic, thus enabling the consistent global aggregation of OTC derivatives transaction data.
Consultation will run until 30 September 2015.
CPMI and IOSCO publish a consultative report on harmonisation of a first batch of key OTC derivatives data elements
02 September 2015
The Committee on Payments and Market Infrastructures (CPMI) and the IOSCO published for public comment a consultative report on harmonisation of a first batch of key OTC derivatives data elements.
The purpose of this consultative report is to help develop guidance to authorities on definitions for a first batch of key data elements that are important for the globally consistent and meaningful aggregation of data on OTC derivatives transactions, other than the Unique Transaction Identifier (UTI) and the Unique Product Identifier (UPI).
Consultation will run until 9 October 2015.
07 August 2015
The IOSCO published the final report on post-trade transparency in the credit default swaps market, which analyzes the potential impact of mandatory post-trade transparency in one particular over-the-counter (OTC) derivatives market: the credit default swaps (CDS) market.
In the report, IOSCO concludes that greater post-trade transparency in the CDS market – including making the price and volume of individual transactions publicly available – would be valuable to market participants and other market observers. IOSCO encourages each member jurisdiction to take steps toward enhancing post-trade transparency in its CDS market.
02 September 2015
The IOSCO published the final report on the peer review of regulation of money market funds, which describes the implementation progress made by 31 jurisdictions in adopting legislation, regulation and other policies in relation to money market funds (MMFs).
Using the most current data available at the reporting date, the global MMF market was dominated by five jurisdictions (the U.S., France, Luxembourg, Ireland and China), which together accounted for almost 90% of global assets under management in MMFs. For these jurisdictions, only the U.S. reported having final implementation measures in all Reform Areas. China and the EU members were still in the process of developing and finalising relevant reforms.
IOSCO publishes peer review of implementation of incentive alignment recommendations for securitisation
03 September 2015
The Board of the International Organization of Securities Commissions (IOSCO) published its final report on the peer review of implementation of incentive alignment recommendations for securitisation, which describes the implementation progress made by 25 jurisdictions in adopting legislation, regulation and other policies in relation to incentive alignment in securitisation.
BCBS publishes frequently asked questions on the standardised approach for measuring counterparty credit risk exposures
29 August 2015
The Basel Committee on Banking Supervision (BCBS) published frequently asked questions (FAQ) on the standardised approach for measuring counterparty credit risk exposures.
To help ensure consistent global implementation of its standards, the Committee has agreed to periodically review frequently asked questions and publish answers along with any technical elaboration of the standards and interpretative guidance that may be necessary.
31 July 2015
The European Securities and Markets Authority (ESMA) launched a consultation on draft regulatory technical standards under the regulation on European long-term investment fund (ELTIF). These draft regulatory technical standards determine the criteria for establishing the circumstances in which the use of financial derivative instruments solely serves hedging purposes, the circumstances in which the life of ELTIF is considered sufficient in length, the criteria to be used for certain elements of the itemised schedule for the orderly disposal of the ELTIF assets, the costs disclosure and the facilities available to retail investors.
The consultation runs until 14 October 2015.
05 August 2015
The European Securities and Markets Authority (ESMA) published final version of its technical advice on penalties for settlement fails and the substantial importance of a central securities depository under the regulation on central securities depositories (CSDR).
31 July 2015
The European Banking Authority (EBA) launched a discussion on small and medium enterprises (SMEs) and the SME supporting factor (SF). Through this paper, which is the basis for a preliminary discussion, the EBA is inviting its stakeholders to provide their input and evidence aimed at supporting the ongoing analysis on bank lending to SMEs and the impact of the SME SF.
The consultation runs until 1 October 2015.
Commission implementing regulation (EU) 2015/1278 on supervisory reporting of institutions as regards instructions, templates and definitions published in the Official Journal of the EU
31 July 2015
Commission implementing regulation (EU) 2015/1278 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions as regards instructions, templates and definitions has been published in the Official Journal of the EU.
This Regulation shall enter into force on 20 August 2015 and it shall apply from 1 June 2015.
03 August 2015
The Prudential Regulation Authority (PRA) published package of policy on the PRA rulebook, part 3.
It is the third in a series of publications over two years that will redraft the Handbook inherited from the Financial Services Authority to create the PRA Rulebook.
FSB decides to wait to finalise the assessment methodologies for non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs)
30 July 2015
The Financial Stability Board (FSB) announced that it has decided to wait to finalise the assessment methodologies for non-bank non-insurer global systemically important financial institutions (NBNI G-SIFIs) until the current FSB work on financial stability risks from asset management activities is completed.
ESRB publishes a report on issues to be considered in the EMIR revision other than the efficiency of margining requirements
28 July 2015
The European Systemic Risk Board (ESRB) published a report on issues to be considered in the EMIR revision other than the efficiency of margining requirements.
The European Commission is under the obligation to review the European Market Infrastructure Regulation (EMIR) by 17 August 2015. The ESRB is mandated to provide its views on the pro-cyclicality of margining requirements and on the need to consider additional intervention capacity in this area. The ESRB is taking this opportunity to provide its views on topics other than the efficiency of margining requirements for the European Commission’s consideration in preparing its report to the European Parliament and the Council.
30 July 2015
The European Securities and Markets Authority (ESMA) published its advice in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) and its opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (NPPRs). The Advice and Opinion, required under AIFMD, will now be considered by the European Commission, Parliament and Council.
29 July 2015
The European Banking Authority (EBA) launched a consultation on draft guidelines on cooperation agreements between deposit guarantee schemes (DGSs). The proposed guidelines specify the objectives and minimum content of those cooperation agreements, with the aim of ensuring a consistent and coherent approach across Member States, thus contributing to strengthen the European system of national DGSs. In addition, these draft Guidelines include a multilateral framework cooperation agreement, which the DGSs should adhere to, still allowing for bilateral agreements in specific cases.
The consultation runs until 29 October 2015.
- Last Update: Friday 09 October 2015, 17:07.
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