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Latest news of financial regulation

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Risk management: BCBS publishes a review of the principles for the sound management of operational risk

Created
Tuesday, 07 October 2014

                                                             06 October 2014

 

The BCBS published a review of banks' implementation of the 2011 principles for the sound management of operational risk. The principles embody the lessons from the financial crisis and evolving sound practice in operational risk management. The review covered 60 systemically important banks in 20 jurisdictions and took the form of a questionnaire against which banks self-assessed the extent and quality of their implementation.

Related documents

Press release

Review

Risk management: BCBS releases a revised standardised approach for measuring operational risk capital

Created
Tuesday, 07 October 2014

                                                             06 October 2014

 

The BCBS released for consultation a revised standardised approach for measuring operational risk capital. Once finalised, the revised standardised approach will replace the current non-model-based approaches, which comprise the Basic Indicator Approach (BIA) and the Standardised Approach (TSA), including its variant the Alternative Standardised Approach (ASA).

Consultation will close on 6 January 2015.

Related documents

Press release

Consultation paper

Basel III: BIS publishes FAQs on the Basel III leverage ratio framework

Created
Tuesday, 07 October 2014

                                                             07 October 2014

 

The BIS issued frequently asked questions (FAQs) on the Basel III leverage ratio.

FAQs are grouped according to different relevant areas: (i) criteria for the recognition of cash variation margin associated with derivative exposures; (ii) centrally cleared client derivative exposures; (iii) netting of securities financing transactions (SFTs); (iv) the treatment of netting of SFTs and derivatives under a cross-product netting agreement; and (v) the exposure measure under the additional treatment for credit derivatives.

Related document

FAQs

Bank of England announces proposals to strengthen the financial system through structural reform

Created
Monday, 06 October 2014

                                                             06 October 2014

 

The Bank of England published four papers that propose changes to improve the resilience and resolvability of deposit-takers and reduce the disruption to customers and the system if a deposit-taker or insurer fails.

The consultations will close on 6 January 2015.

Related documents

Press release

The implementation of ring-fencing: consultation on legal structure, governance and the continuity of services and facilities

Depositor Protection

Policyholder protection

Ensuring operational continuity in resolution

Basel accords: BIS publishes a progress report on adoption of the Basel regulatory framework

Created
Friday, 03 October 2014

                                                             03 October 2014

 

The BIS published a progress report on adoption of the Basel regulatory framework. It focuses on the status of domestic rule-making processes to ensure that the Basel standards are transformed into national law or regulation according to the internationally agreed timeframes.

 

 

Related documents

Press release

Progress report

 

Financial markets: BIS publishes a report on regulatory reform of OTC derivatives

Created
Friday, 03 October 2014

                                                             03 October 2014

 

The BIS published a report on regulatory reform of OTC derivatives. It analyses whether the post-crisis regulatory reforms developed by global standard-setting bodies create appropriate incentives for different types of market participants to centrally clear OTC derivatives contracts.

 

 

Related documents

Press release

Report

Solvency: EIOPA consults on conflicts of interest in direct and intermediated sales of insurance-based investment products

Created
Thursday, 02 October 2014

                                                            02 October 2014

 

 

EIOPA published a consultation paper on conflicts of interest in direct and intermediated sales of insurance-based investment products.

The consultation runs until 1 December 2014.

 

 

 

Related document

Consultation paper

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

  • Last Update: Thursday 30 October 2014, 11:47.
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.

4 Days

Link:
European Central Bank: Banking Supervision

Highlights (week 16 - 22 Oct)