On 26 March 2024, the Council of the EU announced it had adopted the so-called Daisy Chain Directive which makes amendments to the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation (SRMR) as regards certain aspects of the minimum requirement for own funds and eligible liabilities (MREL). Background On 18 April … Continue Reading
On 22 March 2024, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2024/920 of 13 December 2023 supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying the performance-related triggers and the criteria for the calibration of those triggers. The RTS specify the two mandatory triggers … Continue Reading
On 21 March 2024, there was published in the Official Journal of the European Union (OJ) Decision (EU) 2024/871 of the European Central Bank (ECB) of 8 March 2024, on the total amount of annual supervisory fees for 2023. As such, the Decision lays down that the total amount shall be EUR 653 723 537; … Continue Reading
On 21 March 2024, the European Parliament issued a press release stating that the Economic and Monetary Affairs Committee (ECON) had voted on the Crisis Management Deposit Insurance Review and adopted new rules concerning orderly market exit for banks of all sizes, in order to minimise the economic burden on society. The new rules thus … Continue Reading
On 20 March 2024, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2024/895 of 13 December 2023 amending Delegated Regulation (EU) 2015/63 as regards the calculation of eligible liabilities and the transitional regime. The Delegated Regulation applies from the day following its publication in the OJ except for … Continue Reading
On 18 March 2024, the European Central Bank (ECB) and European Banking Authority (EBA) published a Memorandum of Understanding on the establishment of the Joint Bank Reporting Committee (JBRC). The JBRC is tasked with helping to develop common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution … Continue Reading
On 13 March 2024, the Single Resolution Board (SRB) issued a public consultation on the minimum bail-in data template (MBDT). The consultation is part of the SRB’s collaboration with the industry in order to fulfil the SRB mandate and implement the new strategy, SRM Vision 2028, which moves from the key elements of resolution planning … Continue Reading
On 7 March 2024, the Basel Committee on Banking Supervision (Basel Committee) published a Consultative Document setting out proposed amendments to its assessment methodology for global systemically important banks (G-SIBs). The proposed changes are intended to address “window-dressing” behaviour by some banks in the context of the G-SIB framework where regulatory arbitrage behaviour seeks to … Continue Reading
On 5 March 2024, the European Commission (Commission) published a Commission Delegation Regulation, supplementing the Securitisation Regulation with regard to regulatory technical standards specifying for simple, transparent and standardised (STS) non-asset backed commercial paper (non-ABCP) traditional securitisation, and for STS on-balance-sheet securitisation, the content, methodologies and presentation of information related to the principal adverse impacts … Continue Reading
On 4 March 2024, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a draft report on the legislative proposal for a Regulation establishing a European Deposit Insurance Scheme (EDIS Regulation). The draft report contains a draft European Parliament legislative resolution setting out suggested changes to the proposed EDIS Regulation. The European Commission first … Continue Reading
On 15 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/584 of 7 November 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2019/1851 as regards the homogeneity of the underlying exposures in simple, transparent and standardised securitisations. The European Banking Authority published … Continue Reading
On 13 February 2024, the Single Resolution Board (SRB) announced the Single Resolution Mechanism’s (SRM) new strategic vision up until 2028. The SRB’s early work was heavily focused on policy development and the main attributes for resolution mandated by the SRM Regulation. By the end of 2023, the SRB reached various key milestones. These … Continue Reading
On 7 February 2024, the European Parliament issued a press release stating that MEPs had adopted the draft Regulation amending the Single Euro Payments Area Regulation and the Cross-Border Payments Regulation as regards instant credit transfers in euro. The press release goes on to state that MEPs have adopted the new rules to ensure transferred … Continue Reading
On 10 January 2024, the European Central Bank (ECB) published a guide on financial conglomerate reporting of significant risk concentrations and intragroup transactions. The guide is relevant for financial conglomerates that are headed by a credit institution which the ECB has classified as a significant institution. The guide is intended to provide transparency regarding the approach … Continue Reading
On 9 January 2024, the European Banking Authority published final draft regulatory technical standards (RTS) and final draft implementing technical standards (ITS) on the functioning of supervisory colleges under the Capital Requirements Directive (CRD) IV. Commission Delegated Regulation (EU) 2016/98 and Commission Implementing Regulation (EU) 2016/99 specify the functioning of supervisory colleges. The final draft … Continue Reading
On 4 January 2024, the European Central Bank (ECB) published the latest version of its Supervisory Manual. The Supervisory Manual describes the organisational set-up of the Single Supervisory Mechanism (SSM) and defines the methodologies, processes and procedures for banking supervision in the euro area. It also covers how the SSM cooperates with other authorities in … Continue Reading
On 20 December 2023, the European Banking Authority (EBA) published a final report updating its existing guidelines on the specification and disclosure of systemic importance indicators. The guidelines define uniform requirements for disclosing the values used during the identification and scoring process of global systemically important institutions (G-SIIs), in line with internationally agreed standards developed … Continue Reading
On 21 December 2023, the European Securities and Markets Authority (ESMA) issued a consultation paper on the securitisation disclosure templates under Article 7 of the Securitisation Regulation. Article 7 of the Securitisation Regulation sets out the transparency requirements for all types of securitisations. These requirements include the disclosure of information related to the structure of … Continue Reading
On 19 December 2023, the European Central Bank (ECB) published the results of its 2023 Supervisory Review and Evaluation Process (SREP) and its supervisory priorities for 2024 – 2026. The SREP is an annual exercise in which ECB supervisors examine EU banks’ risks and produce capital requirements and guidance for each individual bank (which is … Continue Reading
On 19 December 2023, the European Banking Authority (EBA) published a report on the deposit coverage level and coverage of public authorities’ deposits, in response to a call for advice by the European Commission. The report presents the EBA’s analysis of the data collected from 28 EEA countries covering the period between January 2022 and … Continue Reading
On 15 December 2023, the European Banking Authority published a final report containing guidelines on assessment knowledge and experience of the management or administrative organ of a credit servicer as a whole, under the Non-Performing Loans Directive (Directive (EU) 2021/2167). The guidelines specify common criteria, taking into account the principle of proportionality, to assess the … Continue Reading
On 14 December 2023, the Single Resolution Board (SRB) issued a consultation on the future of the minimum requirements for own funds and eligible liabilities (MREL). The consultation is part of the SRB’s strategic review to ensure that it remains optimally equipped for the future, building on lessons learned from earlier bank failures and SRB … Continue Reading
On 13 December 2023, the European Commission published Commission Delegated Regulation (EU) of 13.12.2023 supplementing the Securitisation Regulation with regard to regulatory technical standards (RTS) specifying the performance-related triggers and the criteria for the calibration of those triggers. The RTS specify the two mandatory triggers under point (a) of Article 26c(5), third subparagraph of the … Continue Reading
On 6 December 2023, the Council of the EU and the European Parliament reached a provisional political agreement on the so called Daisy Chains proposal which amends the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation to include targeted proportionality requirements to the treatment of internal MREL in bank resolution groups. The … Continue Reading