Italy (and EU regulation)

EBA opinion on CRR II and CRD V proposals on own funds

Article 80 of the Capital Requirements Regulation (CRR) mandates the European Banking Authority (EBA) to monitor the quality of own funds instruments issued by institutions across the Union and to notify the European Commission immediately where there is significant evidence of those instruments not meeting the criteria set out in Article 28, or where applicable, … Continue Reading

FSB stocktake on work to strengthen governance frameworks to mitigate misconducts risks

The Financial Stability Board (FSB) has published a report entitled Stocktake of efforts to strengthen the governance framework to mitigate misconduct risks. The report describes the findings of a stocktake of efforts underway by international bodies, national authorities, industry associations and firms on the use of governance frameworks to address misconduct risk, and include a … Continue Reading

Wolfsberg Group guidance on PEPs

The Wolfsberg Group (the Group) has published updated guidance as to how financial institutions should handle the money laundering risks posed by politically exposed persons (PEPs). This updates the guidance that the Group initially issued in 2003 and the FAQs issued in 2008. The updated guidance lays out what the Wolfsberg Group considers to be … Continue Reading

FSB and CGFS joint report on Fintech credit

A working group established by the Committee on the Global Financial System and the Financial Stability Board has published a report on FinTech credit. FinTech credit is credit activity facilitated by electronic platforms such as peer-to-peer lenders. FinTech platforms facilitate various forms of credit, including consumer and business lending, lending against real estate, and non-loan … Continue Reading

Delegated Regulation on classes of arrangements protected in partial property transfers under BRRD published in OJ

There has been published in the Official Journal of the European Union (OJ) the Commission Delegated Regulation (EU) 2017/867 of 7 February 2017 on classes of arrangements to be protected in a partial property transfer under Article 76 of the Bank Recovery and Resolution Directive. The Delegated Regulation will enter into force on 9 June … Continue Reading

ESMA clarifies the concept of trade on a trading venue under MiFID II

The European Securities and Markets Authority (ESMA) has published an opinion that seeks to clarify the concept of “traded on a trading venue” (TOTV), which is relevant for a number of provisions under MiFID II and MiFIR. The opinion states the following: “ESMA is of the view that only OTC derivatives sharing the same reference … Continue Reading

ESMA finds improvements in regulators’ supervisory practices concerning MiFID rules on fair, clear and not misleading information

The European Securities and Markets Authority (ESMA) has published a follow-up report on the actions undertaken by ten Member State national competent authorities (NCAs) in addressing deficiencies identified in the 2014 peer review on MiFID conduct of business rules relating to fair, clear and not misleading information.… Continue Reading

EBA consults on its guidance for the use of cloud computing

The European Banking Authority (EBA) has launched a consultation on draft recommendations on outsourcing to cloud service providers by financial institutions. In December 2006 the Committee of European Banking Supervisors published general outsourcing guidelines that remain applicable. The draft recommendations provide additional guidance for the specific context of institutions that outsource to cloud service providers.… Continue Reading

European Parliament again rejects blacklist of states at risk of money laundering

The European Parliament has again rejected Commission Delegated Regulation of 24 March 2017 amending Commission Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive by identifying high risk third countries with strategic anti-money laundering and counter-terrorist financing deficiencies.… Continue Reading

Money market fund rules adopted

The Council of the EU has adopted the proposed Regulation on money market funds. There are currently two kinds of money market funds (MMFs) in the EU that are used for short-term financing for companies and government entities: those that offer a variable net asset value (VNAV) that mainly depends on market fluctuations; and those … Continue Reading

Council adopts new rules on prospectuses

The Council of the EU has adopted the proposed Regulation that repeals and replaces the Prospectus Directive and the Prospectus Regulation.  The new Regulation on prospectuses enters into force on the 20th day after its publication in the Official Journal of the European Union. The majority of its provisions apply from 24 months after the … Continue Reading

Top cyber security blogs you might have missed

In case you missed it, here’s a pick of some of the most interesting blogs on cyber security: FCA speech on managing cyber security threats (25 April 2017): G7 principles on cyber security for the financial sector (13 October 2017) Our approach to cyber security in financial services (23 September 2017) Cyber security Directive published … Continue Reading

ECB guide for fit and proper assessments

The European Central Bank (ECB) has published a guide to fit and proper assessments. The guide is relevant to significant credit institutions that fall under the direct supervision of the ECB and is intended to ensure consistency in the application of the fit and proper assessment criteria, with a view to establishing common supervisory practices … Continue Reading

G7 Finance Ministers and Central Banks’ Governors Meeting

There has been published the communiqué from the recent G7 Finance Ministers and Central Banks’ Governors meeting. Among other things the communiqué states: “In light of the increasing digitalisation of financial services and the evolving cyber threats landscape, it is important to pursue effective approaches for assessment of cyber security at the financial firm and … Continue Reading

MiFID II Academy webinar – 18 May 2017

The next MiFID II Academy webinar will be taking place on 18 May 2017 at 11:00am to 11:45am. The webinar will provide an update on algorithmic trading, DEA and third country issues. For further information please see here.… Continue Reading

EBA final guidelines on credit institutions credit risk management practices and accounting for expected credit losses

In December 2015, the Basel Committee on Banking Supervision (BCBS) issued supervisory guidance on credit risk and accounting for expected credit losses (the BCBS guidance), which sets out supervisory expectations for credit institutions related to sound credit risk practices associated with implementing and applying an expected credit loss (ECL) accounting model. Building on the BCBS … Continue Reading

FSB publishes Global Shadow Banking Monitoring Report 2016

The Financial Stability Board (FSB) has published a Global Shadow Banking Monitoring Report 2016. The report presents the results of the FSB’s sixth annual monitoring exercise to assess global trends and risks in the shadow banking system, reflecting data up to the end of 2015. The “shadow banking system” can broadly be described as “credit … Continue Reading

FSB speech – Reforming derivatives markets: a stocktake

The Financial Stability Board (FSB) has published a speech given by its Secretary General, Svein Andresen. The speech is entitled Reforming derivatives markets: a stocktake. In his speech Mr Andreson discusses the emerging evidence about the effects of the G20 over-the-counter derivatives markets reforms. He then covers the FSB’s derivatives-related work for the next year … Continue Reading

LEI ROC comments on delays in LOUs implementing parent entity data collection

The Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) has published its comments on the launch of the data collection on parent entities in the global LEI system. The LEI ROC welcomes the launch on 1 May 2017 of the collection of information on the direct and ultimate parents of legal entities. … Continue Reading

Member States consider closer alignment of the CCP recovery and resolution framework with FSB guidance

Last week Member State representatives met to continue discussions on the proposal for a Regulation on central counterparty (CCP) recovery and resolution. The Presidency compromise text, published on 28 April 2017, served as a basis of discussion. In this compromise text, the Presidency has sought to reflect Member States discussion thus far, as well as … Continue Reading

EBA consults on draft RTS on simplified obligations under BRRD

The European Banking Authority (EBA) has published a consultation paper on draft regulatory technical standards (RTS) on simplified obligations under Article 4(6) of the Bank Recovery and Resolution Directive (BRRD). The consultation paper sets out the EBA’s proposed draft RTS on the criteria listed in Article 4(1) of the BRRD for the purposes of determining … Continue Reading

Final draft RTS and ITS on standardised terminology and disclosure documents under Payment Accounts Directive

The European Banking Authority (EBA) has published final draft technical standards setting out standardised terminology for services linked to a payment account, and the standardised formats and common symbol of the fee information document and the statement of fees. The technical standards have been drafted in accordance with Articles 3(4), 4(6) and 5(4) of the … Continue Reading

EBA consults on PSD2 guidelines on security measures for operational and security risks

The revised Payment Services Directive (PSD2) entered into force in the EU on 12 January 2016 and will apply as of 13 January 2018. The PSD2 confers 11 mandates on the European Banking Authority (EBA), one of which relates to the development, in close cooperation with the European Central Bank (ECB), of guidelines on the … Continue Reading
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