The European Securities and Markets Authority (ESMA) has published a questions and answers paper (Q&A) on the implementation of the CRA III Regulation. The paper is designed to provide clarity on the Regulation’s requirements and practical application. In light of this, the Q&A covers the following topics:
Article 8d of the Regulation on credit rating agencies (CRA Regulation) requires issuers or related third parties that intend to appoint at least two credit rating agencies (CRAs) for the credit rating of the same issuance or entity to consider appointing at least one CRA with no more than 10% of the total market share,
The European Commission has published a report sent to the European Parliament and the Council of the EU evaluating the Regulation on short selling and certain aspects of credit default swaps (the Regulation).
The Commission is required under article 45 of the Regulation to report to the Parliament and the Council on the appropriateness and
The Financial Stability Board (FSB) has published a statement providing its annual update on its initiative to encourage global adherence to banking, insurance and securities regulatory and supervisory standards on international co-operation and information exchange. 45 out of 61 jurisdictions have demonstrated “sufficiently strong adherence” to the relevant standards, the UK of which is one
The PRA has issued a paper concerning documentation in the internal model approval process (IMAP). In the paper, the PRA sets out principles of good documentation and provides anonymised examples from its review work to date. The examples are not intended as templates, but to give firms guidance in how to submit good quality documentation
The PRA has issued Supervisory Statement 4/13: Solvency II: applying EIOPA’s preparatory guidelines to PRA-authorised firms (SS4/13).
The purpose of SS4/13 is to set out the PRA’s expectations of firms during the preparatory phase for Solvency II in relation to the European Insurance and Occupational Pensions Authority’s (EIOPA) guidelines for the preparation of Solvency II.
The Bank of England has published a speech by Julian Adams, PRA Deputy Head and Executive Director of Insurance. The speech is entitled Solvency II – a turning point.
In his speech Mr Adams covers:
The European Insurance and Occupational Pensions Authority (EIOPA) has published its financial stability report for the second half of 2013, with an accompanying press release. The report is EIOPA’s second half-yearly report for 2013 on the financial stability of the insurance, reinsurance and occupational pension fund sectors.
The second Solvency II Quick Fix Directive, which extends the 1 January 2016 deadline for the application of the Solvency II Directive and its transposition into national law, has been published in the Official Journal of the EU. It comes into force on 19 December 2013.
The European Parliament has updated its procedure file on the proposed Directive amending the Insurance Mediation Directive (IMD2). The procedure file now indicates that the Parliament will consider the legislative proposal during its 13 to 16 January 2014 plenary session as opposed to its previously scheduled 3 to 6 February 2014 session.
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