Article 45(2) of the Bank Resolution and Recovery Directive (BRRD) empowers the Commission to adopt, following submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying assessment criteria relating to the methodology for setting the
Commission adopts Delegated Regulation on RTS specifying standards for methodologies and principles on valuation of derivatives liabilities under BRRD
Article 49(5) of the Bank Resolution and Recovery Directive (BRRD) empowers the European Commission (the Commission) to adopt, following submission of draft standards by the European Banking Authority, and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying methodologies and principles on the valuation of
Commission corrigendum to Delegated regulation on exclusion from application of write-down or conversion powers under BRRD
The Council of the EU has published a cover note from the European Commission (the Commission) enclosing the text of the corrigendum to the Commission Delegated Regulation specifying further circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of the Bank Recovery and Resolution Directive (
Hong Kong Monetary Authority strengthen cybersecurity controls on banks
The Hong Kong Monetary Authority (HKMA) is taking action to tackle cyber security in the banking sector in Hong Kong through the Cybersecurity Fortification Initiative (CFI) – a new comprehensive initiative announced on 18 May, which aims to raise the level of cybersecurity of the banks in Hong Kong. This follows a similar initiative by
Federal Reserve proposes to limit termination rights for certain contracts of global systemically important banking organizations
The Federal Reserve Board (“FRB”) has issued a proposed rulemaking to require “global systemically important banking organizations” (“GSIBs”) and their subsidiaries to limit their counterparties’ rights to terminate and liquidate uncleared derivatives and other agreements under certain conditions if the GSIB or its subsidiary enters into a bankruptcy or resolution process. The proposal is intended
Commission Delegated Regulation on deferral of extraordinary contributions and criteria for critical functions and core business lines under BRRD published in OJ
There has been published in the Official Journal of the EU (OJ) the Commission Delegated Regulation supplementing the Bank Recovery and Resolution Directive (BRRD) on the circumstances and conditions under which the payment of extraordinary ex-post contributions may be partially or entirely deferred, and on the criteria for the determination of the activities, services and
EBA publishes translations of guidelines on business reorganisation plans under BRRD
The European Banking Authority (EBA) has updated its website on its guidelines on business reorganisation plans under the Bank Recovery and Resolution Directive (BRRD) to state that the guidelines have been translated into the official languages of the EU. The guidelines will apply 3 months after their publication in all EU languages, that is from
Transparency Directive: final draft Commission Delegated Regulation on EEAP
The European Commission (the Commission) has published the final draft text of a Delegated Regulation supplementing the Transparency Directive with regard to regulatory technical standards on access to regulated information at EU level, together with an annex.
The proposed European Electronic Access Point (EEAP) system will allow easier cross-border access to regulated information, lower the
Commission Delegated Regulation on RTS relating to the ratio of unexecuted orders to transactions under MiFID II Directive
MiFID II introduces specific requirements with respect to algorithmic trading, both for investment firms and trading venues. Trading venues must, amongst other things, have in place effective systems, procedures and arrangements to ensure algorithmic trading systems cannot create or contribute to disorderly trading conditions on their market. This includes a limitation of the messages that
Hong Kong: PRC residents to receive fact statements when purchasing insurance policies in HK
The Insurance Commissioner recently announced that his office is working with the Hong Kong Federation of Insurers to better protect Chinese residents who purchase insurance policies in Hong Kong. From mid-2016, all Chinese residents who purchase Hong Kong insurance policies will be required to sign and acknowledge a fact statement that they understand key differences