On 27 January 2016, we blogged that the European Banking Authority (EBA) had launched an impact assessment of International Financial Reporting Standard 9 (Financial Instruments) (IFRS 9).The EBA has now launched a second impact assessment of IFRS 9. The EBA expects that institutions will now be able to provide more detailed
November 2016
ECB Supervisory Board Chair clarifies why results of ECB internal stress test were not published
The European Central Bank (ECB) has published a letter which sets out its rationale for not publishing the results of the internal stress test that was conducted in parallel to the European Banking Authority EU-wide stress test, while giving banks the option of publishing their individual results.
ECP updates SEPA rulebooks
The European Payments Council (EPC) has announced that it has published new versions of its Single Euro Payments Area (SEPA) Credit Transfer, SEPA Direct Debit (SDD) Core, and SDD Business to Business scheme rulebooks, which will take effect in November 2017. The EPC invites all participating Payment Service Providers…
European Parliament adopts resolution of finalisation of Basel III
The European Parliament has published the provisional version of the text of the resolution it has adopted on the finalisation of Basel III. Among other things, the European Parliament:
- calls for dialogue and an exchange of best practices among regulators concerning the application of the principles of proportionality to be established at EU and international
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Official translations of EBA final guidelines on implicit support for securitisation transactions under CRR
The European Banking Authority (EBA) has updated its webpage on guidelines on implicit support for securitisation transactions under the Capital Requirements Regulation (CRR) to announce that they have been published in the official languages of the EU. The objective of the guidelines is to provide clarity on what constitutes arm’s length…
ESMA speech on regulation and DLT
The European Securities and Markets Authority (ESMA) has published a speech given by Patrick Armstrong, Senior Risk Analysis Officer, ESMA Innovation and Products Team, on regulation and distributed ledger technology (DLT). In his speech, Mr Armstrong comments on how ESMA approaches the topic of financial innovation and the attendant regulatory challenges.…
Regulatory reporting: retirement income data: CP16/36
The FCA has published Consultation Paper 16/36: Regulatory reporting: retirement income data (CP16/36). In CP16/36 the FCA sets out proposals to introduce two regulatory returns into chapter 16 of the Supervision manual to collect data about the retirement income market from providers of retirement income products.
The proposed regulatory returns will be:
- REP015
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Implementing information prompts in the annuity market: CP16/37
The FCA has published Consultation Paper 16/37: Implementing information prompts in the annuity market (CP16/37).
In CP16/37 the FCA sets out proposals to amend its rules in relation to the purchase of products that provide consumers with guaranteed income in retirement (pension annuities). The changes would require firms to inform consumers how much…
House of Commons’ library paper on the Great Repeal Bill
The House of Commons’ library has published a briefing paper on the Great Repeal Bill (the Bill). The Government has indicated that the Bill would be the first legislative step in the process of leaving the EU.
The Bill has not yet been published. The briefing paper considers issues likely to be raised…
Department for Exiting the EU publishes FAQs
The Department for Exiting the EU (the Department) has published a list of answers to the questions that it has been asked most about. These include:
- will there be a second referendum or an alternative to leaving the EU? The Department states “no”; and
- what model will be pursued in the negotiation? The
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