On 20 December 2016, the Dutch Minister of Finance (the Minister) published the Repair Act Financial Markets 2017 (Herstelwet financiële markten 2017) (the Repair Act). The Repair Act provides for reparations of defects and omissions that have been made while implementing European legislation into Dutch law. The Repair Act provides for
Changes to GN10
From 1 January 2017, the first phase of changes to the Hong Kong Insurance Authority’s Guidance Note on the Corporate Governance of Authorized Insurers (GN10), will take effect. The second phase of changes (which are more substantive) will take effect from 1 January 2018,
There has been published in the Official Journal of the EU ten European Commission Implementing Decisions on equivalence of the regulatory regimes of certain third countries for central counterparties and trading venues under the European Market Infrastructure Regulation. The Commission has determined that the following jurisdictions have met the EU’s regulatory standards:
The Joint Committee of the European Supervisory Authorities (ESAs) has published a report setting out the conclusions of its assessment on automation in financial advice.
In the report the Joint Committee of the ESA’s sets out seven preliminary conclusions based on an earlier discussion paper that it published in December 2015. Such preliminary
The European Central Bank (ECB) has published the outcome of its second Supervisory Review and Evaluation Process (SREP) in 2016. The aggregate capital demand for 2017 for directly supervised banks remains comparable to 2016. In addition to capital requirements, the ECB also imposed liquidity measures as part of the SREP. Such
The Council of the EU has announced that it has agreed its negotiating stance on amendments to EU rules on the proposed Regulation amending the European Venture Capital Funds Regulation and the European Social Entrepreneurship Fund Regulation. The press release indicates that the Council’s Permanent Representatives Committee has asked the incoming Presidency to start negotiations
The European Banking Authority (EBA) has announced the launch of a qualitative survey on internal ratings-based (IRB) models. The main objective of this survey is to assess the impact of the EBA guidelines on the estimation of risk parameters for non-defaulted exposures, namely of the probability of default and the loss
The European Central Bank (ECB) has published for consultation a guide on the materiality assessment for changes to counterparty credit risk models. The draft ECB guide indicates how the ECB intends to interpret the existing legal framework and assists significant institutions directly supervised by the ECB in their self-assessment of the materiality of
The International Organization of Securities Commissions (IOSCO) has published a report setting out guidance to improve the consistency and quality of reporting by benchmark administrators on their compliance with the IOSCO Principles for Financial Benchmarks. IOSCO states that the Guidance on Statements of Compliance with the IOSCO Principles for Financial Benchmarks sets out
The Financial Stability Board (FSB) has published a consultative document on guidance on continuity of access to financial market infrastructures (FMIs) for a firm in resolution.
The consultative document proposes a set of arrangements to support continued access to FMIs by a firm in resolution. Those arrangements apply at the level