The European Banking Authority (EBA) has published its third impact assessment report on the liquidity coverage ratio (LCR), together with a review of its phasing in period. The report finds that as at the reporting date of 31 December 2015, EU banks’ average LCR was significantly above the 100% minimum requirement,
The European Commission has published the responses received to its consultation on the review of the EU macro-prudential framework, together with a feedback statement. The feedback statement provides an overview of the responses regarding the instruments in the Capital Requirements Directive IV (CRD IV) and the Capital Requirements Regulation (CRR) and
There has been published in the Official Journal of the EU (OJ) a European Commission Implementing Decision that amends the list of third countries and territories whose supervisory and regulatory requirements are considered to be equivalent for the purposes of the treatment of exposures according to the Capital Requirements Regulation (CRR).
The International Organization of Securities Commissions (IOSCO) has published a consultation report on order routing incentives. In the report IOSCO surveys regulatory conduct requirements on brokers to manage conflicts of interest associated with order routing and obtaining best execution, where applicable, and assesses how this interacts with market practices around order routing incentives.
The International Organization of Securities Commissions (IOSCO) has published a final report on retail over-the-counter leveraged products, which analyses offers of rolling-spot forex contracts, contracts for differences and binary options to retail investors. The report identifies various risks related to the marketing and sale of complex OTC leveraged products to retail investors, and
The European Securities and Markets Authority (ESMA) has published new Q&As on data reporting under MiFID II and MiFIR. The Q&As cover:
View New ESMA Q&As on data reporting under MiFID II and MiFIR, 20
The European Securities and Markets Authority (ESMA) has published updated Q&As on the application of the Prospectuses Directive. The Q&As include one new question and answer on the application of the ESMA guidelines on alternative performance measures to prospectuses.
View Prospectuses: ESMA Q&As version 26, 20 December 2016
The Council of the EU has published a statement following an informal meeting between the Heads of State or Government of 27 Member States, as well as the Presidents of the European Council and the European Commission.
The annex to the statement sets out certain procedural arrangements that the informal meeting endorsed. These are as
Introduction
The Treasury Committee has published a review of the use of the Maxwellisation process in financial inquiries, setting out guidelines for the use of the process in the future. The review was commissioned by the Committee following concerns that recent inquires, such as the review into the failure of HBOS plc, have been too
On 21 December 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a guidance document setting out the level of investment knowledge that DNB expects from (prospective) pension fund directors (the Guidance Document).
Directors (and certain other (co-)policymakers) of, among others, pension funds, banks and insurers need to be screened