On 26 November 2019, the Basel Committee on Banking Supervision (Basel Committee) published a newsletter containing a joint statement with the Basel Consultative Group on the use of proportionality in the implementation of the Basel framework.
In the statement, the Basel Committee states that it supports the use of proportionality in implementing the
On 26 November 2019, the European Central Bank (ECB) published a speech given by Benoît Cœuré, ECB executive board member, entitled “Crossing the chasm to the retail payments of tomorrow”.
In his speech, Mr Cœuré explains the ECB’s governing council decision to relaunch its retail payments strategy. The aim of the strategy is
On 25 November 2019, the Council of the EU published a progress report on work on strengthening the EU Banking Union. The report focuses on the following:
Our next 40 minute briefing will be a seminar. In this briefing members from our Financial Services team and Government Relations team will discuss the EU legislative measures on sustainable finance and the latest green communications from the PRA and FCA.
To register your place for the briefing please click here.
The FCA has today announced the introduction of temporary product intervention measures for 12 months from 1 January 2020 to address risks of consumer harm from the promotion of speculative mini-bonds to retail investors. The intervention reflects the FCA’s concerns with the widespread marketing of mini-bonds in spite of their high risk nature and difficulty
Following up on our past LIBOR posts (see “The LIBOR Transition – What is LIBOR and why is it important?” and “The LIBOR Transition – the Secured Overnight Financing Rate (SOFR)”) on the transition away from LIBOR (London Interbank Offering Rate), and other interbank offering rates denominated in other currencies (collectively with LIBOR, “IBOR”),
On 22 November 2019, the FCA published Handbook Notice No. 71.
In this Handbook Notice the FCA describes the changes to the Handbook and other material made by the FCA Board under its legislative and other statutory powers on 24 October 2019 and 21 November 2019.
On 21 and 24 November 2019, the FCA
On 22 November 2019, the Financial Stability Board published its 2019 list of global systemically important banks (G-SIBs) using end-2018 data and an assessment methodology designed by the Basel Committee on Banking Supervision. One bank, Toronto Dominion, has been added to the list of G-SIBs that were identified in 2018, and therefore, the
On 22 November 2019, the European Banking Authority (EBA) issued a consultation paper on a draft implementing technical standard (ITS) on disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC).
The draft ITS includes proposals
On 21 November 2019, the European Central Bank (ECB) provided its third update on the targeted review of internal models (TRIM).
The ECB reports that a significant milestone has been reached with the successful conclusion of the last set of on-site investigations for the TRIM project. The ECB has also completed