On 18 December 2019, the Council of the EU published a final draft of the Commission Delegated Regulation amending Delegated Regulation (EU) 2016/2251 as regards the specification of the treatment of over-the-counter (OTC) derivatives in connection with certain simple, transparent and standardised securitisations for hedging purposes.
Article 11 of the European Market Infrastructure
On 19 December 2019, the Financial Stability Board (FSB) published a report on vulnerabilities associated with leveraged loans and collateralised loan obligations (CLOs). The report assesses the financial stability implications of developments in the leveraged loan and CLO markets. It provides a global perspective by combining available data and analyses from
On 18 December 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of its 2014 recommendations to reform major interest rate benchmarks.
The report emphasises that the continued reliance of global financial markets on LIBOR poses risks to financial stability and the FSB calls for significant and sustained
On 16 December 2019, the International Organization of Securities Commissions (IOSCO) published a consultation paper with proposed guidance addressing potential conflicts of interest and associated conduct risks that stem from market intermediaries in the debt capital raising process.
The proposed guidance consists of eight measures relating to the pricing of debt securities and
On 17 December 2019, the FCA published Primary Market Bulletin (PMB) No. 26.
This issue of PMB provides a number of updates to the technical and procedural notes in the FCA’s Knowledge Base to reflect the new Prospectus Regulation, which came into effect on 21 July 2019.
The amended technical notes include:
On 18 December 2019, the PRA published a letter from Sam Woods, PRA CEO and Bank of England Deputy Governor, Prudential Regulation, to Tushar Morzaria, Chair of the Working Group on Sterling Risk-Free Rates (the Working Group). The PRA’s letter is in response to a communication from the Working Group earlier this year regarding
On 18 December 2019, the PRA and FCA published an update concerning their joint Climate Financial Risk Forum (CFRF) meeting in November.
The update makes the following points:
On 18 December 2019, the Bank of England (BoE) published a discussion paper which sets out its proposed framework for the 2021 Biennial Exploratory Scenario (BES) exercise. The objective of the BES is to test the resilience of the largest banks and insurers to the physical and transition risks associated with
On 18 December 2019, the European Banking Authority (EBA) published final draft regulatory technical standards (RTS) on the standardised approach for counterparty credit risk (SA-CCR).
The final draft RTS have been developed according to Article 277(5) and Article 279a(3) of the Capital Requirements Regulation, as amended by Regulation (EU)
On 18 December 2019, there was published in the Official Journal of the EU (OJ), European Commission Implementing Decision (EU) 2019/2166 relating to the equivalence of third country jurisdictions’ supervisory and regulatory arrangements in accordance with the Capital Requirements Regulation (CRR).
Implementing Decision (EU) 2019/2166 amends Implementing Decision 2014/908/EU to add