On 25 June 2020, the European Banking Authority (EBA) published new Implementing Technical Standards (ITS) on public disclosures by institutions and revised final draft ITS on supervisory reporting that implements changes introduced in the revised Capital Requirements Regulation (CRR2) and the Prudential Backstop Regulation. The publication of the two
On 25 June 2020, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2020/866 of 28 May 2020 amending Delegated Regulation (EU) 2016/1010 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards for prudent valuation under Article 105(14) of the CRR.
The
On 23 June 2020, HM Treasury published a policy statement providing detail on its legislative approach for prudential standards in the Financial Services Bill. The policy statement also provides detail on how the government will tailor the prudential regimes to the specifics of the UK market.
At the 11 March Budget, the government published its
On 23 June 2020, the European Council issued a press release stating that its Presidency and the European Parliament had reached political agreement on a common set of rules for central counterparty (CCP) recovery and resolution.
The main objectives of the reforms are:
On 23 June 2020, the FCA updated its web page on the Securities Financing Transactions Regulation (SFTR) referring to the recent government announcement that the UK will not be implementing the SFTR reporting obligation for non-financial counterparties (NFCs). As a result the FCA will not require NFCs established in the UK
On 24 June 2020, the PRA issued a statement regarding the European Banking Authority (EBA) guidelines to address gaps in reporting data and public information in the context of COVID-19 (EBA guidelines).
The PRA states that it does not consider it necessary at this time to extend the supervisory reporting elements
On 23 June 2020, the European Commission published a roadmap concerning a review of the Consumer Credit Directive (CCD).
Following a REFIT Platform opinion recommending an assessment of the relevance, effectiveness and efficiency of the standard information to be included in advertising concerning credit agreements, the Commission evaluated the CCD in 2018-2019. The
On 24 June 2020, the European Commission published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on digital finance.
In terms of crypto-assets Mr Dombrovskis states that Europe is in a position to lead the way on regulation and for this a common approach
On 23 June 2020, HM Treasury issued a consultation concerning the transposition of the Bank Recovery and Resolution Directive II (BRRD II). The BRRD II makes amendments to the 2014 Bank Recovery and Resolution Directive in order to update the EU’s resolution policy and minimum requirements for own funds and eligible liabilities (
On 23 June 2020, the FICC Markets Standards Board (FMSB) published for consultation a transparency draft of a statement of good practice on algorithmic trading in the wholesale fixed income, commodity and currency markets. The statement sets out 10 good practice statements which cover the governance of, and management of conduct risks associated