2020

On 18 December 2020, the European Commission adopted a Delegated Regulation supplementing Regulation 2019/1238 with regard to regulatory technical standards specifying the requirements on information documents, on the costs and fees included in the cost cap and on risk mitigation techniques for the pan-European Personal Pension Product together with annexes. The regulatory technical standards…

On 18 December 2020, the Single Resolution Board (SRB) updated its approach to the prior permission regime for early calling, redeeming, repaying or repurchasing of eligible liabilities’ instruments by Eurozone banks. From 28 December 2020, the statutory transition period begins under the Single Resolution Mechanism Regulation II (SRMR 2) and authorisation…

On 18 December 2020, the following were published:

In April 2020,…

On 18 December 2020, the Bank of England (BoE) published a Discussion Paper that is the first part of its review of the BoE’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL). The BoE wishes to use the Discussion Paper to open up a broad dialogue…

On 18 December 2020, the European Commission adopted a Delegated Regulation establishing regulatory technical standards (RTS) amending Delegated Regulation (EU) 2017/583 as regards adjustment of liquidity thresholds and trade percentiles used to determine the size specific to the instrument applicable to certain non-equity instruments.

Commission Delegated Regulation (EU) 2017/583 sets out the transparency…

On 18 December 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper on algorithmic trading.

MiFID II / MiFIR require the European Commission to present reports to the European Parliament and the Council, after consulting ESMA, on a number of provisions. Article 90(1)(c) of MiFID II provides in particular for the submission…

On 17 December 2020, the European Banking Authority (EBA) issued a consultation paper setting out proposals for draft Implementing Technical Standards (ITS) amending the European Commission’s Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models. The draft ITS have been developed in accordance with Article 78 of the Capital Requirements Directive…

On 18 December 2020, the Working Group on Sterling Risk-Free Reference Rates published a paper designed to support loan market participants in considering credit adjustment spreads for active transition. The paper facilitates consideration of the key methodologies emerging in the loan market, and how these compare to the approaches taken in the bond and derivatives…

On 18 December 2020, there was published a letter from the chairs from the Basel Committee on Banking Supervision (BCBS) and the Committee on Payments and Market Infrastructures (CPMI) encouraging bank supervisors and banks and other participants in the FX market to follow the expectations set out in the 2013 BCBS…

On 18 December 2020, HM Treasury issued a supplementary annex to its earlier consultation document on insolvency changes for payment and electronic money institutions.

The supplementary annex consists of one chapter detailing the draft rules that will accompany the regulations that will introduce the Special Administration Regime for payments and electronic money firms.