On 26 July 2021, the Working Group on Euro Risk-Free Rates issued a statement regarding a recommendation for interdealer brokers to switch from EONIA to €STR at a common date. The statement also covers the Working Group’s support for the initiative coordinated between international risk free rate working groups on a common start date to
On 26 July 2021, the European Commission published an internal Decision dated 6 July 2021 together with an annex which adopts answers to certain questions concerning the Regulation on sustainability-related disclosures in the financial services sector (SFDR). In a letter the Commission asks the three European Supervisory Authorities to publish the questions and
On 23 July 2021, the European Central Bank announced that it was not extending beyond September 2021 its recommendation that all banks in the Eurozone limit dividends. Instead, supervisors will assess the capital and distribution plans of each bank as part of their regular supervisory process. When assessing a Eurozone bank’s capital trajectory and its
On 26 July 2021, the European Banking Authority (EBA) issued a public consultation on draft regulatory technical standards (RTS) setting out criteria for the identification of shadow banking entities for the purposes of reporting large exposures.
The legislative basis for the draft RTS is Article 394(4) of the Capital Requirements Regulation,
On 26 July 2021, the PRA inserted new documents into its webpage on strengthening accountability. Under the heading “Self-assessment templates and tables” the PRA has added updated remuneration policy statement templates for firms. The PRA states that firms are advised to read these templates in light of the PRA policy statement on updating requirements on
On 26 July, the Financial Conduct Authority (FCA) sent a Dear CEO letter to Portfolio Platforms, setting out reminders of their expectations in the following areas:
In respect of operational resilience, the FCA reminds firms that they expect firms to invest in their systems to
On 26 July, the Prudential Regulation Authority (PRA) published Policy Statement PS19/21 which provides feedback to responses to Consultation Paper (CP) 2/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’. PS19/21 also contains also contains the PRA’s final Supervisory Statement (SS) 5/21 ‘International banks: The PRA’s approach to branch and subsidiary supervision’ (Appendix
On 26 July the Financial Conduct Authority (FCA) published policy statement 21/9, which enacts the much anticipated implementation of the Investment Firms Prudential Regime (IFPR). This particular consultation paper follows CP21/7 which was published in April this year. It is in fact the second policy statement on the IFPR, the first being PS 21/6 which
On 21 July 2021, ASIC released Consultation Paper 346 and a draft updated Regulatory Guide 38 (RG 38) to reflect new legislative changes that strengthen the current hawking prohibitions. As many in the industry will know, new hawking prohibitions come into effect on 5 October 2021.
The new hawking prohibitions will not only affect insurers,
On 23 July 2021, the European Commission published a consultation looking into the functioning of the EU securitisation framework. The intention to consult was stated in the Commission’s action plan on the Capital Markets Union published in September 2020. This in turn stems from Article 46 of the EU Securitisation Regulation, which requires the Commission