On 8 November 2022, the Council of the EU adopted its general approach on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards.
The Basel III legislative package comprises of a:
In this episode, following the FCA’s interim 31st October deadline, Jonathan Herbst, Matthew Gregory, Joe Bamford and Iain Hawthorn focus on where firm’s should be now, and the key things they need to consider in taking forward their implementation plans for the new Consumer Duty. The discussion includes the steps that firms need to
On 7 November 2022, Sara Breeden (Executive Director, Financial Stability Strategy and Risk, Bank of England) gave a speech at the ISDA and AIMA on ‘Risks from leverage: how did a small corner of the pensions industry threaten financial stability?’
In her speech, Ms Breeden sets out how leverage outside the banking sector can create
On 8 November 2022, there was published in the Official Journal of EU the following regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the EU Crowdfunding Regulation:
It used to take 75 days to get a general construction permit in Canada, now it can take close to 249.[1] In 2020 Canada ranked 34th out of 35 OECD countries for its permitting approval periods. By comparison, the average approval time in the US was reportedly 81 days.[2]
Canada’s permitting periods are
On 7 November 2022, the European Banking Authority (EBA) published an Opinion on the set-up and operationalisation of intermediate EU parent undertaking(s) under Article 21b of the Capital Requirements Directive IV (CRD IV).
Article 21b of the CRD IV strengthens the supervision of third-country groups with significant activities in the EU.
On 7 October 2022, the International Organisation of Securities Commissions (IOSCO) announced a call for action on good sustainable finance practices for financial markets voluntary standard setting bodes and industry associates.
IOSCO is calling upon all voluntary standard setting bodies and industry associations operating in financial markets to promote good practices amongst their
On 7 November 2022, the Financial Stability Board (FSB) published a report on OTC Derivatives Market Reforms: Implementation progress in 2022.
The report tracks national and regional progress in implementing the G20 reforms to global over-the counter (OTC) derivatives market reforms following the 2007 Global Financial Crisis.
The report finds that
On 4 November 2022, the European Banking Authority (EBA) published the final methodology, draft templates and template guidance for the 2023 EU-wide stress test along with the milestone dates for the exercise.
The objectives of the EU-wide stress test is to provide EU supervisors, banks and other market participants with a common analytical
In our latest monthly wrap up we highlight some of the key regulatory papers published by the Autorité Des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) during the period 20 September to 2 November 2022.
Marie-Anne Barbat-Layani appointed Chair of the AMF
By decree of