Germany

EBA consults on guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings under Article 21b of CRD IV

On 15 January 2021, the European Banking Authority (EBA) issued a consultation paper on draft guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings as laid down in the CRD IV. Article 21b of the CRD IV sets out a requirement for institutions belonging to … Continue Reading

ESAs letter to Commission on priority issues relating to SFDR application

By Daniel Nevzat (UK) on January 18, 2021 Posted in ESG, ESG, ESG, ESG, Germany, Italy, The Netherlands, United Kingdom

On 15 January 2021, the Joint Committee of the European Supervisory Authorities (ESAs) published a letter it had sent to the European Commission concerning priority issues relating to the draft regulatory technical standards (RTS) under Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). The letter reports that areas of uncertainty have been … Continue Reading

REMIT requirements for the registration of Registered Reporting Mechanisms

By Victoria Pridmore on January 18, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 15 January 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) announced that it had updated its requirements’ document for Registered Reporting Mechanisms (RRMs) and will resume their registration. ACER’s announcement follows the adoption and entry into application of the European Commission’s Decision on fees due to ACER for collecting, handling, processing … Continue Reading

ECA special report – Resolution planning in the SRM

By Simon Lovegrove (UK) on January 18, 2021 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 15 January 2021, the European Court of Auditors (ECA) published a special report on resolution planning in the Single Resolution Mechanism (SRM). In 2017, the ECA conducted its first audit report assessing whether the Single Resolution Board (SRB) was equipped to carry out the resolution of significant banks effectively. To inform policymakers and … Continue Reading

Non-performing loans: vote on EU rules for selling NPLs to third parties

By Jochen Vester (UK) on January 15, 2021 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 14 January 2021, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had agreed on the text of the draft Directive on credit servicers, credit purchasers and the recovery of collateral. The ECON MEPs have also agreed to start negotiations with the Council and the European Commission on the draft text. … Continue Reading

Part II: Navigating the US presidential transition – cross-border business and regulatory perspective

By Samuel Ramer (US) and Kevin Harnisch (US) on January 15, 2021 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Seminars and webinars, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

United States | January 26, 2021 | 10:00 am ET | 3:00 pm GMT In the second installment of our post-election webinar series, George E. Pataki, former Governor of New York, and Sam Ramer, former Senior Associate Counsel to President Trump, will consider the latest developments regarding the US presidential election. With one party now … Continue Reading

Financial Crime Outlook: 2021 and beyond

By Clarinda Grundy, Wilson Ang (SG), Sun Hong, Lisa Lee Lewis (UK), Kathleen Scott (US), Daniel Leslie (CA) and Jeremy Moller on January 14, 2021 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

Senior management and boards are increasingly acknowledging the threat of financial crime as a critical risk to their business that must be addressed. This has been exacerbated in the last 12 months through the impact of the pandemic as well as rising domestic and international tensions. Norton Rose Fulbright’s financial crime compliance specialists, located in … Continue Reading

ECB finalises guide on supervisory approach to consolidation

By Jochen Vester (UK) on January 13, 2021 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 12 January 2021, the European Central Bank (ECB) published a final guide outlining its supervisory approach to consolidation in the banking sector, following a public consultation which ended on 1 October 2020. The ECB has also published a feedback statement setting out its views on respondents’ comments on the consultation. With the final guide, … Continue Reading

ISDA paper on COVID-19 and CCP risk management frameworks

By Hannah Meakin (UK) on January 8, 2021 Posted in Asia, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom

On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading

Publication of financial instruments reference data after the end of the Brexit transition period

By Victoria Pridmore on January 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 January 2021, the European Securities and Markets Authority (ESMA) published its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period. ESMA states that the FIRDS delta files contain information about: Termination of all UK financial instruments: (ISIN, MIC) records for MICs in the UK … Continue Reading

ESMA promotes transparency for TLTRO III transactions

By Jochen Vester (UK) on January 7, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 January 2021, the European Securities and Markets Authority (ESMA) issued a public statement promoting transparency in the IFRS financial statements of banks regarding accounting for the third series of the European Central Bank’s targeted longer-term refinancing operations (TLTRO III). The main recommendations for affected banks are to: Provide entity-specific disclosures of the significant … Continue Reading

ESMA launches a common supervisory action with NCAs on the supervision of costs and fees of UCITS

By Iona Wright (UK) and Imogen Garner (UK) on January 7, 2021 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom

On 6 January 2021, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State national competent authorities (NCAs) on the supervision of costs and fees of UCITS across the EU. The CSA will be conducted during 2021. The CSA will assess entities’ compliance with the … Continue Reading

Corrigendum to Commission Delegated Regulation (EU) No 667/2014

By Hannah Meakin (UK) on January 5, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 29 December 2020, there was published in the Official Journal of the EU a Corrigendum to Commission Delegated Regulation (EU) No 667/2014 of 13 March 2014 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to rules of procedure for penalties imposed on trade repositories by the European … Continue Reading

Update on MoUs

By Simon Lovegrove (UK) on January 5, 2021 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 4 January 2021, the FCA issued a new webpage concerning the memoranda of understanding (MoUs) that it had entered into with European authorities and which became effective at the end of the transition period. The MoUs include: A multilateral MoU with EU and EEA national competent authorities covering supervisory cooperation, enforcement and information exchange. … Continue Reading

The Regulation Tomorrow Podcast – back in February 2021

By Arup Sen and Simon Lovegrove (UK) on January 5, 2021 Posted in Africa, Asia, Australia, Canada, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Arab Emirates, United Kingdom, United States

The Regulation Tomorrow Podcast will be back in February 2021 with episode 4. To listen to episode 3, where we discussed Brexit, vulnerable customer initiatives and also gave an enforcement update, please click here. The Regulation Tomorrow Podcast is available to download and subscribe to on Apple Podcasts, iTunes and Soundcloud. We are keen to … Continue Reading

Summary of temporary transitional measures for EU27 Member States – further update

By Michael Born (DE) on January 4, 2021 Posted in Brexit, Brexit, Germany, United Kingdom

Germany: As previously reported the German regulator (BaFin) has published its reaction to the EU-UK Trade and Cooperation Agreement (TCA). The German regulator states that the provisions of the TCA will apply to financial services only to a limited extent and repeats that the UK service providers will no longer be able to use the European passports … Continue Reading

UK Risk Retention Requirements Post Brexit

By David Shearer (UK) and Rae Parsons (UK) on December 31, 2020 Posted in Banking, Brexit, Brexit, General, Germany, Italy, Regulation and compliance, Securitization, The Netherlands, United Kingdom, United States

Having only days previously made statements that such a deal was unlikely and warning their citizens to prepare for a no deal Brexit, the United Kingdom (UK) and the European Union (EU) announced on 24 December 2020 that they had reached an agreement in principle on trade and co-operation. More than 1200 pages long, the … Continue Reading

Summary of temporary transitional measures for EU27 Member States

By Patty Tan and Hannah McAslan (UK) on December 24, 2020 Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom

With the Brexit transition period nearing its end, we set out below an update on the EU 27 temporary transitional measures – the table below lists the jurisdictions for which we have received confirmation of the current position, further updates to other jurisdictions will be posted as and when we receive them. Summary of jurisdictions … Continue Reading

EBA provides additional clarity on the implementation of selected COVID-19 policies

By Simon Lovegrove (UK) on December 22, 2020 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 21 December 2020, the European Banking Authority (EBA) updated its report on the implementation of selected COVID-19 policies. The report was first published on 7 July 2020 and then updated on 7 August 2020 to provide additional clarity on the implementation of the reporting and disclosure framework in the context of the COVID-19 measures. … Continue Reading

Commission Implementing Regulation (EU) laying down ITS for the application of the CRR with regard to supervisory reporting of institutions and repealing Implementing Regulation (EU) No 680/2014

By Matthew Gregory (UK) on December 22, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 21 December 2020, the European Commission adopted an Implementing Regulation laying down implementing technical standards (ITS) for the application of the Capital Requirements Regulation with regard to supervisory reporting of institutions and repealing Implementing Regulation (EU) No 680/2014 together with annexes. The Implementing Regulation lays down uniform reporting formats and templates, instructions on and … Continue Reading

ESMA updates EMIR Q&As

By Hannah Meakin (UK) on December 22, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 21 December 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR). ESMA has updated the Q&As to clarify the status after the post-Brexit transition period of legacy derivative transactions executed on UK markets and is relevant for EU counterparties in order to determine applicable EMIR … Continue Reading

ESMA sees significant increase in EU market abuse sanctions to €88 million in 2019

By Katie Stephen (UK) on December 22, 2020 Posted in Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 21 December 2020, the European Securities and Markets Authority (ESMA) published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued under the Market Abuse Regulation (MAR) in 2019. The report shows that Member State national competent authorities (NCAs) and other authorities imposed a total of €88 million in … Continue Reading

Updated open letter on the withdrawal of the UK from the EU and implications on the registration of market participants and data collection under REMIT

By Victoria Pridmore on December 22, 2020 Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom

On 21 December 2020, the EU Agency for the Cooperation of Energy Regulators updated its open letter of 8 January 2019 regarding data reporting under Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) following the end of the transition period. The purpose of the open letter is to give guidance to … Continue Reading

ESMA guidelines – Reporting under Articles 4 and 12 SFTR

By Albert Weatherill (UK) on December 22, 2020 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 21 December 2020, the European Securities and Markets Authority (ESMA) published guidelines concerning the securities financing transaction (SFT) reporting obligation as provided in Article 4 Securities Financing Transaction Regulation (SFTR), the trade repositories’ (TRs) obligations under Articles 5(7) and 12 SFTR, as well as the reporting start date as determined in Article 33(2) SFTR. … Continue Reading