Germany

FSB publishes implementation progress of OTC derivatives market reforms in 2021

On 3 December 2021, the Financial Stability Board (FSB) published a report regarding the implementation progress of over-the-counter (OTC) derivatives market reforms in 2021. The report tracks the international progress in implementing G20 reforms to global OTC derivatives markets following the 2008 global financial crisis. The following progress has been made since the previous annual … Continue Reading

EPC publishes 2021 Payment Threats and Fraud Trends Report

By Simon Lovegrove (UK) on December 8, 2021 Posted in France, Germany, Italy, Payment services, Payment services, Payment services, The Netherlands

On 6 December 2021, the European Payments Council published the 2021 Payment Threats and Fraud Trends Report to create awareness on payment threats and fraud trends and help payment stakeholders decide on possible actions to prevent fraud. The following conclusions regarding payment threats and fraud enablers may be derived from this report: Social engineering attacks … Continue Reading

Commission Delegated Regulation with regard to RTS specifying the conditions in accordance with which consolidation is to be carried out

By Jochen Vester (UK) on December 8, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 3 December 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) of 3.12.2021 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the conditions in accordance with which consolidation is to be carried out in the cases referred to in Article 18(3) to … Continue Reading

Beyond the temporary permissions regime: what is next for EEA firms operating in the UK?

By Hannah McAslan (UK) on December 7, 2021 Posted in Brexit, France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) for a period of time. The TPR will expire on 31 December 2023, unless … Continue Reading

New online briefing note – European Commission’s AIFMD legislative proposal: Focus on delegation

By Daniel Nevzat (UK), Simon Lovegrove (UK), Iona Wright (UK) and Imogen Garner (UK) on December 6, 2021 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

We have published a new online briefing note on the European Commission’s AIFMD legislative proposal focussing on delegation.… Continue Reading

Speech by Mairead McGuinness: Structured Dialogue with the ECON Committee in the European Parliament

By Simon Lovegrove (UK) on December 6, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 3 December 2021, the European Commission published the opening remarks made by Mairead McGuiness at the Structured Dialogue with the ECON Committee in the European Parliament. Among others things the remarks mention that: An extension of the equivalence decision for UK CCPs will be proposed early in 2022. The goal is to set up … Continue Reading

EBA consults on interest rate risk arising from non-trading book activities

By Jochen Vester (UK) on December 3, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 2 December 2021, the European Banking Authority (EBA) issued three consultations covering technical aspects of the revised framework capturing interest rate risks for banking book (IRRBB) positions. Specifically, the consultations cover: Guidelines on IRRBB and credit spread risk arising from non-trading book activities (CSRBB). When finalised these guidelines will replace the current guidelines on … Continue Reading

Anti-money laundering: Council of the EU agrees its negotiating mandate on transparency of crypto-asset transfers

By Victoria Pridmore on December 3, 2021 Posted in France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 1 December 2021, the Council of the European Union, agreed on a mandate to negotiate with the European Parliament on the proposed Regulation on information accompanying transfers of funds and certain crypto-assets. This proposal is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented … Continue Reading

What’s coming up in December?

By Simon Lovegrove (UK) on December 3, 2021 Posted in France, Germany, Horizon scanning, Italy, The Netherlands, United Kingdom

Introduction Here is a short summary of some of the key regulatory milestones in December. EU Commission Implementing Regulation (EU) 2021/1848 on the designation of a replacement for the benchmark Euro overnight index average (EONIA) and Commission Implementing Regulation (EU) 2021/1847 of 14 October 2021 on the designation of a statutory replacement for certain settings … Continue Reading

The UK TPR is ending – what should EU firms do next?

The recording of our recent webinar ‘The UK TPR is ending – what should EU firms do next’ is now available. The webinar, which is targeted both at standalone EU firms using the temporary permissions regime (TPR) and at EU firms using the TPR who are within those groups with a UK presence, covers the … Continue Reading

ESMA announces upcoming publication aimed at CSDs

By Hannah Meakin (UK) on December 2, 2021 Posted in Clearing and Settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands

On 1 December 2021, the European Securities and Markets Authority (ESMA), announced that it will begin publishing information on trading venues with the highest turnover for bonds. This information is needed by Central Securities Depositories (CSDs) to apply cash penalties under the CSD Regulation. ESMA aims to publish the first data by 1 February 2022 … Continue Reading

European Commission call for evidence for the EU banking sector to review macroprudential rules to limit systemic risk

By Simon Lovegrove (UK) on December 2, 2021 Posted in Banking, Banking, Banking, Banking, France

On 1 December 2021, the European Commission published a call for evidence regarding a review of macroprudential rules for the EU banking sector to limit systematic risk. The Commission has issued the call to collect evidence on how the EU’s macroprudential framework is functioning for the banking sector and on ways to improve it. The … Continue Reading

Solvent wind-down of trading books – SRB guidance for banks 2022

By Simon Lovegrove (UK) on December 2, 2021 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 1 December 2021, the Single Resolution Board (SRB) published guidance on solvent wind-down of derivatives and trading books in resolution. This guidance was released in line with the SRB’s Expectations for Banks (EfB) document which was published in April 2020. The guidance builds on the principles in the EfB and provides banks with details … Continue Reading

Commission issues targeted consultation on improving the EU’s macroprudential framework for the banking sector

By Simon Lovegrove (UK) on December 1, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 30 November 2021, the European Commission issued a targeted consultation intended to gather evidence on the current macroprudential rules for credit institutions in line with the better regulation principles and in view of the forthcoming legislative review mandated by Article 513 of the Capital Requirements Regulation (CRR). The information obtained will feed into the … Continue Reading

Commission Delegated Regulation amending Delegated Regulation 2019/815 as regards the 2021 update of the taxonomy laid down in the RTS on the single electronic reporting format

By Simon Lovegrove (UK) on December 1, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 30 November 2021, the European Commission published Commission Delegated Regulation (EU) of 29.11.2021 amending Delegated Regulation (EU) 2019/815 as regards the 2021 update of the taxonomy laid down in the regulatory technical standards on the single electronic reporting format (RTS on ESEF) together with Annexes. The delegated act sets out technical updates to the … Continue Reading

SEPA Request-To-Pay Scheme Rulebook

By Albert Weatherill (UK) on December 1, 2021 Posted in France, Germany, Italy, Payment services, Payment services, Payment services, The Netherlands

On 30 November 2021, the European Payments Council published the second version of Single Euro Payments Area (SEPA) Request-To-Pay (SRTP) Scheme Rulebook, which is based on the comments received in response to a three-month public consultation on the proposed change requests to the first version of SRPT scheme rulebook. This SRTP scheme rulebook is composed … Continue Reading

Corrigendum to Commission Decision C(2021)4858 final of 6 July 2021 on the adoption of the answers to be provided to questions submitted by the ESAs

By Simon Lovegrove (UK) on December 1, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 30 November 2021, the European Commission adopted a corrigendum concerning Commission Decision C(2021)4858 final of 6 July 2021 on the adoption of the answers to be provided to questions submitted by the European Supervisory Authorities under Article 16b(5) of Regulation (EU) No 1093/2010, Regulation (EU) No 1094/2010, Regulation (EU) No 1095/2010 of the European … Continue Reading

FSB report on good practices for Crisis Management Groups

On 30 November 2021, the Financial Stability Board (FSB) issued a report on good practices for Crisis Management Groups (CMGs). The report sets out good practices that have helped CMGs to enhance preparedness for the management and resolution of a cross-border financial crisis affecting a global systemically important bank (G-SIB) consistent with the FSB’s Key … Continue Reading

SRB updates guidance on operational continuity in resolution

By Simon Lovegrove (UK) on November 30, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 29 November 2021, the Single Resolution Board (SRB) published an updated version of its guidance on operational continuity in resolution (OCIR) which was published in July 2020. The guidance provides clarification for banks on how to implement the SRB’s expectations for operational continuity and has an indicative phasing-in timetable. In particular, the guidance covers … Continue Reading

IOSCO and CPMI publish a discussion paper on client clearing: access and portability

On 29 November 2021, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a discussion paper on client clearing. The discussion paper considers issues concerning access to central counterparties (CCPs) and effective porting practices. The discussion paper does not intend to provide guidance on … Continue Reading

ESMA publish a letter regarding regulatory technical standards under the Sustainable Finance Disclosure Regulation 2019/2088

By Daniel Nevzat (UK) on November 30, 2021 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands

On 29 November 2021, the European Securities and Markets Authority (ESMA) published a letter from John Berrigan, Deputy Director-General for Financial Stability, Financial Services and Capital Markets Union, European Commission, to Irene Tinagli, Chair of the Committee on Economic and Monetary Affairs, European Parliament and Andrej Šircelj, President of the Ecofin Council, Council of the … Continue Reading

EIOPA publishes a report on the use of capital add-ons by national competent authorities under Solvency II during 2020

By Laura Hodgson (UK) on November 30, 2021 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

The European Insurance and Occupational Pensions Authority (EIOPA) has published its annual report on the use of capital add-ons by national competent authorities under Solvency II. Capital add-ons are used by authorities to ensure that capital reflects the risk profile of an insurance undertaking or group. Add-ons are set following supervisory review by the relevant … Continue Reading

SRB 2022 work programme

By Anna Carrier (BE) on November 29, 2021 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 26 November 2021, the Single Resolution Board (SRB) published it 2022 Annual Work Programme, setting out its objectives and priorities for 2022. The SRB is committed to making banks fully resolvable by the end of 2023. In 2022, the SRB will work on enforcing and operationalising the guiding principles in the SRB’s Expectations for … Continue Reading

Policy Statement 21/16 ‘Issuing statutory notices – a new approach to decision makers’

By Simon Lovegrove (UK) on November 29, 2021 Posted in Germany, Italy, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 26 November 2021, the Financial Conduct Authority (FCA) published Policy Statement 21/16 ‘Issuing statutory notices – a new approach to decision makers’ (PS21/16). In PS21/16 the FCA provides feedback to Consultation Paper 21/25 ‘Issuing statutory notices – a new approach to decision makers’ in which it set out proposals to move some decision making … Continue Reading