Germany

ESMA results of MiFID II annual calculations of LIS and SSTI thresholds for bonds for 2019/20

On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . … Continue Reading

Basel Committee report on proportionality in bank regulation and supervision

On 19 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a report on proportionality in bank regulation and supervision. The report summarises the responses received to the Basel Committee’s survey on the same topic by member jurisdictions and participants of the Basel Consultative Group. The Basel Committee found that the majority of … Continue Reading

EBA goes live with its central register of payment and electronic money institutions under PSD2

On 18 March 2019, the European Banking Authority (EBA) launched its central electronic register under the revised Payments Services Directive (PSD2). The statutory basis of the register is Article 15(1) of the PSD2. This requires the EBA to develop, operate and maintain an electronic central register that contains information as notified by competent authorities. The … Continue Reading

Brexit: Doing business in the EU – Updated

Spain: updated 11 March 2019 Poland: new country added 12 March 2019 Italy: updated 13 March 2019 Denmark: updated 18 March 2019 Germany: updated 18 March 2019 We have produced a colour coded heat map and table identifying the temporary emergency measures being implemented in EEA jurisdictions, and how financial services provides can benefit from these measures. We … Continue Reading

EBA report on convergence of supervisory practices

On 15 March 2019, the European Banking Authority (EBA) published its fourth report on the convergence of supervisory practices and its activities carried out in 2018 to promote convergence. Key points to note from the EBA’s analysis of supervisory practices include: in 2018, a good degree of progress was made by the competent authorities in … Continue Reading

European Commission Communication on progress on developing the CMU

On 15 March 2019, the European Commission published a communication on its progress on developing the Capital Markets Union (CMU). The communication outlines the rationale of the CMU, as well as the progress achieved so far in developing the CMU. The communication makes three conclusions: the European Commission has now delivered the measures it committed … Continue Reading

Commission Delegated Regulation on PSD2 electronic central register

On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing the revised Payment Services Directive (PSD2) with regard to RTS setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and … Continue Reading

Commission Implementing Regulation on ITS with regard to the details and structure of the information to be notified in payment services

On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the EBA pursuant … Continue Reading

ECB announces publication date of the euro short-term rate

On 14 March 2019, the European Central Bank announced that it will start publishing the euro short-term rate as of 2 October 2019. The rate will be available by 9:00am CET on each TARGET2 business day, based on actual individual transactions from the previous day. It will be published on the ECB’s website, via the … Continue Reading

Delegated Regulation extending MiFIR trade transparency exemption to People’s Bank of China

On 14 March 2019, the European Commission adopted a Delegated Regulation that amends Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR. The Commission has also published an Annex to the adopted Delegated Regulation, which replaces the current Annex to Commission … Continue Reading

Jurisdictions move forward towards implementing standards for payment, clearing and settlement

On 14 March 2019, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions jointly published an update on the progress jurisdictions have made in implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. The information is based on self-assessments made by individual … Continue Reading

CMU: Presidency and European Parliament reach provisional deal on clearing house rules

On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. … Continue Reading

Commission adopts Delegated Regulation on PSD2 central contact point

On 14 March 2019, the European Commission adopted a draft Delegated Regulation supplementing the revised Payment Services Directive (PSD2). The draft Delegated Regulation contains regulatory technical standards specifying the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points. The Council of the EU … Continue Reading

EP non-objection to Delegated Regulation amending MiFID II tick size regime

On 13 March 2019, the European Parliament (EP) published a provisional version of a decision raising no objections to a Delegated Regulation amending Delegated Regulation (EU) 2019/2579 as regards the possibility to adjust the average daily number of transactions for a share where the trading venue with the highest turnover of that share is located … Continue Reading

ESMA includes MiFID II and MiFIR in interactive single rulebook

On 14 March 2019, the European Securities and Markets Authority (ESMA) updated its interactive single rulebook to include all level 2 and level 3 measures related to MiFID II and MiFIR. The Interactive Single Rulebook, launched by ESMA in February 2018, is an on-line tool that provides an overview of all level 2 and level 3 … Continue Reading

BIS committees report on central bank digital currencies

On 13 March 2019, the Markets Committee and Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS committees) published a report on central bank digital currencies (CBDCs). The report follows work from the BIS committees on CBDCs in which they analysed the potential implications for payment systems, monetary policy implementation and … Continue Reading

Basel Committee statement on crypto-assets

On 13 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a statement on crypto-assets. In recognition that crypto-assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value, the Basel Committee’s statement sets out its prudential expectations related … Continue Reading

Delegated Regulations under EMIR preparing for no-deal Brexit published in OJ

On 13 March 2019, two Commission Delegated Regulations were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/396 of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing EMIR as regards the date at which the clearing obligation takes effect for … Continue Reading

EEA Joint Committee Decision incorporating MiFIR and MiFID II Directive into EEA Agreement published in OJ

On 12 March 2019, there was published in the Official Journal of the EU (OJ) the European Council Decision 2019/389 concerning the incorporation into Annex IX (Financial Services) of the EEA Agreement of MiFID II and MiFIR. The Decision incorporates Annex IX of the EEA agreement MiFID II and MiFIR. The Decision entered into force … Continue Reading

EEA Joint Committee Decision incorporating MCD into EEA Agreement

On 11 March 2019, Council Decision 2019/380 of the EEA Joint Committee concerning the incorporation of the Mortgage Credit Directive (MCD) into Annex IX (Financial Services) and Annex XIX (Consumer protection) to the EEA Agreement was published in the Official Journal of the EU. The decision provides that Annex IX (Financial Services) to the EEA … Continue Reading

EBA observes a slight increase of high earners in EU banks for 2017

On 11 March 2019, the European Banking Authority (EBA) published its report on high earners for 2017. The data shows that the number of high earners in EU banks receiving a remuneration of more than EUR 1 million slightly increased from 4,597 in 2016 to 4,859 in 2017. The average ratio between the variable and … Continue Reading

EBA publishes clarifications to the first set of issues raised by its Working Group on APIs under PSD2

On 11 March 2019, the European Banking Authority (EBA) published clarifications to the first set of issues that have been raised and discussed by participants of its working group on application programming interfaces (APIs) under the revised Payment Services Directive (PSD2), which met for the first time on 21 February 2019. The clarifications relate to … Continue Reading

ECB consults on draft Decision on oversight of SIPS

On 8 March 2019, the European Central Bank (ECB) published for consultation the draft Decision of the ECB on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (SIPS). The decision has been drafted on the basis of Article 21(1) of the … Continue Reading
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