Germany

ESAs publish joint report on the extent of voluntary disclosure of principal adverse impacts under SFDR

On 28 September 2023, the European Supervisory Authorities (ESAs) published their second joint report on the extent of voluntary disclosure of principal adverse impacts (PAI) under the Sustainable Finance Disclosure Regulation (SFDR). Like the approach taken for the first report in 2022, the ESAs launched a survey of Member State competent authorities to assess the … Continue Reading

ESMA publishes Annual Work Programme for 2024

By Simon Lovegrove (UK) on September 28, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 28 September 2023, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2024. In its Annual Work Programme, ESMA sets out the following objectives for 2024:… Continue Reading

Commission Implementing Regulation with regards to the templates to be used by credit institutions for the provision to buyers of information on their credit exposures in the banking book

By Simon Lovegrove (UK) on September 28, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 28 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023, laying down implementing technical standards for the application of Article 16(1) of the Credit Servicers Directive with regard to the templates to be used by credit institutions for the provision to buyers of information on their credit exposures in … Continue Reading

Published in the OJ: Commission Implementing Regulation 2023/2056 updating the list of relevant appropriately diversified indices in accordance with the CRR

By Jochen Vester (UK) and Simon Lovegrove (UK) on September 28, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/2056 of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the … Continue Reading

ESAs report on the landscape of ICT third-party providers in the EU

By Simon Lovegrove (UK) on September 27, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 27 September 2023, the European Supervisory Authorities (ESAs) co-published a report on the landscape of information and communication technology (ICT) of third-party providers (TTP) in the EU. The report sets out the results of a high-level analysis, carried out by the ESAs together with Member State competent authorities with the objective of getting a … Continue Reading

ESRB publishes advice on the prudential treatment of environmental and social risks

By Jochen Vester (UK), Haney Saadah and Simon Lovegrove (UK) on September 27, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 27 September 2023, the European Systemic Risk Board (ESRB) published advice on the prudential treatment of environmental and social risks. The advice highlights the specificity of risks related to climate change, which can be expected to become an important driver of broader environmental and social risks, and the challenges of tackling such risks in … Continue Reading

European Commission publishes Commission Implementing Regulation updating the list of relevant appropriately diversified indices in accordance with the CRR

By Simon Lovegrove (UK) on September 26, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 26 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the Capital Requirements Regulation. The Commission has also published an … Continue Reading

Latest ESG updater

By Haney Saadah and Simon Lovegrove (UK) on September 26, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

We have published our latest ESG updater, tracking regulatory developments in the ESG space over the last month. Should you wish to receive the updater please contact Haney Saadah. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

European Parliament ECON Committee holds first debate on CMDI package

On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading

FSB report on stocktake of international data standards relevant to cross-border payments

On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading

UNEP publishes second biennial progress report on implementation of the UN Principles for responsible banking

By Haney Saadah and Simon Lovegrove (UK) on September 25, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 22 September 2023, the United Nations Environment Programme (UNEP) published the second biennial progress report on implementation of the UN Principles for responsible banking. The report highlights the key achievements of member banks in integrating sustainability considerations such as climate change mitigation into their strategies, transforming governance structures, understanding their impacts better, setting targets … Continue Reading

New Regulation Tomorrow Plus podcast: EMEA regulatory insights series – Netherlands

By Simon Lovegrove (UK), Nikolai de Koning and Floortje Nagelkerke (NL) on September 22, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, Seminars, webinars and podcasts, The Netherlands, United Kingdom

In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading

European Parliament ECON Committee holds first discussion on Retail Investment Package

By Flupke van den Bogart and Simon Lovegrove (UK) on September 22, 2023 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading

EBA launches 2023 EU-wide transparency exercise

By Simon Lovegrove (UK) on September 22, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 22 September 2023, the European Banking Authority (EBA) launched its annual EU-wide transparency exercise. The exercise will disclose capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality information of the EU banking sector in the second half of 2022 and in the first half of 2023. The exercise forms part of … Continue Reading

Council of the European Union publishes Consumer Credit Directive II

By Simon Lovegrove (UK) and Matthew Gregory (UK) on September 21, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading

ECB speech – Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it

By Simon Lovegrove (UK) on September 20, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading

TNFD publishes recommendations

By Haney Saadah and Simon Lovegrove (UK) on September 19, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 19 September 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published its recommendations. The TNFD was launched in 2021. It is a global, market-led, science-based, and government-supported initiative with the mission to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related issues. The aim of … Continue Reading

FSB consults on financial resources and tools for central counterparty resolution

On 19 September 2023, the Financial Stability Board (FSB) published a consultation report on financial resources and tools for central counterparty (CCP) resolution. In the consultation report the FSB sets out a proposal for a toolbox approach as a global standard for CCP financial resources and tools for resolution. In a toolbox approach, resolution authorities … Continue Reading

IOSCO consults on leveraged loans and CLOs good practices for consideration

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading

European Commission consults on sustainable finance disclosures

By Simon Lovegrove (UK) and Haney Saadah on September 14, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 14 September 2023, the European Commission announced that it has launched a targeted consultation and a public consultation to seek feedback on the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets out how financial intermediaries, such as asset managers, have to communicate sustainability information to investors. … Continue Reading

European Commission publishes initiative on adjusting SME size criteria for inflation

By Simon Lovegrove (UK) on September 13, 2023 Posted in France, General, General, General, Germany, Italy, The Netherlands, United Kingdom

On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading

MEPs adopt new rules to protect consumers from taking on too much debt

By Simon Lovegrove (UK) and Matthew Gregory (UK) on September 13, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading

FMSB precious metal compendium

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading

Published in the OJ: Commission Implementing Regulation 2023/1718 with regard to closely correlated currencies in accordance with the CRR

By Jochen Vester (UK) and Simon Lovegrove (UK) on September 11, 2023 Posted in France, Germany, Italy, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading