On 9 June 2023, the European Banking Authority (EBA) published the 2023 update of the list of closely correlated currencies, originally published in December 2013. The list is part of the implementing technical standards (ITS) that were drafted for calculating the capital requirements for foreign-exchange risk according to the standardised rules. The list was updated … Continue Reading
On 9 June 2023, both Regulation 2023/114 on markets in cryptoassets (MiCA) and Regulation 2023/1113 on information accompanying transfers of funds and certain cryptoassets (recast revised WTR) were published in the Official Journal of the EU (OJ). The recast revised WTF enters into force 20 days after its publication in the OJ (29 June 2023) … Continue Reading
On 8 June 2023, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2023/1119 of 12 January 2023 laying down implementing technical standards for the application of the Investment Firms Directive with regard to standard forms, templates and procedures for the information sharing between the competent authorities of home … Continue Reading
On 8 June 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/1118 of 12 January 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying the conditions under which colleges of supervisors exercise their tasks. The Delegated Regulation enters into force on the twentieth … Continue Reading
On 8 June 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/1117 of 12 January 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying requirements for the type and nature of the information to be exchanged by competent authorities of home and host … Continue Reading
On 8 June 2023, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2023/1117 of 12 January 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying requirements for the type and nature of the information to be exchanged by competent authorities of home and host … Continue Reading
On 7 June 2023, the Association for Financial Markets in Europe (AFME) published updated guidelines on MiFID II product governance (PG) and Packaged retail investment and insurance products (PRIIPs) Regulation regimes: An approach for the equity-linked markets. The guidelines set out an approach for the equity-linked (convertible and exchangeable bond) markets (i.e. syndicated cross border … Continue Reading
On 7 June 2023, the European Council announced that it had reached provisional political agreement with the European Parliament on a draft Directive that updates the 2002 Directive on distance marketing of consumer financial services. Specifically, the draft Directive repeals the 2002 Directive and introduces new provisions for financial services contracts concluded at a distance … Continue Reading
On 7 June 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on the Securities Financing Transactions Regulation (SFTR) data reporting. ESMA has now added a Q&A on ‘Reporting of SFTs concluded by IORPs and pension funds’.… Continue Reading
On 7 June 2023, the Bank for International Settlements (BIS) issued a press release concerning the meeting that the Basel Committee on Banking Supervision (Basel Committee) had on 6 June 2023. At this meeting the Basel Committee took stock of recent market developments and risks to the global banking system. It also discussed various policy … Continue Reading
On 6 June 2023, the European Securities and Markets Authority (ESMA) issued a follow-up peer review report which provides an update on the action that Member State competent authorities (NCAs) have taken to address the issues that were identified in the 2018 peer review on the guidelines on exchange traded funds and other UCITS issues. … Continue Reading
On 6 June 2023, the European Commission issued a press release welcoming political agreement on the proposal for a Directive on the access of competent authorities to centralised bank account registries through the single access point. The draft Directive complements the Anti-Money Laundering Directive, which establishes the interconnection of bank account registers, by providing law … Continue Reading
On 5 June 2023, the European Banking Authority (EBA) published final draft implementing technical standards (ITS) on supervisory benchmarking for the 2024 exercise. The EBA benchmarking exercise ensures consistent monitoring of the variability of own funds requirements resulting from the application of internal models, as well as of the impact of several supervisory and regulatory … Continue Reading
On 2 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the methodology to be used by the resolution authority for determining the valuation of contracts prior to their termination as referred to in Article 29(1) of the Regulation on a framework for the recovery and resolution of central counterparties. The guidelines … Continue Reading
On 2 June 2023, the European Securities and Markets Authority (ESMA) published guidelines further specifying the circumstances for temporary restrictions in the case of a significant non-default event in accordance with Article 45a of the European Market Infrastructure Regulation (EMIR). Article 45a of EMIR mandates ESMA to draft guidelines further specifying the circumstances in which … Continue Reading
On 1 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the application of the circumstances under which a central counterparty (CCP) is deemed to be failing or likely to fail. The guidelines apply to Member State competent authorities and are based on Article 22(6) of the Regulation on a framework for … Continue Reading
On 2 June 2023, the Council of the EU published the adopted text of the Regulation of the European Parliament and of the Council on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. The text is dated 31 May 2023. The next step is for … Continue Reading
On 2 June 2023, the Council of the EU published the adopted text of the Regulation on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849. The text is dated 31 May 2023. The next step is for the Regulation to be published in the Official Journal of the EU. It … Continue Reading
On 2 June 2023, the European Banking Authority (EBA) published a document following a targeted review of governance and risk management of counterparty credit risk (CCR) at 23 institutions that were materially active in derivatives and securities financing transactions with non-banking counterparties. The document provides a collection of good practices in CCR governance and management … Continue Reading
On 2 June 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology. In particular, ESMA has added new Q&As on DLT market infrastructures, cash settlement and exemptions from the Central Securities Depositories Regulation.… Continue Reading
On 2 June 2023, there was published a letter from the European Securities and Markets Authority to the European Commission, the European Parliament and the Council of the EU concerning the MiFIR review and the current lack of transparency in the EU for over-the-counter (OTC) derivatives, notably single-name credit default swaps (CDS). Among other things … Continue Reading
On 31 May 2023, the European Securities and Markets Authority (ESMA) announced that the amended Regulatory Technical Standards (RTS) 1 and 2, under MiFIR, will start applying on 5 June 2023. Some of the amendments will have an impact on the transparency calculations for equity, equity-like and non-equity instruments. In particular:… Continue Reading
On 1 June 2023, the European Securities and Markets Authority (ESMA) published guidelines on the consistent application of the triggers for the use of early intervention measures based on Article 18(8) of the Regulation on a framework for the recovery and resolution of central counterparties (CCPRRR). The guidelines apply to Member State competent authorities designated … Continue Reading
On 31 May 2023, the European Securities and Markets Authority (ESMA) published a final report on the framework for the 5th ESMA stress test exercise for central counterparties (CCPs). This report sets out the framework for the new ESMA stress test exercise for CCPs, including the scope, the detailed methodology, the expected deliverables and the … Continue Reading
