Germany

Commission adopts Delegated Regulation supplementing MAR with RTS on cooperation arrangements with third countries

On 14 September 2021, the European Commission adopted a Delegated Regulation of 2 July 2021 supplementing the Market Abuse Regulation with regard to regulatory technical standards containing a template document for cooperation arrangements with third countries and an Annex containing a template document. The adoption of the Delegated Regulation had been delayed due to the … Continue Reading

IOSCO statement on credit sensitive rates

By Hannah Meakin (UK) on September 9, 2021 Posted in Africa, Asia, Australia, Benchmarks – IBOR transition, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 8 September 2021, the Board of the International Organization of Securities Commissions (IOSCO) issued a statement on credit sensitive rates. Among other things the statement notes that regulators are concerned that some of LIBOR’s shortcomings may be replicated through the use of credit sensitive rates that lack sufficient underlying transaction volumes. The disproportionality between … Continue Reading

Basel III and global cooperation: where do we go from here?

By Simon Lovegrove (UK) on September 9, 2021 Posted in Africa, Asia, Australia, Canada, Capital adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 8 September 2021, the Basel Committee on Banking Supervision published a speech given by its Secretary General, Carolyn Rogers, entitled Basel III and global cooperation: where do we go from here? During the course of her speech Carolyn Rogers addresses, among other things, some of the more common arguments that have been used to … Continue Reading

2021 Strategic Foresight Report: Enhancing the EU’s long-term capacity and freedom to act

By Simon Lovegrove (UK) on September 9, 2021 Posted in France, Germany, Italy, The Netherlands

On 8 September 2021, the European Commission issued its second annual Strategic Foresight Report – The EU’s capacity and freedom to act. This communication covers the EU’s open strategic autonomy and identifies four main global trends impacting the EU’s capacity and freedom to act: climate change and other environmental challenges; digital hyper-connectivity and technological transformation; … Continue Reading

Commission Delegated Regulation with regard to RTS for the contractual recognition of write down and conversion powers

By Jochen Vester (UK) on September 9, 2021 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 8 September 2021, the European Commission published a webpage containing a Commission Delegated Regulation of 31 May 2021 supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) for the contractual recognition of write down and conversion powers. The provisions of the Delegated Regulation specify: The conditions under which … Continue Reading

Delegated Regulation supplementing EMIR specifying the conditions when commercial terms of central clearing are FRANDT

By Georgia Karamani (UK) on September 9, 2021 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 8 September 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/1456 of 2 June 2021 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council by specifying the conditions under which the commercial terms for clearing services for over-the-counter derivatives are to be considered … Continue Reading

IOSCO publishes guidance for intermediaries and asset managers using Artificial Intelligence and Machine Learning

By Simon Lovegrove (UK) on September 9, 2021 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 September 2021, the International Organization of Securities Commissions (IOSCO) published guidance to help its members regulate and supervise the use of Artificial Intelligence (AI) and Machine Learning (ML) by market intermediaries and asset managers, following its consultation report published in June. The guidance consists of six measures that reflect expected standards of conduct … Continue Reading

ECB / EBA letter to the Commission on the implementation of the outstanding Basel III reforms

By Simon Lovegrove (UK) on September 9, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 September 2021, the European Central Bank (ECB) and the European Banking Authority (EBA) published a joint letter that they had sent to the European Commission regarding the EU implementation of the outstanding Basel III reforms. In the letter the ECB and EBA argue that it is “crucial to avoid implementation approaches that would … Continue Reading

The EU should stick to the Basel III agreement

On 7 September 2021, a group of EU prudential supervisors and central banks published a joint letter that they had sent to the European Commission arguing that the EU’s legislative proposal implementing the final parts of the Basel III framework should adhere to both the letter and the spirit of the Basel III agreement. They … Continue Reading

New Delegated Regulation under the PRIIPs Regulation

By Matthew Gregory (UK) and Joe Bamford (UK) on September 9, 2021 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 7 September 2021, the European Commission adopted: Commission Delegated Regulation amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on … Continue Reading

Insurance Europe publishes its response to the European Commission consultation on the Regulation on AI

By Laura Hodgson (UK) on September 8, 2021 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

Insurance Europe has published a response to the European Commission consultation on proposals for a regulation on the use of artificial intelligence. Insurance Europe welcomes the overall objective of creating a principles-based framework of requirements and the development of mandatory requirements for high-risk AI systems that pose a risk to health and safety or the … Continue Reading

ECB decisions relating to delegation and internal tasks

By Martin Krause (DE) on September 7, 2021 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 6 September 2021, the following European Central Bank decisions were published in the Official Journal of the EU: Decision (EU) 2021/1437 of the European Central Bank of 3 August 2021 amending Decision (EU) 2017/934 on the delegation of decisions on the significance of supervised entities (ECB/2021/33). Decision (EU) 2021/1438 of the European Central Bank … Continue Reading

What’s coming up in September?

By Simon Lovegrove (UK) on September 6, 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 September. International regulatory bodies – consultations closing 3 September 2021: Basel Committee on Banking Supervision consultation on technical amendments on G-SIB assessment methodology review process. 6 September 2021: International Organization of Securities Commissions’ consultation on ESG ratings and data products providers. … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on September 3, 2021 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

EU and UK move towards the “travel rule” implementation for crypto-assets

By Anna Carrier (BE) on September 2, 2021 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 20 July 2021 the European Commission (the Commission) published a proposed Regulation on transfer of funds and certain crypto-assets. The proposed legislation will recast Regulation 2015/847 on the transfer of funds, and once adopted, it will implement in European law the Financial Action Task Force (FATF) recommendation to accompany the transfer of crypto-assets with … Continue Reading

European Commission publish final study on the development of tools and mechanisms for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policies

By Imogen Garner (UK), Daniel Nevzat (UK) and Arup Sen on August 27, 2021 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 27 August, the European Commission (EC) published its final study on the development of tools and mechanism for the integration of ESG factors into the EU banking prudential framework and into banks’ business strategies and investment policuies. The report looks into the integration of ESG risks within banks’ risk management processes and prudential supervision, … Continue Reading

RT Plus Podcast – Evolution and Divergence: Markets in the EU and UK – Commodities

By Hannah Meakin (UK) and Anna Carrier (BE) on August 25, 2021 Posted in Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom

The first episode in a new RT Plus mini-series, Evolution and Divergence: Markets in the EU and UK, is available now to stream and download. This podcast is the first in a series of five podcasts covering the changing nature of markets in Europe and also the degree to which this results in divergence with … Continue Reading

EBA publishes peer review on the prudential assessment of qualifying holdings

By Arup Sen, Simon Lovegrove (UK) and Jochen Vester (UK) on August 24, 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, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

The European Banking Authority (EBA) published its peer review on the prudential assessment of qualifying holdings today. The EBA’s ad hoc Peer Review Committee’s conclusions included in this Report are based on competent authorities’ self-assessment of how they applied selected areas of the Joint ESAs Guidelines on the prudential assessment of the acquisition of qualifying … Continue Reading

EBA observes that the number of high earners in EU banks remained overall stable in 2019

By Simon Lovegrove (UK) on August 19, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 18 August 2021, the European Banking Authority (EBA) published a report on high earners for 2019. The report has been developed in accordance with Article 75(3) of the Capital Requirements Directive IV, which mandates the EBA to collect information on the number of individuals per institution that are remunerated EUR one million or more … Continue Reading

GFXC releases guidance paper on Last Look, publishes disclosure templates

By Hannah Meakin (UK) on August 19, 2021 Posted in Africa, Asia, Australia, Canada, Clearing and Settlement, 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, United States

On 18 August 2021, the Global Foreign Exchange Committee (GFXC) issued a guidance paper on ‘last look’ trading within the Foreign Exchange market. Last look is a practice used in electronic trading where a market participant has a final opportunity to accept or reject a trade request made on its quoted price. The GFXC is … Continue Reading

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

By Hannah Meakin (UK), Jonathan Herbst (UK), Imogen Garner (UK), Victoria Pridmore and Jochen Vester (UK) on August 18, 2021 Posted in France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom

On 1 September 2021 from 8:50am to 9:50am (UK time) we will be holding a webinar ‘The UK TPR is ending – what should EU firms do next?’ The UK provided a broad temporary permissions regime (TPR) which made it easy for EU investment firms to do business into the UK post Brexit. This regime … Continue Reading

EBA report on resolution colleges

By Matthew Gregory (UK) and Simon Lovegrove (UK) on August 18, 2021 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 17 August 2021, the European Banking Authority (EBA) published its Annual Report on resolution colleges for 2020. The Annual Report sets out the EBA’s observations on the functioning of colleges during the year and the progress achieved in key areas of resolution planning. For the 2021 cycle of resolution college meetings, the EBA intends … Continue Reading

Monthly Global FinTech regulatory updater

Published in OJ – Commission delegated act determining the content of the contractual terms on recognition of resolution stay powers

By Jochen Vester (UK) on August 17, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 16 August 2021, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation 2021/1340 of 22 April 2021 supplementing the Bank Recovery and Resolution Directive (BRRD) with regard to regulatory technical standards (RTS) determining the content of the contractual terms on recognition of resolution stay powers. The RTS are based … Continue Reading