Germany

European Commission consults on a draft BMR equivalence decision for Japan

On 6 April 2020, the European Commission published for a four-week consultation period a draft implementing decision on the equivalence of the legal and supervisory framework applicable to benchmarks in Japan in accordance with the Benchmarks Regulation. The decision is applicable to the specified administrators of financial benchmarks that are specified as specified financial benchmarks … Continue Reading

ESMA proposes amendments to MiFID II commodity derivatives regime

By Anna Carrier (BE) on April 7, 2020 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, Italy, The Netherlands, United Kingdom

On 1 April 2020, the European Securities and Markets Authority (ESMA) released two publications concerning the commodity derivatives regime under MiFID II. This includes ESMA’s final review report on position limits and position management in commodity derivatives, and technical advice on weekly position reports published by trading venues on open positions per category of stakeholders. … Continue Reading

Basel Committee sets out additional measures to alleviate the impact of Covid-19

By Simon Lovegrove (UK) on April 7, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 3 April 2020, the Basel Committee on Banking Supervision (Basel Committee) announced certain additional measures to alleviate the impact of the COVID-19 pandemic on the global banking system. The additional measures are: technical clarifications as regards the treatment of extraordinary support measures related to COVID-19; the Basel Committee will be amending its transitional arrangements … Continue Reading

Global Asset Management Quarterly – 14th edition now available online

By Richard Sheen (UK), Imogen Garner (UK) and Simon Lovegrove (UK) on April 6, 2020 Posted in Asia, Australia, Canada, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: Europe European update Launch of IFR/IFD transition hub EU/UK regulatory roundup United Kingdom COVID-19: action points for boards to consider FCA Dear CEO letter: Asset management firms – prepare now for the end of LIBOR Extension of … Continue Reading

Monthly global FinTech regulatory updater

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 … Continue Reading

Commission consultation on EU Retail Payments Strategy

By Anna Carrier (BE) on April 6, 2020 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 3 April 2020, the European Commission issues a consultation on a retail payments strategy for the EU. The public consultation, which is published together with the public consultation on a new digital finance strategy, is a key step towards the adoption of a retail payments strategy for Europe. The deadline for comments on the … Continue Reading

ESMA consults on clearing solutions for pension scheme arrangements under EMIR

By Hannah Meakin (UK) and Hannah McAslan (UK) on April 6, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 2 April 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper covering a range of issues regarding potential central clearing solutions for pension scheme arrangements (PSAs) under the European Market Infrastructure Regulation (EMIR). The consultation paper is based on ESMA’s first report to the European Commission documenting the progress made to … Continue Reading

Commission extends consultation deadlines

By Iona Wright (UK) and Imogen Garner (UK) on April 6, 2020 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 3 April 2020, the European Commission updated its consultations (banking and finance web page) extending the following consultation: A retail payments strategy for the EU – deadline extended to 26 June 2020 A new digital finance strategy for Europe / FinTech action plan – deadline extended to 26 June 2020 Revision of the non-financial … Continue Reading

ESMA guidance on performance fees in UCITS and certain AIFs

By Iona Wright (UK) and Imogen Garner (UK) on April 6, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 3 April 2020, the European Securities and Markets Authority (ESMA) published final guidance on performance fees in investment funds – applicable to undertakings for the collective investment in transferable securities (UCITS) and certain types of alternative investment funds (AIFs). In respect of UCITS, the guidance applies primarily in relation to Article 14 of the … Continue Reading

EBA publishes guidelines on treatment of public and private moratoria in light of COVID-19 measure

By Jochen Vester (UK) and Simon Lovegrove (UK) on April 6, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 2 April 2020, the European Banking Authority (EBA) published guidelines that clarify certain aspects in relation to the use of public and private payment moratoria referred to in its statement of 25 March 2020. The guidelines clarify which legislative and non-legislative moratoria do not trigger forbearance classification, while in all other cases the assessment … Continue Reading

BaFin puts distribution policies regarding dividends and bonuses of German insurers and pension funds in the context of COVID-19 under scrutiny

By Andreas Börner (DE), Eva-Maria Barbosa (DE) and Corinna Baltzer (DE) on April 3, 2020 Posted in Coronavirus, Financial Institutions, Germany, Insurance, Regulation and Compliance

In accordance with its habit to upload links to EIOPA publications relating to the aligned policy of European supervisors in light of the current coronavirus crisis, the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) on 2 April 2020 published a note in which it referred to EIOPA’s statement of the same date … Continue Reading

ESMA publishes advice on fines and penalties for third country CCPs

By Hannah McAslan (UK) on April 1, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the European Securities and Markets Authority (ESMA) published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third country central counterparties and alignment of those for trade repositories and credit rating agencies. ESMA’s final technical advice covers: the right to be heard by … Continue Reading

ESMA consults on standardised information to facilitate cross-border funds distribution

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation paper on the standard forms, templates, and procedures that Member State national competent authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds. The consultation paper represents the first stage in the development of draft … Continue Reading

ESMA update on reporting under the MMF Regulation

On 31 March 2020, the European Securities and Markets Authority (ESMA) announced that it was delaying the first reports by money market funds managers under the Money Market Funds Regulation (MMF Regulation) until September 2020. The original date for submissions was April 2020. The amended XML schema and reporting instructions will be published shortly on … Continue Reading

Signatories to the UN Principles for Responsible Banking publish a portfolio impact analysis tool for banks

By Imogen Garner (UK) and Iona Wright (UK) on April 1, 2020 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 31 March 2020, the United Nations Environment Programme Finance Initiative (UNEP FI) announced that a community of signatories to the Principles for Responsible Banking and UNEP FI member banks had developed a portfolio impact analysis tool for banks (the Tool) together with a guidance document. The Tool guides banks through a holistic analysis of … Continue Reading

Implementing Regulation amending ITS on supervisory reporting under CRR

By Jochen Vester (UK) on April 1, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2020, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2020/429 of 14 February 2020 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council. … Continue Reading

EBA final draft RTS on key areas for implementing FRTB

By Jochen Vester (UK) and Simon Lovegrove (UK) on March 31, 2020 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Banking Authority (EBA) published final draft regulatory technical standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB). These final draft RTS have been developed according to Articles 325bd(7), 325be(3), 325bf(9), 325bg(4) of the Capital Requirements Regulation as amended by the … Continue Reading

ESMA final draft RTS for CCP colleges under EMIR 2.2

By Hannah Meakin (UK) and Hannah McAslan (UK) on March 31, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 30 March 2020, the European Securities and Markets Authority (ESMA) published its final report containing draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties (the Delegated Regulation). The Delegated Regulation has been developed by ESMA and adopted by the European Commission in … Continue Reading

ECB recommendation to delay dividends until October 2020

By Jochen Vester (UK) and Simon Lovegrove (UK) on March 31, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Central Bank (ECB) updated its recommendation to banks on dividend distributions. The ECB recommends that at least until 1 October 2020 no dividends are paid out and no irrevocable commitment to pay out dividends is undertaken by credit institutions for the financial year 2019 and 2020 and that credit … Continue Reading

BaFin publishes FAQ on current supervisory measures for German insurers and pension funds in light of COVID-19

By Andreas Börner (DE), Eva-Maria Barbosa (DE) and Corinna Baltzer (DE) on March 31, 2020 Posted in Coronavirus, Financial Institutions, Germany, Insurance, Regulation and Compliance

On 18 March 2020 and 21 March 2020 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published notes in which it referred to and appropriated EIOPA publications on Actions to mitigate the impact of Coronavirus/COVID-19 on the EU insurance sector (dated 17 March 2020) and Recommendations on supervisory flexibility regarding the deadline … Continue Reading

ESMA consults on guidance to address leverage risk under the AIFMD

By Iona Wright (UK) and Imogen Garner (UK) on March 30, 2020 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a public consultation on draft guidelines to address leverage risks in the alternative investment fund sector. The consultation has been drafted in response to a recommendation by the European Systemic Risk Board for ESMA to produce guidance on Article 25 of the Alternative … Continue Reading

ESMA confirms application date of equity transparency calculations

By Hannah McAslan (UK) on March 30, 2020 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) announced that it had decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged. ESMA has recently been asked by some stakeholders to postpone the date of application – required by MiFID II / MiFIR … Continue Reading

ESMA guidance on financial reporting deadlines in light of COVID-19

By Hannah McAslan (UK) on March 30, 2020 Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom

On 27 March 2020, the European Securities and Markets Authority (ESMA) issued a statement on the implication of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive (TD). In the statement ESMA notes that issuers maybe prevented from fulfilling their reporting requirements due to COVID-19, … Continue Reading

ESMA consults on post-trade risk reduction services under the EMIR Refit Regulation

By Jochen Vester (UK) on March 30, 2020 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 26 March 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on post trade risk reduction services (PTRR) under the European Market Infrastructure Regulation (EMIR). ESMA is mandated to provide a final report to the European Commission, in cooperation with the European Systemic Risk Board, on whether any trades that directly … Continue Reading