Germany

ESMA CSA on the valuation of UCITS and open-ended AIFs across the EU

On 20 January 2022, the European Securities and Markets Authority (ESMA) announced that it was launching a Common Supervisory Action (CSA) with Member State competent authorities on the valuation of UCITS and open-ended Alternative Investment Funds (AIFs) across the EU. Throughout 2022 the CSA will focus on authorised managers of UCITS and open-ended AIFs investing … Continue Reading

IOSCO good practices aim to foster cooperation through global supervisory colleges

On 18 January 2022, the International Organization of Securities Commissions (IOSCO) issued a final report on lessons learned from the use of global supervisory colleges. The report is based on previous IOSCO work on market fragmentation and provides a framework for securities regulators seeking to create new global supervisory colleges for sectors of financial markets … Continue Reading

Priorities for 2022 – the SRB’s view

By Jochen Vester (UK) on January 19, 2022 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 18 January 2022, the Single Resolution Board (SRB), issued a new webpage mentioning its priorities for 2022. The SRB remains focussed on building resolvability in all banks under its remit, as set out in its 2022 work programme and multi-annual programme for 2021-23. Three key priorities are: Build-up of the minimum requirement for own … Continue Reading

Letter to Danish Financial Supervisory Authority regarding Interpretation of the Payment Accounts Directive and Negative interest rates

By Matthew Gregory (UK) and Simon Lovegrove (UK) on January 19, 2022 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 17 January 2022, the European Commission published its response to letters it had received from the Danish Financial Supervisory Authority (FSA) regarding the interpretation of the Payment Accounts Directive (PAD) and charging negative interest rates on payment accounts. In its letter the Commission states that it leans towards a conclusion whereby negative interest rates … Continue Reading

Summary report – ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’

By Simon Lovegrove (UK) on January 18, 2022 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 17 January 2022, the European Commission issued a summary report ‘Targeted consultation on taking stock of the framework for supervising European capital markets, banks, insurers and pension funds: supervisory convergence and the single rulebook’. The targeted consultation was issued last year and feeds into the preparation of a report required by the Capital Markets … Continue Reading

ECB opinion on a proposal to amend the CRR with respect to resolution

By Jochen Vester (UK) on January 18, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 January 2022, the European Central Bank (ECB) issued an opinion on a proposal to amend the Capital Requirements Regulation (CRR) with respect to resolution. The ECB supports the proposed regulation, which ensures better alignment between the provisions of the CRR and the Bank Recovery and Resolution Directive following the entry into force of … Continue Reading

IOSCO consults on measures to address risks arising from digitalisation of retail marketing and distribution

By Simon Lovegrove (UK) on January 18, 2022 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 17 January 2022, the International Organization of Securities Commissions (IOSCO) published a consultation report intended to assist its members in adapting their regulatory and enforcement approaches to meet the challenges posed by recent technological developments and the rapid growth in digitalisation and use of social media which is changing the way financial products are … Continue Reading

Payment fraud data trends

By Simon Lovegrove (UK) and Albert Weatherill (UK) on January 18, 2022 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 17 January 2022, the European Banking Authority (EBA) issued a Discussion Paper setting out its preliminary observations on selected payment fraud data under the revised Payment Services Directive (PSD2), as reported by the industry during 2019 and 2020. The EBA sets out in the Discussion Paper its main findings related to three payment instruments: … Continue Reading

EBA confirms the continued application of COVID-19 related reporting and disclosure requirements until further notice

By Simon Lovegrove (UK) on January 18, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 January 2022, the European Banking Authority (EBA) issued a press release confirming that the guidelines on the reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis adopted on 2 June 2020 continue to apply. Unless instructed otherwise by their relevant Member State competent authorities, credit institutions are … Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) and Simon Lovegrove (UK) on January 18, 2022 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, 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 … Continue Reading

ESMA paper – Methodology for Mandatory Peer Reviews in relation to CCPs’ authorisation and supervision under EMIR

By Simon Lovegrove (UK) on January 18, 2022 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 5 January 2022, the European Securities and Markets Authority (ESMA) issued a paper ‘Methodology for Mandatory Peer Reviews in relation to CCPs’ authorisation and supervision under EMIR’. The European Markets Infrastructure Regulation (EMIR), as amended by European Regulation No 2019/2099 (EMIR 2.2) requires ESMA to undertake, at least annually, a peer review analysis of … Continue Reading

Call for advice to the EBA regarding the review of the MCD

By Simon Lovegrove (UK) on January 18, 2022 Posted in France, Germany, Italy, Mortgages, The Netherlands, United Kingdom

On 14 January 2022, John Berrigan, Director-General for FISMA, sent a letter to the Chairperson of the European Banking Authority (EBA), José Manuel, requesting the EBA to deliver advice regarding the review of Mortgage Credit Directive (MCD). The letter refers to a report that the European Commission (Commission) published last May in accordance with the … Continue Reading

IOSCO consults on lessons learned from the operational resilience of trading venues and market intermediaries during the pandemic

On 13 January 2022, the International Organization of Securities Commissions (IOSCO) issued a consultation report seeking feedback on the lessons learned regarding the operational resilience of trading venues and market intermediaries during the COVID-19 pandemic. The consultation report concludes that these regulated entities largely proved to be operationally resilient and continued to serve their clients … Continue Reading

EBA publishes Guidelines for institutions and resolution authorities on improving banks’ resolvability and consults on transferability

By Jochen Vester (UK) and Simon Lovegrove (UK) on January 14, 2022 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 13 January 2022, the European Banking Authority issued final guidelines for institutions and resolution authorities on improving banks’ resolvability. The guidelines take stock of the best practices developed so far by EU resolution authorities on resolvability topics and set-out requirements to improve resolvability in the areas of operational continuity in resolution, access to financial … Continue Reading

Commission adopts new Delegated Regulation amending the regulatory technical standards as regards adjustment the liquidity thresholds and trade percentile used to determine the size specific to the instrument applicable to certain non-equity instruments

By Hannah Meakin (UK) on January 14, 2022 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 13 January 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 2017/583 (RTS 2) regarding transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives. The draft Delegated Regulation seeks to realise a move to … Continue Reading

Delegated Regulation amending notification threshold under SSR published in OJ

By Albert Weatherill (UK) on January 13, 2022 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands

On 11 January 2022, Commission Delegated Regulation (EU) 2022/27 amending the Short Selling Regulation (SSR) as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares under Article 5(2) of the SSR was published in the Official Journal of the European Union. The Delegated Regulation adjusts the relevant … Continue Reading

Commission adopts new Delegated Regulation on the list of high risk countries under 4MLD

By Simon Lovegrove (UK) on January 13, 2022 Posted in France, Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands

On 7 January 2022, the European Commission adopted a Delegated Regulation that amends the list of high-risk third countries with strategic anti-money laundering (AML) and counter-terrorist financing (CTF) deficiencies set out in Delegated Regulation (EU) 2016/1675. Delegated Regulation 2016/1675 is provided for under Article 9(2) of the Fourth Money Laundering Directive (4MLD) and identifies in … Continue Reading

Commission Delegated Regulations relating to the IFR

By Jochen Vester (UK) and Simon Lovegrove (UK) on January 13, 2022 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 11 January 2022, there was published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2022/25 of 22 September 2021 supplementing the Investment Firms Regulation (IFR) with regard to regulatory technical standards (RTS) specifying the methods for measuring the K-factors referred to in Article 15 of that Regulation. Specifically the RTS … Continue Reading

FSB publishes two papers designed to assist resolution planning for insurers

The Financial Stability Board (FSB) has published two papers designed to assist resolution planning for insurance companies. The papers are practices papers on Resolution Funding for Insurers and Internal Interconnectedness in Resolution Planning for Insurers. Resolution Funding for Insurers. This practices paper considers different sources of resolution funding including policyholder protection schemes and standalone resolution … Continue Reading

EIOPA publishes first review of the IDD

By Laura Hodgson (UK) on January 11, 2022 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, IDD, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the application of the Insurance Distribution Directive ((EU) 2016/97) throughout the European market. The executive summary of the report notes that there has been insufficient time to assess the effectiveness of the Insurance Distribution Directive (IDD) as a combination of late implementation … Continue Reading

Happy New Year

By Simon Lovegrove (UK) on January 7, 2022 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

Happy New Year to all our readers. We set out below further developments that occurred over the Christmas period. UK JMLSG consultation: syndicated lending – On 16 December 2021, the Joint Money Laundering Steering Group (JMLSG) published a proposed revision to Part II Sector 17 (Syndicated Lending) of its guidance. The proposed revision is a … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

ESMA statement on implementation of the clearing and derivative trading obligations with regard to the benchmark transition

By Hannah Meakin (UK) on December 17, 2021 Posted in Germany, Italy, The Netherlands

On 16 December 2021, the European Securities and Markets Authority (ESMA) issued a public statement on the implementation of the changes to the clearing obligation (CO) and derivative trading obligation (DTO) in light of the benchmark transition. The statement clarifies the situation in which ESMA’s proposed draft regulatory technical standards (RTSs) on the CO and … Continue Reading