Germany

IOSCO report on good practices in supporting audit quality

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 17 January 2019, the International Organization of Securities Commissions (IOSCO) published a report setting out its views on good practices for audit committees of listed companies in supporting external audit quality. The report notes that whilst the auditor has primary responsibility for audit quality, the audit committee should promote and support quality and thereby … Continue Reading

Basel Committee update on principles for sound liquidity risk management and supervision

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 17 January 2019, the Basel Committee on Banking Supervision (Basel Committee) issued a press release announcing that it has completed a review of its 2008 principles for sound liquidity risk management and supervision. The review confirmed that the sound principles remain fit for purpose, and the Basel Committee advises banks and supervisors to remain … Continue Reading

EBA final guidelines on high risk exposures under CRR

Joe Bamford (UK)Imogen Garner (UK)By Joe Bamford (UK) and Imogen Garner (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom
On 17 January 2019, the European Banking Authority (EBA) published its final report on the guidelines on specification of types of exposures to be associated with high risk under Article 128(3) of the Capital Requirements Regulation (CRR). Article 128(3) CRR provides a mandate to the EBA to draft guidelines that specify which types of exposures, … Continue Reading

SRB publishes second part of 2018 MREL policy

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 16 January 2019, the Single Resolution Board (SRB) published the second part of its 2018 policy on the minimum requirement for own funds and eligible liabilities (MREL) pertaining to the second wave of resolution plans – i.e. plans for the most complex banking groups. The second part introduces a series of new elements strengthening … Continue Reading

ESAs announce multilateral agreement on exchange of information between ECB and competent authorities

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 15 January 2019, the European Supervisory Authorities (ESAs) published a multilateral agreement on the practical modalities for the exchange of information pursuant to article 57a(2) of the Fourth Anti-Money Laundering Directive (the Agreement). The purpose of the Agreement is to define practical modalities for the exchange of information between anti-money laundering / counter terrorist … Continue Reading

Basel Committee work programme for 2019-20

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 14 January 2019, the Basel Committee on Banking Supervision (Basel Committee) published its 2019-2020 work programme. The work programme is structured around four key areas: Policy development: The Basel Committee notes that there now remains only a targeted set of policy initiatives that require finalisation. This includes work related to the leverage ratio treatment … Continue Reading

Basel Committee finalises revised minimum capital requirements for market risk

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 14 January 2019, the Basel Committee on Banking Supervision (Basel Committee) published its final standards on the minimum capital requirements for market risk (the Final Standards). The Final Standards replace the current minimum capital requirements for market risk set out in the Basel II and Basel 2.5 reforms. The revisions made in the Final … Continue Reading

Commission call for advice on benchmarking of national loan enforcement frameworks

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 15 January 2019, the European Banking Authority (EBA) published a letter from the European Commission’s Director General of FISMA, regarding a Call for Advice to the EBA to gather data for a benchmarking of national loan enforcement frameworks from a bank creditor perspective. The Call for Advice to the EBA has also been published. … Continue Reading

IDD transposition in Germany almost complete through guidance provided by new German regulation

Christina Lorenz (DE)Eva-Maria Barbosa (DE)Andreas Börner (DE)By Christina Lorenz (DE), Eva-Maria Barbosa (DE) and Andreas Börner (DE) on Posted in Germany, IDD, Insurance, Regulation and Compliance
Insurers and other insurance distributors faced significant challenges while implementing the requirements of the German law transposing the Insurance Distribution Directive (IDD). Even though the IDD was transposed into German law as of 23 February 2018, several details were not yet available due to outstanding regulations. The new German regulation, i.e. the German Insurance Distribution … Continue Reading

JMLSG revisions to AML and CTF guidance

Joe Bamford (UK)By Joe Bamford (UK) on Posted in Anti-Money Laundering, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom
On 10 January 2019, the Joint Money Laundering Steering Group (JMLSG) published a webpage noting that certain amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 came into effect on 10 January 2019. These amendments have resulted in minor changes to the JMLSG guidance in Part I paragraphs … Continue Reading

ECON reports on proposed Omnibus Regulation and proposed Regulation amending ESRB Regulation

Iona Wright (UK)By Iona Wright (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 14 January 2019, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published the following: report on the amended text of the proposed Omnibus Directive; and report on the amended text of the proposed Regulation amending the Regulation that established the European Systemic Risk Board (ESRB). ECON voted to adopt these reports on 10 January … Continue Reading

Commission consults on evaluating the CCD

Joe Bamford (UK)By Joe Bamford (UK) on Posted in Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 14 January 2019, the European Commission launched a consultation evaluating whether the Consumer Credit Directive (CCD) is still fit for purpose given all the market developments since its launch in in April 2008. Stakeholders can contribute to the consultation by filling in an online questionnaire. The deadline for responses is 8 April 2019.… Continue Reading

ECON report on legislative proposal amending Regulation on low carbon benchmarks and positive carbon impact benchmarks

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 11 January 2019, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report on the European Commission’s proposed Regulation amending the Benchmarks Regulation on low carbon benchmarks and positive carbon impact benchmarks. ECON voted to adopt the report on 13 December 2018. The European Parliament will consider the report in plenary.… Continue Reading

Draft Delegated Regulation extending MiFID II trade transparency exemption to People’s Bank of China

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 9 January 2019, the European Commission published a draft of a Commission Delegated Regulation (EU) amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR, together with an annex. The draft Delegated Regulation adds the People’s Bank of China to … Continue Reading

ESMA annual statistical report on retail investment products in the EU

Charlotte Henry (UK)Joe Bamford (UK)By Charlotte Henry (UK) and Joe Bamford (UK) on Posted in Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom
On 10 January 2019, the European Securities and Markets Authority (ESMA) published its first annual statistical report on the performance and costs of retail investment products in the EU. The report is focused on UCITS, alternative investment funds sold to retail investors (retail AIFs) and structured retail products (SRPs). The report provides a comprehensive overview … Continue Reading

ECB recommendation on dividend distribution policies

Imogen Garner (UK)By Imogen Garner (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom
On 10 January 2019, the European Central Bank (ECB) published a recommendation on dividend distribution policies. The ECB has also published a letter that it has sent to credit institutions concerning variable remuneration policy. The letter note that, as with dividend distribution policies in the recommendation, an institution’s variable remuneration policy may have a significant … Continue Reading

EBA releases its annual assessment of the consistency of internal model outcomes

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom
On 10 January 2019, the European Banking Authority (EBA) published two reports on the consistency of risk weighted assets across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for high and low default portfolios, as well as market risk. The results confirm previous findings, … Continue Reading

EBA report on cost and past performance of structured deposits

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 10 January 2019, the European Banking Authority (EBA) published a report on cost and past performance of structured deposits.  Structured deposits are legally defined under article 4(43) of MiFID II. Structured deposits are a subset of the wider product category of ‘structured products’. The report is a response to a request from the European … Continue Reading

Commission report on the operation of AIFMD

Imogen Garner (UK)Iona Wright (UK)By Imogen Garner (UK) and Iona Wright (UK) on Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, Germany, Italy, The Netherlands, United Kingdom
On 10 January 2019, the European Commission released a report on the operation of the Alternative Investment Fund Managers Directive (AIFMD). The report confirms that current rules in the AIFMD have significantly contributed to creating a single market for alternative investment funds by establishing a harmonised regulatory and supervisory framework. Most of the AIFMD provisions … Continue Reading

ESMA publishes advice to EU institutions on ICOs and crypto-assets

Hannah Meakin (UK)Simon Lovegrove (UK)By Hannah Meakin (UK) and Simon Lovegrove (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 9 January 2019, the European Securities and Markets Authority (ESMA) published its advice to the EU institutions (the European Commission, the Council of the EU and the European Parliament) on initial coin offerings (ICOs) and crypto-assets. Prior to the publication of the advice ESMA has been working with Member State national competent authorities (NCAs) … Continue Reading

EBA report on crypto-assets

Imogen Garner (UK)Simon Lovegrove (UK)By Imogen Garner (UK) and Simon Lovegrove (UK) on Posted in Financial Services, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 9 January 2019, the European Banking Authority (EBA) published a report containing the results of its assessment of the applicability and suitability of EU law to crypto-assets. The report states that based on the analysis conducted by the EBA, crypto-assets typically fall outside the scope of EU financial services legislation and specific services relating … Continue Reading

ECB publishes consolidated guide to assessments of licence applications

Simon Lovegrove (UK)Luke RodgersBy Simon Lovegrove (UK) and Luke Rodgers on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 9 January 2019, the European Central Bank (ECB) has published a consolidated version of its guide to assessments of licence applications. The text, which is not legally binding, combines the content of the first guide published in March 2018 and that of Part 2 (which focuses on capital requirements and programme of operations, including … Continue Reading

ESAs report on regulatory sandboxes and innovation hubs

Albert Weatherill (UK)By Albert Weatherill (UK) on Posted in Fintech, Fintech, Fintech, Fintech, Germany, Italy, The Netherlands, United Kingdom
On 7 January 2019, the Joint Committee of European Supervisory Authorities (ESAs) published a report on FinTech, concerning regulatory sandboxes and innovation hubs (together, innovation facilitators). In the report, the ESAs analyse the innovation facilitators established to date within the EU. The ESAs also set out ‘best practices’ regarding the design and operation of innovation … Continue Reading

Draft Commission Delegated Regulations on sustainable finance

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 4 January 2019, the European Commission published the following draft Delegated Regulations on how investment firms and insurance distributors should take sustainability issues into account when advising clients: Commission Delegated Regulation (EU) …/… of XXX amending Delegated Regulation (EU) 2017/565 as regards the integration of Environmental, Social and Governance (ESG) considerations and preferences into … Continue Reading
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