Germany

Commission welcomes political agreement on the proposed revised Consumer Credit Directive

On 2 December 2022, the European Commission announced that it welcomed the provisional political agreement reached between the European Parliament and the Council on the proposed revised Consumer Credit Directive. The European Parliament and the Council now need to formally adopt the political agreement.… Continue Reading

ESRB announces adverse scenario for ESMA’s money market fund stress testing guidelines in 2022

By Simon Lovegrove (UK) on December 2, 2022 Posted in Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 30 November 2022, the European Systemic Risk Board (ESRB) announced the adverse scenario for the European Securities and Markets Authority’s (ESMA) money market fund (MMF) stress testing guidelines in 2022. ESMA, in cooperation with the ESRB are required by legislation to conduct stress tests to assess the resilience of financial institutions or market participants … Continue Reading

ESMA publishes final report on guidelines on stress test scenarios under the MMF regulation

On 30 November 2022, the European Securities and Markets Authority (ESMA)published a final report on guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). Article 28 of the MMF Regulation provides that ESMA shall develop guidelines with a view to establishing common reference parameters of the stress test scenarios to be … Continue Reading

Commission adopts an Implementing Regulation amending the ITS in Implementing Regulation 2021/637 as regards the disclosure of ESG risks

By Daniel Nevzat (UK) on December 1, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 30 November 2022, the European Commission adopted an Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation 2021/637 as regards the disclosure of environmental, social and governance (ESG) risks together with Annex 1 and Annex 2. Commission Implementing Regulation (EU) 2021/6372 specifies uniform disclosure formats and associated instructions for the disclosures … Continue Reading

The SEPA Payment Account Access (SPAA) Scheme Rulebook

By Albert Weatherill (UK) on December 1, 2022 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 30 November 2022, the European Payments Council published the SEPA Payment Account Access (SPAA) Scheme Rulebook. The Rulebook becomes effective on 30 November 2023.… Continue Reading

CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’. The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

The European Council of the European Union announces the adoption of the Digital Operational Resilience Act

By Simon Lovegrove (UK) on November 29, 2022 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 28 November 2022, the Council of the European Union adopted the Digital Operational Resilience Act (DORA). Now that the DORA proposal is formally adopted, aspects that require national transposition will be passed into law by each EU Member State. At the same time, the relevant European Supervisory Authorities, such as the European Banking Authority, … Continue Reading

Commission Delegated Regulation (EU) 2022/2328 supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks

By Simon Lovegrove (UK) on November 29, 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 29 November 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2328 of 16 August 2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own … Continue Reading

NRF Shareholder Collaboration Tool

By Caroline Herkströter on November 29, 2022 Posted in Africa, Asia, Australia, Canada, France, General, General, General, General, General, General, General, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Institutional investors collaborate with each other when communicating with investee companies’ management regarding, for example, ESG matters. Such shareholder collaboration leads to challenges in multiple legal areas. Minimising such legal risk is key. NRF’s Shareholder Collaboration Tool allows Institutional investors to confidently collaborate, while reducing the burden on legal teams to manage the associated risks. … Continue Reading

ESMA report on administrative sanctions and measures and criminal sanctions imposed under the Benchmarks Regulation in 2021

By Hannah Meakin (UK) on November 29, 2022 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 25 November 2022, the European Securities and Markets Authority (ESMA) published a report on administrative sanctions imposed under the Benchmarks Regulation in 2021. This is the first annual sanctions report pursuant to the Benchmarks Regulation published by ESMA, as this is the first time a Member State national competent authority (NCA) (Germany) imposed an … Continue Reading

Commission Delegated Regulation (EU) 2022/2310 amending the RTS laid down in Delegated Regulation (EU) No 149/2013 as regards the value of the clearing threshold for positions held in OTC commodity derivative contracts and other OTC derivative contracts

By Hannah Meakin (UK) on November 29, 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 28 November 2022, there was published in the Official Journal of the European Union(OJ) Commission Delegated Regulation (EU) 2022/2310 of 18 October 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 149/2013 as regards the value of the clearing threshold for positions held in over-the-counter (OTC) commodity derivative contracts and … Continue Reading

Commission Delegated Regulation (EU) 2022/2311 amending the RTS laid down in Delegated Regulation (EU) No 153/2013 as regards temporary emergency measures on collateral requirements

By Jochen Vester (UK) on November 29, 2022 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 28 November 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2311 of 21 October 2022, amending the regulatory technical standards laid down in Delegated Regulation (EU) No 153/2013 as regards temporary emergency measures on collateral requirements. Article 1 modifies Articles 39 and 62 of Commission … Continue Reading

European Commission Platform on Sustainable Finance Technical Working Group publishes report on supplementary methodology and technical screening criteria

By Simon Lovegrove (UK) on November 29, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 28 November 2022, the European Commission (Commission) Platform on Sustainable Finance Technical Working Group published a report on supplementary methodology and technical screening criteria. The report is a supplement to the recommendations published by the Platform on sustainable finance in March 2022 and should be read in that context. The recommendations and criteria within … Continue Reading

ESMA final report on the review of the RTS on the form and content of an application for recognition under the Benchmarks Regulation

By Hannah Meakin (UK) on November 29, 2022 Posted in Benchmarks – IBOR transition, France, Germany, Italy, The Netherlands, United Kingdom

On 28 November 2022, the European Securities and Markets Authority (ESMA) published a final report on the review of the regulatory technical standards (RTS) on the form and content of an application for recognition under the Benchmarks Regulation. Under Delegated Regulation (EU) 2018/1645, an application for recognition of a third country administrator needs to include … Continue Reading

ESMA publishes new Q&As on the CSDR and MAR

By Hannah Meakin (UK) on November 28, 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 25 November 2022, the European Securities and Markets Authority (ESMA) published updated Q&As on: The Central Securities Depositories Regulation. ESMA has inserted a new Q&A on settlement fails. The Market Abuse Regulation. ESMA has revised the Q&A regarding the prevention and detection of market abuse (persons professionally arranging or executing transactions).… Continue Reading

BIS newsletter on bank exposures to non-bank financial intermediaries

By Simon Lovegrove (UK) on November 28, 2022 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, The Netherlands, United Arab Emirates, United Kingdom, United States

On 24 November 2022, the Bank for International Settlements (BIS) published a newsletter on bank exposures to non-bank financial intermediaries. The newsletter highlights the following: The non-bank financial intermediary (NBFI) sector continues to grow and has the potential to cause financial stability concerns, though its size and the associated risk vary amongst member jurisdictions. Recent … Continue Reading

Commission Delegated Regulation supplementing the CRR with regard to RTS for the calculation of risk-weighted exposure amounts of collective investment undertakings under the mandate-based approach

By Jochen Vester (UK) on November 28, 2022 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 24 November 2022, the European Commission published a Commission Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) of the calculation of risk-weighted exposure amounts of collective investment undertakings (CIUs) under the mandate-based approach. The provisions in the Commission Delegated Regulation specify how institutions are to calculate the … Continue Reading

Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation with regard to RTS specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation

By Simon Lovegrove (UK) on November 28, 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 25 November 2022, the European Commission published a Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation. The Commission … Continue Reading

ACER updates its REMIT data reporting guidance

By Victoria Pridmore on November 24, 2022 Posted in France, Germany, Italy, Market abuse, Market Abuse, Market abuse, Market abuse, Market Abuse, The Netherlands, United Kingdom

On 24 November 2022, the European Union Agency for the Cooperation of Energy Regulators (ACER) announced that it has updated its REMIT data reporting guidance. Following extensive consultation with stakeholders launched in June 2022 that aimed to improve REMIT data reporting, ACER had published: The updated Transaction Reporting User Manual (TRUM) and its annexes. The … Continue Reading

Published in the OJ – Corrigendum to Commission Implementing Regulation (EU) 2022/1860

By Simon Lovegrove (UK) on November 24, 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 24 November 2022, there was published in the Official Journal of the European Union (OJ) Corrigendum to Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implanting technical standards for the application of the European Market Infrastructure Regulation with regards to the standards, formats, frequency and methods and arrangements for reporting… Continue Reading

EBA Guidelines on the use of remote customer onboarding solutions under Article 13(1) of 4MLD

By Simon Lovegrove (UK) on November 24, 2022 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 22 November 2022, the European Banking Authority (EBA) published a final report on guidelines on the use of remote customer onboarding solutions under Article 13(1) of the Fourth Money Laundering Directive (4MLD). This final report sets out a strategic objective to embrace digital finance for the good of consumers and businesses and identifies EU … Continue Reading

European Commission proposes gas market correction mechanism

By Anna Carrier (BE) on November 24, 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, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On Tuesday, 22 November 2022, the European Commission (the Commission) adopted a proposal for a Council Regulation establishing a market correction mechanism to protect citizens and the economy against excessively high prices. The proposal sets out the details for a temporary market correction mechanism to cap the price of front-month Title Transfer Facility (TTF) derivatives … Continue Reading

European Commission publishes call for advice to the EBA on green loans and mortgages

By Simon Lovegrove (UK) on November 23, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 22 November 2022, the European Commission (Commission) issued a call for advice to the European Banking Authority (EBA) on green loans and mortgages. In its ‘Strategy on Financing the Transition to a Sustainable Economy’ (Strategy) of July 2021, the Commission outlined four policy areas in which further work is needed. One of the four … Continue Reading