Germany

Topic: Coronavirus

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EBA provides clarity on the implementation of the prudential framework in the context of COVID-19

On 7 July 2020, the European Banking Authority (EBA) published a report providing clarification on certain issues concerning the application of the prudential framework that have been raised as a consequence of the COVID-19 pandemic. Specifically the report is intended to provide clarity on the implementation of the EBA guidelines on legislative and non-legislative moratoria … Continue Reading

CRR “quick fix” published in the OJ

On 26 June 2020, there was published in the Official Journal of the EU (OJ), a Regulation making targeted amendments to the Capital Requirements Regulation (CRR) and the revised Capital Requirements Regulation (CRR2) (CRR “quick fix”). The “quick fix” legislation has been intended to help credit institutions to mitigate the impact of the COVID-19 outbreak … Continue Reading

EBA report on draft ITS on supervisory reporting requirements for institutions under the CRR

On 25 June 2020, the European Banking Authority (EBA) published new Implementing Technical Standards (ITS) on public disclosures by institutions and revised final draft ITS on supervisory reporting that implements changes introduced in the revised Capital Requirements Regulation (CRR2) and the Prudential Backstop Regulation. The publication of the two ITS is a major step forward … Continue Reading

Commission Delegated Regulation on revisions to RTS on prudent valuation under CRR

On 25 June 2020, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2020/866 of 28 May 2020 amending Delegated Regulation (EU) 2016/1010 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards for prudent valuation under Article 105(14) of the CRR. The Commission Delegated Regulation was … Continue Reading

General Board of the ESRB takes second set of actions in response to the coronavirus emergency at its extraordinary meeting on 27 May 2020

On 8 June 2020, the General Board of the European Systemic Risk Board (ESRB) agreed to a second set of actions to address the challenges stemming from the COVID-19 pandemic. These macro-prudential actions refer to the five priority areas previously identified by the ESRB: Implications for the financial system of guarantee schemes and other fiscal … Continue Reading

EBA guidelines on COVID-19 measures reporting and disclosure

On 2 June 2020, the European Banking Authority (EBA) published guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The guidelines cover the following: (1) reporting requirements to monitor the use of payment moratoria and the evolution of the credit quality of the exposures subject to such … Continue Reading

Commission adopts Delegated Regulation on revisions to RTS on prudent valuation under CRR

On 28 May 2020, the European Commission adopted a Delegated Regulation (plus Annex) amending Delegated Regulation (EU) 2016/101 of 26 October 2015 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) for prudent valuation under Article 105(14) of the CRR. The Delegated Act introduces a temporary adjustment aimed at mitigating increases … Continue Reading

Adapting to change is business as usual: keeping you connected throughout the pandemic

An update from Brussels Over the coming weeks, partners and members of our financial services team will be sharing with clients and contacts a series of video diaries setting out their views on the latest developments in respect of COVID 19 impacts in the various areas of financial services. In video diary number 16, Anna … Continue Reading

ESMA reminds firms of conduct of business obligations under MiFID II

On 6 May 2020, the European Securities and Markets Authority (ESMA) issued a public statement reminding firms of their conduct of business obligations under MiFID II. ESMA has issued this public statement after several Member State national competent authorities noticed a significant increase in the number of investment accounts opened by retail clients and a … Continue Reading

Joint RTS on amendments to the bilateral margin requirements under EMIR in response to the COVID-19 outbreak

On 4 May 2020, the European Supervisory Authorities (ESAs) published joint draft Regulatory Technical Standards (RTS) to amend the Delegated Regulation on the risk mitigation techniques for non-centrally cleared over-the-counter derivatives (bilateral margining), under the European Markets Infrastructure Regulation, to incorporate a one-year deferral of the two implementation phases of the bilateral margining requirements. On … Continue Reading

ESMA public statement on actions to mitigate impact on fund managers’ periodic reporting deadlines

On 9 April 2020, the European Securities and Markets Authority (ESMA) published a public statement concerning: UCITS management companies, self-managed UCITS investment companies, authorised alternative investment fund managers (AIFMs), non-EU AIFMs marketing alternative investment funds (AIFs) pursuant to Article 42 of the Alternative Investment Fund Managers Directive, EuVECA managers and EuSEF managers. The purpose of … Continue Reading

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

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

ECB recommendation to delay dividends until October 2020

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

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 guidance on financial reporting deadlines in light of COVID-19

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 and FCA revise supervisory approach to SFTR reporting obligations

On 26 March 2020, the European Securities and Markets Authority (ESMA) issued a revised version of its earlier statement on coordinated supervisory actions on the application of the Securities Finance Transactions Regulation (SFTR). The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject to backloading under the … Continue Reading

ESMA guidance on accounting implications of COVID-19

On 25 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement designed to promote consistent application of International Financial Reporting Standards (IFRS) in the EU and avoid divergence in practice on the application of IFRS 9 Financial Instruments in the specific context of the COVID-19 pandemic. The statement addresses in particular … Continue Reading

EBA provides clarity to banks and consumers on the application of the prudential framework in light of COVID-19 measures

On 25 March 2020, the European Banking Authority (EBA) issued the following statements related to the COVID-19 pandemic: Statement on the application of the prudential framework regarding default, forbearance and IFRS9 in light of COVID-19 measures. The EBA is supportive of the measures taken and proposed by Member State national governments and EU bodies to … Continue Reading

Coronavirus/COVID-19: German regulator on conduct of business rules

After the European Securities and Markets Authority (ESMA) had issued a public statement regarding the application of MiFID II requirements on the recording of telephone conversations on 20 March 2020 (see the related publication in our blog), the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published additional guidance to market participants on the same … Continue Reading

Basel Committee statement on policy and supervisory response

On 20 March 2020, the Basel Committee on Banking Supervision (Basel Committee) reported that it had held a conference call with its members to discuss the impact of the COVID-19 pandemic on the global banking system. The Basel Committee reports that following the strengthening of the Basel III standards the global banking system has significantly … Continue Reading

Coronavirus/COVID-19: German regulator grants temporary relief for supervised entities (update)

After having taken initial steps to deal with the impact of the COVID-19 pandemic on the financial sector in Germany (see the related publication in our blog), the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) has taken further relief measures. In order to give supervised entities a better overview of these measures, … Continue Reading

ECB gives banks more flexibility to help fund households and corporations

On 20 March 2020, the European Central Bank (ECB) announced further measures to ensure that directly supervised banks can weather the coronavirus related economic shock. The ECB has introduced supervisory flexibility regarding the treatment of non-performing loans (NPLs), in particular to allow banks to fully benefit from guarantees and moratoriums put in place by public … Continue Reading
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