Germany

Topic: Coronavirus

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ECB allows temporary relief in banks’ leverage ratio after declaring exceptional circumstances due to the COVID-19 pandemic

On 17 September 2020, the European Central Bank (ECB) announced that euro area banks under its direct supervision may exclude certain central bank exposures from the leverage ratio. The announcement comes after the Governing Council of the ECB confirmed that there are exceptional circumstances due to the COVID-19 pandemic. Banks under ECB supervision can benefit … Continue Reading

COVID-19: ESMA to update risk parameters in guidelines on stress test scenarios under the Money Market Funds Regulation

On 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis. ESMA has assessed whether … Continue Reading

EBA final report on draft ITS on supervisory reporting by institutions under CRR, accommodating CRR 2 and CRR quick fix

On 10 August 2020, the European Banking Authority (EBA) published a final report concerning draft implementing technical standards (ITS) on supervisory reporting by institutions under the Capital Requirements Regulation (CRR), accommodating the CRR 2 and the CRR quick fix. The CRR quick fix introduces amendments to regulatory requirements that have an impact on the supervisory … Continue Reading

EBA final report on the guidelines on supervisory reporting and disclosure requirements in compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic

On 10 August 2020, the European Banking Authority (EBA) published its final report concerning guidelines on supervisory reporting and disclosure requirements in compliance with the Capital Requirements Regulation (CRR) ‘quick fix’ in response to the COVID-19 pandemic. The guidelines comprise a set of instructions covering the impact of the CRR ‘quick fix’ on the following … Continue Reading

EBA final report on the guidelines on uniform disclosures under Article 473a of the CRR on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic

On 10 August 2020, the European Banking Authority (EBA) published a final report concerning amendments to its existing guidelines (EBA/GL/2018/01) on uniform disclosures under Article 473a of the Capital Requirements Regulation (CRR) on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR ‘quick … Continue Reading

EBA provides clarity on the implementation of the reporting and disclosure framework in the context of COVID-19 measures

On 7 August 2020, the European Banking Authority (EBA) published frequently asked questions relating to the implementation of its Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The technical clarifications provided by the EBA will assist supervisors and credit institutions in the implementation of the guidelines. … Continue Reading

Euro area banking sector resilient to stress caused by coronavirus, ECB analysis shows

On 28 July 2020, the European Central Bank (ECB) published the aggregate results of its vulnerability analysis of banks directly supervised within the Single Supervisory Mechanism. The exercise assessed how the economic shock caused by the COVID-19 pandemic would impact 86 euro area banks and aimed to identify potential vulnerabilities within the banking sector over … Continue Reading

ECB extends recommendation not to pay dividends until January 2021 and clarifies timeline to restore buffers

On 28 July 2020, the European Central Bank (ECB) extended its recommendation that banks not pay dividends nor buy back shares until January 2021. The ECB has also asked banks to be “extremely moderate” with regard to variable remuneration. The ECB also encourages banks to use their capital and liquidity buffers for lending purposes and … Continue Reading

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
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