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Topic: EU policy, regulatory and legislative updates

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ESMA consults on draft guidelines on internal controls for CRAs

On 5 December 2019, the European Securities and Markets Authority (ESMA) published a consultation paper setting out proposals for internal controls for credit rating agencies (CRAs). The draft guidelines set out the criteria that CRAs should have in place to meet the requirements of the CRA Regulation with a particular focus on their internal controls … Continue Reading

Council adopts position on proposed regulation on recovery and resolution of CCPs

On 4 December 2019, the Council of the EU published a press release announcing that the Council of the European Union (the Council) has adopted its position on the proposed regulation on recovery and resolution of central counterparties (CCPs) (the Regulation). The Council has also published the text of the negotiating mandate. While the press … Continue Reading

EBA recommends removal of CVA exemptions in updated Basel III impact assessment

On 4 December 2019, the European Banking Authority (EBA) published the second part of its advice on the implementation of the final Basel III standard in the European Union, complementing its report published on 05 August 2019. The most recent EBA publication focuses on an assessment of the impact of the revisions to the credit … Continue Reading

Council of EU to approve European Parliament’s position on European System of Financial Supervision

On 20 November 2019, the Council of the EU published the following three notes from the General Secretariat of the Council to the Permanent Representatives : an information note on the proposed Omnibus Regulation relating to the powers, governance and funding of the European Supervisory Authorities; an information note on the proposed Omnibus Directive amending … Continue Reading

European Commission hosts conference on Basel III implementation

On Tuesday, 12 November 2019, the European Commission hosted a conference titled Implementing Basel III: Challenges and impact. The event was held in the context of the ongoing Commission consultation on Basel III implementation (see our earlier post here). The opening remarks were delivered by Valdis Dombrovskis, the Commission’s Vice-President for the Euro and Social … Continue Reading

EU co-legislators hold second round of trilogue negotiations on Sustainable Finance Taxonomy

On Wednesday 6 November 2019 the EU legislators held their second trilogue negotiation round on the proposal for a Regulation on the establishment of a framework to facilitate sustainable investment (hereinafter: the ‘Taxonomy proposal’). The proposed regulation will establish the conditions and the framework to create a unified classification system on what economy activities can … Continue Reading

Council of EU adopts legislative reforms to progress the Capital Markets Union

On 8 November 2019, the Council of the EU announced that it had adopted a set of legislative reforms which are part of the progress towards forming the Capital Markets Union, including: the creation of a new category of benchmarks contributing to sustainable finance; transparency obligations for sustainable investments; a new prudential framework for investment … Continue Reading

ESMA consultation on MiFID II position limits

On Tuesday, 05 November 2019, ESMA launched public consultation on position limits and position management controls in commodity derivatives. The consultation paper is divided into two parts and covers – (1) MiFID II review report on the application of position limits and position management controls and (2) technical advice on position reporting thresholds. Following on … Continue Reading

Council note on financial services legislative files

On 31 October 2019, the Council of the EU published a note from the General Secretariat of the Council relating to progress on financial services legislative files. The note sets out, among other things, the dates on which the Council intends to adopt the following legislation governing: investment firms on 8 November 2019; sustainable finance … Continue Reading

Council of EU adopts IFR and IFD at first reading

On 23 October 2019, the Council of the EU published the texts it adopted at first reading for the: the Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European Banking Authority Regulation (the Investment Firms Regulation (IFR)); and the Directive on … Continue Reading

Council note on progress of investment firms legislation

On 18 October 2019, the Council of the EU (Council) published two notes from the General Secretariat of the Council to the Permanent Representatives Committee (COREPER): an information note on the proposed Regulation on the prudential requirements of investment firms and amending the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European … Continue Reading

CMU: Council adopts new clearing house rules

On 15 October 2019, the Council of the EU issued a press statement concerning its adoption of revised rules for clearing houses in the single market (the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties otherwise known as EMIR 2.2). The press release states that the draft Regulation is scheduled … Continue Reading

FSB annual progress report on implementation of OTC derivative reforms

On 15 October 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of the G20 reforms to over-the-counter (OTC) derivatives markets. The headlines in the report include: trade reporting: 23 out of 24 member jurisdictions have comprehensive requirements in force, an increase of one during the reporting period; central clearing: … Continue Reading

Commission consults on review of the EU Benchmarks Regulation

On 11 October 2019, the European Commission (Commission) launched consultation on a review of the EU Benchmarks Regulation (BMR). The Commission is mandated by Article 54 BMR to conduct a review of certain provisions of the BMR and to submit a report to the European Parliament and to the Council by 1 January 2020. In … Continue Reading

European Commission launches public consultation on the implementation of the final Basel III reform in the EU

On 11 October 2019, the European Commission launched a public consultation on the implementation in the European Union of the December 2017 Basel Committee on Banking Supervision (BCBS) standard (Basel III: Finalising post-crisis reforms). The consultation document addresses the key elements of the BCBS standard, including revisions to the Basel III standards on credit risk, … Continue Reading

Commissioner-designate Dombrovskis faces European Parliament’s hearing

On 8 October 2019, the members of the European Parliament’s Economic and Monetary Affairs (ECON) and Employment and Social Affairs (EMPL) committee questioned Commissioner-designate Valdis Dombrovskis in a nearly three-hour long joint hearing. Once approved, Dombrovskis, who is Commission President-elect Ursula Von Der Leyen nominee to be the new Executive Vice-President for a Europe that … Continue Reading
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