Germany

AIFMD guides: The marketing passport and the requirements for fund managers across the EU

We have just updated two guides on the AIFMD, which has now been in force for approximately five years. Both guides, which are now in their fourth iteration, cover 15 EU jurisdictions – Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and the UK – with input provided by … Continue Reading

FSB Chair letter to G20 leaders reports on progress made in 2018 and highlights main issues ahead

By Simon Lovegrove (UK) on November 28, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 27 November 2018, the Financial Stability Board (FSB) published a letter to G20 leaders on its progress made during 2018. The letter is structured along the priorities of the G20 Argentine Presidency: addressing emerging vulnerabilities while harnessing the benefits of innovation. The FSB has continued to be vigilant in containing the risks of non-bank … Continue Reading

ECB Regulation on materiality threshold for credit obligations past due

By Albert Weatherill (UK) on November 27, 2018 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, Germany, Italy, The Netherlands, United Kingdom

On 26 November 2018, there was published in the Official Journal of the EU, Regulation (EU) 2018/1845 of the European Central Bank (ECB) of 21 November 2018 on the exercise of the discretion under Article 178(2)(d) of the Capital Requirements Regulation in relation to the threshold for assessing the materiality of credit obligations past due. … Continue Reading

Appointment of new FSB Chair and Vice Chair

By Simon Lovegrove (UK) on November 27, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 26 November 2018, the Financial Stability Board (FSB) appointed Randal K Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as Vice Chair, for a three year term starting on 2 December 2018. After the three year term Mr … Continue Reading

Single Market: Commission adopts three communications

By Hannah Meakin (UK) and Imogen Garner (UK) on November 26, 2018 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 22 November 2018, the European Commission adopted the following communications: The Single Market in a changing world – a unique asset in need of renewed political commitment. The communication highlights three areas of focus upon which action is required to deepen and strengthen the Single Market: (i) swiftly adopt proposals on the table. The … Continue Reading

ECB speech – how supervisors can help banks prepare for crises

By Simon Lovegrove (UK) on November 26, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 23 November 2018, the European Central Bank (ECB) published a speech from its chair, Danièle Nouy (DN), entitled From a wish list to a to-do list: how supervisors can help banks prepare for crises. In her speech DN states that “finishing the work on NPLs [non-performing loans] is at the top of our to-do … Continue Reading

Implementation of the Basel standards – report to G20 leaders

By Joe Bamford (UK) on November 26, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 23 November 2018, the Basel Committee on Banking Supervision (Committee) published a report summarising the steps taken by its members to adopt the Basel III standards, banks’ progress in bolstering their capital and liquidity positions, the consistency of implementation in jurisdictions since the Committee’s last report and the Committee’s implementation work plan. The report … Continue Reading

FSB publishes recommendations on compensation data reporting to address misconduct risk

By Simon Lovegrove (UK) on November 23, 2018 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 23 November 2018, the Financial Stability Board (FSB) published its finalised Recommendations for national supervisors: Reporting on the use of compensation tools to address potential misconduct risks. The Recommendations are directed at national supervisory authorities and set out the types of data that can support improved monitoring on the use of compensation tools to … Continue Reading

HM Treasury update on proposed Regulation amending EMIR supervisory regime for EU and third country CCPs

By Hannah Meakin (UK) and Jochen Vester (UK) on November 23, 2018 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 22 November 2018, HM Treasury published a letter updating the House of Common’s European Scrutiny Committee on the progress of the proposed EU Regulation (the Regulation) amending the EMIR supervisory regime for EU and third country central counterparties (CCPs). The letter notes that the European Parliament have agreed a position on the draft Regulation. … Continue Reading

EPC publishes updated 2017 SEPA scheme rulebooks and new 2019 SEPA scheme rulebooks

By Imogen Garner (UK) and Luke Rodgers on November 23, 2018 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 22 November 2018, the European Payments Council (EPC) published a number of updated versions of its 2017 Single European Payments Area (SEPA) scheme rulebooks, along with new 2019 editions. The updated 2017 Rulebooks become effective on 1 January 2018, the new 2019 Rulebooks become effective on 17 November 2019. Updated 2017 Rulebooks SEPA Credit … Continue Reading

EBA draft handbook on valuation for purposes of resolution

By Jochen Vester (UK) on November 23, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 23 November 2018, the European Banking Authority published a draft handbook on valuation for purposes of resolution, with a view to operationalising the valuation process in order to facilitate its implementation by resolution authorities in case of crisis. The handbook is addressed to resolution authorities and aims to be a useful non-exhaustive support document … Continue Reading

ECB speech on progress of SSM

On 22 November 2018, the European Central Bank (ECB) published a speech by Ignazio Angeloni, a member of the ECB Supervisory Board, on the Single Supervisory Mechanism (SSM). The speech is centred on the SSM’s strategic objectives and key points to note include: restoring confidence in the banking sector: bank capital has grown between 2014 … Continue Reading

Germany: Draft bill on national transition regime following a hard Brexit

By Martin Krause (DE) and Michael Born (DE) on November 23, 2018 Posted in Brexit, Brexit, Germany, United Kingdom

The German Federal Ministry of Finance (BMF) has published a draft bill which, inter alia, sets out a national transition regime for UK credit institutions, investment firms and insurance undertakings in case of a hard Brexit. The provisions regarding market access of UK institutions introduced by the draft bill will only apply should the EU … Continue Reading

Draft Political Declaration setting out the framework for the future relationship between the EU and the UK

By Simon Lovegrove (UK) on November 22, 2018 Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom

On 22 November 2018, there was published the draft Political Declaration setting out the framework for the future relationship between the EU and the UK. Amongst other things, the Political Declaration considers the future of cooperation in the financial services sector: the UK and the EU are committed to preserving financial stability, market integrity, investor … Continue Reading

EIB report – Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability

By Simon Lovegrove (UK) and Alan Bainbridge (UK) on November 22, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 22 November 2018, the European Investment Bank (EIB) published the fourth edition of its banking in Africa report. This latest report, Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability, includes the results of the EIB’s survey of banking groups operating in Africa. It also contains three thematic chapters which address the challenges … Continue Reading

ECON report on proposed regulation on a sustainable investment framework

By Hannah Meakin (UK) and Imogen Garner (UK) on November 22, 2018 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 24 May 2018, the European Commission released a set of legislative proposals on financing sustainable growth. Among these legislation proposals was a draft Regulation on the establishment of a framework to facilitate sustainable investment. On 21 November 2018, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report (dated 16 … Continue Reading

LEI ROC consults on fund relationships in the GLEIS

By Imogen Garner (UK) and Hannah Meakin (UK) on November 21, 2018 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 19 November 2018, the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) published its second consultation paper on fund relationships in the global LEI system. The consultation paper provides a limited update to the way relationships affecting funds are recorded in the Global LEI System (GLEIS). To ensure consistency throughout the GLEIS, the consultation … Continue Reading

FSB final report on the impact of financial regulatory reforms on infrastructure finance

By Imogen Garner (UK) and Catherine Blake (UK) on November 21, 2018 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 20 November 2018, the Financial Stability Board (FSB) published a report evaluating the effects of financial regulatory reforms on infrastructure finance (the Report). The evaluation was carried out under the FSB framework for the post-implementation evaluation of the effects of the G20 financial regulatory reforms. It is part of a broader evaluation of the … Continue Reading

SRB issues 2018 MREL policy

By Simon Lovegrove (UK) on November 21, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 20 November 2018, the Single Resolution Board (SRB) published its 2018 minimum requirement for own funds and eligible liabilities (MREL) policy for the first wave of resolution plans. This document aims to make the public in general, and institutions in particular, aware of the SRB MREL policy as well as the process currently being … Continue Reading

ECB speech on supervisory activities developments in the banking union

By Simon Lovegrove (UK) on November 21, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 20 November 2018, the European Central Bank (ECB) published a speech given by Daniele Nouy, Chair of the Supervisory Board of the ECB, at an ordinary hearing for the European Parliament’s Committee on Economic and Monetary Affairs. The speech is focused around four areas: key developments and risks in the euro banking area: euro … Continue Reading

ECB opinion on draft Directive on credit servicers, credit purchasers and the recovery of collateral

By Simon Lovegrove (UK) on November 21, 2018 Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom

On 14 March 2018, the European Commission published a package of measures targeting non-performing loans (NPLs). Among these measures was a proposal for a Directive on credit servicers, credit purchasers and the recovery of collateral (the draft Directive). The aim of the draft Directive is to increase the efficiency of debt recovery procedures through the … Continue Reading

IOSCO report on implementation of principles for regulation and supervision of commodity derivatives markets

By Hannah Meakin (UK) and Jochen Vester (UK) on November 20, 2018 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 19 November 2018, the International Organisation of Securities Commissions (IOSCO) published a final report on its survey on the principles for the regulation and supervision of commodity derivatives markets. The report follows on from the IOSCOs Principles for the Regulation and Supervision of Commodity Derivatives Markets (the IOSCO Principles) endorsed by the G20 in … Continue Reading

International standard setting bodies’ final report on impact of G20 regulatory reforms on incentives to centrally clear OTC derivatives

By Hannah Meakin (UK) and Catherine Blake (UK) on November 20, 2018 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom

On 19 November 2018, the International Organisation of Securities Commissions (IOSCO), jointly with other international standard setting bodies, published a final report on incentives to centrally clear over-the-counter (OTC) derivatives. The final report provides that: the changes observed in OTC derivatives markets are consistent with the G20 Leaders’ objective of promoting central clearing as part … Continue Reading

FSB progress report on implementation of OTC derivatives market reforms

On 19 November 2018, the Financial Stability Board (FSB) published its thirteenth progress report on the implementation of the G20 over-the-counter (OTC) derivatives market reforms. The FSB notes that continued good progress is being made with regards the OTC reforms. Points of interest within the report include: trade reporting: twenty-one out of 24 FSB member … Continue Reading