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New briefing note: Managing global implementation and regulatory change projects

Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading

Latest ESG updater

By Haney Saadah, Simon Lovegrove (UK) and Daniel Nevzat (UK) on August 24, 2023 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

We have published our latest ESG updater, tracking regulatory developments in the ESG space over the last month. Should you wish to receive the updater please contact Haney Saadah. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

New split the difference podcast: Consolidated Tape

By Hannah Meakin (UK), Jonathan Herbst (UK), Catherine Pluck (UK), Floortje Nagelkerke (NL) and Anna Carrier (BE) on August 24, 2023 Posted in Brexit, Brexit, Brexit, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom

In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Catherine Pluck discuss Consolidated Tape in the EU and UK. The episode can be found here.… Continue Reading

Published in the OJ: Commission Delegated Regulation 2023/1651 setting out RTS for the specific liquidity measurement of investment firms under the IFD

By Anita Edwards on August 23, 2023 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 23 August 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1651 of 17 May 2023 supplementing Directive (EU) 2019/2034 (the Investment Firms Directive or IFD) with regard to regulatory technical standards (RTS) for the specific liquidity measurement of investment firms under Article 42(6) of the … Continue Reading

CPMI and IOSCO publish report on current CCP practices to address non-default losses

On 23 August 2023, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a report and accompanying cover note on current central counterparty (CCP) practices to address non-default losses (NDLs). The purpose of the report is to present current practices among CCPs in addressing … Continue Reading

European Commission adopts Delegated Regulation adding Cameroon and Vietnam to the list of high-risk third countries

By Anita Edwards and Katie Stephen (UK) on August 22, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, The Netherlands, United Kingdom

On 22 August 2023, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Cameroon and Vietnam to the list of high-risk third countries. Article 9(2) of the Fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) empowers the Commission to adopt delegated acts to identify ‘high-risk’ third country jurisdictions, which … Continue Reading

FSB thematic peer review on MMF reforms: Summary terms of reference and request for public feedback

On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals. The FSB has also … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation (EU) 2018/1229 as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by CCPs for settlement

By Floortje Nagelkerke (NL) on August 11, 2023 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 11 August 2023, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2023/1626 of 19 April 2023 on amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/1229 as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by central counterparties (CCPs) for settlement. … Continue Reading

EBA report on the functioning of AML/CFT colleges in 2022

By Michael Born (DE) and Simon Lovegrove (UK) on August 10, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 10 August 2023, the European Banking Authority (EBA) published a report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2022. The EBA has been monitoring AML/CFT colleges since their inception and has published previous AML/CFT colleges monitoring reports in 2021 and 2022. Through 2022, EBA staff actively … Continue Reading

Published in the OJ: Delegated Regulations on CCP recovery and resolution

By Floortje Nagelkerke (NL) and Simon Lovegrove (UK) on August 9, 2023 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 9 August 2023, there was published in the Official Journal of the European Union (OJ) the following delegated regulations on CCP recovery and resolution: These Delegated Regulations enter into force on the twentieth day following their publication in the OJ.… Continue Reading

EBA report on mystery shopping exercise into personal loans and payment accounts

By Simon Lovegrove (UK) on August 8, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, The Netherlands, United Kingdom

On 8 August 2023, the European Banking Authority (EBA) issued a report following a mystery shopping exercise into personal loans and payment accounts. The mystery shopping exercise supplemented the EBA’s earlier thematic report on fees and charges that was published at the end of last year. Among other things the mystery shopping exercise found that … Continue Reading

EBA updates timeline for the implementation of the IRB roadmap and publishes its final supervisory handbook for the validation of IRB rating systems

By Simon Lovegrove (UK) and Jochen Vester (UK) on August 7, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 August 2023, the European Banking Authority (EBA) updated its roadmap for the implementation of internal ratings based (IRB) model requirements to limit compliance costs for institutions. In July 2019, the EBA issued a progress report and set a new timeline for the implementation of the requirements of its so called ‘IRB repair program’. … Continue Reading

EBA collecting bank data on IRRBB

By Jochen Vester (UK) and Simon Lovegrove (UK) on August 7, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 August 2023, the European Banking Authority (EBA) published its Decision to run an ad-hoc data collection of institutions’ interest rate risk in the banking book (IRRBB) data. The data collection will provide the EBA and Member State competent authorities with data to monitor risks arising from interest rate changes and the implementation of … Continue Reading

EBA follow-up report on the use of machine learning for IRB models

By Simon Lovegrove (UK) and Jochen Vester (UK) on August 4, 2023 Posted in Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 4 August 2023, the European Banking Authority published a follow-up report setting out the feedback it received to its earlier discussion paper on machine learning used in the context of internal ratings-based (IRB) models. The EBA also covers the interaction between prudential requirements on IRB models and two other legal frameworks that have an … Continue Reading

ECB and SRB sign MoU to share confidential data

By Simon Lovegrove (UK) on August 4, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 4 August 2023, the European Central Bank and the Single Resolution Board announced that they had signed a Memorandum of Understanding on the exchange of certain types of confidential statistical information, in order to improve analysis related to bank resolution.… Continue Reading

ESMA publishes updated Q&As on the European crowdfunding service providers for business Regulation

By Simon Lovegrove (UK) on August 3, 2023 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 3 August 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on the European crowdfunding service providers for business Regulation (ECSPR). New Q&As have been added covering:… Continue Reading

EBA consults on draft RTS on extraordinary circumstances for continuing the use of an internal model or discarding certain back-testing overshootings under Article 325az(9) CRR

By Simon Lovegrove (UK) and Jochen Vester (UK) on August 3, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 3 August 2023, the European Banking Authority (EBA) published a consultation paper on draft regulatory technical standards (RTS) on extraordinary circumstances for continuing the use of an internal model of discarding certain back-testing overshootings under Article 325az(9) of the Capital Requirements Regulation (CRR). Per Article 325az(9) of the CRR the draft RTS specify the … Continue Reading

ESMA publishes guidelines on MiFID II product governance requirements

By Simon Lovegrove (UK) and Matthew Gregory (UK) on August 3, 2023 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 3 August 2023, the European Securities and Markets Authority (ESMA) published on its website, in all EU official languages, the guidelines on the MiFID II product governance requirements. The guidelines are based on Article 16(1) of the ESMA Regulation. The objectives of the guidelines are to establish consistent, efficient, and effective supervisory practices within … Continue Reading

New Split the difference podcast: Regulatory approach to branches

By Hannah Meakin (UK), Simon Lovegrove (UK), Floortje Nagelkerke (NL) and Jonathan Herbst (UK) on August 2, 2023 Posted in Brexit, Brexit, Brexit, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom

In the latest in our podcast series, Split the difference, which explores divergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke and Simon Lovegrove explore the regulatory approach to branches.… Continue Reading

EBA consults on draft guidelines amending guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators

By Simon Lovegrove (UK) on August 1, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 1 August 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines amending guidelines EBA/GL/2020/14 on the specification and disclosure of systemic importance indicators. The EBA methodology for identifying global systemically important institutions (G-SIIs) closely follows the approach of the Basel Committee on Banking Supervision (BCBS) for the identification of global … Continue Reading

Published in the OJ: Commission Delegated Regulation 2023/1578 with regard to RTS specifying the requirements for the internal methodology or external sources used under the internal default risk model for estimating default probabilities and losses given default

By Simon Lovegrove (UK) on August 1, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 1 August 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation 2023/1578 of 20 April 2023 supplementing the Capital Requirements Regulation with regard to regulatory technical standards specifying the requirements for the internal methodology or external sources used under the internal default risk model for estimating default … Continue Reading

Published in the OJ: Commission Delegated Regulation (EU) 2023/1557 with regard to RTS on the calculation of the own funds requirements for market risk for non-trading book positions subject to foreign exchange risk or commodity risk and the treatment of those positions for the purpose of the regulatory back-testing requirements and the profit and loss attribution requirement under the alternative internal model approach

By Simon Lovegrove (UK) on August 1, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 1 August 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/1557 of 20 April 2023 supplementing the Capital Requirements Regulation with regard to regulatory technical standards on the calculation of the own funds requirements for market risk for non-trading book positions subject to foreign exchange … Continue Reading

EBA Final Report on draft ITS on IRRBB reporting under Commission Implementing Regulation (EU) 2021/45

By Simon Lovegrove (UK) on July 31, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 July 2023, the European Banking Authority (EBA) published a Final Report proposing amendments to the implementing technical standards (ITS) on supervisory reporting regarding interest rate risk in the banking book (IRRBB) reporting requirements. This new harmonised reporting aims to bring the data quality required for assessing IRRBB risks on an appropriate scale of … Continue Reading