Germany

EBA publishes report on the benchmarking of diversity practices and the gender pay gap

On 7 March 2023, the European Banking Authority (EBA) published a report on the benchmarking of diversity practices and the gender pay gap. Under Article 91(11) of Directive 2013/36/EU, the EBA and Member State competent authorities (NCAs) are required to benchmark diversity practices in institutions’ management bodies. The EBA and the NCAs are also mandated … 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

ACER and ESMA update MoU to strengthen cooperation

By Hannah Meakin (UK) on March 6, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 6 March 2023, the European Securities and Markets Authority (ESMA) and the EU Agency for Cooperation of Energy Regulators (ACER) signed an updated Memorandum of Understanding (MoU) which strengthens collaboration between the two institutions. The MoU notably incorporates new cooperation areas under the market correction mechanism (MCM) regulation and benchmarks related to the energy … Continue Reading

New briefing note: Regulating cryptoassets: comparing MiCA and the HMT Proposals

By Hannah Meakin (UK), Anna Carrier (BE) and Albert Weatherill (UK) on March 3, 2023 Posted in Crypto assets, Crypto assets, Crypto assets, Crypto assets, Crypto assets, France, Germany, Italy, The Netherlands, United Kingdom

This note provides a high-level comparison of some of the key areas of MiCA and the HMT Proposals. It is relevant to participants in EU and UK cryptoasset markets, including service providers and issuers, as well as institutional and retail investors. Readers should note that, since neither regime has been finalised yet, there may be … Continue Reading

Published in the OJ: Delegated Regulations supplementing the CCP Recovery and Resolution Regulation

By Jochen Vester (UK) on March 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 March 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/450 of 25 November 2022 supplementing the Central Counterparty Recovery and Resolution Regulation with regard to regulatory technical standards specifying the order in which CCPs are to pay the recompense referred to in Article 20(1) … Continue Reading

European Commission publishes Call for Evidence on the review of the scope and third-country regime of the Benchmark Regulation

By Anna Carrier (BE) on March 3, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 1 March 2023, the European Commission published a Call for Evidence: Review of the scope and third-country regime of the Benchmark Regulation. This initiative carries out a review mandate for the Commission to check whether the scope of the EU rules for financial benchmarks, as well as the rules for the use of non-EU … Continue Reading

European Parliament adopts negotiating position on MiFIR review

By Flupke van den Bogart on March 3, 2023 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On 1 March 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted its negotiating position on the review of the Markets in Financial Instruments Regulation (MiFIR). The following aspects of the ECON Committee negotiating position have been contentious points through the negotiation and have been amended in comparison to the European Commission proposal: … Continue Reading

European Parliament adopts negotiating position on CRR III and CRD VI proposals

On 23 January 2023, the European Parliament’s Economic and Monetary Affairs (ECON) Committee adopted its draft reports on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: Among other things, the ECON Committee adopted the following amendments: Next steps Following adoption of the report in … Continue Reading

European Parliament announces that MEPs have adopted changes to the Financial Instruments Settlement Regime

By Hannah Meakin (UK) on March 2, 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 1 March 2023, the European Parliament announced that the Economic and Monetary Affairs Committee had adopted its position on the draft Regulation amending the Central Securities Depositories Regulation as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories.… Continue Reading

European Parliament announces that MEPs have backed rules for better access to market data and more robust EU market Infrastructures

By Jochen Vester (UK) on March 2, 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 1 March 2023, the European Parliament announced that MEPs had voted for changes to MiFID II and MiFIR. Among other things the changes cover data quality standards and investor protection, changes regarding market data consolidation and transparency as well as provisions on payment for order flow. The press release notes that:… Continue Reading

CPMI consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments

By Simon Lovegrove (UK) on March 2, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, Payment services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 1 March 2023, the Committee on Payments and Market Infrastructures (CPMI) published a consultive report on the ISO 20022 harmonisation requirements for enhancing cross-border payments. This consultive report presents the CPMI’s proposed requirements for harmonised use of ISO 20022 for cross-border payments. The proposed requirements are the result of earlier discussions by a joint … Continue Reading

ACER publishes effects assessment report on the MCM

By Anna Carrier (BE) on March 1, 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 1 March 2023, the European Agency for the Cooperation of Energy Regulators (ACER) published an Effects Assessment Report on the Market Correction Mechanism (MCM). ACER and the European Securities and Markets Authority (ESMA) were tasked with publishing two preliminary reports, concerning the adoption of the MCM and focussing on the developments in the financial … Continue Reading

EBA no action letter on the application of the new banking book-trading book boundary framework

By Jochen Vester (UK) on February 28, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 February 2023, the European Banking Authority (EBA) issued a no-action letter stating that Member State competent authorities should not prioritise any supervisory or enforcement action in relation to the new banking book – trading book boundary provisions.… Continue Reading

Published in the OJ – Commission Delegated Regulation (EU) 2023/410

By Simon Lovegrove (UK) on February 27, 2023 Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, United Kingdom

On 24 February 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/410 of 19 December 2022 amending Delegated Regulation (EU) 2016/1675 as regards adding the Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and the United Arab Emirates (UAE) to Table 1 of the Annex to … Continue Reading

FATF publishes Plenary outcomes

By Simon Lovegrove (UK) on February 27, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money Laundering, Regulation and Compliance, The Netherlands, United Arab Emirates, United Kingdom

On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023. On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF … Continue Reading

FSB publishes G20 Roadmap for enhancing cross-border payments

By Simon Lovegrove (UK) on February 24, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 23 February 2023, the Financial Stability Board (FSB) published a report on the G20 Roadmap for enhancing cross-border payments (the Roadmap). In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan showed that the Roadmap had reached an inflection point and needed to move to … Continue Reading

Decision of the EEA Joint Committee No 43/2020 inserting into Annex IX Commission Implementing Decision (EU) 2019/2211

By Hannah Meakin (UK) on February 24, 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 February 2023, there was published in the Official Journal of the European Union (OJ) Decision of the EEA Joint Committee No 43/2020 of 20 March 2020 amending Annex IX (Financial Services) to the EEA Agreement [2023 /357]. This decision inserts into Annex IX Commission Implementing Decision (EU) 2019/2211 of 19 December 2019 amending … Continue Reading

European Commission consults with Member States’ experts prospective implementation of Basel rules on crypto-asset exposures

By Anna Carrier (BE) on February 23, 2023 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

On 16 February 2023, the European Commission (“the Commission”) hosted a meeting of the Expert Group on Banking, Payments and Insurance (EGBPI), where it discussed with Member States’ experts the potential way forward for the implementation in the European Union (EU) law of the December 2022 Basel Committee on Banking Supervision (BCBS) standards on prudential … Continue Reading

EBA final report on revised guidelines on methods for calculating contributions to deposit guarantee schemes under the Deposit Guarantee Schemes Directive

By Simon Lovegrove (UK) on February 21, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 21 February 2023, the European Banking Authority (EBA) published a final report containing revised guidelines on methods for calculating contributions to deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive (DGSD). The DGSD mandates the EBA to develop guidelines on methods for calculating contributions to DGSs and to review them at least every … Continue Reading

European Commission letter regarding the Call for Advice to the EBA and ESMA for the purposes of the reports on the prudential requirements applicable to investment firms

By Simon Lovegrove (UK) on February 21, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the European Commission (Commission) published a letter from John Berrigan, regarding the Call for Advice it had issued to the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) for the purposes of the reports on the prudential requirements applicable to investment firms. The letter notes that in … Continue Reading

ESAs update Q&As relating to the Securitisation Regulation

By Jochen Vester (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 February 2023, the Joint Committee of the European Supervisory Authorities published updated Q&As relating to the Securitisation Regulation. The updated Q&As now cover the following topics:… Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

By Simon Lovegrove (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 24-25 February. The letter notes the recent easing in global financial conditions but warns that, while expectations of a ‘soft landing’ for the global … Continue Reading

FSB report on the financial stability aspects of commodities markets

By Simon Lovegrove (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the Financial Stability Board (FSB) published a report on the financial stability aspects of commodities markets. The report presents an overview of a few globally traded commodities markets that are of particular economic importance at the current juncture (crude oil, natural gas, and wheat) and examines their vulnerabilities, focussing on the … Continue Reading

Published in the OJ – Commission Delegated Regulation (EU) 2023/363

By Haney Saadah and Daniel Nevzat (UK) on February 17, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 17 February 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/363 of 31 October 2022 amending and correcting the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2022/1288 as regards the content and presentation of information in relation to disclosures in pre-contractual documents … Continue Reading