Germany

Published in the OJ – Commission Delegated Regulation (EU) 2022/2257 supplementing the CRR with regard to RTS specifying the calculation methods of gross jump-to-default amounts for exposures to debt and equity instruments and for exposures to default risk arising from certain derivative instruments, and specifying the determination of notional amounts of instruments other than the instruments

On 18 November 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2257 of 11 August 2022, supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards specifying the calculation methods of gross jump-to-default amounts for exposures to debt and equity instruments and for exposures … Continue Reading

ESMA consults on guidelines on funds’ names using ESG or sustainability-related terms

By Daniel Nevzat (UK) and Haney Saadah on November 18, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 18 November 2022, the European Securities and Markets Authority (ESMA) published a consultation paper containing draft guidelines on funds’ names using ESG or sustainability-related terms. Currently, ESMA has provided some principles based guidance on funds’ names with ESG or sustainability related terms in a supervisory briefing on sustainability risks and disclosures in the area … Continue Reading

SRB publishes work programme for 2023

By Simon Lovegrove (UK) on November 18, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 18 November 2022, the Single Resolution Board (SRB) published its work programme for 2023. In summary, the coming twelve months will see the SRB’s focus moving from the more general phases of drafting and fine-tuning of resolution plans towards ensuring that each plan and preferred resolution strategy for each bank in the Banking Union … Continue Reading

ESMA final report on guidelines on the types and content of the provisions of cooperation arrangements for the recovery and resolution of CCPs

By Simon Lovegrove (UK) on November 18, 2022 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 17 November 2022, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on the types and content of the provisions of cooperation arrangements of the recovery and resolution of central counterparties (CCPs). Some European CCPs provide services to clearing members and their clients located in third countries and some third-country … Continue Reading

Published in the OJ – Decisions amending annexes to the EEA Agreement

By Simon Lovegrove (UK) on November 17, 2022 Posted in France, Italy, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

On 17 November 2022, there was published in the Official Journal of the European Union (OJ), two decisions amending the annexes to the EEA Agreement. Decision of the EEA Joint Committee No 187/2019 of 10 July 2019 amending Annex IX (Financial services) to the EEA Agreement. This Decision inserts into the EEA Agreement the following: … Continue Reading

FSB publishes 2022 annual report on promoting global financial stability

On 16 November 2022, the Financial Stability Board (FSB) published its latest annual report on promoting financial stability. The report, delivered to the G20 leaders ahead of their Bali Summit, describes the FSB’s work to promote global financial stability. Among other things the report makes the following findings: The outlook for financial stability is particularly … Continue Reading

ESAs launch call for evidence on greenwashing

By Simon Lovegrove (UK) on November 16, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 15 November 2022, the European Banking Authority (EBA) announced that the three European Supervisory Authorities (ESAs) had published a call for evidence on greenwashing. The call for evidence seeks input on potential greenwashing practices in the whole EU financial sector, including banking, insurance and financial markets, which may be relevant to various segments of the … Continue Reading

EBA Consultation Paper on draft guidelines to institutions and resolution authorities on resolvability testing

By Simon Lovegrove (UK) on November 16, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 15 November 2022, the European Banking Authority (EBA) issued a consultation paper containing draft guidelines addressed to institutions and resolution authorities on resolvability testing. The draft guidelines seek to introduce a common framework for resolution testing by: Introducing a self-assessment by resolution banks of their resolvability focusing on the minimum standard set by the … Continue Reading

FSB and NGFS publish initial findings and lessons from the Climate Scenario Analysis by Jurisdictions

By Simon Lovegrove (UK) on November 16, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 15 November 2022, the Financial Stability Board (FSB) and Network for Greening the Financial System (NGFS) published their initial findings and lessons from the Climate Scenario Analysis by Jurisdictions. The report provides a synthesis of the findings from climate scenario analysis exercises undertaken by financial authorities at the individual firm level, at the level … 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

EBA updates Q&As on the PRIIPs KID

By Matthew Gregory (UK) on November 14, 2022 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 14 November 2022, the European Banking Authority (EBA) published an updated version of its Questions and Answers (Q&As) on the PRIIPs key information document. The Q&As have been updated in respect of: General topics. ‘What is this product’? Product categories. Past performance. Derivatives. Multi-option products. Investment funds. Autocallable products. Calculation of the summary cost … Continue Reading

FSB final report ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’

On 14 November 2022, the Financial Stability Board (FSB) published ‘Financial policies in the wake of COVID-19: supporting equitable recovery and addressing effects from scarring in the financial sector’. The final report considers exit strategies through the lens of financial stability and the capacity of the financial system to finance strong and equitable growth. Incorporating … Continue Reading

FSB chair writes to G20 leaders ahead of the Bali Summit

On 11 November 2022, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 leaders ahead of their Summit in Bali on 15-16 November. The letter sets forth that developments since the Rome Summit have been a stark reminder that global financial stability should not be taken for granted. So … Continue Reading

Member States adopt general approach on CRR II and CRD VI proposals

By Flupke van den Bogart on November 10, 2022 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 8 November 2022, the Council of the EU adopted its general approach on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The Basel III legislative package comprises of a: Commission proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards requirements for credit risk, credit valuation … Continue Reading

Published in the OJ – RTS and ITS supplementing the EU Crowdfunding Regulation

By Simon Lovegrove (UK) on November 9, 2022 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 8 November 2022, there was published in the Official Journal of EU the following regulatory technical standards (RTS) and implementing technical standards (ITS) supplementing the EU Crowdfunding Regulation: Commission Delegated Regulation (EU) 2022/2111 of 13 July 2022 supplementing the EU Crowdfunding Regulation with regard to RTS specifying conflicts of interest requirements for crowdfunding service … Continue Reading

EBA Opinion on the set-up and operationalisation of intermediate EU parent undertakings

By Simon Lovegrove (UK) on November 8, 2022 Posted in Asia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom, United States

On 7 November 2022, the European Banking Authority (EBA) published an Opinion on the set-up and operationalisation of intermediate EU parent undertaking(s) under Article 21b of the Capital Requirements Directive IV (CRD IV). Article 21b of the CRD IV strengthens the supervision of third-country groups with significant activities in the EU. It does this by … Continue Reading

IOSCO call for action on good sustainable finance practices for financial markets voluntary standard setting bodes and industry associates

By Simon Lovegrove (UK) on November 8, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 October 2022, the International Organisation of Securities Commissions (IOSCO) announced a call for action on good sustainable finance practices for financial markets voluntary standard setting bodes and industry associates. IOSCO is calling upon all voluntary standard setting bodies and industry associations operating in financial markets to promote good practices amongst their members to … Continue Reading

FSB publishes report on OTC Derivative Market reforms: Implementation progress in 2022

By Simon Lovegrove (UK) on November 8, 2022 Posted in Africa, Asia, Australia, Canada, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 November 2022, the Financial Stability Board (FSB) published a report on OTC Derivatives Market Reforms: Implementation progress in 2022. The report tracks national and regional progress in implementing the G20 reforms to global over-the counter (OTC) derivatives market reforms following the 2007 Global Financial Crisis. The report finds that overall implementation across the … Continue Reading

EBA methodology and draft template for the 2023 EU-wide stress test

By Simon Lovegrove (UK) on November 7, 2022 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 4 November 2022, the European Banking Authority (EBA) published the final methodology, draft templates and template guidance for the 2023 EU-wide stress test along with the milestone dates for the exercise. The objectives of the EU-wide stress test is to provide EU supervisors, banks and other market participants with a common analytical framework to … Continue Reading

EBA publishes assessment on the application of the supporting factor to infrastructure lending

By Jochen Vester (UK) on November 4, 2022 Posted in Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Kingdom

On 3 November 2022, the European Banking Authority (EBA) published a report on the application of the infrastructure supporting factor. The report analyses the lending trends and riskiness of infrastructure loans which have benefited from a capital reduction due to the introduction of the so-called Infrastructure Supporting Factor (ISF) according to Article 501a of the … Continue Reading

ECB sets deadline for EU banks to deal with climate risks

By Daniel Nevzat (UK) on November 2, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 2 November 2022, the European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far away from adequately managing climate and environmental risks. The thematic review aimed to check whether EU banks adequately identify and manage climate risks as well as environmental risks such as biodiversity loss. … Continue Reading

ESMA to withdraw the recognition decisions of six Indian CCPs

By Hannah Meakin (UK) on November 1, 2022 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 31 October 2022, the European Securities and Markets Authority (ESMA) announced that six central counterparties (CCPs) established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR). ESMA had to tier and review the recognition of all third country CCPs (TC-CCPs) that had been recognised prior to … Continue Reading

ESMA publishes guidelines on the scope of the CRA Regulation

By Joe Bamford (UK) on November 1, 2022 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 31 October 2022, the European Securities and Markets Authority (ESMA) published guidelines on the scope of the Credit Rating Agency (CRA) Regulation. The purpose of the guidelines is to clarify the scope of the CRA Regulation, in particular the provisions concerning: Obligation to register. Credit rating activities and exemptions from registrations. Private credit ratings. … Continue Reading

Germany’s plan to legalise recreational cannabis poses anti-money laundering risks for UK business

By Katie Stephen (UK), Alexander Cappel, Andrew Reeves (UK), Thomas Hubbard (UK) and Lizzie Cox on October 31, 2022 Posted in Anti-Money Laundering, Germany, Money laundering, United Kingdom

Germany has become the latest country to agree on a plan to legalise recreational cannabis use among adults in a move that presents significant opportunities for investments in the EU’s largest economy. The Federal Cabinet has approved the key points paper for the legalisation, however a concrete draft law will only be presented once it … Continue Reading