On 26 February 2024, the Chair of the Financial Stability Board (FSB), Klaas Knot, wrote a letter to the G20 Finance Ministers and Central Bank Governors. The letter was submitted ahead of the G20’s meeting on 28-29 February and highlights key issues and the current challenges to financial stability. The letter outlines a workplan for … Continue Reading
On 26 February 2024, the Council of the EU issued a press release stating that it had adopted a proposed Regulation which will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries. The proposed Regulation amends Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC … Continue Reading
On 26 February 2024, the Council of the EU issued a press release stating that it had adopted a proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds. … Continue Reading
Global Consultations closing for comments: European Union New legislation: Consultations closing for comments: Public hearings: United Kingdom New legislation: Consultations closing for comments:… Continue Reading
On 22 February 2024, in a joint vote MEPs and EU ambassadors chose Frankfurt as the seat of the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). Nine candidates in total applied but in the vote, Frankfurt received a majority of validly cast votes on the first round of voting and … Continue Reading
On 22 February 2024, the European Commission (Commission) adopted two Delegated Regulations supplementing the Regulation on digital operational resilience for the financial sector (DORA): Both Delegated Regulations enter into force on the twentieth day following their publication in the Official Journal of the EU. They shall be directly applicable in all Member States.… Continue Reading
On 22 February 2024, the Council of the EU published an ‘I/A’ item note concerning the draft Regulation amending Regulations (EU) No260/2012 and (EU) 2021/1230, and Directives 98/26/EC and (EU) 2015/2366, as regards instant credit transfers in euro. The note mentions that on 7 February 2024 the European Parliament adopted its position at first reading … Continue Reading
On 22 February 2024, the European Commission (Commission) adopted the following Delegated Regulations under the EU Markets in Crypto-Assets Regulation (MiCAR): The Council of the EU and the European Parliament will scrutinise the Delegated Regulations. If neither the Council of the EU nor the European Parliament objects, the Delegated Regulations will be published in the … Continue Reading
On 19 February 2024, the European Central Bank (ECB) published a Memorandum of Cooperation that it had entered into with Member State competent authorities (NCAs) (together the Authorities) for the performance of their supervisory tasks in relation to the supervision of third country groups and third country branches. Background In accordance with Article 47(2a) of … Continue Reading
On 20 February 2024, the Council of the EU issued a press release stating that it has adopted the proposed Directive amending MiFID II and the proposed Regulation amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow. Consolidated … Continue Reading
On 14 February 2024, William van de Voorde, Chair of the Permanent Representatives Committee of the Council of the EU wrote a letter to the European Parliament’s Chair of the Committee on Economic and Monetary Affairs, which states that the Permanent Representatives Committee have reached agreement, except for one item, on the final compromise text … Continue Reading
On 20 February 2024, the European Banking Authority (EBA) published a consultation paper to consult on the draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) 2021/637 to implement the disclosure requirements coming from the introduction of the new regulatory framework for operational risk in the Capital Requirements Regulation (CRR) 3. Background The CRR … Continue Reading
On 20 February 2024, the European Banking Authority (EBA) issued a consultation paper on the business indicator component (BIC). The Capital Requirements Regulation 3 includes amendments to the operational risk area, where a revised framework is introduced and all previously existing approaches for the calculation of regulatory capital are replaced by the BIC. The BIC … Continue Reading
The next issue of our ESG updater which tracks regulatory developments in the ESG space is now available. Should you wish to receive the updater please sign up here. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on some of the key regulatory issues they are seeing in their local market. In this latest episode Michael Born from our Frankfurt office discusses recent German regulatory developments including the Financial Market Digitisation Act, the Credit Secondary Market Promotion Act, … Continue Reading
On 19 February 2024, the European Central Bank (ECB) published its revised guide to internal models. The guide covers general topics, credit risk, market risk and counterparty credit risk. This follows a public consultation which ended in September 2023. The ECB has considered all 625 comments received from 20 respondents during the public consultation and … Continue Reading
On 15 February 2024, the Council of the EU published the text of the Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, the provision of depositary and custody services and loan origination by alternative investment funds. The European Parliament issued a press … Continue Reading
On 16 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010 with regard to regulatory technical standards (RTS) specifying the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the … Continue Reading
On 15 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/584 of 7 November 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2019/1851 as regards the homogeneity of the underlying exposures in simple, transparent and standardised securitisations. The European Banking Authority published … Continue Reading
On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation, repealing Directive (EU) 2015/849 and proposing mechanisms to be put in place by the Member States on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The … Continue Reading
On 14 February 2024, the Council of the EU published the final compromise text of the proposed Directive, amending Directives 2009/65/EU and (EU) 2019/2034, as regards the treatment of concentration risk on centrally cleared derivative transactions. An ‘I’ item note has also been published.… Continue Reading
On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation on the transparency and integrity of environmental, social and governance rating activities, and amending Regulation (EU) 2019/2088. An ‘I’ item note has also been published.… Continue Reading
On 14 February 2024, the European Parliament’s Economic and Monetary Affairs Committee issued a press release stating that it had adopted draft reports concerning the draft Directive on payment services and electronic money services in the internal market and the draft Regulation on payment services in the internal market. These pieces of draft EU legislation … Continue Reading
On 12 February 2024, the European Banking Authority (EBA) published a follow up to its 2021 peer review report on the joint European Supervisory Authorities’ (ESAs) guidelines on the prudential assessment of the acquisition of qualifying holdings. The joint ESAs guidelines define common procedures based on the assessment criteria laid down in the EU legislative … Continue Reading