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Topic: Regulation and Compliance

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

We have now updated our two guides on the Alternative Investment Fund Managers Directive (AIFMD), which has now been in force for approximately nine years. Both guides are now in their fifth iteration. The first guide considers whether the AIFMD marketing passport is working in practice and is a useful tool for managers as it … Continue Reading

ESMA report on CRA market share calculation

On 15 December 2022, the European Securities and Markets Authority published a report in accordance with Article 8d of the Regulation on credit rating agencies (CRAs) setting out a list of registered CRAs and the types of credit ratings they issue, together with a calculation of CRA’s revenues from credit rating activities and ancillary services … Continue Reading

ESMA publishes final report on guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure

On 15 December 2022, the European Securities and Markets Authority published a final report containing guidelines on standard forms, formats and templates to apply for permission to operate a Distributed Ledger Technology market infrastructure (DLT MI). Between 11 July and 9 September 2022, ESMA conducted a public consultation on draft guidelines on standard forms, formats … Continue Reading

ESMA MiFID II supervisory briefing on the supervision of cross-border activities of investment firms

On 14 December 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the supervision of cross-border activities of investment firms. On 10 March 2022, ESMA published a peer review report on the supervision of cross-border activities of investment firms. In its report, ESMA identified the need for home supervisors to significantly … Continue Reading

ESMA statement on promoting clarity to market participants on best execution reporting

On 14 December 2022, the European Securities and Markets Authority (ESMA) published a public statement concerning the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 February 2023 in light of the ongoing legislative procedure on the MiFID II/MiFIR review. Article 27(3) of MiFID II requires execution venues to make … Continue Reading

FSB calls for urgent work to address cross-border resolution challenges in the non-bank sector

On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading

FCA consults on introducing a gateway for firms who approve financial promotions

On 6 December 2022, the FCA published Consultation Paper CP22/27: Introducing a gateway for firms who approve financial promotions. Under current legislation, any FCA authorised firm is allowed to approve financial promotions on behalf of other firms who are not authorised by the regulator. Changes being introduced by Parliament will require authorised firms to undergo … Continue Reading

Published in the OJ – Commission Implementing Regulation (EU) 2022/2365 amending technical standards as regards the mapping tables correspondence of credit assessments of external credit assessment institutions for securitisation

On 5 December 2022, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2022/2365 of 2 December 2022 amending implementing technical standards laid down in Implementing Regulation (EU) 2016/1801 as regards the mapping tables correspondence of credit assessments of external credit assessment institutions for securitisation in accordance with … Continue Reading

Published in the OJ – Commission Delegated Regulation (EU) 2022/ 2360 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/389 as regards the 90-day exemption for account access

On 5 December 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/ 2360 of 3 August 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/389 as regards the 90-day exemption for account access. The Regulation shall enter into force on the twentieth … Continue Reading

CPMI and IOSCO report ‘Implementation monitoring of the PFMI: level 3 assessment on financial market infrastructures’ cyber resilience’

On 29 November 2022, the Committee on Payments and Market Infrastructures (CPMI) and the International Organisation of Securities Commissions (IOSCO) published a report, ‘Implementation monitoring of the Principles of financial marketing infrastructures (PFMI): level 3 assessment on financial market infrastructures’ cyber resilience’. In April 2012, the CPMI and IOSCO published the PFMI, which set out … Continue Reading

IOSCO final report ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’

On 30 November 2022, the International Organisation of Securities Commissions published a report, ‘Investor behaviour and investor education in times of turmoil: Recommended framework for regulators based on lessons learned from the COVID- 19 pandemic’.  The final report highlights the research insights and experiences IOSCO members gained during the COVID-19 pandemic. It explores changes in … Continue Reading

Commission Delegated Regulation (EU) 2022/2328 supplementing the CRR with regard to RTS specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own funds requirements for residual risks

On 29 November 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2328 of 16 August 2022 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying exotic underlyings and the instruments bearing residual risks for the purposes of the calculation of own … Continue Reading

ESMA annual report – 2022 on the application of waivers and

On 21 November 2022, the European Securities and Markets Authority (ESMA) published its annual report 2022 on the application of waivers and deferrals. Articles 4(4) and 992) of MiFIR require ESMA to monitor the application of pre-trade transparency waivers and to submit an annual report to the European Commission on how equity and non-equity waivers … Continue Reading

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

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

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

ESMA publishes guidelines on the scope of the CRA Regulation

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

Commission Delegated Regulation (EU) 2022/2058 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2058 of 28 February 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council  with regard to regulatory technical standards on liquidity horizons for the alternative internal model approach, as referred … Continue Reading

Commission Delegated Regulation (EU) 2022/2059 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution requirements under Articles 325bf and 325bg of Regulation (EU) No 575/2013

On 26 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/2059 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution … Continue Reading

Commission Delegated Regulation (EU) 2022/2060 supplementing Regulation (EU) No 575/2013 with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under the internal model approach and specifying the frequency of that assessment under Article 325be(3) of that Regulation

On 26 October 2022, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2022/2060 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the modellability of risk factors under … Continue Reading

Regulation (EU) 2022/3036 published, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for the indirect subscription of instruments eligible for meeting the minimum requirement for own funds and eligible liabilities

On 25 October 2022, Regulation (EU) 2022/3036 of the European Parliament and of the Council of 19 October 2022 was published in the Official Journal of the European Union, amending Regulation (EU) No 575/2013 and Directive 2014/59/EU as regards the prudential treatment of global systemically important institutions with a multiple-point-of-entry resolution strategy and methods for … Continue Reading

EBA launches call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation

On 21 October 2022, The European Banking Authority (EBA) issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism, and on restrictive measures regimes – and a call for input on the Joint Guidelines to prevent the … Continue Reading

Communication from the Commission on guidelines for a best-execution process for sales of non-performing loans on secondary markets

On 21 October 2022, there was published in the Official Journal of the European Union a communication from the European Commission on guidelines for a best-execution process for sales of non-performing loans (NPLs) on secondary markets. The communication sets forth that the objective of these guidelines is to encourage good sell and buy-side processes for … Continue Reading
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