On 31 March 2023, the European Securities and Markets Authority issued a press release announcing that it had updated the following Q&As on:… Continue Reading
On 31 March 2023, the European Banking Authority (EBA) published the following documents intended to challenge unwarranted de-risking and safeguard access to financial services to vulnerable customers: Both sets of guidelines will apply three months after publication in all EU official languages.… Continue Reading
On 31 March 2023, the European Securities and Markets Authority (ESMA) published a public statement on the derivative trading obligation (DTO) in the context of the migration of credit default swap (CDS) contracts out of ICE Clear Europe. The objective of this statement is to support the orderly migration of positions from ICE Clear Europe … Continue Reading
On 29 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report on draft Regulatory Technical Standards (RTS) on business reorganisation plans in accordance with Articles 37(4) and 38(4) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR). With respect to central counterparties’ (CCPs) business … Continue Reading
On 29 March 2023, the European Banking Authority published a speech by its chair, José Manuel Campa, entitled Our path to the future of EU-wide stress testing. In his speech Mr Campa explains where the EBA is on the 2023 EU-wide stress test which is currently on-going. This includes some of the main changes that … Continue Reading
On Tuesday, 28 March 2023, the European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its position on the proposed anti-money laundering and counter-terrorism financing legislative package that was published by the European Commission (Commission) in July 2021. In our earlier blog post, we provided a general overview of the measures adopted where we flagged … Continue Reading
On 29 March 2023, the European Banking Authority issued a public consultation on proposed amendments to its guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision (the Risk-Based Supervision Guidelines). The proposed changes extend the scope of the Risk-Based Supervision Guidelines to AML/CFT supervisors of crypto-asset service providers (CASPs). The European … Continue Reading
On 28 March 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on amendments to guidelines on position calculation under the European Market Infrastructure Regulation (EMIR). ESMA has issued the Consultation Paper in preparation for the EMIR Refit go-live on 29 April 2024. The Consultation Paper proposes amendments to the guidelines on … Continue Reading
On 28 March 2023, the European Parliament announced that MEPs have approved stricter rules to close existing gaps in combatting money laundering, terrorist financing and evasion of sanctions in the EU. MEPs from the Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs Committees adopted their position on three pieces of draft legislation … Continue Reading
On 28 March 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) issued its fourth and final draft of the beta framework for nature-related risk management and disclosure. The TNFD’s goal is to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks and opportunities. The TNFD … Continue Reading
On 27 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report: Guidelines on MiFID II product governance requirements. The guidelines that have now been published build on ESMA’s guidelines on certain aspects of the MiFID II product governance requirements which were published in June 2017. While the 2017 guidelines remain relevant, … Continue Reading
In this edition of Regulation Around the World we review the position regarding beneficial ownership registers which has come into the spotlight following work by the Financial Action Task Force and the introduction of reforms in a number of jurisdictions. Identifying beneficial owners has always been a difficult task for both regulators and financial institutions … Continue Reading
On 24 March 2023, the European Banking Authority (EBA) published a Consultation Paper on draft Regulatory Technical Standards (RTS) on the assessment methodology under which Member State competent authorities (NCAs) verify an institution’s compliance with the internal models approach as per Article 32az(8) of the revised Capital Requirements Regulation (CRR). One of the prerequisites for … Continue Reading
On 24 March 2023, the European Securities and Markets Authority (ESMA) published Guidelines on central counterparty (CCP) recovery plan scenarios. These Guidelines are based on Article 9(12) of the Regulation on a framework for the recovery and resolution of CCPs (CCPRRRR). The objectives of these Guidelines are to establish consistent, efficient and effective supervisory practices … Continue Reading
On 24 March 2023, the European Securities and Markets Authority (ESMA) published Guidelines on central counterparty (CCP) recovery plan indicators. These Guidelines are based on Article 9(5) of the Regulation on a framework for the recovery and resolution of CCPs (CCPRRRR). The objective of these Guidelines are to establish consistent, efficient and effective supervisory practices … Continue Reading
On 23 March 2023, the Basel Committee on Banking Supervision (Basel Committee) announced a range of policy and supervisory initiatives, following a meeting on 14 March and 22-23 March to take stock of recent market developments and risks to the global banking system. Following the meeting, the Basel Committee announced the following:… Continue Reading
On 22 March 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/662 of 20 January 2023 amending Delegated Regulation (EU) 2015/63 as regards the methodology for the calculation of liabilities arising from derivatives. Regulation (EU) 2019/876 included an amendment to the Capital Requirements Regulation (CRR) which … Continue Reading
On 21 March 2023, the European Systemic Risk Board (ESRB) published the following letters regarding the review of the European Market Infrastructure Regulation. The letters draw attention to a number of elements the ESRB recommends incorporating into the EMIR review in order to make the financial system safer.… Continue Reading
On 21 March 2023, the European Securities and Markets Authority (ESMA) published a speech, given by Verena Ross, entitled ‘The macro-prudential supervision of investment funds – from a global debate to a balanced European regulatory frameworks’. In particular, Ms Ross discusses how remaining vulnerabilities of open-ended funds (OEFs) are being kept under scrutiny at global … Continue Reading
On 21 March 2022, the European Banking Authority (EBA) published a Consultation Paper (CP) on draft Implementing Technical Standards (ITS) amending Regulation (EU) 2021/453 with regard to the specific reporting requirements for market risk. As the full implementation of the Fundamental Review of the Trading Book (FRTB) in the EU approaches, and with the aim … Continue Reading
On 20 March 2023, the European Securities and Markets Authority (ESMA) published a letter, addressed to the European Parliament and Council, raising concerns over proposed changes to the insider list regime in the Market Abuse Regulation. The proposed changes, put forward by the European Commission (Commission) in December 2022 as part of the Listings Act … Continue Reading
On 20 March 2023, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023 amending Regulation (EU) 2015/760 as regards the requirements of pertaining to the investment policies and operating conditions of European long-term investment funds and the … Continue Reading
On 14 March 2023, the European Commission (“the Commission”) published a package of legislative proposals that will reform European electricity markets and strengthen European wholesale energy markets’ protection against market manipulation. In addition to amendments to Regulation (EU) 2019/943 (the Electricity Regulation) and Directive (EU) 2019/944 (the Electricity Directive) which set the framework for Europe’s … Continue Reading