France

Council of the European Union publishes Consumer Credit Directive II

On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading

ECB speech – Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it

By Simon Lovegrove (UK) on September 20, 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 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading

TNFD publishes recommendations

By Haney Saadah and Simon Lovegrove (UK) on September 19, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 19 September 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published its recommendations. The TNFD was launched in 2021. It is a global, market-led, science-based, and government-supported initiative with the mission to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related issues. The aim of … Continue Reading

FSB consults on financial resources and tools for central counterparty resolution

On 19 September 2023, the Financial Stability Board (FSB) published a consultation report on financial resources and tools for central counterparty (CCP) resolution. In the consultation report the FSB sets out a proposal for a toolbox approach as a global standard for CCP financial resources and tools for resolution. In a toolbox approach, resolution authorities … Continue Reading

IOSCO consults on leveraged loans and CLOs good practices for consideration

On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading

European Commission consults on sustainable finance disclosures

By Simon Lovegrove (UK) and Haney Saadah on September 14, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 14 September 2023, the European Commission announced that it has launched a targeted consultation and a public consultation to seek feedback on the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets out how financial intermediaries, such as asset managers, have to communicate sustainability information to investors. … Continue Reading

European Commission publishes initiative on adjusting SME size criteria for inflation

By Simon Lovegrove (UK) on September 13, 2023 Posted in France, General, General, General, Germany, Italy, The Netherlands, United Kingdom

On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading

MEPs adopt new rules to protect consumers from taking on too much debt

By Simon Lovegrove (UK) and Matthew Gregory (UK) on September 13, 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 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading

FMSB precious metal compendium

On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading

Published in the OJ: Commission Implementing Regulation 2023/1718 with regard to closely correlated currencies in accordance with the CRR

By Jochen Vester (UK) and Simon Lovegrove (UK) on September 11, 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 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading

ECON Committee debates EU clearing review

By Flupke van den Bogart and Simon Lovegrove (UK) on September 8, 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 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading

European Parliament adopts its report on REMIT review

By Anna Carrier (BE) and Simon Lovegrove (UK) on September 8, 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 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading

FSB publishes IMF-FSB synthesis paper: Policies for crypto-assets

On 7 September 2023, the Financial Stability Board (FSB) and the International Monetary Fund (IMF) published a joint synthesis paper on policies for crypto-assets. The report synthesises the IMF’s and FSB’s policy recommendations and standards. The report illustrates macroeconomic and financial stability implications of crypto-asset activities, how they may interact, and how the IMF and … Continue Reading

NGFS publishes conceptual framework for nature-related financial risks

By Simon Lovegrove (UK), Haney Saadah and Daniel Nevzat (UK) on September 7, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, ESG, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 7 September 2023, the Network for Greening the Financial System (NGFS) published the beta version of its conceptual framework for nature-related financial risks to guide policies and action by central banks and financial supervisors. The framework creates a shared science-based understanding of, and common language for, nature-related financial risks to help central banks and … Continue Reading

European Commission publishes Commission Delegated Regulation with regard to specifying the criteria for the identification of shadow banking entities referred to in Article 394(2)

By Simon Lovegrove (UK) on September 7, 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 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading

ECB Occasional Paper No 328 – The road to Paris: stress testing the transition towards a net-zero economy

By Simon Lovegrove (UK), Haney Saadah and Daniel Nevzat (UK) on September 7, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 6 September 2023, the European Central Bank (ECB) published Occasional Paper No 328 – The road to Paris: stress testing the transition towards a net-zero economy. The ECB states that this Occasional Paper contributes to the field of climate stress testing by introducing the following three key innovations: The results of this exercise demonstrate … Continue Reading

FSB progress report on enhancing the resilience of NBFI

On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading

FSB letters ahead of the New Delhi Summit

On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading

ECB speech addressing the risks of climate and environment-related litigation for the banking sector

By Haney Saadah, Simon Lovegrove (UK) and Daniel Nevzat (UK) on September 5, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 4 September 2023, the European Central Bank (ECB) published the keynote speech, given by Frank Elderson, Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board, delivered at the ECB legal conference. The speech addressed the risks of climate and environment-related litigation for the banking sector. In his speech, Mr Elderson … Continue Reading

ECB Decisions and Regulation concerning the Single Supervisory Mechanism

By Simon Lovegrove (UK) on September 1, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 1 September 2023, there was published in the Official Journal of the EU (OJ) certain European Central Bank (ECB) decisions and a Regulation concerning the Single Supervisory Mechanism:… Continue Reading

Published in the OJ: Commission Delegated Regulation 2023/1668 with regard to RTS specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the own funds requirements set out in Parts Three and Four of the IFR and the indicative qualitative metrics for the amounts of additional own funds

By Jochen Vester (UK) and Simon Lovegrove (UK) on August 31, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 August 2023, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2023/1668 of 25 May 2023 supplementing the Investment Firms Directive with regard to regulatory technical standards specifying the measurement of risks or elements of risks not covered or not sufficiently covered by the own funds … Continue Reading

New briefing note: Managing global implementation and regulatory change projects

Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading

Latest ESG updater

By Haney Saadah, Simon Lovegrove (UK) and Daniel Nevzat (UK) on August 24, 2023 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

We have published our latest ESG updater, tracking regulatory developments in the ESG space over the last month. Should you wish to receive the updater please contact Haney Saadah. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading

New split the difference podcast: Consolidated Tape

By Hannah Meakin (UK), Jonathan Herbst (UK), Catherine Pluck (UK), Floortje Nagelkerke (NL) and Anna Carrier (BE) on August 24, 2023 Posted in Brexit, Brexit, Brexit, France, Germany, Italy, Seminars, webinars and podcasts, The Netherlands, United Kingdom

In the latest episode of our Split the difference podcast series, which explores divergence and convergence between the EU and UK regulatory regimes in the markets space, Jonathan Herbst, Hannah Meakin, Floortje Nagelkerke, Anna Carrier and Catherine Pluck discuss Consolidated Tape in the EU and UK. The episode can be found here.… Continue Reading