France

EBA speech – The implementation of Basel III in the post-COVID 19 setting

On 12 May 2021, the European Banking Authority (EBA) published a speech given by its chairperson, Jose Manuel Campa, entitled The implementation of Basel 3 in the post-COVID 19 setting. In his speech Mr Campa covers: The measures taken in relation to the COVID-19 pandemic. In particular, Mr Campa states that on “the return to … Continue Reading

EBA report on convergence of supervisory practices in 2020

On 12 May 2021, the European Banking Authority (EBA) published a report on convergence of supervisory practices in 2020. In the context of the supervisory review and evaluation process (SREP), the EBA is mandated to annually report to the European Parliament and the Council on the degree of convergence of the application of the supervisory … Continue Reading

Commission Implementing Regulation laying down ITS for the application of the CRR with regard to the supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities

On 12 May 2021, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2021/763 of 23 April 2021 laying down implementing technical standards (ITS) for the application of the Capital Requirements Regulation (CRR) with regard to the supervisory reporting and public disclosure of the minimum requirement for own funds … Continue Reading

Episode 7 of the Regulation Tomorrow Podcast is out now

Episode 7 of the Regulation Tomorrow podcast is now available to listen to and download. In this month’s podcast we speak to Celia Cohen in New York about recent enforcement trends in the US, with a focus on whistle-blowing; we hear from Anna Carrier in Brussels who discusses the new European commodities regime and we … Continue Reading

Remuneration schemes under close scrutiny in the French insurance sector

With a view to a revision of the Insurance Distribution Directive (IDD), which is expected to be undertaken by 2023 (the European Insurance and Occupational Pensions Authority (EIOPA) is due to submit its report by the end of 2021, and the European Commission in 2022), discussions and work have already begun at a European level … Continue Reading

UNEPFI guidance on financial inclusion and financial health target setting

On 11 May 2021, the United Nations Environment Programme published guidance on financial inclusion and financial health target setting. The guidance supports signatory banks in their efforts to set targets for financial inclusion and financial health, in line with the requirements of the Principles for Responsible Banking. Using the guide, banks can understand how to … Continue Reading

Fifth edition of ACER guidance on the application of REMIT

On 11 May 2021, the European Union Agency for the Cooperation of Energy Regulators (ACER) published the fifth edition of its guidance on the application of the Regulation on wholesale energy market integrity and transparency (REMIT). In this edition, ACER provides more detailed guidance concerning the definition of information and inside information under REMIT.… Continue Reading

Commission consults on upcoming retail investment strategy

On 11 May 2021, the European Commission issued a public consultation on the upcoming retail investment strategy, which is planned for adoption in early 2022, as announced in last year’s Capital Markets Union Action Plan. In line with the Commission’s stated objective of “an economy that works for people”, the Commission is seeking to ensure … Continue Reading

GFXC publishes Request for Feedback on draft guidance papers for pre-hedging and last look

On 11 May 2021, the Global Foreign Exchange Committee (GFXC) announced that it was seeking industry feedback on draft guidance papers for the usage of ‘pre-hedging’ and ‘last look’ within foreign exchange markets. When finalised the guidance papers will not be part of the FX Global Code but should instead be read alongside it. The … Continue Reading

Commission launches call for public feedback on the environmental performance information that financial and non-financial undertakings should disclose

On 7 May 2021, the European Commission issued a call for public feedback on a draft Delegated Regulation specifying the disclosure obligations under Article 8 of the Taxonomy Regulation. The Commission has also published FAQs on the draft Delegated Regulation and how will it work in practice. Under Article 8(1) of the Taxonomy Regulation certain … Continue Reading

EBA consults on its proposals for a central AML/CFT database

On 6 May 2021, the European Banking Authority (EBA) issued a consultation on draft regulatory technical standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU. The database will be a key tool for the EBA’s recently enhanced mandate to lead, coordinate and monitor AML/CFT efforts … Continue Reading

Commission Delegated Regulation extending the transitional period for PSAs

On 6 May 2021, the European Commission adopted a Delegated Regulation extending the transitional period referred to in Article 89(1), first subparagraph, of the European Market Infrastructure Regulation (EMIR). EMIR provides for a temporary exemption from the clearing obligation for pension scheme arrangements (PSAs) meeting certain criteria. This transitional period is set out under Article … Continue Reading

Commission Delegated Regulation (EU) 2021/732 of 26 January 2021 amending Delegated Regulation (EU) No 667/2014

On 6 May 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/732 of 26 January 2021 amending Delegated Regulation (EU) No 667/2014 with regard to the content of the file to be submitted by the investigation officer to the European Securities and Markets Authority (ESMA), the right to … Continue Reading

IOSCO report – thematic review on business continuity plans with respect to trading venues and intermediaries

On 6 May 2021, the Board of the International Organization of Securities Commissions (IOSCO) published a report on a thematic review that was conducted on the extent to which participating IOSCO member jurisdictions have implemented regulatory measures consistent with the two recommendations and the two standards set out in the 2015 IOSCO reports on business … Continue Reading

Delegated Regulation supplementing the BMR with regard to RTS specifying the characteristics of systems and controls for the identification and reporting of conduct that may involve manipulation or attempted manipulation of a benchmark

On 6 May 2021, the European Commission adopted a Delegated Regulation supplementing the Benchmarks Regulation (BMR) with regard to regulatory technical standards specifying the characteristics of the systems and controls for the identification and reporting of any conduct that may involve manipulation or attempted manipulation of a benchmark. The legislative basis of the Delegated Regulation … Continue Reading

BCBS, CPMI and IOSCO survey clients and non-bank intermediaries on margin calls

On 5 May 2021, the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions announced that they had issued a survey on the use of margin calls as part of an examination into liquidity shortfalls during the early stages of the COVID-19 pandemic. This work … Continue Reading

ESMA updates its Q&As relating to the Prospectus Regulation

On 5 May 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the Prospectus Regulation. ESMA has added three new Q&As that provide clarification on: The application of Article 4(1) of the CRA Regulation to credit rating disclosure in prospectuses. How to determine the home Member State in the context of global … Continue Reading

Published in OJ – ECB Regulation and Decisions on systemically important payment systems

On 5 May 2021, there was published in the Official Journal of the EU: Regulation (EU) 2021/728 of the European Central Bank of 29 April 2021 amending Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2021/17). Regulation (EU) No 795/2014 (the ECB Regulation) sets out the European Central Bank’s (ECB) oversight … Continue Reading

ROC consultative document – Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance

On 5 May 2021, the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) System published a consultative document, Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance. The Technical Guidance for the Harmonisation of critical OTC derivative data elements (Technical Guidance) provides technical guidance on the definition, format and … Continue Reading

Making it count: Transparency International’s key recommendations on measuring the effectiveness of an ABC compliance programme

On 4 May 2021, Transparency International published its “Making it count” report on measuring the effectiveness of anti-bribery and corruption (ABC) programmes (the TI Report). Authorities globally are focused on the practical effectiveness of companies’ ABC programmes. As the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) Resource Guide puts it, authorities’ primary … Continue Reading

EIOPA publishes consultation on IBOR transition

The European Insurance and Occupational Pensions Authority (EIOPA) has launched a consultation on the Interbank Offered Rates (IBOR) transitions. Across markets, IBOR is being replaced by risk-free rates. The consultation considers adjustments to EIOPA’s risk-free rate (RFR) methodology and production, in light of If the EU Benchmark Regulation (which came into force in 2018) which … Continue Reading

ACER updates guidance to facilitate REMIT transaction reporting

On 3 May 2021, the EU Agency for the Cooperation of Energy Regulators (ACER) published updated REMIT guidance comprising of: New version of Annex II of the Transaction Reporting User Manual (TRUM). Annex VII of the Manual of Procedures on data reporting. FAQs on transaction reporting and on fundamental data and inside information. Annex II … Continue Reading

EBA Discussion Paper – Review of the NPL transaction data templates

On 4 May 2021, the European Banking Authority (EBA) published a Discussion Paper intended to facilitate the review of the standardised non-performing loan (NPL) data templates. The EBA developed standardised NPL data templates in 2017 to help facilitate financial due diligence and the valuation of NPL transactions. These templates aimed to reduce information asymmetries and … Continue Reading

EBA report – mystery shopping activities of national authorities

On 3 May 2021, the European Banking Authority (EBA) published a report on the mystery shopping activities of Member State competent authorities (NCAs). The EBA collated mystery shopping activities by NCAs with a view to share experiences, learn lessons and identify good practices for the benefit of the EBA and NCAs that use or intend … Continue Reading
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