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AFME: CSDR settlement discipline penalties – market practice for bilateral claims

On 9 July 2020, the Association for Financial Markets in Europe (AFME) issued a document intended to provide guidelines for its members to handle bilateral claims between trading counterparties, related to penalties applied under the CSDR on failed instructions. The document has been created collaboratively by AFME members and is subject to change. The AFME … Continue Reading

ESMA clarifies external support within the meaning of Article 35 of the MMF Regulation

On 9 July 2020, the European Securities and Markets Authority (ESMA) issued a public statement on external support under Article 35 of the Money Market Funds Regulation (MMF Regulation). The statement has been issued by ESMA in light of financial markets authorities recent actions to mitigate the impact of COVID-19 on the EU’s financial markets, … Continue Reading

ESMA consults on guidelines on calculation of positions under SFTR

On 9 July 2020, the European Securities and Markets Authority (ESMA) launched a consultation on draft guidelines on the calculation of positions by trade repositories (TRs) under the Securities Financing Transactions Regulation (SFTR). The draft guidelines set out the relevant clarification to TRs with regards to the compliance with Article 4(6) of SFTR setting out … Continue Reading

EBA calls on resolution authorities to consider the impact of COVID-19 on resolution strategies and resolvability assessments

On 9 July 2020, the European Banking Authority (EBA) published a statement on resolution planning in light of the COVID-19 pandemic. With this statement, the EBA intends to reiterate the importance of resolution planning in times of uncertainty to ensure that resolution stands as a credible option in times of stress.  In addition, the EBA … Continue Reading

EACH updates CSDR settlement discipline framework

On 9 July 2020, the European Association of Clearing Houses (EACH) published an updated version of its CSDR settlement discipline framework. The objective of the framework is to provide the European Securities and Markets Authority, relevant authorities and market participants with details of EACH’s implementation of the CSDR settlement discipline provisions that affect central counterparties … Continue Reading

FSB and Basel Committee set out supervisory recommendations for benchmark transition

On 9 July 2020, the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (Basel Committee) issued a report on supervisory issues associated with benchmark transition. The report includes insights on remaining challenges to LIBOR transition based on surveys undertaken by the FSB, the Basel Committee and the International Association of Insurance Supervisors. … Continue Reading

Basel Committee publication: Targeted revisions to the CVA risk framework

On 8 July 2020, the Basel Committee on Banking Supervision (Basel Committee) published a paper setting out the final targeted revisions to the credit valuation adjustment (CVA) risk framework. In January 2019 the Basel Committee published the revised market risk framework. In November 2019 the Basel Committee consulted on a set of targeted final revisions … Continue Reading

ESMA updates CSDR Q&As

On 8 July 2020, the European Securities and Markets Authority updated its Q&As on the Regulation on improving securities settlement in the EU and on central securities depositories. Part III of the Q&As dealing with settlement discipline have been updated with the addition of a new item in Q&A 7 dealing with buy-in timeframes. The … Continue Reading

ECB guideline on definition of default for banks directly supervised by national supervisors

On 8 July 2020, the European Central Bank (ECB) issued guidance on the definition of the materiality threshold for banks that are directly supervised by Member State national competent authorities (NCAs). The guidance specifies how NCAs shall exercise the discretion conferred on competent authorities under Article178(2)(d) of the Capital Requirements Regulation in relation to less … Continue Reading

ESMA updates EMIR Q&As

On 8 July 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR). ESMA has updated Trade Repository Q&A 11(b) clarifying that the counterparties should follow their local time and the relevant calendar of their Member State to specify the “working day” in the context of determining … Continue Reading

FATF reports on stablecoins and virtual assets

On 7 July 2020, the Financial Action Task Force (FATF) issued a report to G20 Finance Ministers and Central Bank Governors regarding stablecoins. The June 2019 revisions to the FATF Standards place anti-money laundering and counter-terrorism financing (AML/CFT) requirements on virtual assets and virtual asset service providers (VASPs). The FATF report finds that stablecoins share … Continue Reading

EBA provides clarity on the implementation of the prudential framework in the context of COVID-19

On 7 July 2020, the European Banking Authority (EBA) published a report providing clarification on certain issues concerning the application of the prudential framework that have been raised as a consequence of the COVID-19 pandemic. Specifically the report is intended to provide clarity on the implementation of the EBA guidelines on legislative and non-legislative moratoria … Continue Reading

Corrigendum to CRD V

On 3 July 2020, there was published in the Official Journal of the EU a Corrigendum to the Capital Requirements Directive V (CRD V). The Corrigendum makes amendments to the following articles of the CRD V: 21a (approval of financial holding companies and mixed financial holding companies), 21b (intermediate EU parent undertaking), 104a (additional own … Continue Reading

Basel Committee reports on Basel III implementation

On 6 July 2020, the Basel Committee on Banking Supervision (Basel Committee) published a report setting out the adoption status of the Basel III standards in member jurisdictions as of end-May 2020. The report notes that as of end-May 2020, all 27 member jurisdictions have risk-based capital rules, liquidity coverage ratio regulations and capital conservation … Continue Reading

Basel Committee finalises AML/CFT guidelines on supervisory cooperation

On 2 July 2020, the Basel Committee on Banking Supervision issued an updated version of its guidelines on ‘Sound management of risks related to money laundering and financing of terrorism’. The updated version of the guidelines contains a new paragraph 96 in Part IV (role of supervisors) and Annex 5 (interaction and cooperation between prudential … Continue Reading

CRR “quick fix” published in the OJ

On 26 June 2020, there was published in the Official Journal of the EU (OJ), a Regulation making targeted amendments to the Capital Requirements Regulation (CRR) and the revised Capital Requirements Regulation (CRR2) (CRR “quick fix”). The “quick fix” legislation has been intended to help credit institutions to mitigate the impact of the COVID-19 outbreak … Continue Reading

Corrigendum to CRD IV

On 26 June 2020, there was published in the Official Journal of the EU, a Corrigendum to the CRD IV. The Corrigendum amends: Point (d)(iv) of Article 141(8) CRD IV so that it reads: ‘(iv) the payment of variable remuneration or discretionary pension benefits, whether by creation of a new obligation to pay, or payment … Continue Reading

Roadmap – Consumer credit agreements and review of EU rules

On 23 June 2020, the European Commission published a roadmap concerning a review of the Consumer Credit Directive (CCD). Following a REFIT Platform opinion recommending an assessment of the relevance, effectiveness and efficiency of the standard information to be included in advertising concerning credit agreements, the Commission evaluated the CCD in 2018-2019. The full results … Continue Reading

Speech by Executive Vice-President Valdis Dombrovskis at the Digital Finance Outreach 2020 Closing conference

On 24 June 2020, the European Commission published a speech by Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on digital finance. In terms of crypto-assets Mr Dombrovskis states that Europe is in a position to lead the way on regulation and for this a common approach is needed … Continue Reading

ESMA guidelines on the reporting to competent authorities under Article 37 of the MMF

On 22 June 2020, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on reporting to competent authorities under Article 37 of the Money Market Fund Regulation (MMFR). Member State national competent authorities (NCAs) to which the guidelines apply now have two months in which to notify ESMA whether they … Continue Reading

Webinar: LIBOR Transition: market update and managing key risks and challenges

 Tuesday 14 July | 08:30H BST We invite you to join our interactive webinar during which we will discuss recent LIBOR transition updates from a loans, derivatives and regulatory perspective as well as talk about some of the key risks and challenges from a disputes viewpoint. With some banks well underway with the due diligence … Continue Reading

Taxonomy Regulation published in OJ

On 22 June 2020, there was published in the Official Journal of the EU (OJ) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. The Regulation enters into force following the twentieth day following … Continue Reading

ESRB Recommendation cancelling certain macro-prudential reports

On 19 June 2020, there was published in the Official Journal of the EU the decision of the European Systemic Risk Board (ESRB) of 2 June 2020 on the cancellation of certain reports on actions and measures taken pursuant to Recommendation ESRB/2014/1 and Recommendation ESRB/2015/2 of the ESRB. The decision entered into force on 3 … Continue Reading

EBA report on the peer review of DGS stress tests and resilience

On 17 June 2020, the European Banking Authority (EBA) published its first peer review of stress tests and the resilience of deposit guarantee schemes (DGSs). The review assessed the results of 135 DGS stress tests performed by 32 DGSs from 27 EU Member States. The Deposit Guarantee Schemes Directive (DGSD) requires Member States to ‘ensure … Continue Reading
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