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Basel Committee approves annual G-SIBs assessment, updates workplan to evaluate post-crisis reforms

On 25 September 2020, the Basel Committee on Banking Supervision (Basel Committee) issued a press statement following its meeting on 14, 18 and 25 September 2020 to take stock of COVID-19 risks to the global banking system and related vulnerabilities. Key points in the press statement include: The Basel Committee reiterates its previous guidance that … Continue Reading

IOSCO issues measures to reduce conflict of interests in debt capital raising

On 21 September 2020, the International Organization of Securities Commissions (IOSCO) published a final report containing guidance on potential conflicts of interest and associated conduct risks market intermediaries may face during the debt capital raising process. The guidance is in the form of nine measures. Each measure is designed to address one or more of … Continue Reading

2021: A defining moment for the interest rates reform

On 21 September 2020, the European Securities and Markets Authority (ESMA) published a speech by its chair, Steven Maijoor, entitled 2021: A defining moment for the interest rates reform. In his speech Mr Maijoor discusses recent and expected developments of the global interest rates reform and the crucial role that the cooperation between public authorities … Continue Reading

Commission Regulations amending the Prospectus RTS Regulation and Delegated Regulation

On 14 September 2020, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2020/1272 of 4 June 2020 amending and correcting Delegated Regulation (EU) 2019/979 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary … Continue Reading

New US DOJ guidance on corporate compliance programs emphasizes dynamic program design and implementation

During the summer, the United States Justice Department announced the latest set of updates to its “Evaluation of Corporate Compliance Programs” policy. The policy, which was first released in 2017 and revised last year, provides companies with detailed guidance on how the Department will review the adequacy and effectiveness of compliance programs when making charging … Continue Reading

European Commission plans legislation on markets in crypto-assets

The outline of the anticipated EU legislative framework for markets in crypto-assets is becoming clearer and the European Commission is preparing to publish a legislative proposal by the end of September. The legislative initiative on markets with crypto-assets fall within the broader Commission policy initiative on digital finance, which will also include a legislative proposal … Continue Reading

Council commences discussions on Capital Markets Recovery Package, including MiFID “quick fix”

On 3 September 2020, representatives of Member States met to discuss the Capital Markets Recovery Package. The package consists of amendments to the Markets in Financial Instruments Directive (MiFID II), the so called MiFID “quick fix”, amendments to the Prospectus Regulation,  amendments to the Securitisation Regulation and the corresponding changes to the Capital Requirements Regulation … Continue Reading

EBA response to Commission’s call for advice on its AML and CTF plan

On 10 September 2020, the European Banking Authority (EBA) published its response to the European Commission’s (EC’s) call for advice on the future of the EU anti-money laundering (AML) and counter-terrorist financing (CTF) framework. The EBA set out a number of recommendations, in summary these include: Harmonising specific aspects of the Fifth AML Directive, including: … Continue Reading

ESG Compass for the Disclosure Regulation

The new European Disclosure Regulation provides the central schedule of obligations for ESG-related disclosures in the EU financial services sector. Many of the disclosure requirements start to apply from 10 March 2021 and therefore all financial market participants and financial advisors need to start considering the content of the requirements in order to address the … Continue Reading

NGFS technical document: overview of environmental risk analysis by financial institutions

On 10 September 2020, the Central Banks and Supervisors’ Network for Greening the Financial System (NGFS) issued the following publications: The Overview of Environmental Risk Analysis by Financial Institutions. This report provides wide-ranging examples of how environmental risks translate into financial risks, and an in-depth review of the tools and methodologies for environmental risk analysis … Continue Reading

Regulatory framework for haircuts on non-centrally cleared securities financing transactions – FSB extends implementation deadlines

On 7 September 2020, the Financial Stability Board (FSB) issued a press release stating that it has decided to delay by one year the implementation dates for its policy recommendations relating to minimum haircut standards for non-centrally cleared securities financing transactions. In August 2013 the FSB developed policy recommendations to address financial stability risks that … Continue Reading

MONEYVAL publishes Covid-19 money laundering and terrorist financing trends

On 2 September 2020, MONEYVAL (the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism) published a report detailing the money laundering and terrorist financing trends emanating from the Covid-19 pandemic, identified through feedback from jurisdictions within MONEYVAL’s remit. MONEYVAL notes that, so far during the pandemic, whilst the … Continue Reading

ECON letter to COREPER on proposed Regulation on recovery and resolution of CCPs attaches agreed text

On 3 September 2020, the Council of the EU published a letter from the Chair of the European Parliament’s ECON Committee concerning the proposed Regulation on the framework for the recovery and resolution of central counterparties. The letter explains that at a meeting on 22 July 2020 the Council’s Permanent Representatives Committee (COREPER II) decided … Continue Reading

SWIFT publishes “Follow the Money” report to aid comprehension of money laundering risks underpinning large-scale cyber-heists

In September 2020, SWIFT (a global member-owned cooperative and provider of secure financial messaging services) published a report to support market participants in understanding the money laundering techniques which underpin large-scale cyber-attacks. The report sets out the end-to-end journey commonly used by criminals to launder funds obtained through illicit cyber-crime related activities, and focusses on … Continue Reading

NGFS publishes its 2020-2022 work program and announces changes in the governance

On 3 September 2020, the Network for Greening the Financial System (NGFS) announced its 2020 – 2022 work program that will include continuing its work on climate scenario analysis and scaling up green finance. The NGFS will also create two new work streams focussing on addressing data gaps and research. The NGFS, launched at the … Continue Reading

Securitisation Regulation – Implementing and Delegated Regulations published in the OJ

On 3 September 2020, the following Level 2 measures for the Securitisation Regulation were published in the Official Journal of the EU (OJ): Commission Implementing Regulation (EU) 2020/1227 of 12 November 2019 laying down implementing technical standards with regard to templates for the provision of information in accordance with the simple, transparent and standardised (STS) … Continue Reading

Delegated Regulation on CCP colleges under EMIR 2.2 adopted by European Commission

On 1 September 2020, the European Commission adopted a Delegated Regulation (C(2020) 5888 final) containing draft regulatory technical standards (RTS) for central counterparty colleges under EMIR 2.2. The draft RTS amends Commission Delegated Regulation 876/2013 (RTS on central counterparty colleges) and reflect the changes to Article 18(6) of EMIR (648/2012) introduced by EMIR 2.2 on … Continue Reading

ESMA seek feedback from market participants on the practical aspects of MiFID II and MiFIR implementation

On 1 September 2020 the European Services and Markets Authority (ESMA) published a call for evidence to gather insights and feedback from market participants relating to the practical implementation of MiFID II and MiFIR provisions for equity and non-equity instruments. ESMA seek responses on a dedicated template on or before 31 October 2020. Historically, ESMA … Continue Reading

EBA publish opinion on European Commission’s amendments relating to the final draft RTSs on the specification of the nature, severity and duration of an economic downturn under Articles 181(3)(a) and 182(4)(b) of the Capital Requirements Regulation

On 31 August 2020, the EBA published an opinion (EBA/Op/2020/12) on the European Commission’s amendments relating to the EBA’s final draft regulatory technical standards (RTS) on the specification of the nature, severity and duration of an economic downturn under Articles 181(3)(a) and 182(4)(b) of the Capital Requirements Regulation (575/2013). On 5 November 2018, the EBA … Continue Reading

EMSA proposes further postponement to February 2022 to the implementation of new regulatory technical standards for CSDR

On 26 August the European Securities and Markets Authority (ESMA) published its final report relating to the postponement of the effective date of new regulatory technical standards (RTS) on settlement discipline pursuant to Central Securities Depositories Regulation (CSDR). The RTS was initially planned to come into force on 13 September 2020, but in May 2020 … Continue Reading

The European Commission and Financial Markets Law Committee feed back to European Parliament on AML regulation of virtual currencies

On 2 June 2020 the European Parliament posed questions relating to the registration and monitoring of Virtual Asset Service Providers (VASPs) in Member States as required by the provisions of the 5th EU Anti-Money Laundering Directive (5AMLD). VASPs include virtual currencies, fiat currencies and custodian wallet providers. Responses were received from the Financial Markets Law … Continue Reading

COVID-19: ESMA to update risk parameters in guidelines on stress test scenarios under the Money Market Funds Regulation

On 27 August, the European Securities and Markets Authority (ESMA) published a statement announcing that it intends to update the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation (MMFR) to include a modification of the risk parameters to reflect recent market developments related to the COVID-19 crisis. ESMA has assessed whether … Continue Reading

The Institute of International Finance feeds back on the European Commission’s AML/CTF action plan

On 26 August the Institute of International Finance (IIF) provided feedback to the European Commission on its Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing, published in May 2020. The IIF notes that a more coordinated approach to implement and oversea the EU’s anti-money laundering (AML) and counter terrorism … Continue Reading
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