France

ESMA updates Q&As

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

EBA guidelines to challenge unwarranted de-risking and safeguard access to financial services to vulnerable customers

By Simon Lovegrove (UK) on March 31, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, United Kingdom

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

ESMA public statement on the DTO in the context of the migration of CDS contracts out of ICE Clear Europe

By Hannah Meakin (UK) on March 31, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

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

ESMA Final Report on draft RTS on CCP business reorganisation plans

By Hannah Meakin (UK) on March 30, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

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

EBA speech – Our path to the future of EU-wide stress testing

By Simon Lovegrove (UK) on March 29, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

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

ECON amendments to the revised EU AML/CFT legislation: stricter rules for crypto-asset service providers

By Anna Carrier (BE) on March 29, 2023 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

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

EBA consults on amendments to guidelines on risk-based AML/CFT supervision to include crypto-asset service providers

By Albert Weatherill (UK) and Simon Lovegrove (UK) on March 29, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

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

ESMA consults on amendments to guidelines on position calculation under EMIR

By Hannah Meakin (UK) on March 28, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

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

New EU measures against money laundering and terrorist financing

By Katie Stephen (UK) on March 28, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

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

TNFD releases fourth and final beta framework

By Haney Saadah on March 28, 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 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

ESMA publishes Final Report: Guidelines on MiFID II product governance requirements

By Matthew Gregory (UK) on March 27, 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 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

Beneficial ownership registers: Regulation Around the World

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

EBA consults on standards for supervisors assessing the new market risk internal models under the fundamental review of the trading book

By Jochen Vester (UK) on March 27, 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 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

ESMA publish Guidelines on CCP recovery plan scenarios

By Hannah Meakin (UK) on March 27, 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 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

ESMA publish Guidelines on CCP recovery plan indicators

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

Basel Committee announces a review of recent market developments, advances work on climate-related financial risks, and review of Basel Core Principles

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

ECB Decisions published in the OJ

By Simon Lovegrove (UK) on March 23, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 23 March 2023, the following Decisions were published in the Official Journal of the European Union (OJ):… Continue Reading

Published in the OJ: Commission Delegated Regulation (EU) 2023/662 as regards the methodology for the calculation of liabilities arising from derivatives

By Jochen Vester (UK) on March 22, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

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

ESRB publishes letters on the EMIR review

By Anna Carrier (BE) on March 22, 2023 Posted in Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, France, Germany, Italy, The Netherlands, United Kingdom

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

ESMA publish speech on the macro-prudential supervision of investment funds- from a global debate to a balance European regulatory frameworks

By Simon Lovegrove (UK) on March 22, 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 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

EBA consults on draft ITS amending Regulation (EU) 2021/453 with regard to the specific reporting requirements for market risk

By Jochen Vester (UK) on March 22, 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 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

ESMA raises concerns over proposed changes to the insider list regime in the Market Abuse Regulation

By Katie Stephen (UK) on March 20, 2023 Posted in France, Germany, Italy, Market abuse, Market Abuse, Market abuse, Market abuse, Market Abuse, The Netherlands, United Kingdom

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

Regulation (EU) 2023/606 as regards the requirements of pertaining to the investment policies and operating conditions of ELTIFs and the scope of eligible investment assets, the portfolio composition and diversification requirements and the borrowing of cash and other fund rules

By Simon Lovegrove (UK) on March 20, 2023 Posted in Collective investment schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective Investment Schemes, France, Germany, Italy, The Netherlands, United Kingdom

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

European Commission proposes amendments to REMIT

By Anna Carrier (BE) on March 17, 2023 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, Italy, The Netherlands, United Kingdom

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