France

ECON Committee debates EU clearing review

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

Published in the OJ: Commission Delegated Regulation 2023/1651 setting out RTS for the specific liquidity measurement of investment firms under the IFD

By Anita Edwards on August 23, 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 23 August 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1651 of 17 May 2023 supplementing Directive (EU) 2019/2034 (the Investment Firms Directive or IFD) with regard to regulatory technical standards (RTS) for the specific liquidity measurement of investment firms under Article 42(6) of the … Continue Reading

CPMI and IOSCO publish report on current CCP practices to address non-default losses

On 23 August 2023, the Committee on Payments and Market Infrastructures (CPMI) and the Board of the International Organization of Securities Commissions (IOSCO) published a report and accompanying cover note on current central counterparty (CCP) practices to address non-default losses (NDLs). The purpose of the report is to present current practices among CCPs in addressing … Continue Reading

European Commission adopts Delegated Regulation adding Cameroon and Vietnam to the list of high-risk third countries

By Anita Edwards and Katie Stephen (UK) on August 22, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, The Netherlands, United Kingdom

On 22 August 2023, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to add Cameroon and Vietnam to the list of high-risk third countries. Article 9(2) of the Fourth Money Laundering Directive (Directive (EU) 2015/849) (MLD4) empowers the Commission to adopt delegated acts to identify ‘high-risk’ third country jurisdictions, which … Continue Reading

FSB thematic peer review on MMF reforms: Summary terms of reference and request for public feedback

On 16 August 2023, the Financial Stability Board (FSB) published summary terms of reference for a thematic peer review on money market fund (MMF) reforms. The peer review will take stock of the measures adopted by FSB member jurisdictions to enhance MMF resilience in response to the FSB’s 2021 policy proposals. The FSB has also … Continue Reading

Monthly Global FinTech regulatory updater

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought … Continue Reading

Commission Delegated Regulation amending the RTS laid down in Delegated Regulation (EU) 2018/1229 as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by CCPs for settlement

By Floortje Nagelkerke (NL) on August 11, 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 11 August 2023, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2023/1626 of 19 April 2023 on amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/1229 as regards the penalty mechanism for settlement fails relating to cleared transactions submitted by central counterparties (CCPs) for settlement. … Continue Reading

EBA report on the functioning of AML/CFT colleges in 2022

By Michael Born (DE) and Simon Lovegrove (UK) on August 10, 2023 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 10 August 2023, the European Banking Authority (EBA) published a report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2022. The EBA has been monitoring AML/CFT colleges since their inception and has published previous AML/CFT colleges monitoring reports in 2021 and 2022. Through 2022, EBA staff actively … Continue Reading

Published in the OJ: Delegated Regulations on CCP recovery and resolution

By Floortje Nagelkerke (NL) and Simon Lovegrove (UK) on August 9, 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 9 August 2023, there was published in the Official Journal of the European Union (OJ) the following delegated regulations on CCP recovery and resolution: These Delegated Regulations enter into force on the twentieth day following their publication in the OJ.… Continue Reading

EBA report on mystery shopping exercise into personal loans and payment accounts

By Simon Lovegrove (UK) on August 8, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, The Netherlands, United Kingdom

On 8 August 2023, the European Banking Authority (EBA) issued a report following a mystery shopping exercise into personal loans and payment accounts. The mystery shopping exercise supplemented the EBA’s earlier thematic report on fees and charges that was published at the end of last year. Among other things the mystery shopping exercise found that … Continue Reading

EBA updates timeline for the implementation of the IRB roadmap and publishes its final supervisory handbook for the validation of IRB rating systems

By Simon Lovegrove (UK) and Jochen Vester (UK) on August 7, 2023 Posted in Capital adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 7 August 2023, the European Banking Authority (EBA) updated its roadmap for the implementation of internal ratings based (IRB) model requirements to limit compliance costs for institutions. In July 2019, the EBA issued a progress report and set a new timeline for the implementation of the requirements of its so called ‘IRB repair program’. … Continue Reading