France

ACER publishes effects assessment report on the MCM

On 1 March 2023, the European Agency for the Cooperation of Energy Regulators (ACER) published an Effects Assessment Report on the Market Correction Mechanism (MCM). ACER and the European Securities and Markets Authority (ESMA) were tasked with publishing two preliminary reports, concerning the adoption of the MCM and focussing on the developments in the financial … Continue Reading

EBA no action letter on the application of the new banking book-trading book boundary framework

By Jochen Vester (UK) on February 28, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 27 February 2023, the European Banking Authority (EBA) issued a no-action letter stating that Member State competent authorities should not prioritise any supervisory or enforcement action in relation to the new banking book – trading book boundary provisions.… Continue Reading

Published in the OJ – Commission Delegated Regulation (EU) 2023/410

By Simon Lovegrove (UK) on February 27, 2023 Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, United Kingdom

On 24 February 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/410 of 19 December 2022 amending Delegated Regulation (EU) 2016/1675 as regards adding the Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania and the United Arab Emirates (UAE) to Table 1 of the Annex to … Continue Reading

FATF publishes Plenary outcomes

By Simon Lovegrove (UK) on February 27, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money Laundering, Regulation and Compliance, The Netherlands, United Arab Emirates, United Kingdom

On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023. On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF … Continue Reading

FSB publishes G20 Roadmap for enhancing cross-border payments

By Simon Lovegrove (UK) on February 24, 2023 Posted in Africa, Asia, Australia, Canada, Dubai and Saudi, France, Germany, Italy, Payment services, Payment Services, The Netherlands, United Arab Emirates, United Kingdom, United States

On 23 February 2023, the Financial Stability Board (FSB) published a report on the G20 Roadmap for enhancing cross-border payments (the Roadmap). In October 2022, the FSB published a prioritisation plan and engagement model for taking the Roadmap forward. The plan showed that the Roadmap had reached an inflection point and needed to move to … Continue Reading

Decision of the EEA Joint Committee No 43/2020 inserting into Annex IX Commission Implementing Decision (EU) 2019/2211

By Hannah Meakin (UK) on February 24, 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 February 2023, there was published in the Official Journal of the European Union (OJ) Decision of the EEA Joint Committee No 43/2020 of 20 March 2020 amending Annex IX (Financial Services) to the EEA Agreement [2023 /357]. This decision inserts into Annex IX Commission Implementing Decision (EU) 2019/2211 of 19 December 2019 amending … Continue Reading

European Commission consults with Member States’ experts prospective implementation of Basel rules on crypto-asset exposures

By Anna Carrier (BE) on February 23, 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 16 February 2023, the European Commission (“the Commission”) hosted a meeting of the Expert Group on Banking, Payments and Insurance (EGBPI), where it discussed with Member States’ experts the potential way forward for the implementation in the European Union (EU) law of the December 2022 Basel Committee on Banking Supervision (BCBS) standards on prudential … Continue Reading

EBA final report on revised guidelines on methods for calculating contributions to deposit guarantee schemes under the Deposit Guarantee Schemes Directive

By Simon Lovegrove (UK) on February 21, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 21 February 2023, the European Banking Authority (EBA) published a final report containing revised guidelines on methods for calculating contributions to deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive (DGSD). The DGSD mandates the EBA to develop guidelines on methods for calculating contributions to DGSs and to review them at least every … Continue Reading

European Commission letter regarding the Call for Advice to the EBA and ESMA for the purposes of the reports on the prudential requirements applicable to investment firms

By Simon Lovegrove (UK) on February 21, 2023 Posted in Capital adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the European Commission (Commission) published a letter from John Berrigan, regarding the Call for Advice it had issued to the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) for the purposes of the reports on the prudential requirements applicable to investment firms. The letter notes that in … Continue Reading

ESAs update Q&As relating to the Securitisation Regulation

By Jochen Vester (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 17 February 2023, the Joint Committee of the European Supervisory Authorities published updated Q&As relating to the Securitisation Regulation. The updated Q&As now cover the following topics:… Continue Reading

FSB letter to G20 Finance Ministers and Central Bank Governors

By Simon Lovegrove (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors, ahead of the G20 meeting on 24-25 February. The letter notes the recent easing in global financial conditions but warns that, while expectations of a ‘soft landing’ for the global … Continue Reading

FSB report on the financial stability aspects of commodities markets

By Simon Lovegrove (UK) on February 20, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 20 February 2023, the Financial Stability Board (FSB) published a report on the financial stability aspects of commodities markets. The report presents an overview of a few globally traded commodities markets that are of particular economic importance at the current juncture (crude oil, natural gas, and wheat) and examines their vulnerabilities, focussing on the … Continue Reading

Published in the OJ – Commission Delegated Regulation (EU) 2023/363

By Haney Saadah and Daniel Nevzat (UK) on February 17, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 17 February 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/363 of 31 October 2022 amending and correcting the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2022/1288 as regards the content and presentation of information in relation to disclosures in pre-contractual documents … Continue Reading

FSB report on the financial stability risks of decentralised finance

On 16 February 2023, the Financial Stability Board (FSB) published a report on the financial stability risks of decentralised finance (DeFi). The report describes DeFi as an umbrella term commonly used to describe a variety of services in crypto-asset markets that are intended to replicate some functions of the traditional financial system by seemingly disintermediating … Continue Reading

CPMI-IOSCO stocktake of industry progress on auctions

On 14 February 2023, the International Organisation of Securities Commissions (IOSCO) and Committee on Payments and Markets Infrastructures (CPMI) issued a press release regarding the CPMI-IOSCO stocktake of industry progress on auctions. In the press release the CPMI and IOSCO take stock of the industry progress made since the publication of the CPMI-IOSCO report Central … Continue Reading

Published in the OJ: Commission Implementing Regulation (EU) 2023/313

By Hannah Meakin (UK) on February 15, 2023 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 15 February 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/313 of 15 December 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/2070 as regards the benchmark portfolios, reporting templates and reporting instructions for the reporting referred to in Article 78(2) … Continue Reading

Video series: Dealing with Bank Assets

By Jochen Vester (UK), Emma de Ronde (HK) and Alan Bainbridge (UK) on February 15, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

Take a look at the latest video in our Dealing with Bank Assets series where Emma de Ronde, Alan Bainbridge and Jochen Vester discuss the issues raised by the new EU directive on credit services and credit purchases for NPLs.… Continue Reading

Official Journal of the European Union publishes Regulations

By Jochen Vester (UK) on February 15, 2023 Posted in France, Germany, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and Compliance, The Netherlands, United Kingdom

On 13 February 2023, there was published in the Official Journal of the EU (OJ), Delegated Regulations extending the cross-border intragroup transactions derogations from margin requirements and from clearing requirements respectively: Both Delegated Regulations enter into force on the day following that of their publication in the OJ.… Continue Reading

EBA seeks input from credit institutions on green loans and mortgages

By Simon Lovegrove (UK) and Haney Saadah on February 15, 2023 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 13 February 2023, the European Banking Authority (EBA) launched an industry survey to receive input from credit institutions on their green loans and mortgages as well as market practices related to these loans. Participating credit institutions should reply to the survey no later than 7 April 2023.… Continue Reading

EBA Final Report on draft RTS on the homogeneity of the underlying exposures in STS securitisation

By Jochen Vester (UK) on February 15, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 14 February 2023, the European Banking Authority (EBA) published a Final Report on draft regulatory technical standards (RTS) on the homogeneity of the underlying exposures in simple, transparent and standardised (STS) securitisation under Articles 20(14), 24(21) and 26b(13) of the Securitisation Regulation, as amended by Regulation (EU) 2021/557. The draft RTS build on the … Continue Reading

ESRB report on advancing macroprudential tools for cyber resilience

By Simon Lovegrove (UK) on February 15, 2023 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Italy, The Netherlands, United Kingdom

On 14 February 2023, the European Systemic Risk Board (ESRB) published a report on advancing macroprudential tools for cyber resilience. The report has been published given the recent geopolitical backdrop of heightened cyber risk, and the need to boost cyber resilience. The report builds on previous work by the ESRB to prevent and mitigate risks … Continue Reading

EBA Final Report: Guidelines to resolution authorities on the publication of the write-down and conversion and bail-in exchange mechanic

By Simon Lovegrove (UK) on February 13, 2023 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 13 February 2023, the European Banking Authority (EBA) published a Final Report: Guidelines to resolution authorities on the publication of the write-down and conversion and bail-in exchange mechanic. The Bank Recovery and Resolution Directive provides authorities with the powers to write-down and convert capital instruments, it also sets-out that Member States shall ensure that … Continue Reading

ESAs hold public hearing on DORA, announce upcoming consultations

By Anna Carrier (BE) on February 10, 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, Uncategorized, United Kingdom

On 6 February 2023 the three European Supervisory Authorities (ESAs) held a joint public hearing on the implementation of Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (“Digital Operational Resilience Act” or DORA). As per a follow up press release, the event – held online – gathered over 2,000 representatives from credit … Continue Reading

Wolfsberg Group publishes updated Correspondent Banking Due Diligence Questionnaire

By Simon Lovegrove (UK) on February 10, 2023 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money Laundering, Regulation and Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States

On 10 February 2023, the Wolfsberg Group published version 1.4 of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and version 1.2 of the Financial Crime Compliance Questionnaire (FCCQ), along with updated supporting Guidance, Glossary and FAQs documents. The CBDDQ update includes a new section on fraud and additional questions related to whistleblower policy, virtual bank … Continue Reading