Italy (and EU regulation)

Commission Implementing Regulation amending the ITS laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the EU

On 24 May 2022, the European Commission adopted an Implementing Regulation amending the implementing technical standards (ITS) laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the EU for the reporting referred to in Article 78 of Capital Requirements Directive IV (CRD IV). Commission … Continue Reading

ESMA final report on the MiFID II framework on best execution reports by investment firms

On 16 May 2022, the European Securities and Markets Authority (ESMA) published a final report on the review of the MiFID II framework on best execution reports by investment firms. The final report follows a consultation paper that the ESMA published last September seeking stakeholders’ technical input on proposals for possible improvements to the best … Continue Reading

Sanctions evasion to become an EU crime under Commission’s proposal

This week, the European Commission is reportedly expected to present a legal proposal to make the evasion of sanctions an EU crime. This step will equip EU countries with a legal tool to confiscate frozen assets as part of the measures taken against Russia. It is estimated that to date around €30 billion in assets … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/803 supplementing MiFIR

On 24 May 2022, Commission Delegated Regulation 2022/803 of 16 February 2022 supplementing the Markets in Financial Instruments Regulation (MiFIR) was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the MiFIR by specifying the rules of procedure for the exercise of the power to impose fines or periodic penalty … Continue Reading

Published in OJ – Commission Delegated Regulation 2022/804 supplementing the BMR

On 24 May 2022, Commission Delegated Regulation 2022/804 supplementing the Benchmarks Regulation (BMR), was published in the Official Journal of the European Union (OJ). The Delegated Regulation supplements the BMR by specifying the rules of procedure for measures applicable to the supervision by the European Securities and Markets Authority (ESMA) of certain benchmark administrators. Article … Continue Reading

EBA final draft RTS to identify shadow banking entities

On 23 May 2022, the European Banking Authority (EBA) published a final report containing draft regulatory technical standards (RTS), specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures. The final draft RTS, which have been prepared in accordance with Article 394(4) of the Capital Requirements Regulation (CRR),  clarify that … Continue Reading

European Commission consults on BMR third-country benchmarks regime

On 23 May 2022, the European Commission (Commission) launched a targeted consultation on the regime applicable to the use of benchmarks administered in a third country . The Commission takes note of the fact that the current regime for third-country benchmarks, as set out under the European Benchmark Regulation (BMR), is set to expire on … Continue Reading

Central clearing: Three lessons and a path forward – speech by Christina Segal-Knowles

On 19 May 2022, Christina Segal-Knowles gave a speech at the European Association of CCP Clearing Houses (EACH) in Brussels. The speech addressed central clearing, and the lessons that can be learnt from recent episodes of market stress in order to make central clearing stronger. The speech highlights how, going forward, cross border cooperation is … Continue Reading

Trilogue discussions on the proposed “travel rule” for crypto-assets continue

On 28 April 2022, a first political trilogue on the proposed regulation on information accompanying transfer of funds and certain crypto-assets  (Transfer of Funds Regulation) took place between the European Commission, the Council and the European Parliament. By way of background, the proposed legislation seeks to implement in European law the so called “travel rule” … Continue Reading

ESMA updates Q&As

On 20 May 2022, the European Securities and Markets Authority updated the following Q&As: Application of the Alternative Investment Fund Managers Directive. Application of the UCITS Directive. Implementation of the Regulation on improving securities settlement in the EU and on central securities depositories. On the European crowdfunding service providers for business Regulation. On MiFID II … Continue Reading

Delegated Regulation amending Commission Delegated Regulation 2015/61 supplementing the CRR with regard to the liquidity coverage requirement for credit institutions

On 20 May 2022, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2022/786 of 10 February 2022 amending Commission Delegated Regulation 2015/61 supplementing the Capital Requirements Regulation (CRR) with regard to the liquidity coverage requirement for credit institutions. Commission Delegated Regulation 2015/61 (LCR Delegated Regulation) is applicable to all … Continue Reading

ESMA issues four consultations on CCP resolution regime

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued four consultation papers on proposed guidelines for the EU central counterparty (CCP) resolution regime. The consultation papers cover draft guidelines on: The summary of resolution plans. The guidelines provide resolution authorities with guidance as to the type of information that should be included … Continue Reading

SRB Addendum to the Public Interest Assessment – Deposit Guarantee Schemes Considerations

On 20 May 2022, the Single Resolution Board (SRB) announced an enhancement to its approach to the Public Interest Assessment (PIA) policy in resolution planning. The PIA is one of the key policies underpinning the work of the SRB. It examines whether the resolution of a particular EU bank that is failing, or likely to … Continue Reading

Targeted consultation on the regime applicable to the use of benchmarks administered in a third country

On 20 May 2022, the European Commission issued a targeted consultation seeking views on further potential improvements in the functioning of the Benchmarks Regulation (BMR), specifically as regards the rules applicable to non-EEA benchmarks and the impact on market participants of the full entry into application of the third country regime as of 1 January … Continue Reading

ESMA final report on the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report regarding the relevance of extending the transitional period set out in Article 48 of the EU Crowdfunding Regulation (ECSPR). The final report has been issued in response to a formal request that the ESMA received from the European Commission to … Continue Reading

ESMA report on highly liquid instruments

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report on highly liquid financial instruments for central counterparty (CCP) investment policies under the European Market Infrastructure Regulation (EMIR). The final report has been published in response to a mandate that the European  Commission issued on 18 May 2020 asking the … Continue Reading

The desks mapping review – integrating Brexit banks into European banking supervision

On 19 May 2022, the European Central Bank (ECB) updated its supervision blog by posting an update by its chair, Andrea Enria. The posting concerns Brexit and the relocation of business by international banks from London to subsidiaries in the euro area. The blog posting refers to the ECB’s supervisory work in the form of … Continue Reading

European Parliament draft report on proposal for a directive amending the AIFMD and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds

On 16 May 2022, the European Parliament published a draft report concerning the proposal for a directive amending the Alternative Investment Fund Managers Directive (AIFMD) and UCITS IV Directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds. The draft report sets … Continue Reading

EBA adopts decision on supervisory reporting for intermediate EU parent undertaking threshold monitoring

On 13 May 2022, the European Banking Authority (EBA) adopted a decision on supervisory reporting for intermediate parent undertaking (IPU) threshold monitoring for those entities belonging to third country groups (TCGs), including third country branches (TCBs). Article 21b of the Capital Requirements Directive IV (CRD IV) requires institutions belonging to TCGs to have an IPU … Continue Reading

ESMA final reports on CCP resolution regime

On 16 May 2022, the European Securities and Markets Authority (ESMA) published its final reports on the central counterparties’ (CCPs) resolution regime under the Regulation on CCP recovery and resolution (CCPRRR). The final reports are: Final report on guidelines on the application of the circumstances under which a CCP is deemed to be failing or … Continue Reading

Commission adopts Delegated Regulation amending RTS on the specification of the calculation of specific and general credit risk adjustments

On 12 May 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) No 183/2014, as regards the specification of the calculation of specific and general credit risk adjustment. The Delegated Regulation is intended to address an anomaly regarding the sale of defaulted exposures, where … Continue Reading

SFDR queries forwarded to the Commission

On 13 May 2022, the European Supervisory Authorities (ESAs) submitted to the European Commission 10 queries regarding the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (TR). The queries relate to the following five areas: Principal adverse impact (PAI) disclosures: Whether it is possible for a financial market participant to not … Continue Reading

EBA consults on standardized information requirements to support sales of non-performing loans

On 16 May 2022, the European Banking Authority (EBA) issued a consultation regarding draft implementing technical standards (ITS) specifying the templates to be used by credit institutions for the provision of information to credit purchasers when selling or transferring non-performing loans (NPLs) for the purposes of financial due diligence and valuation of NPLs. The data … Continue Reading

Beyond the temporary permissions regime: is your firm ready?

Following Brexit, European firms that were previously providing services in the UK (either through a UK branch or on a cross-border basis) in reliance upon passporting rights, are able to continue to do so under the UK’s temporary permissions regime (TPR) until they are assigned a “landing slot” by the PRA / FCA to apply … Continue Reading
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