Italy (and EU regulation)

Australian Federal Budget 2021-22: Changes for foreign financial services providers relief and licensing

On 11 May 2021, Treasurer Josh Frydenberg delivered the Australian Federal Budget 2021-2022, which contained an announcement as to future changes to the licensing and relief regime for foreign financial service providers. Our update can be found here.… Continue Reading

ECB launches consultation on its revised Guide to fit and proper assessments

By Simon Lovegrove (UK) on June 16, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 15 June 2021, the European Central Bank (ECB) issued a consultation on the draft of a revised and more comprehensive version of its guide to fit and proper assessments and a new fit and proper questionnaire. Among other things the proposed changes introduce ECB supervisory expectations on climate-related and environmental risks and explain the … Continue Reading

Published in OJ – Commission Implementing Regulation setting out ITS under the Regulation on cross-border distribution of investment funds

By Iona Wright (UK) on June 16, 2021 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 15 June 2021, there was published in the Official Journal of the EU Commission Implementing Regulation (EU) 2021/955 of 27 May 2021 setting out implementing technical standards (ITS) in accordance with Articles 5(3), 10(3) and 13(3) of the Regulation on cross-border distribution of investment funds. The ITS in the Commission Implementing Regulation concern the … Continue Reading

Outsourcing and third-party risk – Overview of responses to FSB public consultation

On 14 June 2021, the Financial Stability Board (FSB) published a note which summarises the main issues raised by respondents to its discussion paper on regulatory and supervisory issues relating to outsourcing and third party relationships. In the FSB discussion paper financial institutions and third parties were invited to provide comments on: The key challenges … Continue Reading

BIS and BoE launch Innovation Hub London centre

On 11 June 2021, the Bank for International Settlements (BIS) and the Bank of England announced the launch of a BIS Innovation Hub London Centre, the fourth new Innovation Hub Centre to be opened in the past two years. The launch is part of a plan to expand the Hub’s global reach, which also includes … Continue Reading

EBA report on the data provided by PSPs on their readiness to apply SCA for e-commerce card-based payment transactions

By Albert Weatherill (UK) on June 14, 2021 Posted in France, Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 11 June 2021, the European Banking Authority (EBA) issued a report on the data provided by payment service providers (PSPs) on their readiness to apply strong customer authentication (SCA) for the subset of payment transactions that are e-commerce card-based payment transactions. The report highlights the status of issuing and acquiring PSPs in enrolling online … Continue Reading

ESMA public statement on the implementation of the FRANDT commercial terms to provide clearing services

By Hannah Meakin (UK) on June 14, 2021 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 June 2021, the European Securities and Markets Authority (ESMA) issued a statement regarding the implementation of the fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms to provide clearing services. Key points in the statement include: ESMA is aware that certain clearing members and clients are facing challenges when preparing for the 18 June … Continue Reading

Basel Committee consults on prudential treatment of cryptoasset exposures

On 10 June 2021, the Basel Committee on Banking Supervision (BCBS) launched a public consultation on the prudential treatment of cryptoasset exposures by credit institutions. Following on from the BCBS’ December 2019 discussion paper where it sought stakeholders’ views on a range of issues relating to the prudential treatment of cryptoassets, the current consultation document … Continue Reading

EBA publishes final revised guidelines on major incident reporting under PSD2

By Albert Weatherill (UK) on June 11, 2021 Posted in Germany, Italy, Payment services, Payment Services, Payment services, Payment services, The Netherlands, United Kingdom

On 10 June 2021, the European Banking Authority (EBA) published revised guidelines on major incident reporting under the revised Payment Services Directive (PSD2). The revised guidelines optimise and simplify the reporting process and templates, focus on incidents with significant impact on payment service providers and improve the meaningfulness of the information to be reported. The … Continue Reading

Commission Delegated Regulation supplementing the CRR with regard to RTS specifying the nature, severity and duration of an economic downturn

By Jochen Vester (UK) on June 11, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 10 June 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/930 of 1 March 2021 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying the nature, severity and duration of an economic downturn referred to in Article 181(1), point (b) and Article … Continue Reading

Commission Delegated Regulation (supplementing the CRR with regard to RTS on the standardised approach for counterparty credit risk

By Jochen Vester (UK) on June 11, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 10 June 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/931 of 1 March 2021 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) on the standardised approach for counterparty credit risk. The RTS specify: The method for identifying derivative transactions with one … Continue Reading

ESAs publish amended technical standards on the mapping of ECAIs

By Matthew Gregory (UK) on June 11, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 10 June 2021, the Joint Committee of the three European Supervisory Authorities (ESAs) published two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs). Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional credit rating agencies (CRAs) … Continue Reading

Published in OJ – CRD IV RTS on criteria to identify material risk takers for remuneration purposes

By Iona Wright (UK) on June 10, 2021 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 9 June 2021, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2021/923 of 25 March 2021 supplementing the Capital Requirements Directive IV by setting out regulatory technical standards (RTS) on the criteria to identify all categories of staff whose professional activities have a material impact on the institutions’ … Continue Reading

EBA second consultation on RTS on the calculation of the EUR 30bn threshold for investment firms

By Jochen Vester (UK) on June 9, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 7 June 2021, the European Banking Authority (EBA) issued its second consultation on draft regulatory technical standards (RTS) on the calculation of the threshold for investment firms. The draft RTS have been developed for the mandate related to the reclassification of certain investment firms to credit institutions in line with Article 8a(6)(b) of the … 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 them … Continue Reading

EU Taxonomy Climate Delegated Act

By Daniel Nevzat (UK), Imogen Garner (UK) and Simon Lovegrove (UK) on June 8, 2021 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 4 June 2021, there was published on the European Commission’s website: Adoption of the EU Taxonomy Climate Delegated Act (not in force until it is published in the Official Journal). Impact assessment accompanying the EU Taxonomy Climate Delegated Act. Summary of the impact assessment accompanying the EU Taxonomy Climate Delegated Act. Opinion of the … Continue Reading

NGFS publishes the second vintage of climate scenarios for forward looking climate risks assessment

On 7 June 2021, the Network for Greening the Financial System (NGFS) announced the following new documents: A new set of climate scenarios. In this second vintage, the NGFS scenarios have been brought up to date, including by incorporating countries’ commitments to reach net-zero emissions. They have also been enriched with an expanded set of … Continue Reading

TCFD public consultation

On 7 June 2021, the Task Force on Climate-Related Financial Disclosures (TCFD) issued two documents for public comment: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans. When the TCFD issued its Final Recommendations in 2017, it was aware of the limitations of reporting certain metrics as well as the nascency of climate-related reporting at … Continue Reading

EBA updates list of risk indicators and analysis tools

By Matthew Gregory (UK) on June 8, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 June 2021, the European Banking Authority (EBA) issued an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. This guidance, which describes how risk indicators are computed in EBA publications, allows Member State competent authorities and users of EBA data to interpret key bank figures … Continue Reading

Non-performing loans: deal struck on EU rules for selling NPLs to third parties

By Simon Lovegrove (UK) on June 8, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 June 2021, the European Parliament (EP) issued a press release stating that EP negotiators and the Council of the EU have agreed on the proposed Directive on credit servicers, credit purchasers and the recovery of collateral. The Directive dates back to 2018, and is intended to help lenders free their balance sheets from … Continue Reading

Basel Committee discusses effects of Covid-19 on banks, assesses post-crisis reforms and agrees public consultation on cryptoassets

On 7 June 2021, the Basel Committee on Banking Supervision (Basel Committee) issued a press release following its meeting on 4 June 2021. During this meeting the Basel Committee took stock of COVID-19 risks to the banking system and discussed policy and supervisory initiatives. In terms of crypto-assets the press release notes that the Basel … Continue Reading

EBA makes recommendations for reducing supervisory reporting costs

By Jochen Vester (UK) on June 8, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 June 2021, the European Banking Authority (EBA) published a report that analyses EEA credit institutions’ experience with the EBA’s supervisory reporting requirements and processes. The EBA is mandated by Article 430(8) of the Capital Requirements Regulation to measure the costs institutions incur when complying with the reporting requirements set out in the EBA’s … Continue Reading

Transposition status – CRD V and BRRD II

By Simon Lovegrove (UK) on June 8, 2021 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 4 June 2021, the European Commission published webpages showing the transposition status of the Capital Requirements Directive V and the Bank Recovery and Resolution Directive II.… Continue Reading

ESMA launches 2021 CCP stress test

By Hannah Meakin (UK) on June 8, 2021 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 7 June 2021, the European Securities and Markets Authority (ESMA) issued the framework for its fourth stress test for central counterparties (CCPs). The new stress test exercise has the following components: Credit Stress: assessing CCPs’ resources ability to absorb losses under a combination of market price shocks and member default scenarios. Concentration risk: assessing … Continue Reading