Italy (and EU regulation)

EIOPA consults on technical advice for the 2020 review of Solvency II

On 15 October 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a draft opinion on technical advice for the 2020 review of the Solvency II Directive (2009/138/EC). Responses to the draft technical advice are invited by 15 January 2020 to enable EIOPA to publish a final opinion by June 2020. The European Commission … Continue Reading

CMU: Council adopts new clearing house rules

By Hannah Meakin (UK) and Anna Carrier (BE) on October 16, 2019 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, France, Germany, Italy, The Netherlands, United Kingdom

On 15 October 2019, the Council of the EU issued a press statement concerning its adoption of revised rules for clearing houses in the single market (the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties otherwise known as EMIR 2.2). The press release states that the draft Regulation is scheduled … Continue Reading

FSB annual progress report on implementation of OTC derivative reforms

By Jochen Vester (UK) and Catherine Blake (UK) on October 16, 2019 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, France, Germany, Italy, The Netherlands, United Kingdom

On 15 October 2019, the Financial Stability Board (FSB) published its annual progress report on the implementation of the G20 reforms to over-the-counter (OTC) derivatives markets. The headlines in the report include: trade reporting: 23 out of 24 member jurisdictions have comprehensive requirements in force, an increase of one during the reporting period; central clearing: … Continue Reading

FSB letter – global resilience in the face of new risks and stablecoins

By Simon Lovegrove (UK) on October 15, 2019 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 13 October 2019, the Financial Stability Board (FSB) published a letter from Randal Quarles, FSB Chair, to G20 Finance Ministers and Central Bank Governors. The letter highlights three areas of the FSB’s work: ensuring resilience in the face of new risks. The outlook for global growth has started to weaken and become more uncertain. … Continue Reading

FSB letter – ongoing work on market fragmentation

By Simon Lovegrove (UK) on October 15, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 14 October 2019, the Financial Stability Board (FSB) published a report to G20 Finance Ministers and Central Bank Governors providing progress updates on its ongoing work on market fragmentation. In its June 2019 report on market fragmentation, the FSB identified four areas for further work to address market fragmentation. The latest report provides a … Continue Reading

FMSB issues final statement of good practice on conflicts of interest

By Hannah Meakin (UK) and Imogen Garner (UK) on October 15, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 14 October 2019, the FICC Markets Standards Board published a final statement of good practice on conflicts of interest. The main purpose of the statement is to provide fixed income currencies and commodities (FICC) market participants with guidance as they consider ways in which to identify, manage or mitigate conflicts of interest that arise … Continue Reading

Commission consultation on final Basel III reforms – spotlight on ESG risks

By Daniel Nevzat (UK) on October 15, 2019 Posted in ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

As previously blogged, the European Commission (Commission) has launched a public consultation on the implementation of the final elements of the Basel III reforms. Chapter 8 of the Commission consultation document covers sustainable finance. The Commission notes three actions that have been identified by the co-legislators in the course of the recent legislative review of … Continue Reading

Commission consults on review of the EU Benchmarks Regulation

By Hannah Meakin (UK) and Anna Carrier (BE) on October 14, 2019 Posted in Benchmarks, 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 11 October 2019, the European Commission (Commission) launched consultation on a review of the EU Benchmarks Regulation (BMR). The Commission is mandated by Article 54 BMR to conduct a review of certain provisions of the BMR and to submit a report to the European Parliament and to the Council by 1 January 2020. In … Continue Reading

FSB and IMF publish 2019 progress report on G20 data gaps initiative

By Hannah Meakin (UK) and Imogen Garner (UK) on October 14, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 11 October 2019, the Financial Stability Board (FSB) and International Monetary Fund (IMF) jointly published the fourth progress report on the implementation of the second phase of the G20 data gaps initiative (DGI-2). The report provides an overview of the progress made since September 2018 in addressing the issue of post-crisis data gaps and … Continue Reading

Commission issues non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849

By Lisa Lee Lewis (UK), John Coley (UK) and Weronika Sowa on October 14, 2019 Posted in France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 1 October 2019, the General Secretariat of the Council of the EU (the Council) published a European Commission (Commission) non-paper on key elements of a refined methodology for identifying high-risk third countries under Directive (EU) 2015/849 (the Fourth Anti-Money Laundering Directive). Following the rejection by the Council of the most recent Delegated Regulation identifying … Continue Reading

COREPER approves European Parliament position on EMIR 2.2

By Hannah McAslan (UK) and Hannah Meakin (UK) on October 14, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 11 October 2019, the Council of the EU (Council) published an ‘A’ item note relating to the Permanent Representatives Committee’s (COREPER) approval of the European Parliament’s (Parliament) position on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (EMIR 2.2). The note also invites the Council to approve the … Continue Reading

European Commission launches public consultation on the implementation of the final Basel III reform in the EU

By Jochen Vester (UK), Simon Lovegrove (UK) and Anna Carrier (BE) on October 14, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, 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 11 October 2019, the European Commission launched a public consultation on the implementation in the European Union of the December 2017 Basel Committee on Banking Supervision (BCBS) standard (Basel III: Finalising post-crisis reforms). The consultation document addresses the key elements of the BCBS standard, including revisions to the Basel III standards on credit risk, … Continue Reading

Commissioner Margrethe Vestager: A level playing field for banks in the Union

By Jochen Vester (UK) and Albert Weatherill (UK) on October 14, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 10 October 2019, the European Commission (Commission) published a speech given by Margrethe Vestager (Competition Commissioner) at the SRB Conference 2019. The speech was entitled A level playing field for banks in the Union. In her speech Competition Commissioner Vestager discusses the Commission’s response to the financial crisis of 2008, competition control in the … Continue Reading

FSB, CPMI and IOSCO reports on governance arrangements for UPI, UTI and CDE

By Hannah Meakin (UK) and Catherine Blake (UK) on October 10, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 9 October 2019, the Financial Stability Board (FSB) published a report setting out governance arrangements for the globally harmonised Unique Product Identifier (UPI) and the unique transaction identifier (UTI). In addition, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report on governance arrangements for … Continue Reading

ESMA publishes annual report on the application of waivers and deferrals under MIFIR

By Hannah Meakin (UK) and Hannah McAslan (UK) on October 10, 2019 Posted in France, Germany, Italy, MiFID II, The Netherlands, United Kingdom

On 9 October 2019, the European Securities and Markets Authority (ESMA) published its annual report on the application of waivers and deferrals under MIFIR. Articles 4(4), 7(1), 9(2) and 11(1) of MIFIR mandates ESMA to monitor the application of pre-trade transparency waivers and deferred trade-publication. As part of this mandate, ESMA submits an annual report … Continue Reading

ESMA publishes final report on CSDR guidelines on standardised procedures and messaging protocols

By Catherine Blake (UK) and Jochen Vester (UK) on October 9, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on standardised procedures and messaging protocols under Article 6(2) of the Central Securities Depositories Regulation (CSDR). Article 6(2) of the CSDR requires investment firms to take measures to limit the number of settlement fails. It specifies that these measures should … Continue Reading

ESMA final report on draft RTS on co-operation arrangements under MAR

By Imogen Garner (UK) and Iona Wright (UK) on October 9, 2019 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on a set of draft regulatory technical standards (RTS) on co-operation arrangements under the Market Abuse Regulation (MAR). Article 26 of MAR mandates ESMA to develop draft RTS containing a template document for cooperation arrangements that are to be used … Continue Reading

ECB Regulation amending Annex to Regulation on money market statistics published in OJ

By Jochen Vester (UK) on October 9, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 8 October 2019, there was published in the Official Journal of the European Union (OJ) the Regulation (EU) 2019/1677 of the European Central Bank (ECB) amending Regulation (EU) 1333/2014 concerning statistics on the money markets. The Regulation amends the minimum standards applied by reporting agents under the Money Market Statistical Reporting Regulation. The Regulation … Continue Reading

EBA urges continued progress in Brexit preparations

By Simon Lovegrove (UK) on October 9, 2019 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 8 October 2019, the European Banking Authority (EBA) published a communication on the remaining issues related to the preparation by financial institutions for the withdrawal of the UK from the EU. In this communication, the EBA warns firms and national competent authorities against complacency and urges them to continue progress on contingency planning. In … Continue Reading

ECB final results of sensitivity analysis of liquidity risk stress test

By Simon Lovegrove (UK) and Jochen Vester (UK) on October 8, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Central Bank (ECB) published the final results from its Sensitivity Analysis of Liquidity Risk – Stress Test 2019. The shocks simulated in the exercises were calibrated on the basis of experience gained in recent crisis episodes. For further information on the details of the stress test, see our previous … Continue Reading

ESMA update statements on preparations for a no-deal Brexit

By Hannah Meakin (UK) and Imogen Garner (UK) on October 8, 2019 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Securities and Markets Authority (ESMA) published a statement providing an update on the UK’s withdrawal from the European Union and preparations for a possible no-deal Brexit scenario on 31 October 2019. In the statement, ESMA confirms that the reference date in all of its previously published measures and actions, … Continue Reading

ECB 2020 supervisory priorities for SSM

By Simon Lovegrove (UK) on October 8, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 October 2019, the European Central Bank (ECB) published its supervisory priorities setting out its focus areas for the single supervisory mechanism (SSM) for 2020. The key drivers of banking sector risk have been identified in a related risk assessment for 2020. These risks centre around economic, political and debt sustainability challenges in the … Continue Reading

ESMA consults on MAR review – focus on spot FX contracts, inside information and benchmarks

By Catherine Blake (UK) and Hannah Meakin (UK) on October 8, 2019 Posted in France, Germany, Italy, Market Abuse, Market abuse, Market abuse, Market abuse, The Netherlands, United Kingdom

Introduction On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on the Market Abuse Regulation (MAR) review report. Article 38 of MAR requires the European Commission (Commission) to present a report to the European Parliament and the Council of the European Union to assess various provisions of MAR. In … Continue Reading

ESMA opinion clarifies application of pre-trade transparency and price determination in frequent batch auctions

By Hannah McAslan (UK) and Catherine Blake (UK) on October 7, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 4 October 2019, the European Securities and Markets Authority (ESMA) published an opinion on the application of pre-trade transparency requirements by frequent batch auctions (FBA) systems and the price determination process of FBA systems. The opinion reflects the conclusions in the ESMA report on periodic auctions published in June 2019 which identified several shortcomings … Continue Reading