On 21 March 2019, the European Central Bank (ECB) published a speech by its Supervisory Board Chair, Andrea Enria, following the publication of its 2018 annual report on supervisory activities. Alongside an overview of work conducted in 2018, Mr Enria discusses the ECB’s supervisory priorities for 2019: credit risk: the ECB will continue to promote … Continue Reading
On 19 March 2019, the European Commission published for consultation the following draft Implementing Decisions under the Benchmarks Regulation (BMR): Commission Implementing Decision (EU) on the equivalence of the legal and supervisory framework applicable to benchmarks in Singapore in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council, and annex; and … Continue Reading
On 20 March 2019, the European Banking Authority (EBA) published an updated methodological guide on risk indicators and detailed risk analysis tools. The updated guide includes additional indicators based on IFRS 9 information, as well as other indicators to better understand institutions’ profitability, exposures to sovereign counterparties and own funds requirements for operational risk, among … Continue Reading
On 20 March 2019, there was published in the Official Journal of the EU (OJ): Recommendation of the European Systemic Risk Board of 15 January 2019 amending Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macro-prudential policy measures. This Recommendation amends Recommendation ESRB/2015/2 by recommending that relevant authorities reciprocate certain … Continue Reading
On 20 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published the results of its Basel III monitoring exercise, based on data as of 30 June 2018. Data is provided for a total of 189 banks, including 106 large internationally active banks. These “Group 1” banks are defined as internationally active banks that have … Continue Reading
On 19 March 2019, the European Securities and Markets Authority (ESMA) published the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. The results are published on a per bond-type basis in excel format in the Annual transparency calculations for non-equity instruments register . … Continue Reading
On 19 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a report on proportionality in bank regulation and supervision. The report summarises the responses received to the Basel Committee’s survey on the same topic by member jurisdictions and participants of the Basel Consultative Group. The Basel Committee found that the majority of … Continue Reading
On 18 March 2019, the European Banking Authority (EBA) launched its central electronic register under the revised Payments Services Directive (PSD2). The statutory basis of the register is Article 15(1) of the PSD2. This requires the EBA to develop, operate and maintain an electronic central register that contains information as notified by competent authorities. The … Continue Reading
Denmark: updated 18 March 2019 Germany: updated 18 March 2019 Sweden: updated 21 March 2019 Italy: updated 22 March 2019 We have produced a colour coded heat map and table identifying the temporary emergency measures being implemented in EEA jurisdictions, and how financial services provides can benefit from these measures. We recommend that this resource be read in conjunction … Continue Reading
On 15 March 2019, the European Banking Authority (EBA) published its fourth report on the convergence of supervisory practices and its activities carried out in 2018 to promote convergence. Key points to note from the EBA’s analysis of supervisory practices include: in 2018, a good degree of progress was made by the competent authorities in … Continue Reading
On 15 March 2019, the European Commission published a communication on its progress on developing the Capital Markets Union (CMU). The communication outlines the rationale of the CMU, as well as the progress achieved so far in developing the CMU. The communication makes three conclusions: the European Commission has now delivered the measures it committed … Continue Reading
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing the revised Payment Services Directive (PSD2) with regard to RTS setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and … Continue Reading
On 15 March 2019, there was published in the Official Journal of the EU (OJ), Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the EBA pursuant … Continue Reading
Following a series of crucial votes in the House of Commons this week, the financial services team in London hosted a webinar this morning exploring the impact of these on financial service firms. Listen to the webinar here… Continue Reading
On 14 March 2019, the European Central Bank announced that it will start publishing the euro short-term rate as of 2 October 2019. The rate will be available by 9:00am CET on each TARGET2 business day, based on actual individual transactions from the previous day. It will be published on the ECB’s website, via the … Continue Reading
On 14 March 2019, the European Commission adopted a Delegated Regulation that amends Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR. The Commission has also published an Annex to the adopted Delegated Regulation, which replaces the current Annex to Commission … Continue Reading
On 14 March 2019, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions jointly published an update on the progress jurisdictions have made in implementing international standards for payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories. The information is based on self-assessments made by individual … Continue Reading
On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors. … Continue Reading
On 14 March 2019, the European Commission adopted a draft Delegated Regulation supplementing the revised Payment Services Directive (PSD2). The draft Delegated Regulation contains regulatory technical standards specifying the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points. The Council of the EU … Continue Reading
On 13 March 2019, the European Parliament (EP) published a provisional version of a decision raising no objections to a Delegated Regulation amending Delegated Regulation (EU) 2019/2579 as regards the possibility to adjust the average daily number of transactions for a share where the trading venue with the highest turnover of that share is located … Continue Reading
On 14 March 2019, the European Securities and Markets Authority (ESMA) updated its interactive single rulebook to include all level 2 and level 3 measures related to MiFID II and MiFIR. The Interactive Single Rulebook, launched by ESMA in February 2018, is an on-line tool that provides an overview of all level 2 and level 3 … Continue Reading
On 13 March 2019, the Markets Committee and Committee on Payments and Market Infrastructures of the Bank for International Settlements (BIS committees) published a report on central bank digital currencies (CBDCs). The report follows work from the BIS committees on CBDCs in which they analysed the potential implications for payment systems, monetary policy implementation and … Continue Reading
On 13 March 2019, the Basel Committee on Banking Supervision (Basel Committee) published a statement on crypto-assets. In recognition that crypto-assets do not reliably provide the standard functions of money and are unsafe to rely on as a medium of exchange or store of value, the Basel Committee’s statement sets out its prudential expectations related … Continue Reading
On 13 March 2019, two Commission Delegated Regulations were published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2019/396 of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing EMIR as regards the date at which the clearing obligation takes effect for … Continue Reading
