On 29 September 2023, the European Commission published Commission Delegated Regulation (EU) of 29 September 2023 supplementing Regulation (EU) 2020/1503 of the European Parliament and of the Council with regard to regulatory technical standards specifying requirements on credit scoring of crowdfunding projects, pricing and crowdfunding offers and risk management policies and procedures. The draft technical … Continue Reading
On 29 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/2083 of 26 September 2023 laying down implementing technical standards for the application of Article 16(1) of the Credit Servicers Directive with regard to the templates to be used by credit institutions for the provision … Continue Reading
On 25 September 2023, the Council of the European Union (Council) Working Group on Financial Services held a discussion on the European Commission (Commission) proposal on the establishment of a digital euro. Since 2021, the Commission and the European Central Bank (ECB) have been preparing the establishment of the digital euro. Considerate of the fact … Continue Reading
On 28 September 2023, the European Supervisory Authorities (ESAs) published their second joint report on the extent of voluntary disclosure of principal adverse impacts (PAI) under the Sustainable Finance Disclosure Regulation (SFDR). Like the approach taken for the first report in 2022, the ESAs launched a survey of Member State competent authorities to assess the … Continue Reading
On 28 September 2023, the European Securities and Markets Authority (ESMA) published its Annual Work Programme for 2024. In its Annual Work Programme, ESMA sets out the following objectives for 2024:… Continue Reading
On 28 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023, laying down implementing technical standards for the application of Article 16(1) of the Credit Servicers Directive with regard to the templates to be used by credit institutions for the provision to buyers of information on their credit exposures in … Continue Reading
On 27 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/2056 of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the … Continue Reading
On 27 September 2023, the European Supervisory Authorities (ESAs) co-published a report on the landscape of information and communication technology (ICT) of third-party providers (TTP) in the EU. The report sets out the results of a high-level analysis, carried out by the ESAs together with Member State competent authorities with the objective of getting a … Continue Reading
On 27 September 2023, the European Systemic Risk Board (ESRB) published advice on the prudential treatment of environmental and social risks. The advice highlights the specificity of risks related to climate change, which can be expected to become an important driver of broader environmental and social risks, and the challenges of tackling such risks in … Continue Reading
On 26 September 2023, the European Commission published Commission Implementing Regulation (EU) of 26 September 2023 amending the implementing technical standards laid down in Commission Implementing Regulation (EU) No 945/2014 as regards an update of the list of relevant appropriately diversified indices in accordance with the Capital Requirements Regulation. The Commission has also published an … Continue Reading
We have published our latest ESG updater, tracking regulatory developments in the ESG space over the last month. Should you wish to receive the updater please contact Haney Saadah. For further updates on regulatory developments in the ESG space please visit our Financial Services Regulatory Developments in ESG hub.… Continue Reading
On 20 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) crisis management and deposit insurance (CMDI) legislative package. The legislative package contains amending proposals to the EU regime for the recovery and resolution of credit institutions. The legislative package consists of: … Continue Reading
On 25 September 2023, the Financial Stability Board (FSB) published a report: Stocktake of international data standards relevant to cross-border payments. The report looks at national and regional data frameworks relevant to the functioning, regulation and supervision of cross-border payment arrangements. Furthermore, the report takes forward one of the priority actions under the G20 Cross-border … Continue Reading
On 22 September 2023, the United Nations Environment Programme (UNEP) published the second biennial progress report on implementation of the UN Principles for responsible banking. The report highlights the key achievements of member banks in integrating sustainability considerations such as climate change mitigation into their strategies, transforming governance structures, understanding their impacts better, setting targets … Continue Reading
In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading
On 19 September 2023, the European Parliament Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the Retail Investment Package. The Retail Investment Package, which was published by the European Commission (Commission) on 24 May 2023, aims to empower retail investors to take more informed investment decisions that would better correspond … Continue Reading
On 22 September 2023, the European Banking Authority (EBA) launched its annual EU-wide transparency exercise. The exercise will disclose capital positions, financial assets, risk exposure amounts, sovereign exposures and asset quality information of the EU banking sector in the second half of 2022 and in the first half of 2023. The exercise forms part of … Continue Reading
On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading
On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading
On 19 September 2023, the Taskforce on Nature-related Financial Disclosures (TNFD) published its recommendations. The TNFD was launched in 2021. It is a global, market-led, science-based, and government-supported initiative with the mission to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related issues. The aim of … Continue Reading
On 19 September 2023, the Financial Stability Board (FSB) published a consultation report on financial resources and tools for central counterparty (CCP) resolution. In the consultation report the FSB sets out a proposal for a toolbox approach as a global standard for CCP financial resources and tools for resolution. In a toolbox approach, resolution authorities … Continue Reading
On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading
On 14 September 2023, the European Commission announced that it has launched a targeted consultation and a public consultation to seek feedback on the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets out how financial intermediaries, such as asset managers, have to communicate sustainability information to investors. … Continue Reading
On 13 September 2023, the European Commission published an initiative setting out a draft Delegated Directive that will amend the thresholds in the Accounting Directive for determining the size category of a company to account for the impact of inflation. Since 2013, the size thresholds have remained unchanged. An increase will result in micro, small … Continue Reading