On 13 April 2021, the European Securities and Markets Authority (ESMA) issued an updated statement on the implementation of LEI requirements for third-country issuers under the Securities Financing Transaction Regulation (SFTR) reporting regime. ESMA maintains its position regarding third-country issuer LEI reporting included in its statement published on 6 January 2020 (ESMA74-362-388) until 10 October … Continue Reading
On 9 April 2021, the European Securities and Markets Authority (ESMA) published the interim simple, transparent and standardised (STS) notification templates for synthetic securitisations following amendments to the Securitisation Regulation. The interim templates allow originators to notify ESMA of synthetic securitisations that meet the STS criteria until the date of the application of the regulatory … Continue Reading
On 6 April 2021, there was published in the Official Journal of the EU (OJ): Regulation (EU) 2021/557 of the European Parliament and of the Council of 31 March 2021 amending Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation to help the … Continue Reading
On 26 March 2021, the European Commission adopted a Delegated Regulation that specifies the methodology to be used by resolution authorities to estimate the requirement referred to in Article 104a of the Bank Recovery and Resolution Directive (BRRD) and the combined buffer requirement for resolution entities at the resolution group consolidated level for the purpose … Continue Reading
On 26 March 2021, the Joint Committee of the European Supervisory Authorities (ESAs) published Q&As relating to the Securitisation Regulation. The Q&As contain answers to questions that fall outside the exclusive competence of any of the ESAs. On the same date the ESAs published a joint opinion on the jurisdictional scope of the obligations of … Continue Reading
On 22 March 2021, the Single Resolution Board (SRB) issued a communication on its approach to liabilities governed by UK law without a contractual bail-in recognition clause as eligible for the minimum requirement for own funds and liabilities (MREL). The SRB will consider liabilities governed by UK law without a contractual bail-in recognition clause as … Continue Reading
On 18 March 2021, the European Banking Authority (EBA) issued a consultation paper on its revised guidelines on recovery plan indicators. Under the mandate of Article 9(2) of the Bank Recovery and Resolution Directive (BRRD), in 2015 the EBA issued guidelines to specify the minimum list of quantitative and qualitative indicators for the purposes of … Continue Reading
On 17 March 2021, the European Banking Authority (EBA) issued a consultation paper on draft guidelines for institutions and resolution authorities on improving resolvability. When finalised the guidelines will be a point of reference for both Member State competent authorities and institutions on resolvability related topics in the EU. The guidelines seek to implement existing … Continue Reading
On 12 March 2021, the European Commission (Commission) issued a targeted consultation seeking feedback on whether there is potential for a referral scheme to help small and medium sized enterprises (SMEs) whose funding applications have been rejected by a finance provider and options for the scope, features and governance of such a possible scheme. The … Continue Reading
On 11 March 2021, the European Banking Authority (EBA) issued a public consultation on revised guidelines on the stress tests conducted by Member State deposit guarantee schemes (DGSs) under the Deposit Guarantee Schemes Directive (DGSD). The proposed revision to the guidelines will extend the scope of DGS stress testing, by requiring more tests that will … Continue Reading
There are a broad range of regulatory requirements for financial services firms when it comes to outsourcing business activities, perhaps most significantly, the EBA’s Guidelines on outsourcing (the ‘Guidelines’). The Guidelines require firms to (i) identify their outsourcing arrangements and (ii) ensure that any contracts meet specific requirements and are aligned to broader regulatory expectations. … Continue Reading
On 26 February 2021, the European Securities and Markets Authority updated its Q&As on the Securitisation Regulation. ESMA also updated reporting instructions and an XML schema for the templates set out in the technical standards on disclosure requirements.… Continue Reading
On 25 February 2021, the European Commission issued a consultation seeking stakeholder feedback on their experience with the current crisis management and deposit insurance framework as well as their views on the revision of the framework, which is part of the debate on the completion of the Banking Union and in particular its third and … Continue Reading
On 11 February 2021, the European Commission published a Delegated Regulation amending Delegated Regulation (EU) 2017/2361 as regards the arrangements for the payment of contributions to the administrative expenditures of the Single Resolution Board. Under Regulation (EU) No 806/2014, the Single Resolution Board (SRB) has an autonomous budget which is not part of the EU … Continue Reading
On 28 January 2021, the European Central Bank (ECB) published the outcome of its 2020 Supervisory Review and Evaluation Process (SREP) and announced its supervisory priorities for 2021. Based on the SREP analysis and taking into account the situation triggered by the pandemic, ECB Banking Supervision has decided to concentrate its efforts on four key … Continue Reading
On 27 January 2021, the Council of the EU announced that representatives from Member States had signed the amending agreements to the Treaty on the European Stability Mechanism (ESM) and the Single Resolution Fund (SRF) Intergovernmental Agreement. This signature launches the ratification procedures in the Member States, in accordance with their national constitutional requirements. The … Continue Reading
On 26 January 2021, the European Commission issued a targeted consultation on the revision of the EU’s crisis management and deposit insurance framework. The results of the consultation will feed into the Commission’s work to make the framework more coherent and robust. The consultation focuses on three key EU legislative texts: the Bank Recovery and … Continue Reading
On 19 January 2021, the European Commission published a Communication on the European economic and financial system: fostering openness, strength and resilience . The Communication and strategy set out therein for development of the European financial markets is designed as one of the early steps of the Commission under Ursula von der Leyen’s leadership to … Continue Reading
On 15 January 2021, the European Court of Auditors (ECA) published a special report on resolution planning in the Single Resolution Mechanism (SRM). In 2017, the ECA conducted its first audit report assessing whether the Single Resolution Board (SRB) was equipped to carry out the resolution of significant banks effectively. To inform policymakers and … Continue Reading
On 14 January 2021, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had agreed on the text of the draft Directive on credit servicers, credit purchasers and the recovery of collateral. The ECON MEPs have also agreed to start negotiations with the Council and the European Commission on the draft text. … Continue Reading
On 12 January 2021, the European Central Bank (ECB) published a final guide outlining its supervisory approach to consolidation in the banking sector, following a public consultation which ended on 1 October 2020. The ECB has also published a feedback statement setting out its views on respondents’ comments on the consultation. With the final guide, … Continue Reading
On 21 December 2020, the European Banking Authority (EBA) updated its report on the implementation of selected COVID-19 policies. The report was first published on 7 July 2020 and then updated on 7 August 2020 to provide additional clarity on the implementation of the reporting and disclosure framework in the context of the COVID-19 measures. … Continue Reading
On 21 December 2020, the European Securities and Markets Authority (ESMA) published guidelines concerning the securities financing transaction (SFT) reporting obligation as provided in Article 4 Securities Financing Transaction Regulation (SFTR), the trade repositories’ (TRs) obligations under Articles 5(7) and 12 SFTR, as well as the reporting start date as determined in Article 33(2) SFTR. … Continue Reading
On 18 December 2020, the Single Resolution Board (SRB) updated its approach to the prior permission regime for early calling, redeeming, repaying or repurchasing of eligible liabilities’ instruments by Eurozone banks. From 28 December 2020, the statutory transition period begins under the Single Resolution Mechanism Regulation II (SRMR 2) and authorisation to perform early redemption … Continue Reading
