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Topic: Banking

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European Commission agrees MOU with SRB

On 13 August 2019, the Single Resolution Board (SRB) published a memorandum of understanding (MOU) between itself and the European Commission in respect of co-operation and information exchange pursuant to the Single Resolution Mechanism Regulation (SRMR). The MOU aims to codify best practices and ensure that effective working arrangements are in place between the Commission … Continue Reading

EBA opinion on deposit guarantee schemes

Article 19(6) of the Deposit Guarantee Schemes Directive (DGSD) requires the European Commission to submit to the European Parliament and to the Council a report on the progress towards the implementation of the DGSD. To support the Commission in meeting this obligation, the European Banking Authority (EBA) committed to drafting three opinions on the DGSD. … Continue Reading

EBA publishes its roadmap on IFRS 9 deliverables and launches IFRS 9 benchmarking exercise

On 23 July 2019, the European Banking Authority (EBA) published its International Financial Reporting Standard (IFRS) 9 roadmap providing a comprehensive overview of planned monitoring activities on IFRS 9 implementation. The EBA has also launched an IFRS 9 benchmarking exercise on a sample of institutions aimed at analysing the different modelling practices followed by institutions … Continue Reading

EBA report on final draft ITS on supervisory reporting in regard to FINREP

On 16 July 2019, the European Banking Authority (EBA) published a report setting out its final draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) 680/2014 on supervisory reporting of institutions with regard to financial reporting (FINREP). The amendments in the draft ITS address the risks of high non-performing exposures (NPE) and forborne exposures … Continue Reading

SRB publishes paper on public interest assessment

On 3 July 2019, the Single Resolution Board (SRB) published a paper outlining its approach to public interest assessment. The identification of public interest is a necessary pre-condition for taking resolution action in respect of a failing bank. Whenever the SRB concludes that there is public interest in resolving a bank and adopts a resolution … Continue Reading

EBA publishes its roadmap for the new market and counterparty credit risk approaches

On 27 June 2019, the European Banking Authority (EBA) published its roadmap on the new market and counterparty credit risk approaches and launched a consultation on eleven draft Regulatory Technical Standards (RTS) on the new Internal Model Approach (IMA) under the Fundamental Review of the Trading Book (FRTB) standards along with a data collection exercise … Continue Reading

EBA publishes an opinion on the elements of strong customer authentication under PSD2

On 21 June 2019, the European Banking Authority (EBA) published an opinion on the elements of strong customer authentication (SCA) under the revised Payment Services Directive (PSD2). The opinion provides a non-exhaustive list of the authentication approaches currently observed in the market and states whether or not they are considered to be SCA compliant. The … Continue Reading

Open Banking around the world | A global comparative guide

The UK continues to be the global pioneer in open banking through the implementation of the EU PSD2 and the CMA open banking initiative. However, through regulatory reforms and/or market-led initiatives, many jurisdictions are now catching up. Working with our colleagues across the globe, we have produced a comparative guide to open banking as part … Continue Reading

EBA consults on draft guidelines on loan origination and monitoring

On 19 June 2019, the European Banking Authority (EBA) launched a consultation on draft guidelines on loan origination and monitoring. The draft guidelines specify the internal governance arrangements for granting and monitoring credit facilities throughout their lifecycle. They introduce requirements for borrowers’ creditworthiness assessment and bring together the EBA’s prudential and consumer protection objectives. To … Continue Reading

FSB publishes consultation on SME financing evaluation

On 7 June 2019, the Financial Stability Board (FSB) issued a consultation on an Evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing. The evaluation has been delivered to G20 Finance Ministers and Central Bank Governors for their meeting in Fukuoka on 8-9 June. The evaluation examines the effects … Continue Reading

CRR II Regulation and CRD V Directive published in OJ

On 7 June 2019, there was published in the Official Journal of the EU (OJ): Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending the Capital Requirements Regulation as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, … Continue Reading

BRRD II Directive and SRM II Regulation published in OJ

On 7 June 2019, there was published in the Official Journal of the EU (OJ): Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending the Bank Recovery and Resolution Directive as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC (BRRD II); … Continue Reading

Council progress report on Banking Union

On 4 June 2019, the Council of the EU published a progress report providing a high level overview of the work that has recently been done to strengthen Banking Union. Specifically the progress report covers: amendments to the Capital Requirements Regulation and Directive, the Bank Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation; … Continue Reading

FSB discussion paper on the solvent wind-down of derivatives and trading portfolios

On 3 June 2019, the Financial Stability Board (FSB) published a discussion paper on the solvent wind-down of derivatives and trading portfolios. The discussion paper sets out considerations related to the solvent wind-down of the derivative portfolio activities of a global systemically important bank (G-SIB) that may be relevant for authorities and firms for both … Continue Reading

FSB discussion paper on public disclosures on resolution planning and resolvability

On 3 June 2019, the Financial Stability Board (FSB) published a discussion paper on public disclosures on resolution planning and resolvability. The discussion paper explores how general and firm specific disclosures on resolution planning and resolvability could be further enhanced. It focuses mainly on disclosures of resolution planning for global systemically important banks. However, many … Continue Reading

FSB reports on work to assess and address correspondent banking declines

The Financial Stability Board (FSB) has published: a progress report on the implementation of its action plan to assess and address the decline in correspondent banking relationships. The decline in the number of correspondent banking relationships remains a source of concern for the international community, as the number of active correspondent banks declined by 3.4% … Continue Reading

EBA 2018 Annual Report

On 29 May 2019, the European Banking Authority (EBA) published its 2018 Annual Report, which provides a detailed account of the work the European Supervisory Authority has achieved in the past year. The Annual Report also sets out the EBA’s priorities for 2019. The EBA’s focus will include sequencing the CCR 2 mandate, including developing … Continue Reading

FSB thematic review on implementation of LEI

On 28 May 2018, the Financial Stability Board (FSB) published a thematic review report on the implementation of the Legal Entity Identifier (LEI). The report is divided into the following sections: jurisdictions’ approaches and strategies to implement the LEI; LEI coverage; achievements and benefits; obstacles to adoption and implementation; and advancing LEI adoption. Key points … Continue Reading

ESMA updates Q&As on BMR

On 23 May 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&As provide the following new questions: What information may national competent authorities rely on in an external audit report of compliance to IOSCO Principles under Article 32(2) of BMR? What … Continue Reading

FSB evaluation of too-big-to-fail reforms for systemically important banks

On 23 May 2019, the Financial Stability Board (FSB) launched an evaluation into the G20 post-financial crisis too-big-to-fail reforms. The summary terms of reference have also been published. The objectives of the evaluation are twofold to: assess whether the reforms for which implementation has been completed or are underway are reducing the systemic and moral … Continue Reading

ISDA consults on benchmark fallbacks

On 17 May 2019, the International Swaps and Derivatives Association (ISDA) published two consultations on benchmark fallbacks – the first consultation covers adjustments that would apply to fallback rates in the event certain interbank offered rates (IBORs) are permanently discontinued, and the second consultation relates to pre-cessation issues for LIBOR and certain other IBORs. Specifically, … Continue Reading

Council of EU adopts banking package reforms

On 14 May 2019, the European Council announced that it had adopted the European Commission’s banking package reforms (relating to the revised Capital Requirements Regulation / Directive, and the revised Bank Recovery and Resolution Directive, and Single Resolution Mechanism Directive). Our extended blog on these reforms can be found here. The proposals implement reforms agreed … Continue Reading

EBA seeks extension for addressing Commission’s call for advice on benchmarking of national loan enforcement frameworks

On 7 May 2019, the European Banking Authority (EBA) published a letter it sent to the Director General for Financial Stability at the Financial Services and Capital Markets Union (FISMA), dated 5 March 2019, regarding the European Commission’s call for advice (CFA) for the purposes of a benchmarking of national loan enforcement frameworks (including insolvency … Continue Reading

Basel Committee progress report on implementation of Basel regulatory framework

On 7 May 2019, the Basel Committee on Banking Supervision (Basel Committee) published its sixteenth progress report on the adoption of the Basel III regulatory framework. The report sets out the adoption status of the Basel III standards for each Basel Committee member jurisdiction as of end-March 2019. Key updates as regards the adoption of … Continue Reading
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