Italy (and EU regulation)

ESRB Recommendation amending 2015 Recommendation on EU macroprudential policy measures and 2014 Recommendation on CCyB

On 6 August 2019, there was published in the Official Journal of the European Union the Recommendation of the European Systemic Risk Board (ESRB) of 28 June 2019 postponing certain deadlines for the submission of reports prescribed in two ESRB Recommendations: Recommendation ESRB/2015/2 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential … Continue Reading

EBA feedback on review of single rulebook Q&A tool

By Simon Lovegrove (UK) on August 7, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 6 August 2019, the European Banking Authority (EBA) published feedback following an earlier review of its single rulebook Q&As. The scope of the review was limited to Q&As relating to the Capital Requirements Regulation and the Capital Requirements Directive IV, with a focus on policy issues, on which around 625 questions have been answered, … Continue Reading

EBA issues advice on Basel III implementation

By Simon Lovegrove (UK) and Jochen Vester (UK) on August 6, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 5 August 2019, the European Banking Authority (EBA) published its report to the European Commission, following an earlier call for advice in May 2018, on the assessment of the implementation of Basel III in the EU. The advice presents the findings of the EBA’s quantitative impact assessment analysis based on data from 189 banks … Continue Reading

EBA adds CRR II, CRD V, BRRD II to single rulebook Q&A tool

By Jochen Vester (UK) and Simon Lovegrove (UK) on August 5, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 5 August 2019, the European Banking Authority (EBA) updated its Interactive Single Rulebook and Q&A tool on the Capital Requirements Regulation II (CRR II), Capital Requirements Directive V (CRD V) and Bank Recovery and Resolution Directive II (BRRD II). The update allows users to review all the EBA’s final technical standards and guidelines associated … Continue Reading

Commission letter to EBA on elements of Basel III framework

On 2 August 2019, the European Banking Authority (EBA) published a letter (dated 15 July 2019) it had received from the European Commission concerning its preparatory work for the implementation of the Basel III reforms. The Commission notes that the EBA is currently finalising its advice on the Basel III reforms in the area of … Continue Reading

EBA consults on draft guidelines on weighted average maturity of contractual payments

By Jochen Vester (UK) on August 1, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 31 July 2019, the European Banking Authority (EBA) published a consultation paper proposing draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitisation transaction. The framework under the Capital Requirements Regulation (CRR) for securitisations has introduced a tranche maturity as an additional … Continue Reading

Commission implementing decisions on CRA Regulation equivalence

By Simon Lovegrove (UK) on July 31, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 30 July 2019, there was published in the Official Journal of the EU, European Commission implementing decisions relating to the equivalence of jurisdictions’ legal and supervisory frameworks to the requirements of the Credit Rating Agencies (CRA) Regulation. Commission implementing decisions repealing previous positive equivalence determinations under the CRA Regulation have been published for Argentina; … Continue Reading

ESMA updates Q&As on MiFID II data reporting

By Hannah Meakin (UK) and Catherine Blake (UK) on July 30, 2019 Posted in Germany, Italy, MiFID II, The Netherlands, United Kingdom

On 29 July 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on MiFIR data reporting. The updated Q&As insert a new question and answer within section 5 – Maturity Date, expiry date and termination date: What date should be populated in Field 24 (Expiry date) of RTS 23 for financial … Continue Reading

Commission sets out its equivalence policy with non-EU countries

By Simon Lovegrove (UK) on July 30, 2019 Posted in Brexit, Brexit, Germany, Italy, The Netherlands, United Kingdom

On 29 July 2019, the European Commission issued a communication setting out its overall approach to equivalence and recent legislative developments in terms of how the Commission grants equivalence to non-EU countries. It also describes how the Commission and the European Supervisory Authorities monitor the situation in those non-EU countries after equivalence decisions have been … Continue Reading

ECB guideline on €STR published

By Hannah Meakin (UK) on July 29, 2019 Posted in Benchmarks, France, Germany, Italy, The Netherlands, United Kingdom

On 26 July 2019, there was published in the Official Journal of the EU, the European Central Bank (ECB) guideline governing the euro short-term rate (€STR) and establishing the ECB’s responsibility for its administration and oversight. The guidelines also establish the responsibilities of the ECB and national central banks and sets out the provisions for … Continue Reading

Joint statement on transition to PSD2 RTS

By Albert Weatherill (UK) on July 29, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 26 July 2019, representatives of the two European Third Party Providers (TPP) associations and representatives of the three European Credit Sector Associations (ECSAs) and the Financial Data and Technology Association (FDATA) published a joint statement concerning the transition to the new security and communication standards that will be applicable from 14 September 2019 within … Continue Reading

ECB letter regarding stablecoin initiatives

By Albert Weatherill (UK) and Simon Lovegrove (UK) on July 29, 2019 Posted in Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 26 July 2019, the European Central Bank (ECB) published a letter from its president, Mario Draghi, to Markus Ferber MEP. In the letter Mr Draghi discusses how the European System of Central Banks (ESCB) is closely monitoring innovation in the financial sector, including stablecoin projects such as Facebook’s ‘Libra’. The ESCB also contributes to … Continue Reading

Pan-European Personal Product Regulation published in OJ

By Simon Lovegrove (UK) on July 26, 2019 Posted in Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 25 July 2019, there was published in the Official Journal of the European Union (OJ) Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP). The Regulation will enter force on 14 August 2019. It will apply 12 months after publication in the OJ of the delegated acts referred to in Article 28(5) (Content … Continue Reading

EMMI announces publication time for euro overnight index average

By Simon Lovegrove (UK) on July 26, 2019 Posted in Benchmarks, Germany, Italy, The Netherlands, United Kingdom

On 24 July 2019, the European Money Markets Institute (EMMI) announced that the euro overnight index average (EONIA) will be published at or shortly after 9:15am CET as of 2 October 2019. This announcement follows that of the European Central Bank’s (ECB) decision to publish the euro short-term rate (€STR) at 8:00am CWT on each … Continue Reading

EBA opinion on the link between money laundering and terrorist financing concerns and prudential objectives

By Simon Lovegrove (UK) on July 25, 2019 Posted in Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 24 July 2019, the European Banking Authority (EBA) published an opinion on the link between money laundering and terrorist financing (ML / TF) concerns and prudential objectives. The opinion is addressed to prudential supervisors of Member State competent authorities. In the opinion the EBA invites prudential supervisors to communicate to institutions’ management bodies and … Continue Reading

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

By Jochen Vester (UK) on July 24, 2019 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

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

Commission guidance notice on the Unfair Contract Terms Directive

By Simon Lovegrove (UK) on July 24, 2019 Posted in France, Germany, Italy, Retail, Retail, Retail, Retail, The Netherlands, United Kingdom

On 22 July 2019, the European Commission adopted a guidance notice on the interpretation and application of the Unfair Contract Terms Directive (UCTD). The main purpose of the guidance notice is to present, in a structured way, the interpretation which the Court of Justice of the EU has provided on the key concepts and provisions … Continue Reading

Basel Committee and IOSCO agree to one-year extension of the final implementation phase of the margin requirements for non-centrally cleared derivatives

By Hannah Meakin (UK) on July 24, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 23 July 2019, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) issued a joint statement confirming that the final implementation of the margin requirements for non-centrally cleared derivatives would be extended by one year. With this extension, the final implementation phase will take place on 1 … Continue Reading

ESMA publishes its annual peer review report on EU CCPs supervision

By Hannah Meakin (UK) and Catherine Blake (UK) on July 23, 2019 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 22 July 2019, the European Securities and Markets Authority (ESMA) published its annual peer review report on the overall supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review covered NCAs of CCPs authorised under the European Markets Infrastructure Regulation (EMIR) as of 1 June 2018. On this … Continue Reading

EBA updates on monitoring of CET1 capital instruments

By Jochen Vester (UK) on July 23, 2019 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 22 July 2019, the European Banking Authority (EBA) published an updated list of Common Equity Tier 1 (CET1) instruments of EU institutions. The list is accompanied by an updated CET1 report, which includes information on the underlying objectives of the monitoring as well as on the consequences of including or excluding instruments in or … Continue Reading

Working Group on Sterling Risk-Free Reference Rates urges EIOPA to remove the recognised Solvency II barriers to IBOR transition

By Laura Hodgson (UK) on July 19, 2019 Posted in Germany, Insurance, Italy, The Netherlands, United Kingdom

On 12 July 2019, the Working Group on Sterling Risk-Free Reference Rates published a letter from Tushar Morzaria, chair of the working group, to Gabriel Bernardino, EIOPA chair, encouraging EIOPA to go beyond monitoring the IBOR transition to now actively removing the recognised Solvency II barriers to this transition. The letter expressed concerns surrounding the … Continue Reading

ESMA resources and updated Q&As on Securitisation Regulation

By Simon Lovegrove (UK) on July 19, 2019 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom

On 18 July 2019, the European Securities and Markets Authority (ESMA) published additional resources to assist market participants to comply with the disclosure requirements under the Securitisation Regulation. In advance of several disclosure-related delegated acts that are due to be adopted by the European Commission ESMA has published a set of reporting instructions, validation rules … Continue Reading

EEA Joint Committee Decisions published in OJ

On 18 July 2019, there was published in the Official Journal of the European Union: Decision 35/2019 of the EEA Joint Committee concerning the incorporation of the equivalence of arrangements of the US Commodity Futures and Trading Commission regime for derivative transactions into the EEA Agreement. The date of entry into force is specified as … Continue Reading

Updated ISDA Brexit FAQs

By Jochen Vester (UK) on July 19, 2019 Posted in Brexit, Brexit, France, Germany, Italy, The Netherlands, United Kingdom

On 18 July 2019, the International Swaps and Derivatives Association (ISDA) published updated FAQs on Brexit (version 7). These FAQs have been updated to the position as at 30 June 2019.… Continue Reading