Italy (and EU regulation)

Commission report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those viable technical solutions

On 9 June 2022, the European Commission published a report assessing whether viable technical solutions have been developed for the transfer by pension scheme arrangements (PSAs) of cash and non-cash collateral as variation margins and the need for any measures to facilitate those viable technical solutions. The European Market Infrastructure Regulation (EMIR) contains a temporary … Continue Reading

Commission letter to chairs of ESAs on amendments to RTS under the SFDR related to product exposure to gas and nuclear activities

By Daniel Nevzat (UK) on June 10, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 9 June 2022, the European Commission published a letter it had sent to the chairs of the European Supervisory Authorities (ESAs) concerning amendments to the regulatory technical standards (RTS) under the Sustainable Finance Disclosure Regulation (SFDR). On 6 April 2022, the Commission adopted a Delegated Regulation containing all 13 draft RTS under the SFDR. … Continue Reading

Commission adopts and updates equivalence decisions for five non-EU jurisdictions

By Hannah Meakin (UK) on June 10, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 8 June 2022, the European Commission adopted decisions determining that the legal and supervisory frameworks for central counterparties (CCPs) in Chile, Malaysia and Indonesia are equivalent to the requirements applicable under the European Market Infrastructure Regulation. The Commission has also amended its existing equivalence decisions for CCPs in South Africa and India. On 9 … Continue Reading

Corrigendum to the Taxonomy Regulation

By Daniel Nevzat (UK) on June 10, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 9 June 2022, there was published in the Official Journal of the EU, Corrigendum to Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088. The Corrigendum amends Regulation (EU) 2020/852 by inserting a … Continue Reading

Council adopts its position on new rules for consumer credit

By Matthew Gregory (UK) on June 10, 2022 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

On 9 June 2022, the Council of the EU issued a press release stating that it had adopted its general approach on the proposed revision of the Directive on consumer credit. Among other things the Council’s press release notes: The Council proposes to exclude from the scope of the revised directive crowdfunding and, under certain … Continue Reading

EBA consults on technical standards on the identification of a group of connected clients

By Albert Weatherill (UK) on June 9, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 8 June 2022, the European Banking Authority (EBA) launched a public consultation on draft regulatory technical standards (RTS) on the identification of a group of connected clients (GCC). The definition of group of connected clients in the CRR provides for the identification of two or more natural or legal persons who are so closely … Continue Reading

SRB updates 2022 MREL policy

By Simon Lovegrove (UK) on June 9, 2022 Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands

On 8 June 2022, the Single Resolution Board (SRB) published an updated 2022 MREL policy. The policy sets out a minimum requirement for own funds and eligible liabilities (MREL). The policy has been revised based on experience gained and stakeholder feedback and applies to the 2022 resolution planning cycle. Key points include that the updated … Continue Reading

EBA consults on guidelines to resolution authorities on the publication of the write down and conversion and bail-in exchange mechanic

By Matthew Gregory (UK) on June 8, 2022 Posted in Banking, Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom

On 7 June 2022, the European Banking Authority (EBA) launched a public consultation on its draft guidelines, addressed to Member State resolution authorities for the publication of their approach to implementing the bail-in tool. The draft guidelines aim to ensure that a minimum level of harmonised information is made public with regard to the mechanics … Continue Reading

European Parliament draft reports

By Flupke van den Bogart on June 7, 2022 Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital Adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom

On 30 May 2022, the European Parliament published draft reports on: The proposal for a Regulation amending the Capital Requirements Regulation as regards requirements for credit risk, credit valuation adjustment risk, operational risk, market risk and the output floor. The proposal for a Directive amending the Capital Requirements Directive IV as regards supervisory powers, sanctions, … Continue Reading

European Parliament ECON Committee adopts report on European Green Bonds proposal

By Flupke van den Bogart on June 7, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 20 May 2022, the European Parliament Economic and Monetary Affairs (ECON) Committee adopted a report on the European Commission’s (Commission) proposal for a regulation of the European Parliament and of the Council on European green bonds (EuGB Regulation). The EuGB Regulation will introduce a common framework of rules regarding the use of the “European … Continue Reading

ESAs joint report on the withdrawal of authorisation for serious breaches of AML/CFT rules

By Simon Lovegrove (UK) on June 6, 2022 Posted in Anti-Money Laundering, Anti-Money Laundering, France, Germany, Italy, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom

On 31 May 2022, the European Supervisory Authorities (ESAs) published a joint report on the withdrawal of authorisation for serious breaches of anti-money laundering / countering the financing of terrorism (AML/CFT) rules. Objective 5 of the EU’s 2018 Council Action Plan on AML required the ESAs and Member State prudential and AML supervisors to clarify … Continue Reading

ESMA speech ‘Towards delivering the CMU’

By Simon Lovegrove (UK) on June 6, 2022 Posted in France, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, The Netherlands, United Kingdom

On 1 June 2022, Verena Ross, Chair of the European Securities and Markets Authority (ESMA), gave a speech at the FESE convention. In her speech, Ms Ross shared the ESMA’s views on topics including, the MIFIR review, in particular, the consolidated tape, in addition to insights on the supervisory convergence work in the area of … Continue Reading

Basel Committee finalises principals on climate-related financial risks and progresses work on specifying crypto-assets’ prudential treatment

On 27 May 2022, the Basel Committee met and approved a finalised set of principles for the effective management and supervision of climate-related financial risks. The Committee also progressed work on specifying crypto-asset prudential treatment and issuing a second consultation paper. Additionally, the Committee finalised the review of the treatment of cross-border exposures within the … Continue Reading

ECB opinion on proposed regulation amending MiFIR as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders

On 1 June 2022, the European Central Bank (ECB) published an opinion on the proposed regulation amending the Markets in Financial Instruments Regulation as regards enhancing market data transparency, removing obstacles to the emergence of a consolidated tape, optimising trading obligations and prohibiting receiving payments for forwarding client orders. The opinion sets out both general … Continue Reading

IPSF updates Common Ground Taxonomy

By Simon Lovegrove (UK) on June 6, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 3 June 2022, the International Platform on Sustainable Finance (IPSF) updated the Common Ground Taxonomy (CGT) Instruction Report and the CGT Table of Activities. The updates follow an earlier consultation that the IPSF ran last year. The CGT is based on the activities currently included in both the adopted EU taxonomy for sustainable activities … Continue Reading

Published in OJ – Regulation 2022/858 on a pilot regime for market infrastructures based on DLT, and amending MiFIR, CSDR and MiFID II

By Simon Lovegrove (UK) on June 6, 2022 Posted in Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2022, there was published in the Official Journal of the EU, Regulation 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (DLT), and amending MiFIR, CSDR and MiFID II. Most of the provisions of the Regulation apply from 23 March 2023. The Regulation is … Continue Reading

ESAs provide clarifications on key areas of the RTS under SFDR

By Daniel Nevzat (UK) on June 6, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2022, the European Supervisory Authorities (ESAs) published a statement providing clarification on the draft regulatory technical standards (RTS) issued under the Sustainable Finance Disclosure Regulation (SFDR). The ESAs have issued the statement following receipt of numerous requests for clarification from stakeholders and Member State competent authorities relating to the practical implications of … Continue Reading

ESMA publishes technical standards to suspend the CSDR buy-in regime

By Jochen Vester (UK) on June 6, 2022 Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and Settlement, Clearing and settlement, France, Germany, Italy, The Netherlands, United Kingdom

On 2 June 2022, the European Securities and Markets Authority (ESMA) published a final report containing draft regulatory technical standards (RTS) suspending for three years the application of the mandatory buy-in rules provided in Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing the Central Securities Depositories Regulation (CSDR) with regard to RTS on … Continue Reading

ESMA proposes EUR 1 billion increase of the commodity derivatives EMIR clearing threshold

On 3 June 2022, the European Securities and Markets Authority (ESMA) issued a final report presenting draft regulatory technical standards (RTS) that change the clearing threshold (CT) for commodity derivatives. The final report follows a discussion paper on the CTs that the ESMA published on 21 November 2021. The discussion paper included a section on … Continue Reading

ESMA supervisory briefing ‘Sustainability risks and disclosures in the area of investment management’

By Daniel Nevzat (UK) on June 1, 2022 Posted in ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing that is intended to enhance convergence among Member State competent authorities (NCAs) by addressing potential issues arising from the supervision of sustainability-related disclosures as well as the integration of sustainability risks by fund managers and the design of common supervisory … Continue Reading

Key priorities for EU retail fund investors

By Simon Lovegrove (UK) on June 1, 2022 Posted in Collective Investment Schemes, Collective Investment Schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a speech by its chair, Verena Ross, entitled ‘Key priorities for EU retail fund investors’. The speech focuses on the ESMA’s key priorities for European retail fund investors and key points include: In early May, the ESMA and the other European Supervisory Authorities … Continue Reading

ESMA final report on the 2021 CSA on costs and fees

By Imogen Garner (UK) and Daniel Nevzat (UK) on June 1, 2022 Posted in Collective Investment Schemes, Collective investment schemes, Collective investment schemes, Collective investment schemes, France, Germany, Italy, The Netherlands, United Kingdom

On 31 May 2022, the European Securities and Markets Authority (ESMA) issued a report on the common supervisory action (CSA) on costs and fees for investment funds. The CSA was carried out with Member State competent authorities (NCAs) during 2021. The CSA’s aim was to assess, foster and enforce the compliance of supervised entities with … Continue Reading

Global financial services webinar – Crypto fund and buy-side developments

Tuesday, 7 June, 2022 08:00 – 09:00 BST / 11:00 – 12:00 GST / 15:00 – 16:00 HKT 11:00 – 12:00 EDT / 16:00 – 17:00 BST / 19:00 – 20:00 GST In this webinar, members of our global financial services team will compare notes on their jurisdiction’s approach to crypto funds. The speakers will … Continue Reading

NGFS publishes its 2022-2024 work program

By Simon Lovegrove (UK) on May 31, 2022 Posted in Africa, Asia, Australia, Canada, ESG, ESG, ESG, ESG, ESG, ESG, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 30 May 2022, the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) published its new work program, detailing its priorities for the next two years. The new work program will be undertaken by four work streams and two task forces: Work stream on Supervision – Chaired by Mr Jamey Hubbs … Continue Reading