Italy (and EU regulation)

Commission Delegated Regulations relating to the IFR

On 11 January 2022, there was published in the Official Journal of the EU (OJ): Commission Delegated Regulation (EU) 2022/25 of 22 September 2021 supplementing the Investment Firms Regulation (IFR) with regard to regulatory technical standards (RTS) specifying the methods for measuring the K-factors referred to in Article 15 of that Regulation. Specifically the RTS … Continue Reading

FSB publishes two papers designed to assist resolution planning for insurers

The Financial Stability Board (FSB) has published two papers designed to assist resolution planning for insurance companies. The papers are practices papers on Resolution Funding for Insurers and Internal Interconnectedness in Resolution Planning for Insurers. Resolution Funding for Insurers. This practices paper considers different sources of resolution funding including policyholder protection schemes and standalone resolution … Continue Reading

EIOPA publishes first review of the IDD

By Laura Hodgson (UK) on January 11, 2022 Posted in EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, EU policy, regulatory and legislative updates, France, Germany, IDD, Insurance, Insurance, Insurance, Insurance, Italy, The Netherlands

The European Insurance and Occupational Pensions Authority (EIOPA) has published a report on the application of the Insurance Distribution Directive ((EU) 2016/97) throughout the European market. The executive summary of the report notes that there has been insufficient time to assess the effectiveness of the Insurance Distribution Directive (IDD) as a combination of late implementation … Continue Reading

Happy New Year

By Simon Lovegrove (UK) on January 7, 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

Happy New Year to all our readers. We set out below further developments that occurred over the Christmas period. UK JMLSG consultation: syndicated lending – On 16 December 2021, the Joint Money Laundering Steering Group (JMLSG) published a proposed revision to Part II Sector 17 (Syndicated Lending) of its guidance. The proposed revision is a … Continue Reading

Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

Merry Christmas and a Happy New Year to our readers

To all of our global readers we would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year. We will resume posting material following the festive period on 6 January 2021 although if there are any significant developments we will endeavour to provide an update.… Continue Reading

ESMA statement on implementation of the clearing and derivative trading obligations with regard to the benchmark transition

By Hannah Meakin (UK) on December 17, 2021 Posted in Germany, Italy, The Netherlands

On 16 December 2021, the European Securities and Markets Authority (ESMA) issued a public statement on the implementation of the changes to the clearing obligation (CO) and derivative trading obligation (DTO) in light of the benchmark transition. The statement clarifies the situation in which ESMA’s proposed draft regulatory technical standards (RTSs) on the CO and … Continue Reading

FICC Markets Standards Board – statement of good practice for trading platform disclosures

By Jochen Vester (UK) on December 17, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 17 December 2021, the FICC Markets Standards Board published a statement of good practice for trading platform disclosures.… Continue Reading

EBA confirms EU banks’ solid overall liquidity position but warns about low foreign currency liquidity buffers

By Jochen Vester (UK) on December 17, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 17 December 2021, the European Banking Authority (EBA) published a report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU. The liquidity coverage ratio (LCR) of EU banks stood at 176% in June 2021, materially above the minimum threshold of 100%. At the same time, the … Continue Reading

EBA final guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and FIUs

By Simon Lovegrove (UK) on December 17, 2021 Posted in France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 16 December 2021, the European Banking Authority published final guidelines setting out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units (FIUs) should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive IV (CRD IV). The … Continue Reading

EBA guidelines on the characteristics of a risk‐based approach to AML FT supervision

By Simon Lovegrove (UK) on December 17, 2021 Posted in France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 16 December 2021, the European Banking Authority (EBA) published updated guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations. The guidelines set out the steps supervisors should take to ensure adequate AML/CFT oversight of their sector and support the adoption, by credit … Continue Reading

The Council of the IFSB has adopted two new standards

By Jochen Vester (UK) on December 17, 2021 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 10 December 2021, the Council of the Islamic Financial Services Board (IFSB) adopted two new standards: IFSB-23: Revised Capital Adequacy Standard for Institutions offering Islamic Financial Services (IIFS). IFSB-23 was developed to align the IFSB’s guidance on capital adequacy for the banking sector with the latest updates to global capital standards, particularly those issued … Continue Reading

FSB global monitoring report on non-bank financial intermediation

By Simon Lovegrove (UK) on December 17, 2021 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 16 December 2021, the Financial Stability Board (FSB) published the Global Monitoring Report on Non-Bank Financial Intermediation 2021. The report presents the results of the FSB’s annual monitoring exercise to assess global trends and risks in non-bank financial intermediation (NBFI). In contrast to the trend over the past decade, the NBFI sector grew less … Continue Reading

EBA report on a feasibility study of an integrated reporting system under Article 430c CRR

By Matthew Gregory (UK) on December 17, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 16 December 2021, the European Banking Authority (EBA) published its final report on the feasibility study of an integrated reporting system (IRS). The report puts forward a long-term vision on how the reporting processes could be streamlined and improved for both institutions and competent authorities and how cooperation among the latter could be enhanced … Continue Reading

ESMA statement on transfer of competencies and duties relating to certain data reporting services providers from NCAs to ESMA

By Anna Carrier (BE) on December 15, 2021 Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands

On 14 December 2021, the European Securities and Markets Authority (ESMA) issued a statement clarifying the transfer of competences and duties relating to supervisory and enforcement activity in the field of certain data reporting services providers (DRSPs) from Member State competent authorities (NCAs) to ESMA. In the statement ESMA outlines the approach for DRSP supervision … Continue Reading

ISDA paper – Contractual Standards for Digital Asset Derivatives

On 14 December 2021, the ISDA published a paper ‘Contractual Standards for Digital Asset Derivatives’. The paper: Identifies novel technology and market-driven events that could disrupt the operation of a digital asset derivatives transaction and provides a framework for dealing with these events. Explores how digital assets (and the derivatives that reference them) can be … Continue Reading

Questions & Answers on REMIT (26th Edition)

By Victoria Pridmore on December 15, 2021 Posted in France, Germany, Italy, Market Abuse, Market Abuse, Market abuse, Market abuse, The Netherlands

On 14 December 2021, the Agency for the Cooperation of Energy Regulators (ACER) published the 26th Edition of its Questions and Answers on REMIT. These Q&As contain a summary of frequently asked questions about Regulation (EU) No 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency (REMIT) and the ACER’s answers to … Continue Reading

EBA publishes amended technical standards on credit risk adjustments

By Jochen Vester (UK) on December 14, 2021 Posted in Capital Adequacy, Capital Adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands

On 13 December 2021, the European Banking Authority (EBA) issued a final report on draft Regulatory Technical Standards (RTS) amending the RTS on credit risk adjustments in the context of the calculation of the risk weight (RW) of defaulted exposures under the Standardised Approach (SA) of credit risk. The proposed amendments follow up on the … Continue Reading

A draft framework for money laundering/terrorist financing risk assessment of a remittance

By Simon Lovegrove (UK) on December 14, 2021 Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Arab Emirates, United Kingdom, United States

On 13 December 2021, the International Monetary Fund (IMF) and the World Bank published a report setting out a draft framework and methodology for risk assessment in remittance corridors having the potential of being identified as “safe remittance corridors”. At its October 2020 Finance Ministers and Central Bank Governors meeting, the G20 endorsed the Roadmap … Continue Reading

FSB illustrates practical approaches to the execution of bail-in

By Simon Lovegrove (UK) on December 14, 2021 Posted in Africa, Asia, Australia, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Banking, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

On 13 December 2021, the Financial Stability Board (FSB) published a paper on the execution of bail-in. Bail-in is at the core of resolution strategies for global systemically important banks (G-SIBs). Set out in the Key Attributes of Effective Resolution Regimes for Financial Institutions, it is an important tool enabling an orderly resolution that minimises … Continue Reading

EPC – updated rulebooks and rules

By Albert Weatherill (UK) on December 14, 2021 Posted in France, Germany, Italy, Payment services, Payment services, Payment services, The Netherlands

On 13 December 2021, the European Payments Council published: 2021 SEPA Direct Debit Core rulebook version 1.1. 2021 SEPA Instant Credit Transfer rulebook version 1.1. Maximum Amount for Instructions under the 2021 SEPA Instant Credit Transfer Rulebook version 1.1. 2021 SEPA Credit Transfer rulebook version 1.1. SEPA Payment Scheme Management Rules v4.4.… Continue Reading

Monthly Global FinTech regulatory updater

By Hannah Meakin (UK) on December 14, 2021 Posted in Africa, Asia, Australia, Canada, Fintech, Fintech, Fintech, FinTech, Fintech, Fintech, Fintech, Fintech, Fintech, Fintech, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States

Every month we provide the Global Blockchain Business Council’s Post-Trade Distributed Ledger group with a global regulatory FinTech updater, the latest version of which can be found here. Post Trade Distributed Ledger (PTDL) Group is composed of over 40 prominent market infrastructure stakeholders whose shared vision of the use of distributed ledger technology has brought them … Continue Reading

EBA consults on draft guidelines on the use of remote customer onboarding solutions

By Lisa Lee Lewis (UK) on December 13, 2021 Posted in France, Germany, Italy, Money laundering, Money laundering, The Netherlands

On 10 December 2021, the European Banking Authority (EBA) launched a public consultation on draft guidelines on the use of remote customer onboarding solutions. The draft guidelines have been developed in response to the European Commission’s request in the context of its Digital Finance Strategy, published in 2020. They are also in line with the … Continue Reading

ESMA publishes a statement from the EUR Risk Free Rates Working Group

By Hannah Meakin (UK) on December 13, 2021 Posted in Germany, Italy, The Netherlands

On 9 December 2021, the European Securities and Markets Authority (ESMA) published a statement from the EUR Risk Free Rates Working Group (Working Group), regarding part II of the Risk-Free Rate (RFR) First initiative for cross currency swaps from the Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee, which was published on 2 December. … Continue Reading