Italy (and EU regulation)

Published in OJ – Delegated Regulation on RTS on methods of prudential consolidation under CRR

On 26 April 2022, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2022/676 of 3 December 2021 supplementing the Capital Requirements Regulation with regard to regulatory technical standards specifying the conditions in accordance with which consolidation is to be carried out in the cases referred to in Article 18(3) … Continue Reading

IFR – RTS for own funds requirement for investment firms based on fixed overheads

On 25 April 2022, the European Commission published the text of Commission Delegated Regulation (EU) of 11 April 2022 supplementing the Investment Firm Regulation with regard to regulatory technical standards (RTS) for own funds requirement for investment firms based on fixed overheads. The draft RTS: Specify the deductions to be applied for the calculation from … Continue Reading

Report on the state of effectiveness and compliance with the FATF standards

On 19 April 2022, the Financial Action Task Force (FATF) published a report providing an overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. The report finds that in terms of laws and regulations, 76% of countries have now satisfactorily implemented the FATF’s 40 Recommendations. This is a significant … Continue Reading

Published in OJ – Commission Implementing Regulation (EU) 2022/631 of 13 April 2022

On 19 April 2022, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2022/631 of 13 April 2022 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 as regards to the disclosure of exposures to interest rate risk on positions not held in the trading book. … Continue Reading

ESMA

On 19 April 2022, the European Securities and Markets Authority (ESMA) published a letter that it had sent to the European Commission setting out certain observations on the Commission’s consultation on options to enhance the suitability and appropriateness assessments. Among other things, the ESMA notes in the letter that the Commission’s proposal to apply a … Continue Reading

ECB Guideline ECB/2022/8 on a new generation Trans-European Automated Real-time Gross Express Transfer system

On 19 April 2022, the European Central Bank published: Guideline ECB/2022/8 on a new generation Trans-European Automated Real-time Gross Express Transfer system. Decision ECB/2022/22 on the terms and conditions of TARGET-ECB. The Eurosystem central banks shall comply with the Guideline from 21 November 2022.  … Continue Reading

FSB Chair’s letter to G20 outlines financial stability issues arising from Russia’s invasion of Ukraine

On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April. The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability … Continue Reading

Commission Delegated Regulation supplementing MiFID II with regard to RTS for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits

On 20 April 2022, the European Commission adopted a Delegated Regulation supplementing MiFID II with regard to regulatory technical standards (RTS) for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits together with an annex. When finalised, the Delegated Regulation will replace Commission Delegated Regulation 2017/591 (‘RTS … Continue Reading

Corrigendum to Commission Delegated Regulation of 10 February 2022 amending Commission Delegated Regulation (EU) 2015/61

On 12 April 2022, the Council of the EU published a corrigendum to Commission Delegated Regulation of 10 February 2022 amending Commission Delegated Regulation (EU) 2015/61 to supplement the Capital Requirements Regulation with regard to the liquidity coverage requirement for credit institutions. The main purpose of the Delegated Regulation of 10 February 2022 is to … Continue Reading

Proposed Regulation on information accompanying transfers of funds and certain crypto-assets (recast) – Three-column table to commence trilogues

On 21 April 2022, the Council of the EU published a table regarding the proposed Regulation on information accompanying transfers of funds and certain crypto-assets (recast). The table has three columns setting out the European Commission’s proposal and the European Parliament and Council mandates.… Continue Reading

ECON Committee discusses on CRR III and CRD VI proposals

On 20 April 2022, the European Parliament’s Economic and Monetary Affairs (ECON) Committee held its first exchange of views on the European Commission’s (Commission) legislative package on the implementation of the final Basel III standards. The legislative package includes: A Commission proposal for a Regulation amending the Capital Requirements Regulation (CRR) Regulation (EU) No 575/2013 … Continue Reading

Monthly Global FinTech regulatory updater

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

Happy Easter to our readers

To all of our global readers we would like to take this opportunity to wish you all a Happy Easter. We will resume posting material on 26 April although if there are any significant developments we will endeavour to provide an update.… Continue Reading

ESMA guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements

On 12 April 2022, the European Securities and Markets Authority published the official translations of the guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements. The guidelines apply from six months of the date of publication of the translations.… Continue Reading

ESMA guidelines on MAR delay in the disclosure of inside information and interactions with prudential supervision

On 13 April 2022, there was published the official translations of the European Securities and Markets Authority’s guidelines concerning delay in the disclosure of inside information and interactions with prudential supervision. The official translations can be accessed on this link and then click the blue ‘i’ in the ‘Info’ column. The guidelines apply 2 months … Continue Reading

EBA letter to the Commission – New proposition of time limits for submission of regulatory mandates according to the EBA Founding Regulation

On 12 April 2022, the European Banking Authority (EBA) published a letter (dated 2 February 2022) that it had sent to the European Commission formally requesting new time limits for certain mandates where delays could not be avoided. The mandates relate to certain technical standards under the Capital Requirements Regulation (CRR) II, the Investment Firms … Continue Reading

Commission targeted consultation on MMFs

On 12 April 2022, the European Commission launched a targeted public consultation intended to evaluate the Regulation on money market funds (MMF Regulation). The objective of the consultation is to seek feedback on the functioning of the regulatory framework and to collect data, in particular economic data, on the use of MMFs. The deadline for … Continue Reading

EBA final draft RTS on the risk retention requirements for securitisations

On 12 April 2022, the European Banking Authority (EBA) published final draft regulatory technical standards (RTS) on the risk retention requirements for securitisations. The draft RTS have been developed in accordance with Article 6(7) of the Securitisation Regulation (as amended), which mandates the development of RTS further specifying risk retention requirements. A substantial part of … Continue Reading

Corrigendum to Delegated Regulation 2021/2268

On 13 April 2022, there was published in the Official Journal of the EU, a Corrigendum to Commission Delegated Regulation 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation 2017/653 as regards the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for … Continue Reading

ESMA complementary annual transparency calculations

On 8 April 2022, the European Securities and Markets Authority (ESMA) made available additional results of the annual transparency calculations for equity and equity-like instruments. The ESMA previously communicated these calculations on 1 March and supplemented them on 31 March. Calculations include the: liquidity assessment as per Articles 1 to 5 of Commission Delegated Regulation … Continue Reading

European Commission launches EU Digital Finance Platform

On 8 April 2022, the European Commission (the Commission) launched an EU Digital Finance Platform that is intended to bring together industry and European public authorities in a joint effort to continue building the Single Market in digital finance. The Platform provides for a Digital Finance Observatory including, among other functionalities, a European Fintech Map … Continue Reading

Russian sanctions: European Commission’s guidance

Following adoption of a series of trade and economic sanctions against Russia (see our earlier Beyond Sanctions publication), the European Commission (the Commission) continues to update dedicated industry guidance in a form of Frequently Asked Questions (FAQs). The FAQs are divided into five thematic sections: Horizontal Individual financial measures Finance and banking Trade and customs … Continue Reading

EIOPA issues statement on the supervision of run-off businesses

The European Insurance and Occupational Pensions Authority (EIOPA) has published a Supervisory Statement on the supervision of run-off undertakings. The statement is addressed to the competent authorities with responsibility for insurance supervision in the European Union. EIOPA acknowledges the potential benefit of run-off for the insurance market, enabling more efficient use of capital and orderly … Continue Reading

Published in OJ – Commission additional equivalence decisions for US exchanges

Further to our blog ‘European Commission adopts additional equivalence decisions for US exchanges’ the following were published in the Official Journal of the EU on 6 April 2022: Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the … Continue Reading
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