On 12 December 2023, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2023/2779 of 6 September 2023 supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards specifying the criteria for the identification of shadow banking entities referred to in Article 394(2)
FCA ‘Dear CEO’ letter on retention of interest earned on customers’ cash balances
On 12 December 2023, the FCA published a ‘Dear CEO’ letter it has sent to investment platforms and self-invested pension plan (SIPP) operators, setting out its concerns on the way they deal with any interest earned on customers’ cash balances.
The letter follows a recent survey of 42 firms carried out by…
PRA publishes first of two near-final policy statements on implementation of Basel 3.1 standards
On 12 December 2023, the Prudential Regulation Authority (PRA) published the first of two near-final policy statements covering the implementation of the Basel 3.1 standards for market risk, credit valuation adjustment risk, counterparty credit risk and operational risk.
The policy statement, PS17/23, takes account of feedback the PRA received to its consultation paper…
EBA publishes peer review on supervision of creditors’ treatment of mortgage borrowers in arrears under MCD
By Anita Edwards & Matthew Gregory (UK) on
On 11 December 2023, the European Banking Authority (EBA) published a peer review report on the supervision of creditors’ treatment of mortgage borrowers in arrears under the Mortgage Credit Directive (MCD), which assesses the conduct supervisory approaches of competent authorities in this area.
The review, which was developed in response to…
ESAs publish recommended steps to improve activities of innovation facilitators across EEA
By Anita Edwards & Hannah Meakin (UK) on
On 11 December 2023, the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA) – together, the European Supervisory Authorities (ESAs) – published a report on ‘innovation facilitators’, a term that encompasses innovation hubs and regulatory sandboxes.…
ESAs consult on second package of DORA technical standards
By Anna Carrier (BE) on
On 8 December 2023 the European Supervisory Authorities (ESAs) launched public consultation on a second package of technical standards under Digital Operational Resilience Act (DORA). This includes the following draft regulatory technical standards (RTS), implementing technical standards (ITS) and guidelines:
RTS and ITS on content, timelines and…
New UK civil enforcement authority created to investigate violations of trade sanctions
By David Harris (UK) & Madeleine Parker on
The UK’s Industry and Economic Security Minister, Nusrat Ghani, today announced the creation of a new civil enforcement unit, the Office of Trade Sanctions Implementation (OTSI). OTSI is expected to become operational early next year, and will focus on the civil enforcement of trade sanctions, including in relation to the circumvention or evasion…
Council of EU publishes texts of political agreement on proposed CRR III and CRD VI
By Simon Lovegrove (UK) on
On 8 December 2023, the Council of the EU published the texts of the political agreement reached on the Capital Requirements Regulation III and the Capital Requirements Directive VI.
Basel Committee agrees to consult on targeted revisions to standards on cryptoasset and interest rate risk in the banking book and to take steps to address window-dressing in relation to the G-SIB framework
By Simon Lovegrove (UK) on
- Agrees to consult on targeted revisions to the standard on cryptoasset. The
Cooperative Arrangement between the ECB and ESMA regarding the coordination and exchange of supervisory information in relation to CCPs and their participants
By Simon Lovegrove (UK) on
On 8 December 2023, the European Central Bank and the European Securities and Markets Authority published a Cooperative Arrangement which formalises cooperation and information-sharing mechanisms between themselves in relation to central counterparties and supervised entities. The Cooperative Arrangement is intended to ensure an effective exchange of supervisory information for the performance of each authorities’ tasks.