The Netherlands (and EU regulation)

IOSCO report on liquidity provision in the secondary markets for equity securities

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulatory Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States
On 11 August 2020, the International Organisation of Securities Commissions (IOSCO) published a report, Liquidity provision in the secondary markets for equity securities. The report identifies some of the key elements of market making programs that may help promote the provision of liquidity, strengthen investor confidence and foster fair and efficient markets. The report focuses … Continue Reading

ECB banking supervision – report on banks’ ICAAP practices

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 11 August 2020, the European Central Bank (ECB) published a report on banks’ ICAAP practices. The internal capital adequacy assessment process (ICAAP) has been and remains one of ECB banking supervision’s top supervisory priorities since they were first published in 2016. The report summarises the results of a structured analysis of ICAAP practices, describing … Continue Reading

EBA final report on draft ITS on supervisory reporting by institutions under CRR, accommodating CRR 2 and CRR quick fix

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom
On 10 August 2020, the European Banking Authority (EBA) published a final report concerning draft implementing technical standards (ITS) on supervisory reporting by institutions under the Capital Requirements Regulation (CRR), accommodating the CRR 2 and the CRR quick fix. The CRR quick fix introduces amendments to regulatory requirements that have an impact on the supervisory … Continue Reading

EBA final report on the guidelines on supervisory reporting and disclosure requirements in compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom
On 10 August 2020, the European Banking Authority (EBA) published its final report concerning guidelines on supervisory reporting and disclosure requirements in compliance with the Capital Requirements Regulation (CRR) ‘quick fix’ in response to the COVID-19 pandemic. The guidelines comprise a set of instructions covering the impact of the CRR ‘quick fix’ on the following … Continue Reading

EBA final report on the guidelines on uniform disclosures under Article 473a of the CRR on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, France, Germany, Italy, The Netherlands, United Kingdom
On 10 August 2020, the European Banking Authority (EBA) published a final report concerning amendments to its existing guidelines (EBA/GL/2018/01) on uniform disclosures under Article 473a of the Capital Requirements Regulation (CRR) on the transitional period for mitigating the impact of the introduction of IFRS9 on own funds to ensure compliance with the CRR ‘quick … Continue Reading

SRB publishes guidance documents for bail-in operationalisation

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, France, Germany, Italy, The Netherlands, United Kingdom
On 10 August 2020, the Single Resolution Board (SRB) published the following documents designed to give banks within its remit operational guidance on the implementation of the bail-in tool: Q&A for publication of bail-in guidance. The Q&A explains that the bail-in playbook is an internal document of banks, establishing a minimum set of objectives, processes … Continue Reading

EBA provides clarity on the implementation of the reporting and disclosure framework in the context of COVID-19 measures

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, Germany, Italy, The Netherlands, United Kingdom
On 7 August 2020, the European Banking Authority (EBA) published frequently asked questions relating to the implementation of its Guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis. The technical clarifications provided by the EBA will assist supervisors and credit institutions in the implementation of the guidelines. … Continue Reading

Cross-border access to bank accounts

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Germany, Italy, Payment Services, Payment services, Payment services, Regulation and compliance, The Netherlands, United Kingdom
On 7 August 2020, the European Commission published its written response to a question raised in the European Parliament that whilst persons legally resident in the EU are allowed to open a basic bank account within its territory banks sometimes avail themselves of an exception to this rule where granting access to a basic bank … Continue Reading

Wolsfsberg Group publishes new AML guidance to support source of wealth and source of funds due diligence

By Clarinda Grundy on Posted in Asia, Australia, Canada, Germany, Italy, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, Money laundering, The Netherlands, United Kingdom, United States
On 7 August 2020, the Wolfsberg Group, published new guidance targeted at private banking and wealth management divisions within financial institutions (FIs) to support the undertaking of source of wealth (SoW) and source of funds (SoF) checks. Based on the principles of the application of a risk-based approach (RBA), different customers will require a different … Continue Reading

Basel Committee releases consultative documents on Principles for operational risk and operational resilience

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Africa, Asia, Australia, Canada, France, Germany, Italy, Regulation, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulatory Compliance, The Netherlands, United Arab Emirates, United Kingdom, United States
On 6 August 2020, the Basel Committee on Banking Supervision (Basel Committee) published a consultative document seeking comments on proposed Principles for operational resilience. Given the natural relationship between operational resilience and operational risk, the Basel Committee is also proposing to update its Principles for the sound management of operational risk (PSMOR). The Basel Committee … Continue Reading

Global Asset Management Quarterly – 15th edition now available online

Simon Lovegrove (UK)Richard Sheen (UK)Imogen Garner (UK)By Simon Lovegrove (UK), Richard Sheen (UK) and Imogen Garner (UK) on Posted in Africa, Asia, Asset management, Australia, Canada, France, Germany, Italy, The Netherlands, United Arab Emirates, United Kingdom, United States
The latest issue of Global Asset Management Quarterly is now available here. This issue contains the following articles: Europe •           European update •           EU/UK regulatory roundup United Kingdom •           Climate Financial Risk Forum publishes guide on climate-related financial risk management •           Heightened risk of market abuse in a remote working context? •           Observations on the … Continue Reading

EBA publishes final draft technical standards on disclosure and reporting on MREL and TLAC

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Capital Adequacy, Capital adequacy, Capital adequacy, Capital adequacy, France, Germany, Italy, The Netherlands, United Kingdom
On 3 August 2020, the European Banking Authority (EBA) published final draft Implementing Technical Standards (ITS) on disclosure and reporting on the global systemically important institution (G-SII) requirement for own funds and eligible liabilities (TLAC) and the minimum requirements for own funds and eligible liabilities (MREL). This is the first time that the EBA has … Continue Reading

EBA and ESMA launch consultation to revise joint guidelines for assessing the suitability of members of the management body and key function holders

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 31 July 2020, the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) issued a consultation revising their joint guidelines on the assessment of the suitability of members of the management body and key function holders. The review reflects the amendments introduced by the fifth Capital Requirements Directive (CRD V) and … Continue Reading

EBA launches consultation to revise its guidelines on internal governance

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 31 July 2020, the European Banking Authority (EBA) issued a consultation seeking to revise its guidelines on internal governance. The guidelines were developed on the basis of Article 74 of the Capital Requirements Directive IV (CRD IV), which mandates the EBA to further harmonise credit institutions’ governance arrangements, processes and mechanisms across the EU. … Continue Reading

EBA updates on 2021 EU-wide stress test timeline, sample and potential future changes to its framework

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 30 July 2020, the European Banking Authority announced that it had agreed on the tentative timeline and sample of the 2021 EU-wide stress test. The stress test will be carried out at the highest level of consolidation on a sample of 51 banks, of which 39 will be from the Euro Area, covering broadly … Continue Reading

ESMA decision renewing temporary decision to lower reporting threshold for holders of net short positions

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Germany, Italy, Securities, Securities, Securities, Securities/Capital markets, The Netherlands, United Kingdom
On 30 July 2020, there was published in the Official Journal of the EU, the decision from the European Securities and Markets Authority renewing the temporary requirement to natural or legal persons who have net short positions to temporarily lower the notification thresholds of net short positions in relation to the issued share capital of … Continue Reading

ISDA board statement on adherence to the IBOR Fallback Protocol

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Asia, Clearing and settlement, Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom, United States
On 29 July 2020, the ISDA issued a statement on adherence to the IBOR Fallback Protocol. Among other things the statement provides: “As part of its work, ISDA will soon publish the IBOR Fallback Protocol to facilitate inclusion of the new fallbacks in existing non-cleared IBOR derivatives transactions between counterparties that both adhere to the … Continue Reading

SRB operational guidance for operational continuity in resolution and FMI contingency plans

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Banking, Banking, Banking, Banking, Germany, Italy, The Netherlands, United Kingdom
On 29 July 2020, the Single Resolution Board (SRB) published operational guidance on operational continuity in resolution (OCIR) and on financial market infrastructure (FMI) contingency plans. The guidance on OCIR provides further clarifications to banks on how to implement SRB expectations related to service identification and mapping, assessment of operational continuity risk, mitigating measures such … Continue Reading

EBA calls on financial institutions to finalise preparations for the end of the transitional arrangements between the EU and UK

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Brexit, Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 29 July 2020, the European Banking Authority (EBA) issued a press release reminding financial institutions that the transition period will expire on 31 December 2020, and that UK-based financial institutions will no longer be able to passport their services into the EU. The EBA states that UK financial institutions wishing to operate in the … Continue Reading

Commission roadmap on Delegated Regulation on taxonomy-related disclosures by undertakings reporting non-financial information

Daniel Nevzat (UK)By Daniel Nevzat (UK) on Posted in ESG, ESG, ESG, ESG, Germany, Italy, The Netherlands, United Kingdom
On 28 July 2020, the European Commission published, for consultation, a roadmap on a Delegated Regulation on taxonomy-related disclosures by undertakings reporting non-financial information supplementing the Taxonomy Regulation. The Delegated Regulation will specify the requirements for entities subject to the Non-Financial Reporting Directive (NFRD) (i.e., large listed undertakings, large banks and large insurance undertakings with … Continue Reading

Euro area banking sector resilient to stress caused by coronavirus, ECB analysis shows

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, Germany, Italy, The Netherlands, United Kingdom
On 28 July 2020, the European Central Bank (ECB) published the aggregate results of its vulnerability analysis of banks directly supervised within the Single Supervisory Mechanism. The exercise assessed how the economic shock caused by the COVID-19 pandemic would impact 86 euro area banks and aimed to identify potential vulnerabilities within the banking sector over … Continue Reading

ECB extends recommendation not to pay dividends until January 2021 and clarifies timeline to restore buffers

Simon Lovegrove (UK)By Simon Lovegrove (UK) on Posted in Coronavirus, Coronavirus, Coronavirus, Coronavirus, Germany, Italy, The Netherlands, United Kingdom
On 28 July 2020, the European Central Bank (ECB) extended its recommendation that banks not pay dividends nor buy back shares until January 2021. The ECB has also asked banks to be “extremely moderate” with regard to variable remuneration. The ECB also encourages banks to use their capital and liquidity buffers for lending purposes and … Continue Reading

ESMA updates transparency opinions for 3rd country venues

Hannah Meakin (UK)By Hannah Meakin (UK) on Posted in Germany, Italy, Regulation and Compliance, Regulation and compliance, Regulation and compliance, Regulation and compliance, The Netherlands, United Kingdom
On 28 July 2020, the European Securities and Markets Authority (ESMA), announced that it had updated the list of third-country venues (TCTV) in the context of the opinion on post-trade transparency under MiFIR, following new requests from the industry. ESMA is publishing: An updated annex to the opinion related to post-trade transparency, with the list … Continue Reading

ESMA is preparing a new RTS to further postpone CSDR settlement discipline

Jochen Vester (UK)By Jochen Vester (UK) on Posted in Clearing and Settlement, Clearing and settlement, Clearing and settlement, Clearing and settlement, Germany, Italy, The Netherlands, United Kingdom
On 28 July 2020, the European Securities and Markets Authority (ESMA) announced that it was working on a proposal to possibly delay the entry into force of the Central Securities Depositories Regulation (CSDR) settlement discipline regime until 1 February 2022. This is due to the impact of the COVID-19 pandemic on the implementation of regulatory … Continue Reading
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