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Topic: Banking

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FSB 2019 work programme

On 12 February 2019, the Financial Stability Board (FSB) published its work programme for 2019. The FSB’s work programme is split across five areas: addressing new and emerging vulnerabilities in the financial system: including more detailed work on FinTech, cyber resilience and non-bank financial intermediation; finalising and operationalising post-crisis reforms: including the development of safer … Continue Reading

EMMI publishes response to EURIBOR hybrid methodology consultation

On 12 February 2019, the non-profit making association known as the European Money Markets Institute (EMMI) published a summary of stakeholder feedback to its second consultation on a hybrid methodology for EURIBOR. The consultation was part of EMMI’s commitment to deliver a reformed and robust methodology for Euribor, which aims to meet regulatory and stakeholder … Continue Reading

ICMA guide to due diligence requirements under Securitisation Regulation

On 31 January 2019, the International Capital Market Association’s (ICMA) Asset Management and Investors Council published a guide to due diligence requirements for investing in a securitisation position. The guide is designed as a starting point for investors who are interested in securitisation to understand the new due diligence requirements which came into effect on … Continue Reading

ESMA opinion and Q&A on disclosure technical standards under the Securitisation Regulation

On 1 February 2019, the European Securities and Markets Authority (ESMA) published an opinion containing a revised set of draft regulatory and implementing technical standards (disclosure RTS/ITS) under the Securitisation Regulation, which concern the details of a securitisation to be published by the originator, sponsor and securitisation special purpose entity (SSPE), as well as the … Continue Reading

ESMA updates Q&As on BMR

On 30 January 2019, ESMA published an updated version of its Q&As on the Benchmarks Regulation (BMR). The updated Q&A includes a new Q&A at 4.5, on the scope of application of the Commission Delegated Regulations adopted under the BMR. The question asks if the scope of application of the Commission Delegated Regulations adopted pursuant … Continue Reading

ESRB publishes report on macro-prudential approaches to NPLs

On 28 January 2019, the European Systemic Risk Board (ESRB) published a report on macro-prudential approaches to non-performing loans (NPLs). The report focuses on the role that macro-prudential policy can play in preventing system-wide increases in NPLs and/or in strengthening banks’ resilience to such increases. Among other things the report identifies business cycle and asset … Continue Reading

Basel Committee update on principles for sound liquidity risk management and supervision

On 17 January 2019, the Basel Committee on Banking Supervision (Basel Committee) issued a press release announcing that it has completed a review of its 2008 principles for sound liquidity risk management and supervision. The review confirmed that the sound principles remain fit for purpose, and the Basel Committee advises banks and supervisors to remain … Continue Reading

SRB publishes second part of 2018 MREL policy

On 16 January 2019, the Single Resolution Board (SRB) published the second part of its 2018 policy on the minimum requirement for own funds and eligible liabilities (MREL) pertaining to the second wave of resolution plans – i.e. plans for the most complex banking groups. The second part introduces a series of new elements strengthening … Continue Reading

ESAs announce multilateral agreement on exchange of information between ECB and competent authorities

On 15 January 2019, the European Supervisory Authorities (ESAs) published a multilateral agreement on the practical modalities for the exchange of information pursuant to article 57a(2) of the Fourth Anti-Money Laundering Directive (the Agreement). The purpose of the Agreement is to define practical modalities for the exchange of information between anti-money laundering / counter terrorist … Continue Reading

Basel Committee work programme for 2019-20

On 14 January 2019, the Basel Committee on Banking Supervision (Basel Committee) published its 2019-2020 work programme. The work programme is structured around four key areas: Policy development: The Basel Committee notes that there now remains only a targeted set of policy initiatives that require finalisation. This includes work related to the leverage ratio treatment … Continue Reading

Basel Committee finalises revised minimum capital requirements for market risk

On 14 January 2019, the Basel Committee on Banking Supervision (Basel Committee) published its final standards on the minimum capital requirements for market risk (the Final Standards). The Final Standards replace the current minimum capital requirements for market risk set out in the Basel II and Basel 2.5 reforms. The revisions made in the Final … Continue Reading

Commission call for advice on benchmarking of national loan enforcement frameworks

On 15 January 2019, the European Banking Authority (EBA) published a letter from the European Commission’s Director General of FISMA, regarding a Call for Advice to the EBA to gather data for a benchmarking of national loan enforcement frameworks from a bank creditor perspective. The Call for Advice to the EBA has also been published. … Continue Reading

EBA report on cost and past performance of structured deposits

On 10 January 2019, the European Banking Authority (EBA) published a report on cost and past performance of structured deposits.  Structured deposits are legally defined under article 4(43) of MiFID II. Structured deposits are a subset of the wider product category of ‘structured products’. The report is a response to a request from the European … Continue Reading

EBA calls for more action by financial institutions in their Brexit-related communication to customers

On 17 December 2018, the European Banking Authority (EBA) published a follow-up to its June 2018 opinion on financial institutions’ preparedness for the UK withdrawal from the EU. The EBA reminds financial institutions to maintain their efforts in effective contingency planning and to increase efforts in communicating to customers. The EBA also urges institutions to … Continue Reading

Agreement on measures to prevent the accumulation of NPLs

On 18 December 2018, the European Commission issued a press release welcoming the political agreement reached by the European Parliament and the Council on prudential measures to further address non-performing loans (NPLs) in Europe. The press release states that the agreed measures will ensure that banks set aside funds to cover the risks associated with … Continue Reading

ECB guidance on white team’s roles and responsibilities in TIBER-EU test

On 17 December 2018, the European Central Bank (ECB) published guidance on a white team’s roles and responsibilities in a TIBER-EU test. The Threat Intelligence-based Ethical Red Testing (TIBER-EU) Framework enables European and national authorities to work with financial infrastructures and institutions to put in place a programme to test and improve their resilience against … Continue Reading

Commission adopts Implementing Regulations under SFTR amending EMIR

On 13 December 2018, the European Commission adopted the following Implementing Regulations under the Regulation on reporting and transparency of securities financing transactions (SFTR) which also amend the European Markets Infrastructure Regulation (EMIR): Commission Implementing Regulation laying down implementing technical standards with regard to the format and frequency of reports on the details of securities … Continue Reading

EBA final guidelines on STS securitisation criteria

On 12 December 2018, the European Banking Authority (EBA) published its final guidelines for the securitisation criteria to be eligible as simple, transparent and standardised (STS) on a cross-sectoral basis throughout the EU. The EBA consulted on a draft version of the guidelines earlier this year, our blog on which can be found here. The … Continue Reading

Political agreement reached on EU Banking Package

On 5 December 2018, the European Parliament announced that it had reached agreement with the European Council of the EU on the Banking Package – the Capital Requirements Directive V (CRD V), Capital Requirements Regulation II (CRR II), Bank Recovery and Resolution Directive II (BRRD II) and the Single Resolution Mechanism Regulation II (SRMR II). … Continue Reading

Council of EU invited to endorse banking package trilogues

On 3 December 2018, the Council of the EU published a note (the Note) from its Permanent Representatives Committee (COREPER) regarding the ‘Banking Package’ comprising of legislative amendments to the Capital Requirements Regulation, Capital Requirements Directive IV, the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation. The Note states that the Austrian … Continue Reading

Commission progress report on reducing NPLs in EU

On 28 November 2018, the European Commission published its third progress report on the reduction of non-performing loans (NPL) and further risk reduction in the Banking Union (the Report). The Report notes that NPL ratios continued to decline in the first half of 2018. This followed the overall trend of improvement over recent years. The … Continue Reading

FSB Chair letter to G20 leaders reports on progress made in 2018 and highlights main issues ahead

On 27 November 2018, the Financial Stability Board (FSB) published a letter to G20 leaders on its progress made during 2018.  The letter is structured along the priorities of the G20 Argentine Presidency: addressing emerging vulnerabilities while harnessing the benefits of innovation. The FSB has continued to be vigilant in containing the risks of non-bank … Continue Reading

Appointment of new FSB Chair and Vice Chair

On 26 November 2018, the Financial Stability Board (FSB) appointed Randal K Quarles (Governor and Vice Chairman for Supervision at the US Federal Reserve) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as Vice Chair, for a three year term starting on 2 December 2018. After the three year term Mr … Continue Reading

ECB speech – how supervisors can help banks prepare for crises

On 23 November 2018, the European Central Bank (ECB) published a speech from its chair, Danièle Nouy (DN), entitled From a wish list to a to-do list: how supervisors can help banks prepare for crises. In her speech DN states that “finishing the work on NPLs [non-performing loans] is at the top of our to-do … Continue Reading
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