On 15 December 2022, the European Securities and Markets Authority published a report in accordance with Article 8d of the Regulation on credit rating agencies (CRAs) setting out a list of registered CRAs and the types of credit ratings they issue, together with a calculation of CRA’s revenues from credit rating activities and ancillary services … Continue Reading
On 16 December 2022, the Financial Stability Board (FSB) issued a progress report on the transition from LIBOR and other benchmarks. The progress report: The progress report makes the following conclusions:… Continue Reading
On 15 December 2022, the European Securities and Markets Authority published a final report containing guidelines on standard forms, formats and templates to apply for permission to operate a Distributed Ledger Technology market infrastructure (DLT MI). Between 11 July and 9 September 2022, ESMA conducted a public consultation on draft guidelines on standard forms, formats … Continue Reading
On 15 December 2022, the European Commission published a Commission Implementing Regulation amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions for the reporting referred to in Article 78(2) of the Capital Requirements Directive IV. This Regulation amends Implementing Regulation (EU) 2016/2070 as … Continue Reading
On 14 December 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing on the supervision of cross-border activities of investment firms. On 10 March 2022, ESMA published a peer review report on the supervision of cross-border activities of investment firms. In its report, ESMA identified the need for home supervisors to significantly … Continue Reading
On 14 December 2022, the European Securities and Markets Authority (ESMA) published a public statement concerning the deprioritisation of supervisory actions on the obligation to publish RTS 27 reports after 28 February 2023 in light of the ongoing legislative procedure on the MiFID II/MiFIR review. Article 27(3) of MiFID II requires execution venues to make … Continue Reading
On 14 December 2022, the European Banking Authority (EBA) published a thematic review on the transparency and level of fees and charges for retail banking products. The aim of this report was to gather and analyse information in order for the EU co-legislators to assess whether further legislative initiatives may be needed in the future, … Continue Reading
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
On 14 December 2022, the European Banking Authority (EBA) published a Consultation Paper on draft guidelines on overall recovery capacity (ORC) in recovery planning. The objective of the ORC is to provide a summary of the overall capability of the institution to restore its final position after a significant deterioration by implementing suitable recovery options. … Continue Reading
On 14 December 2022, the Basel Committee on Banking Supervision published a report on the evaluation of the impact and efficacy of the Basel III reforms. This report provides the Committee’s first holistic evaluation of the impact and efficacy of the Basel III reforms and how they have affected bank resilience and systemic risk as … Continue Reading
On 14 December 2022, the Financial Stability Board (FSB) published its assessment of the effectiveness of the FSB’s 2017 recommendations on liquidity mismatch in open-ended funds (OEFs). The assessment, which forms part of the FSB’s work programme to enhance the resilience of non-bank financial intermediation (NBFI), includes proposals for further policy work in this area. … Continue Reading
On 13 December 2022, the European Banking Authority published its roadmap on sustainable finance. The roadmap outlines the EBA’s work plan on sustainable finance and environmental, social and governance (ESG) risks. The roadmap explains the EBA’s approach and objectives in this area of ESG and describes the mandates and tasks received from the EU legislators … Continue Reading
As of 1 January 2023, the reporting obligation for third country alternative investment fund managers (AIFMs) and alternative investment funds (AIFs) will start to apply. Non-EU AIFMs and AIFs will be required to report to the Dutch Authority for Financial Markets (Autoriteit Financiële Markten, the AFM) on their funds and management activities. This reporting obligation … Continue Reading
On 12 December 2022, the European Securities Authorities (ESAs) (European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)) published joint advice in response to the European Commission’s earlier call for advice on the review of the securitisation prudential framework. The ESAs welcome the current … Continue Reading
On 12 December 2022, the European Central Bank (ECB) published the Single Supervisory Mechanism (SSM) supervisory priorities for 2023-2025. ECB Banking Supervision, in close collaboration with Member State national competent authorities, has reviewed its strategic priorities for the next three years. The review builds on an assessment of the main risks and vulnerabilities for ECB … Continue Reading
On 8 December 2022, the European Banking Authority (EBA) published a Consultation Paper: Draft Implementing Technical Standards (ITS) on amending Commission Implementing Regulation (EU) 2016/2070 with regard to the benchmarking of internal models. The EBA benchmarking exercise forms the basis for both, supervisory assessment and horizontal analysis on the outcome of internal models. It ensures … Continue Reading
On 8 December 2022, the European Payments Council (EPC) published its annual report on payment threats and fraud trends. The report provides an overview of the most important threats and other “fraud enablers” in the payments landscape, including engineering and phishing, malware, Advanced Persistent Threats, Distributed Denial of Service ((D)DoS), botnets and monetisation channels. For … Continue Reading
On 8 December 2022, the European Securities and Markets Authority (ESMA) issued a peer review report on Member State competent authorities’ (NCAs) handling of firms’ relocation to the EU in the context of the UK’s withdrawal from the EU. The report gives further insight into the supervisory approaches adopted by NCAs when authorising relocating firms … Continue Reading
On 8 December 2022, the Basel Committee on Banking Supervision issued responses to frequently asked questions to clarify how climate-related financial risks may be captured in existing Pillar 1 standards. The responses, which are consistent with the Basel Committee’s Principles for the effective management and supervision of climate-related financial risks, cover the calculation of risk … Continue Reading
On 8 December 2022, the Financial Stability Board (FSB) published its 2022 Resolution Report. The report takes stock of progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. The report notes that there has been a lot of progress in resolvability in the … Continue Reading
On 7 December 2022, the European Commission published the following proposals which follow up on its commitment to simplify EU listing rules, as detailed in Action 2 of the 2020 Capital Markets Union Action Plan: Proposal for a Directive on multiple-vote share structures in companies that seek the admission to trading of their shares on … Continue Reading
On 7 December 2022, the European Parliament issued a press release stating that work on a European Deposit Insurance Scheme (EDIS) is long due. It adds that progress on the EDIS can be made and calls for the following: The European Commission should not retract its 2015 EDIS proposal. The Commission should table an ambitious … Continue Reading
On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This tool to … Continue Reading
On 7 December 2022, the European Council announced that it has agreed its position on an anti-money laundering (AML) regulation and a new directive (AMLD6). The Council’s press release provides that: The new anti-money laundering and combatting the financing of terrorism (AML/CFT) rules will be extended to the entire crypto sector, obliging all crypto-asset service … Continue Reading