In our EMEA regulatory insights series colleagues from our EMEA offices provide an update on the key regulatory issues they are seeing in their local market. In this first episode Floortje Nagelkerke and Nikolai de Koning from our Amsterdam office discuss what they are seeing in the Dutch market touching on the local regulator’s work … Continue Reading
On 21 September 2023, the Council of the European Union published the text of a proposed Directive of the European Parliament and of the Council on credit agreements for consumers and repealing Directive 2008/48/EC. The proposed Directive will replace the Consumer Credit Directive. The European Parliament adopted the proposed Directive on 12 September 2023 at … Continue Reading
On 19 September 2023, the European Central Bank (ECB) published a speech by Frank Elderson (Member of the ECB Executive Board and Vice-Chair of the ECB Supervisory Board) entitled Treading softly yet boldly: how culture drives risk in banks and what supervisors can do about it. The speech discusses what the ECB assesses in terms … Continue Reading
On 14 September 2023, the International Organization of Securities Commissions (IOSCO) published a consultation report on leveraged loans (LLs) and collateralised loan obligations (CLO) good practices for consideration. Broadly speaking, LLs are loans to highly indebted, non-investment grade, non-financial corporate issuers and are commonly used to fund mergers and acquisitions. They are typically structured as … Continue Reading
On 12 September 2023, the European Parliament announced that MEPs have adopted a proposed new directive on consumer credits. The new directive on consumer credits, already agreed between Parliament and Council negotiators in December 2022, aims to make the credit markets function smoothly while ensuring a high level of consumer protection. The legislation will cover … Continue Reading
On 12 September 2023, the Financial Markets Standards Board (FMSB) published a compendium: Precious metals market evolution. This compendium consolidates insights from three distinct spotlight reviews considering the potential evolution of precious metals markets. It outlines opportunities for enhancement and offers suggestions for heightening market transparency and efficiency. The compendium looks at key aspects of … Continue Reading
On 11 September 2023, there was published in the Official Journal of the European Union (OJ) Commission Implementing Regulation (EU) 2023/1718 of 8 September 2023 amending the implementing technical standards laid down in Implementing Regulation (EU) 2015/2197 with regard to closely correlated currencies in accordance with the Capital Requirements Regulation. The Implementing Regulation inserts a … Continue Reading
On 29 August 2023, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) held a debate on the European Commission’s (Commission) proposal amending the European Market Infrastructure Regulation (Regulation (EU) 648/2012) (EMIR) as part of the clearing review. The clearing review proposals were adopted and published by the Commission in December 2022 with the … Continue Reading
On 7 September 2023 members of the European Parliament’s Industry, Research and Energy Committee (ITRE) adopted a final report on the European Commission’s proposal to amend the Wholesale Energy Market Integrity and Transparency (REMIT) Regulation. By way of background, the package of legislative measures published by the European Commission (Commission) in March 2023 was designed … Continue Reading
On 6 September 2023, the European Commission published Commission Delegated Regulation (EU) of 6 September 2023 supplementing Regulation (EU) No 575/2013 of the European Parliament and of Council with regard to regulatory technical standards (RTS) specifying the criteria for the identification of shadow banking entities referred to in Article 394(2) of Regulation (EU) No 575/2013. … Continue Reading
On 6 September 2023, the Financial Stability Board (FSB) published a progress report on enhancing the resilience of non-bank financial intermediation (NBFI). The March 2020 turmoil underscored the need to strengthen resilience in the NBFI sector, as key funding markets experienced acute stress and public authorities needed to take a wide range of measures to … Continue Reading
On 5 September 2023, the Financial Stability Board (FSB) published two letters from its Chair, Klaas Knot, addressed to G20 leaders ahead of the New Delhi Summit. The first letter outlines the work the FSB has undertaken under the leadership of India’s G20 Presidency to address existing vulnerabilities in the financial system and enhance its … Continue Reading
Global businesses are operating in an ever-changing and increasingly complex regulatory landscape. It is of vital importance that these businesses can manage implementation and regulatory change programmes effectively, on a global basis. In our latest briefing note, we set out some practical steps for firms looking to manage global implementation and change projects in rule-mapping, … Continue Reading
On 23 August 2023, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2023/1651 of 17 May 2023 supplementing Directive (EU) 2019/2034 (the Investment Firms Directive or IFD) with regard to regulatory technical standards (RTS) for the specific liquidity measurement of investment firms under Article 42(6) of the … Continue Reading
On 3 August 2023, the European Securities and Markets Authority (ESMA) published updated Questions and Answers (Q&As) on the European crowdfunding service providers for business Regulation (ECSPR). New Q&As have been added covering:… Continue Reading
On 3 August 2023, the European Securities and Markets Authority (ESMA) published on its website, in all EU official languages, the guidelines on the MiFID II product governance requirements. The guidelines are based on Article 16(1) of the ESMA Regulation. The objectives of the guidelines are to establish consistent, efficient, and effective supervisory practices within … Continue Reading
On the 28 July 2023, the European Parliament published a report on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/138/EC as regards the proportionality, quality of supervision, reporting, long-term guarantee measures, macro-prudential tools, sustainability risks, group and cross-border supervision. The Directive shall enter into force on the … Continue Reading
On 28 July 2023, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published a report on the implementation of the Shareholder Rights Directive 2 (SRD 2) provisions on proxy advisors and the investment chain. In this report, the EBA analyses the implementation of certain provisions in the SRD2, in relation … Continue Reading
On 27 July 2023, the Financial Stability Board (FSB) published a statement following survey feedback on the continuity of access to financial market infrastructure (FMI) services for firms in resolution. In October 2022, the FSB Resolution Steering Group surveyed banks, FMI intermediaries and FMIs about their experiences with the FSB framework. The survey respondents demonstrated, … Continue Reading
On 26 July 2023, the European Banking Authority (EBA) published a consultation paper on the establishment and maintenance of national lists or registers of credit servicers, under Directive 2021/2167 on credit servicers and credit purchasers (the Credit Servicers Directive or CSD). Article 9(1) of the CSD requires Member States to ensure that the competent authorities … Continue Reading
On 17 July 2023, the European Commission published a draft Implementing Decision amending Commission Implementing Decision (EU) 2016/2272 of 15 December 2016 on the equivalence of financial markets in Australia in accordance with the European Market Infrastructure Regulation. The draft Implementing Decision notes that since adopting Implementing Decision 2016/2272, an additional financial market established in … Continue Reading
On 13 July 2023, the European Securities and Markets Authority (ESMA) published a follow-up report to the peer review on certain aspects of the compliance function under MiFID I. The report provides an update on the actions certain Member State competent authorities (NCAs) have undertaken following the 2017 peer review report on certain aspects of … Continue Reading
On 13 July 2023, the Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Ministers and Central Bank Governors, ahead of their meeting on 17-18 July 2023. The letter sets forth the following:… Continue Reading
