BANKING

PRA publishes 2017 stress test scenario for firms not participating in the 2017 concurrent stress test

The PRA has published the 2017 stress test scenario, which is published every six months.  The scenario is intended to help firms calibrate the severity of their own capital planning stress scenarios under Pillar 2, and should not undermine firms' efforts and responsibility to develop their own scenarios.

PRA, 21 April 2017

 

What a difference a decade makes – speech by Mark Carney

The Bank of England has published the text of a speech given by Governor Mark Carney given at the Institute of International Finance's Washington Policy Summit.  In the speech Mr Carney suggests three priorities to best take advantage of the hard work undertaken with the international financial reform process.

BoE, 20 April 2017

 

Council of EU publishes corrigendum to Delegated Regulation on contributions to single resolution fund

The Council of the EU has published a corrigendum (C(2017)2337 final) to the text of the Delegated Regulation on the criteria for the calculation of ex-ante contributions and on the deferral of ex-post contributions to the single resolution fund established by the Regulation for the Single Resolution Mechanism (Regulation 806/2014).  The corrigendum makes minor changes to the title and Articles 4 and 5 of the SRM Regulation. EU, 20 April 2017

INSURANCE

EIOPA proposes amendments to adopted Solvency II technical standards on reporting and disclosure

EIOPA has announced that it is proposing some amendments to the implementing technical standards (ITS) on the templates for the submission of information to the supervisory authorities (ITS on Reporting) and the ITS relating to the procedures, formats and templates of the solvency and financial condition report (ITS on Disclosure) under the Solvency II Directive (2009/138/EC). EIOPA, 21 April 2017

 

EIOPA publishes Q&A on regulation

EIOPA has published new sets of questions and answers on (EU) No 2015-2450 with regard to the templates for the submission of information to the supervisory authorities. EIOPA, 21 April 2017

 

FCA investigation into aviation insurance sector

According to Insurance Age the FCA is conducting an investigation into suspected conduct in the aviation insurance sector. Insurance Age, 21 April 2017

INVESTMENTS AND FUNDS

ESRB report on revision of EMIR

The European Systemic Risk Board (ESRB) has published a report on the revision of EMIR.  In the report the ESRB welcomes the European Commission's November 2016 report on the outcome of its EMIR review, and agrees with the Commission that no fundamental change to EMIR is needed at present, although it does recognise that some aspects of the Regulation could be improved.  A comprehensive review of EMIR will be needed in the future.

ESRB, 21 April 2017

ESMA advises commission on fees for trade repositories

ESMA has published its final technical advice to the European Commission regarding supervisory fees for Trade Repositories (TRs) under the Securities Financing Transactions Regulation (SFTR).  ESMA is also proposing some changes to the way ESMA’s fees for TRs are calculated under the European Market Infrastructure Regulation (EMIR).  ESMA also proposes lower fees in the case of extension of registration under SFTR, or in the case of concurrent application under both regimes. ESMA has also proposed the calculation of fees for recognition of third country TRs and the reimbursement of the cost to NCAs in the case of delegation of tasks.

ESMA, 21 April 2017