BANKING

ECB publishes FAQs for banks considering relocating to euro area in context of Brexit

The European Central Bank (ECB) has published a new webpage with FAQs covering procedures for the relocation of banks to the euro area in the context of Brexit. According to the webpage, the ECB and several national supervisors have been approached by banking groups with questions about the supervisory approach in the euro area and ECB Banking Supervision requirements for banks potentially relocating business. ECB, 12 April 2017

EBA report on peer review on ITS on supervisory reporting under CRR

The EBA has published a final peer review report on the implementing technical standards (ITS) on supervisory reporting requirements under the Capital Requirements Regulation (Regulation 575/2013) (CRR). The peer review was undertaken by the EBA to assess the processes put in place by supervisory authorities to ensure consistent and comprehensive implementation of the ITS. The report summarises the outcomes of EBA's assessment. EBA, February 2017

EBA Pillar 2 Roadmap: updating EU framework for supervisory review and evaluation process (SREP)

The EBA has published its Pillar 2 roadmap, outlining plans to update the common EU framework for the supervisory review and evaluation process (SREP) in 2017 to 2018. The roadmap details the multi-stage approach the EBA will to follow in order to update the SREP framework in 2017 to 2018 and beyond. The roadmap also summarises ongoing policy initiatives affecting Pillar 2 and the SREP that will need to be reflected in the revised EBA guidelines on Pillar 2 topics. EBA, 11 April 2017

BoE speech: building infrastructure to realise promise of FinTech

The Bank of England has published a speech by Governor Mark Carney given in London at the International FinTech Conference 2017. The speech covers steps the BoE is taking to build the infrastructure needed to realise the promise of FinTech. The BoE's new bank start-up unit has authorised four new "mobile" banks. Under the FinTech Accelerator, the BoE is also working with a number of firms on proofs of concept (PoC), ranging from strengthening cyber security to using artificial intelligence (AI) for regulatory data, and improving understanding of distributed ledger technology (DLT). Bank of England, 12 April 2017

 

INVESTMENTS AND FUNDS

ESMA speech at CMU Mid-Term Review Public Hearing: work on Brexit and calls for stronger power and tools

The ESMA has published a closing keynote speech given by Steven Maijoor, ESMA Chair, at the European Commission's capital markets union (CMU) mid-term review public hearing. The speech focuses on how supervisory convergence can support the CMU, and notes that the ESMA has recently started convergence work in relation to Brexit. The work aims to avoid competition on regulatory and supervisory practices between member states, which might be detrimental to the CMU. The speech also calls for stronger convergence powers and tools: stronger powers would allow more effective and timely intervention to promote the convergence of practices across the EU; and different combinations of tools may be needed to address specific convergence issues. ESMA, 11 April 2017