BANKING Financial Stability Board Europe group discuss key risk issues

A press release has been issued by the FSB detailing a meeting of the FSB Regional Consultative Group (RCG) for Europe held 2 June 2017. During the meeting the group discussed key risk issues including regional financial developments, financial regulatory reform implementation and digital currency. FSB, 2 June 2017

 

BBA response to EBA​​ consultation on entity coverage in group recovery plans

The British Bankers' Association (BBA) has published its response to the European Banking Authority​ (EBA) consultation on which entities should be included in a group recovery plan (CP2017/03). The BBA's response warns that the proposed criteria could be interpreted inconsistently by different regulators, and recommends changing the definition of 'group-relevant' to reflect whether an entity provides critical services that support a critical function. BBA, 2 June 2017

 

INSURANCE European Commission makes first equivalence decisions under Solvency II

The European Commission has adopted its first third country equivalence decisions under Solvency II. After receiving equivalence, EU insurers are able to use local rules to report on their operations in third countries, while third country insurers are able to operate in the EU without complying with all EU rules. The decisions take the form of delegated acts and concern Switzerland, Australia, Bermuda, Brazil, Canada, Mexico and the US. European Commission, 5 June 2017