BANKING

EBA and US financial regulatory agencies agree framework co-operation agreement on bank resolution

The European Banking Authority (EBA) has published a framework co-operation arrangement that it has entered into with a number of US financial regulatory agencies. The objective of the arrangement is to promote resolution planning and co-operation for cross-border institutions. It sets out the basis for subsequent co-operation arrangements on bank crisis management and resolution between any of the EU supervisory or resolution authorities listed in an annex to the arrangement (which includes the Bank of England and the PRA) and any of the participating US Agencies.

EBA, 29 September 2017

 

ECON draft reports on proposed BRRD II Directive and SRM II Regulation

The European Parliament's Economic and Monetary Affairs Committee (ECON) has published two draft reports relating to the European Commission's proposed revisions to the Bank Recovery and Resolution Directive (BRRD) and the implementation in the EU of the Financial Stability Board's (FSB) total loss absorbing capacity standard (known, collectively, as BRRD II):

  • Draft report on the Commission's proposal for a Regulation to amend the Single Resolution Mechanism (proposed SRM II Regulation).
  • Draft report on the Commission's proposal for a Directive to amend the Bank Recovery and Resolution Directive (proposed BRRD II Directive).

ECON, 29 September 2017

 

ESMA publishes template for CSD register information

The European Securities and Markets Authority (ESMA) has published a template to be used by competent authorities to send information to ESMA for inclusion in the central securities depository (CSD) register pursuant to Articles 21 and 58 of Regulation (EU) No 909/2014.

ESMA, 29 September 2017

 

ECB chair calls for further EU banking harmonisation

The chair of the supervisory board of the European Central Bank (ECB), Danièle Nouy, has spoken at the Single Resolution Board Conference in Brussels, saying that while the EU banking union is going in the right direction, more needs to be done to help it keep its promises.

ECB, 29 September 2017

 

INVESTMENTS AND FUNDS

ESMA guidelines on suitability assessment for management bodies of market operators and DRSPs under MiFID II

The ESMA has published guidelines on the management bodies of trading venue market operators and data reporting service providers (DRSPs). The guidelines are accompanied by a final report.

ESMA, 29 September 2017

 

ESMA final report on RTS on MiFIR trading obligation for derivatives

The ESMA has published its final report on draft regulatory technical standards (RTS) on the trading obligation for derivatives under the Markets in Financial Instruments Regulation (MiFIR).

ESMA, 29 September 2017

 

ESMA updates Q&As on Benchmarks Regulation

The ESMA has published an updated version of its Q&As on the implementation of the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation).

ESMA, 29 September 2017

 

Council of EU Presidency compromise proposal on proposed Regulation amending EMIR

The Council of the EU has published a Presidency compromise proposal on the proposed Regulation amending EMIR as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories.

Council of the EU, 29 September 2017

 

EBA opinion on design of a new prudential framework for investment firms

The EBA has published an opinion in response to the European Commission’s call for advice relating to the prudential requirements applicable to MiFID investment firms for which the prudential regime under CRD IV is not appropriate.

EBA, 29 September 2017

 

ESMA comments on MiFID II implementation and Brexit

An article has been published reporting on comments by Stephen Maijoor, ESMA Chair, on the implementation of MiFID II and Brexit.

Reuters.com, 29 September 2017

 

ESMA consults on draft guidelines on non–significant benchmarks under Benchmarks Regulation

The ESMA has published a consultation paper on draft guidelines for non-significant benchmarks under the Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (Benchmarks Regulation). The consultation ends on 30 November 2017.

ESMA, 29 September 2017