Joint Forum publishes report on longevity risk transfer markets
The Joint Forum which consists of the Basel Committee on Banking Supervision, the International Organization of Securities Commissions and the International Association of Insurance Supervisors has published a report on longevity risk transfer (LRT) markets.
The report highlights the effect an aging population has on the financial, social, regulatory and supervisory considerations of many countries.
Greek Presidency of EU outlines priorities in economic and financial affairs
Ioannis Stournaras, the Greek Finance Minister and Chairman of the European Economic and Financial Affairs Council (ECOFIN), has given a speech detailing the priorities of the Greek Presidency of the Council of the EU concerning economic and financial affairs. The Greek Presidency has also published its work programme. In both documents, the Greek Presidency outlines its priorities in the following areas:
- EU banking union;
- payment accounts;
- financial crime;
- capital markets;
- the insurance sector; and
- the European system of financial supervision.
ESMA final report on technical standards on the assessment of acquisitions and increases in qualifying holdings under MiFID
The European Securities and Markets Authority (ESMA) has published a final report on draft regulatory technical standards (RTS) and draft implementing technical standards (ITS) on the assessment of acquisitions and increases in qualifying holdings in investment firms under article 10a(8) of the Markets in Financial Instruments Directive (MiFID).
Article 10b(4) of MiFID requires Member States to make publicly available the information necessary to carry out an assessment of a proposed acquirer of an investment firm, something which must be provided at the time of the initial notification. Article 10a of MiFID requires ESMA to draft:
- RTS to establish an exhaustive list of information referred to in article 10b(4) of MiFID. The draft RTS are set out in annex III to the final report and take the form of a delegated Regulation. ESMA consulted on the draft RTS in July 2013 and a feedback statement to that consultation is contained in section II of the final report; and
- ITS to determine standard forms, templates and procedures for the co-operation and exchange of information between the relevant EU national regulatory authorities as referred to in article 10(4) of MiFID. The draft ITS are set out in annex IV to the final report and take the form of a delegated Regulation. ESMA did not carry out a public consultation on the ITS.
ESMA was required to submit the technical standards to the European Commission by 1 January 2014. The Commission has three months to decide whether to endorse ESMA's technical standards.