UK objects to ESMA authority. Bloomberg summarized a letter that the UK sent to EU member countries outlining its objections to the European Securities and Markets Authority’s power under the Markets in Financial Instruments Directive. (6/17/2013) Letter.
Bank of England releases Risk Survey. The Bank of England released the results of the 2013 H1Systemic Risk Survey. The survey is conducted by the Bank of England on a biannual basis to quantify and track market participants’ views of risks to, and their confidence in, the UK financial system. The survey was conducted between April 22 and May 22, 2013. (6/17/2013) Risk Survey webpage.
ESMA guidelines on CRA regulation. The European Securities and Markets Authority published its Guidelines and Recommendations on the Scope of the Credit Rating Agency Regulation. The Guidelines clarify certain aspects of the scope of the regulation for registered CRAs, market participants operating on the perimeter of this sector and national securities markets regulators. (6/14/2013) ESMA notice.
ESMA publishes prospectus data. The European Securities and Markets Authority published a report compiling statistical data on the number of prospectuses approved and passported by National Competent Authorities in the period from January 2012 to December 2012 (with a quarterly disclosure). (6/14/2013) ESMA notice.
EIOPA report. The European Insurance and Occupational Pensions Authority published a report assessing a possible package of measures to facilitate the provision of insurance products with long-term guarantees under the new Solvency II insurance regulatory regime. (6/14/2013) EC press release. Fitch Ratings provided a summary analysis of the report. (6/17/2013) Summary.
European Parliament modifies certain disclosure requirements. The European Parliament adopted directives and revisions to directives concerning disclosures required to be made by certain companies. Financial reporting obligations for limited liability companies (Accounting Directive) is aimed at reducing the administrative burden on small companies. New disclosure requirements for the extractive industry and loggers of primary forests in the Accounting (and Transparency) Directives introduces a new obligation for large extractive and logging companies to report the payments they make to governments. Revised Directive on transparency requirements for listed companies (Transparency Directive) provides new notification thresholds for acquirers when they reach a certain stake in a listed company. (6/12/2013)
ESMA clarifies investment firm pay rules. The European Securities and Markets Authority published Guidelines on remuneration policies and practices that apply to relevant staff of investment firms, credit institutions and fund management companies when providing investment services, and to national securities regulators enforcing those rules. (6/11/2013) ESMA notice.
ESMA guidelines on interoperability arrangements. The European Securities and Markets Authority published Guidelines and recommendations concerning interoperability arrangements. (6/11/2013) ESMA notice.
ESMA comparison of Prospectus Directive liability regimes. The European Securities and Markets Authority published a report comparing the liability regimes in Member States in relation to the Prospectus Directive. The report contains an overview of the different arrangements and frameworks in place in European Economic Area States. The report does not address how the regimes, or sanctions, are applied. (6/10/2013) ESMA notice.
ESMA Risk Dashboard. The European Securities and Markets Authority reviewed the overall level of systemic risk in EU securities through the end of 2012 and the continuing sources of market uncertainty. (6/10/2013) ESMA notice.
Bank of England discusses CCPs. The Bank of England published a quarterly bulletin discussing central counterparties, their financial market infrastructure role and the Bank of England’s supervision of them. (6/10/2013) ECB bulletin.
ECB consults on systemically important payment systems. The European Central Bank published for public consultation a draft of its regulation on oversight requirements for systemically important payment systems. The draft regulation aims to implement in the euro area the “Principles for financial market infrastructures,” introduced in April 2012 by the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commissions (IOSCO). The draft regulation covers both large-value and retail payment systems of systemic importance, whether operated by Eurosystem national central banks or private entities, and defines the criteria for qualifying a payment system as systemically important. Comments should be submitted on or before August 9, 2013. (6/7/2013) ECB press release.
Dagong Europe approved as credit rating agency. The European Securities and Markets Authority has approved the registration of Dagong Europe Credit Rating Srl (Dagong Europe), based in Italy, as a credit rating agency under Article 16 of the CRA Regulation. The registration was effective June 13, 2013. (6/7/2013) ESMA notice.
FCA Quarterly Consultation Paper. The UK’s Financial Conduct Authority published its Quarterly Consultation Paper in which it discusses miscellaneous amendments to the FCA Handbook. (6/6/2013) FCA press release.
ESMA EMIR guidance. The European Securities and Markets Authority published updated guidance in the form of questions and answers concerning the European Market Infrastructure Regulation on over-the-counter derivatives, central counterparties and trade repositories. (6/6/2013) ESMA notice.
ESMA CCP guidelines and recommendations. The European Securities and Markets Authority published Guidelines and Recommendations on draft regulatory technical standards on colleges for central counterparties. (6/6/2013) ESMA notice.
Principles for benchmark-setting processes. The European Securities and Markets Authority and the European Banking Authority have published their final report setting out their Principles for Benchmark-Setting Processes in the EU. (6/6/2013) ESMA notice; EBA press release.
EBA publishes near-final draft standards on own funds. The European Banking Authority published near-final draft Regulatory Technical Standards on own funds, which cover, among other things, areas such as Common Equity Tier 1, additional Tier 1, deductions from CET1 and from own funds in general and transitional provisions on grandfathering. Once formally adopted by the European Commission, these RTS will be part of the Single Rulebook aimed at enhancing regulatory harmonization in Europe and at strengthening the quality of capital. (6/5/2013) EBA press release.