BANKING

ECON votes to adopt draft report on proposed BRRD Insolvency Hierarchy Directive

The European Parliament has published a press release entitled: 'Rules on who should bear banks' losses.' The press release announces the Committee on Economic and Monetary Affairs (ECON) has voted to adopt its draft report on the proposed Directive amending the Bank Recovery and Resolution Directive (BRRD) as regards the ranking of unsecured debt instruments in insolvency hierarchy. ECON has adopted proposed amendments to the European Commission's original legislative proposal to introduce a "grandfathering regime" that would take into account national laws of member states adopted before the entry into force of the new rules and governing normal insolvency proceedings.

ECON, 10 October 2017

INSURANCE

EIOPA speech highlighting future challenges and opportunities

The EIOPA has published a speech by EIOPA Chair, Gabriel Bernardino, given to the European Parliament's Economic and Monetary Affair Committee (ECON) as part of the annual hearing of the chairs of the three European Supervisory Authorities (ESAs). Among other things, Mr Bernardino sets out his views on the future challenges and opportunities facing EIOPA and explains how it can address them. The EIOPA has also published a report summarising its main achievements between October 2016 and September 2017.

EIOPA, 10 October 2017

INVESTMENTS AND FUNDS

New ESMA Q&As on MiFID II and MiFIR post-trading issues

The ESMA has published a new set of Q&As on post-trading issues under the MiFID II Directive and the Markets in Financial Instruments Regulation relating to straight through processing. The Q&As purpose is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR in relation to post-trading issues. It provides responses to questions posed by the general public, market participants and competent authorities relating to the practical application of MiFID II and MiFIR. The Q&As are aimed at competent authorities and firms.

ESMA, 10 October 2017

FSB third interim progress report on reforming major interest rate benchmarks

The Financial Stability Board (FSB) has published a third interim progress report on reforms to existing major interest rate benchmarks and the development and introduction of alternative near risk-free interest rate benchmarks (RFRs).

FSB, 10 October 2017