BANKING

European Commission conclusions of FICOD REFIT analysis

The European Commission has published a staff working document setting out the conclusions of its analysis of the Financial Conglomerates Directive (FICOD) under its Regulatory Fitness and Performance (REFIT) programme. European Commission, 18 July 2017

Joint Committee of ESAs consults on revising ITS on mapping of credit assessments of ECAIs under CRR and Solvency II Directive

The Joint Committee of the European Supervisory Authorities (ESAs) has launched a consultation to amend the Implementing Regulations on the mapping of credit assessments of external credit assessment institutions (ECAIs) for credit risk. The consultation consists of two consultation papers:

  • A consultation paper on draft ITS amending Implementing Regulation (EU) 2016/1799 on the mapping of ECAIs' credit assessments under Article 136 (1) and (3) of the Capital Requirements Regulation (CRR)
  • A consultation paper on draft ITS amending Implementing Regulation (EU) 2016/1800 on the allocation of credit assessments of ECAIs to an objective scale of credit quality steps in accordance with the Solvency II Directive

The consultation ends: 18 September 2017.

Joint Committee of the European Supervisory Authorities, 18 July 2017

EBA revises 2016 decision confirming unsolicited credit assessments of certain ECAIs do not differ in quality from their solicited credit assessments

The EBA has published a decision amending the EBA decision confirming that the unsolicited credit assessments of certain ECAIs do not differ in quality from their solicited credit assessments. EBA, 18 July 2017

INSURANCE

EIOPA submits final amended draft ITS on reporting and disclosure under Solvency II to European Commission

The EIOPA has published on its website amendments and corrections to the following implementing technical standards (ITS) under the Solvency II Directive. These include:

  • ITS on the templates for the submission of information to the supervisory authorities
  • ITS with regard to the procedures, formats and templates of the solvency and financial condition report

EIOPA, 17 July 2017

INVESTMENTS AND FUNDS

FCA provides information on MDP entity portal in preparation for MiFID II Directive regime

The FCA has published a webpage giving information on the Market Data Processor (MDP) entity portal, a web application for external users which will provide an interface to the MDP system. FCA, 18 July 2017

FCA sets out the authorisation process for DRS providers

The FCA has provided guidance, application forms and notes for firms seeking authorisation to provide a data reporting service (DRS) as a regular occupation or business, under the new MiFID rules. Approved reporting mechanisms and trade data monitors currently operating reporting services in the UK will need to submit new applications to be authorised as DRSPs if they wish to continue providing these services from 3 January 2018. FCA, 18 July 2017