BANKING

ECB guidance on leveraged transactions

The European Central Bank (ECB) has published guidance on leveraged transactions. The guidance applies to all significant credit institutions supervised by the ECB under Article 6(4) of the Single Supervisory Mechanism Regulation (Regulation 1024/2013).

European Central Bank, May 2017

Prospectus Regulation: Council adoption of regulation

The Council of the EU has announced in a press release that it has adopted without debate the proposed regulation to repeal and replace the Prospectus Directive (2003/71/EC) and the existing Prospectus Regulation (809/2004) to provide for a single regime throughout the EU governing the content, format, approval and publication of prospectuses.  

Council of the EU, 16 May 2017

EBA may need stronger powers to drive convergence and consistency

An executive director of the European Banking Authority (EBA), Adam Farkas, has delivered a speech at the Annual Conference on the Banking Union, in Frankfurt, in which he says there are two important preconditions for developing further an integrated EU financial system: convergence and consistency in regulation and supervision.  

European Banking Authority, 15 May 2017

ECB targets balance sheet risk reduction and further banking union

A member of the supervisory board of the ECB, Ignazio Angeloni, has delivered a speech on the repair of banks’ balance sheets and non-performing loans, the assessment and oversight of business models, and building an ‘effective and level regulatory playing field’. Mr Angelino has said the challenges faced by the sector required ‘a high degree of understanding and co-operation between supervisors, regulators and the banks’.  

European Central Bank, 15 May 2017

PSR seeks views on tackling authorised push payment scams

The Payment Systems Regulator (PSR) has issued a call for views from payment service providers (PSPs) to help inform its work on authorised push payment (APP) scams. The PSR says PSPs are well placed to provide views on whether there is any more that could potentially be done to reduce harm from APP scams. The consultation ends: 30 June 2017. Payment Systems Regulator, 16 May 2017

INSURANCE

Insurance sector needs its own regulator, says Insurance Europe

In its response to the European Commission's public consultation on the operations of the European Supervisory Authorities (ESAs) launched in March 2017, Insurance Europe has said transferring some responsibilities away from the European Insurance and Occupational Pensions Authority (EIOPA), or merging it with another ESA, would reduce the effectiveness of consumer protection and prudential oversight.  

Insurance Europe, 16 May 2017

INVESTMENTS AND FUNDS

Council of EU adopts MMF Regulation

The Council of the EU has published a press release announcing that it has adopted the Regulation on money market funds.

Council of the EU, 16 May 2016