BANKING

Seventh Implementing Regulation extending transitional periods related to own fund requirements for CCP exposures published in OJ

The European Commission has published Commission Implementing Regulation ((EU) 2017/954) on the extension of the transitional periods related to own funds requirements for exposures to central counterparties CCPs), set out in the Capital Requirements Regulation (Regulation 575/2013) (CRR) and EMIR (Regulation 648/2012), in the Official Journal of the EU (OJ).  The Implementing Regulation will enter into force on 10 June 2017.

EU, 7 June 2017

 

EBA issues 2018 EU-wide stress test methodology for discussion

The European Banking Authority (EBA) has published its 2018 EU-wide stress test draft methodology and templates for discussion with the industry. The exercise will cover 70% of the EU banking sector and will assess EU banks' ability to meet relevant supervisory capital ratios during an adverse economic shock. 

For banks starting to report under IFRS 9 in 2018, the 2018 EU-wide stress test takes into account the impact of the implementation of IFRS 9 on 1 January 2018 both in terms of starting point and projections.

The final methodology will be published as the exercise is launched, at the beginning of 2018, and the results to be published in mid-year 2018.

EBA, 7 June 2017

 

ESMA response to European Commission consultation on FinTech ESMA has published its response to the European Commission's consultation on FinTech, welcoming the Commissions initiative to take stock of the EU's FinTech industry.

ESMA, 7 June 2017

 

BCBS finalises revised guidelines on correspondent banking The Basel Committee on Banking Supervision (BCBS) has published an updated version of its guidelines (BCBS405) on sound management of risks related to money laundering and financing of terrorism.  The amendments to the guidelines are in response to growing concerns that banks are withdrawing from correspondent banking to avoid certain risks.

BCBS, 7 June 2017

 

EBA updates final guidelines on disclosure requirements for EU banking sector The EBA has published an updated final report (EBA/GL/2016/11, version 2) containing amended guidelines on regulatory disclosure requirements under Part Eight of the Capital Requirements Regulation (Regulation 575/2013) (CRR).

EBA, 7 June 2017

 

INSURANCE EIOPA invites for comments on the 2.2.0 draft version of Solvency II XBRL Taxonomy

EIOPA has published the 2.2.0 draft version of the Solvency II XBRL Taxonomy to be applied by insurance companies for reporting with the reference date of 31 December 2017. EIOPA invites all interested stakeholders to provide their feedback on the draft version by 30 June 2017.

EIOPA, 7 June 2017

 

INVESTMENTS AND FUNDS Implementing Regulation on position reporting by investment firms and market operators of trading venues under MiFID II published in OJ

The European Commission has published Implementing Regulation (EU) 2017/953 laying down implementing technical standards (ITS) with regard to the format and the timing of position reports by investment firms and market operators of trading venues under the MiFID II Directive (2014/65/EU) in the Official Journal of the EU (OJ).  It enters into force on 27 June 2017 and applies from 3 January 2018.

EU, 7 June 2017

 

ESMA speech on preparing for MiFID II

ESMA has published the text of a speech by Steven Maijoor, ESMA Chair, on, among other things, preparation for the implementation of the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR).

ESMA, 7 June 2017