ESAs publish cross-selling responses: The ESAs have published the responses to the consultation on draft guidelines for cross-selling practices. There were 33 responses to the consultation from a variety of banks, insurers and consumer groups. (Source: Guidelines for Cross-selling Practices)

ESAs publish securitisation recommendations: The ESAs have published a report of their findings and recommendations on disclosure requirements and obligations relating to due diligence, supervisory reporting and retention rules in existing EU law on Structured Finance Instruments (SFIs). The main recommendations are:

  • due diligence requirements should be harmonised within the EU;
  • standardised investor reports should reflect the dynamics of SFIs and be stored in a centralised public space;
  • all type of investors should be empowered to effectively conduct their own stress tests; and
  • harmonised due diligence and disclosure framework should go alongside a comprehensive regime for supervision and enforcement.

(Source: Joint Committee of ESAs Publishes its Recommendations on Securitisation)