Region: European Union

UK announces post-Brexit equivalence for European firms

The UK Treasury has announced it will grant several equivalence rights to EEA financial firms, amid doubts the EU will reciprocate without the UK including further arrangements in their Brexit plans.

11 November 2020

ESMA slams “unaligned” German regulators over Wirecard scandal

As German financial regulator BaFin awaits a drastic overhaul of its supervisory powers, the European Securities and Markets Authority has criticised it and accounting watchdog FREP for their “unaligned” handling of the Wirecard accounting scandal.

05 November 2020

Digital euro could threaten bank business models, ECB says

The European Central Bank has warned that a digital euro could alter banks’ entire business models and encourage greater risk-taking behaviours.

20 October 2020

Amid bank scepticism, EBA announces three-year software capital relief period

The European Banking Authority has proposed to allow banks to include the value of software assets in their capital calculations, despite banks saying the changes would still bring about an “unlevel playing field” for EU banks in an international context.

15 October 2020

Hire suptech talent, FSB urges regulators

Regulators should focus on attracting talent that can develop tailored suptech tools, according to a new report from the Financial Stability Board.

12 October 2020

EBA publishes sectoral risk guidelines

With only months until the implementation deadline for CRD V, the European Banking Authority has published its final guidelines for sectoral systemic risk buffers under the directive.

06 October 2020

ESMA to get greater non-EU firm monitoring powers

In a move that could allow European investors to avoid publicly disclosing certain UK-based transactions, the European Securities and Markets Authority has confirmed it will assess UK trading venues before the end of the year –  as the regulator gets greater powers to monitor non-EU firms transacting in the bloc.

05 October 2020

ESMA sets out benchmark parameters for extreme market stress scenarios

The EU’s securities regulator has said benchmark administrators should explain in detail any deviations from their methodology in times of extreme market conditions, after financial institutions noted rebalancing delays at the onset of the covid-19 crisis.

01 October 2020

FCA and PRA push Brexit changes as transition end-date approaches

The UK’s Financial Conduct Authority is encouraging riskier EU banks to establish local subsidiaries rather than branches after Brexit, in a new guide to its approach to international firms – while the Prudential Regulation Authority has issued changes to its binding technical standards and rulebook as the transition nears its end.

24 September 2020

EU Commission gives UK CCPs 18-month equivalence post-Brexit

The European Commission has confirmed an 18-month equivalence for UK-based central clearing counterparties, giving EU banks a set timeframe to reduce their overexposure to derivatives clearing houses in Britain after the Brexit transition period ends.

24 September 2020

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