Region: European Union

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

EBA backs first AML regulation

The prospect of an EU-wide AML regulation with direct effect moved a step closer this week, after the European Banking Authority backed the idea citing concerns over regulatory arbitrage.

15 September 2020

Community round-up: Libra names second GC in three months, ESMA names CCP committee

O’Melveny & Myers partner Stevan Bunnell has joined Facebook’s cryptocurrency project Libra as chief legal officer, while the European Securities and Markets Authority has nominated members for the central counterparties supervision committee formed under last year’s EMIR revision.

04 September 2020

CSDR settlement discipline regime delayed, as securitisation repository registration comes online

The European Securities and Markets Authority (ESMA) has confirmed that aspects of the upcoming securitisation regulation will come online later this month, shortly after the EU delayed the entry into force of the Central Securities Depositories Regulation (CSDR) settlement discipline regime.

04 September 2020

ECB warns banks to improve internal capital checks

European banks need to “do more” to improve data quality and stress testing practices in their internal capital adequacy assessment processes (ICAAPs), the European Central Bank has warned.

19 August 2020

ECB reshuffles supervisory arm

The European Central Bank will group banks by business model rather than size under an newly overhauled structure for its supervisory arm.

18 August 2020

EBA ushers in MREL and TLAC quarterly reporting with new standards

The European Banking Authority has released its final report on disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC), marking the first time the regulator has developed rules for these areas.

07 August 2020

EBA announces revamp of Pillar 2 estimation model for MREL

The European Banking Authority has proposed to change how it calibrates banks’ minimum requirement for own funds and eligible liabilities (MREL).

29 July 2020

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