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Financial Regulation: Weekly Update. 29 December 2017

By , ,

Highlights: BCBS issued report on supervisory colleges. EBA issued an opinion on DPD exemptions for material exposures. ESMA issued technical advice on short-selling regulation, and updated several documents regarding MiFID II and MiFIR. The EC presented two proposals for directives and seeks feedback on them.


GLOBAL

  • BCBS issues progress report regarding the principles for effective supervisory colleges

The effectiveness of colleges improved in: information sharing, coordination and crisis preparedness. Still challenges on legal and resource constraints, and expectations gaps.

EUROPE

  • EBA issues opinion on application of the 180 DPD exemption for material exposures

It recommends to the EC that the exemption be disallowed. Hence institutions should rely on the 90 day past due (DPD) regime for all exposures.

  • ESMA issues technical advice on short-selling regulation

It includes proposal regarding: exemption for market making activities, short-term bans on short-selling and transparency of net short positions.

  • ESMA publishes updated documents on MiFID II and MiFIR

i) Updates key transitional transparency calculations for equity and bond instruments; ii) Updates Classification of Financial Instruments (CFI) validation document for data reporting; iii) Updates procedure and template used to report parameters for halting trading.

  • ESMA issues statement on LEI, peer review on CPPs and market share for CRAs

i) Statement supports a smooth implementation of the Legal Entity Identifiers requirements; ii) Peer review to assess whether NCAs ensure that CCPs comply with EMIR requirements. Finds adequate supervision, but some divergences in practices; iii) Annual market share calculation for registered Credit Rating Agencies.

  • EC seeks feedback on two proposals for directives

i) Directive on prudential supervision of investment firms. Deadline: 20 Feb; ii) Directive on date of application of transposition measures on the insurance distribution directive. Deadline: 16 Feb.

  • EBA issues final Q&As on market risk and supervisory reporting

i) Market risk: cap on own fund requirements for a net position; ii) Supervisory reporting: amended validation rules, and capital requirements according to the standard method.

UNITED KINGDOM

  • PRA issues policy statement regarding MiFID II passporting

Following a previous consultation, it includes the MiFID II Passporting Instrument. Firms that wish to passport services would need to notify the PRA using the relevant form.

  • FCA publishes feedback statement on Distributed Ledger Technology (DLT)

It summarizes the results from a consultation, it presents some comments on feedback received and views on recent development, and it explains the next steps to follow.

 

 

Recent publications of interest (in English and Spanish):

 

 

Previous editions of our Weekly Regulatory Update in Spanish and English.

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