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Financial Regulation: Weekly Update. 6 October 2017

By , ,

Highlights: Spanish Council of Ministers approved Decree Law to facilitate firms’ mobility. ECB issued a consultation on its NPLs guidelines, and issued an opinion on proposed regulation for CCPs supervision and authorization. BCBS issued a statement on NSFR and derivative liabilities treatment. Finally, EBA and ESMA published their corresponding workplans for 2018.


GLOBAL

 

 

  • BCBS issues statement on NSFR and derivative liabilities treatment

It agrees to allow national discretion for the treatment of derivative liabilities in the context of NSFR. Jurisdictions can use a “required stable funding” factor of 5%.

  • FSB publishes consultation on Unique Product Identifier (UPI) governance

Proposals look to identify key criteria and functions for UPI governance arrangements. Deadline: 13 Nov.

 

EUROPE

 

  • ECB consults on its guidelines on Non-Performing Loans (NPLs)

Consults on amendments regarding supervisory expectations for minimum levels of provisioning for new NPLs. Deadline: 8 Dec.

  • ECB issues opinion on proposed regulation regarding CCPs’ authorization

It proposes amendments and observations, and strongly supports the initiative to enhance central bank’s role in the supervision process and recognition of third country CCPs.

  • EBA publishes work programme for 2018

Defines the main challenges in the EU banking landscape, highlighting 6 key priorities for next year (e.g. CRR/CRD and BRRD developments, risks from Brexit, or work on NPLs).

  • ESMA publishes work programme for 2018

It highlights 4 main areas of work: application of MiFID 2/MiFIR, issues on data transparency, prospectus regime, supervision of CRA and Trade Repositories.

  • EBA updates Risk Dashboard

Highlights the main risks and vulnerabilities in the EU banking sector and how they progress in the last quarter. NPLs still affect the bank’s profitability.

  • ESMA publishes translations for MiFID II guidelines

Official translations of guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II.

  • ESMA updates Q&As on EMIR, CSDR and MiFID II

Updates two guidelines on EMIR AND CSDR,12 new Q&As on the investor protection guidelines, includes new Q&A on market structure and transparency issues under MiFID II.

 

SPAIN

  • Council of Ministers approves Decree Law on the mobility of firms

Seeks to facilitate the mobility of firms within national territory. The management board can directly make a decision on the change of the corporate headquarter (unless otherwise stipulated by the statutes)

  • BdE and CNMV extend the Financial Education Plan

They signed the extension of the plan for the next 4 years (2018-2021).This plan aims to improve financial education of people of all ages.

 

UNITED KINGDOM

  • BoE updates approach to resolution and consults on internal MREL (iMREL)

i) Update including key features of the resolution regime (i.e. Bank’s statutory responsibilities and powers) and ii) consultation on the BoE approach to iMREL. Deadline: 2 Jan 2018.

  • PRA consults on changes to large exposures framework

It proposes clarifications and changes to requirements on intragroup transactions in the large exposure framework. Deadline: 4 Jan 2018.

  • PRA issues Policy Statement and updates Supervisory Statement on IRB approach

i) Policy statement provides feedback to previous consultation on the Internal Ratings Based approach, and ii) supervisory statement updates PRA’s expectations on the use of IRB.

  • PRA issues Policy Statement, Supervisory Statement and Consultation on Leverage

i) Policy statement on the exclusion of claims on central banks for leverage, ii) supervisory statement setting instructions on how to complete certain data items, iii) consultation on groups policy and double leverage. Deadline: 4 Jan 2018.

 

UNITED STATES

 

  • FRB announces extension of deadline on two proposals

Extends the period till Nov. 30 on two consultations about: i) enhance effectiveness of boards of directors at banks, and ii) new rating system for large firms.

 

 

Recent publications of interest (in English and Spanish):

 

 

 

Previous editions of our Weekly Regulatory Update in Spanish and English

 

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