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Financial Regulation: Weekly Update. 8 September 2017

By , ,

Highlights: FSB includes key attributes of resolution regimes into the list of minimum requirements for good practices. Spanish Ministry of Economics issued a consultation regarding investment firms. The BCBS announced a cooperation agreement with the IFRS Foundation. Finally, the FRB adopted a final rule regarding qualified financial contracts.


GLOBAL

 

  • BCBS announces cooperation agreement with IFRS Foundation

Both institutions share the objective of serving the public interest. It will strengthen and formalise the relationship in the interests of financial stability.

  • FSB includes a new key standard for sound financial systems

The key attributes of effective resolution regimes have been added to the list of standards that are minimum requirements for good practices and deserve priority of implementation.

 

EUROPE

 

  • EBA publishes final ITS on MREL reporting by resolution authorities

Contains templates and procedures that will need to be used by resolution authorities when reporting MREL to the EBA. To be binding, the ITS now requires the Commission’s approval.

  • EIOPA monthly technical data update for Solvency II

Publishes technical information of: i) Risk Free Interest Rate Term Structures by end-August, and ii) the symmetric adjustment of the equity capital charge by end-August.

  • ESMA updates Q&A on MAR

Clarifies the scope of firms subject to the MAR provision to detect and report suspicious orders and transactions.

 

SPAIN

 

  • Spanish Government approves draft law on non-financial information for large firms

Firms must complete their annual report with details on their environmental and diversity policies. This will transpose the European directive.

  • Ministry of Economics consults on Royal Decree regarding investment firms

It amends RD 217/2008 regarding the legal regime for investment firms and other firms that provide investment services. Deadline: 18 Sep.

  • CNMV approves amendment on Iberclear regulation

The amendment allows migration to Target2-Securities (T2S), the new European securities clearing platform. Migration will be effective on 18 Sep.

 

UNITED KINGDOM

 

  • BoE, FCA, PRA and PSR review MoU for cooperation in the payment system

This MoU should be revised annually. The authorities conclude that cooperation and coordination are working well. It identifies some areas for improvement.

 

UNITED STATES

 

  • FRB adopts final rule to enhance financial stability

Requires U.S. G-SIBs and the U.S. operations of foreign G-SIBs to amend qualified financial contracts in order to prevent their cancellation if firms are liquidated or resolved.

  • Federal Reserve publishes report to improve payment system

The paper supports the Fed’s vision on the future of the Payment System, and aims to improve its speed, safety and efficiency.

 

 

Recent publications of interest (in English and Spanish):

 

 

Previous editions of our Weekly Regulatory Update in Spanish and English

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