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img_publication Watch

Financial Regulation: Weekly Update. 9 February 2018

By , ,

Highlights: ESMA issued guidelines to manage conflict of interest in CCPs, a final ITS on the application of MAR, several work programmes and updated a set of Q&As. EBA updated a guide on risk indicators. BdE and CNMV issued a joint statement on cryptocurrencies and ICOs. Finally, the EC issued a call for feedback regarding public reporting obligations.


 

EUROPE

 

  • ESMA issues guidelines regarding conflict of interests in CCPs

It sets organisational arrangements and policies to prevent conflicts of interests, and solve them when they arise.

  • ECB amends guidelines relating to the Eurosystem’s monetary policy implementation

Implements changes to the eligibility criteria for the use of unsecured bank bonds as collateral, excluding commercial mortgage-backed securities from collateral eligibility.

  • ESMA issues final ITS regarding the application of Market Abuse Regulation

Clarifies how NCAs should cooperate with ESMA, and establishes procedures to facilitate the exchange of information.

  • EBA updates methodological guide on risk indicators and detailed risk analysis tools

Guide for internal use on how to compile risk indicators. It can help competent authorities and stakeholders to follow a consistent risk assessment.

  • ESMA publishes several work programmes

i) Work programme setting the main activities regarding credit rating agencies, trading repositories and third countries CCPs; ii) Supervisory convergence work programme with activities to promote sound and efficient supervision across the EU and foster coordination; iii) Work programme with the priorities for assessing risks in securities markets.

  • ESMA updates Q&A on several subjects

Issues update to: i) EMIR implementation, ii) short selling regulation implementation, iii) benchmark regulation, iv) CSDR & v) Transparency.

  • EC seeks comments on fitness check on public reporting by companies

Assesses whether the specific accounting system for financial institutions is consistent with other reporting legislation and the prudential and supervision framework. Deadline: 8 Mar.

  • ESMA issues official translation for guidelines on MiFID II

Translations regarding product governance requirements under MiFID II. NCAs should notify ESMA within two months their compliance (or intention to comply).

  • EIOPA publishes monthly technical information for Solvency II

i) Relevant risk-free interest rate term structures with end-January data, ii) symmetric adjustment of the equity capital charge with end-January data.

 

SPAIN

 

  • BdE issues commitment statement regarding the FX Global Code

Seven central banks of the ESCB (European System of Central Banks) show their commitment to the FX Global Code.

  • BdE and CNMV issue joint statement regarding cryptocurrencies and Initial Coin Offerings

Main findings: There is no obligation to accept them as a payment method, circulation is very limited and they are very volatile, so they are not a good form of deposit.

 

UNITED STATES

 

  • OCC publishes Community Reinvestment Act evaluations

Performance evaluation for 16 national banks and federal savings associations. 15 evaluations are rated Satisfactory and one is Outstanding.

 

Recent publications of interest (in English and Spanish):

 

 

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

 

 

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