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img_publication Observatorio

Financial Regulation: Weekly Update. 16 June 2017

Por , ,

Highlights: Council agreement on creditor hierarchy, IFRS9 and large exposures. U.S. Treasury publishes report on financial regulation, EC proposes amendments to EMIR in relation to Central Counterparties, ECB publishes Macroprudential bulletin and a memorandum of understanding with the Office of Financial Research.


  • IOSCO Task Force issues report on regulation of wholesale market conduct

The report identifies the tools used by market regulators to minimize misconduct risk arising from particular characteristics of wholesale markets (professional counterparties).


  • Council agreement on creditor hierarchy, IFRS9 and large exposures

Agreement on: i) ranking of unsecured debt instruments in insolvency proceedings; ii) phase in the regulatory capital impact of IFRS9; iii) a phase-out of provisions on the large exposures limit. Next steps: EP needs to reach an agreement before trilogues can begin.

  • EC proposes amendments to EMIR in relation to Central Counterparties (CCPs)

Proposes a new supervisory mechanism in ESMA to supervise CCPs. Also, proposes to classify CCPs into systemically important or not, with different requirements.

  • ECB and the Office of Financial Research (OFR) sign a Memorandum of understanding

Aimed at cooperating and exchanging information with a view to fostering data quality and accessibility so as to improve financial markets and systemic risk assessment.

  • ESAs publish each of their annual reports for 2016

Highlights: i) EBA: work done on the single rulebook and on other regulatory reforms, ii) ESMA: continuing efforts to enhance investor protection and orderly financial markets and iii) EIOPA: work towards supervisory convergence in Europe.

  • ECB releases its Third Macroprudential Bulletin

Main issues: ECB floor methodology for capital buffer for OSIIs, stress-test quality assurance from a top-down perspective and exposure of EDIS to bank failures and benefits of risk-based contributions.

  • ECB issues two opinions on macroprudential tools

i) To the National Bank of Belgium (NBB) draft law which among other things introduces the senior non-preferred debt and empowers the NBB as macroprudential supervisor to impose funding and capital requirements, ii) to the Austrian Ministry of Finance’s measures to limit systemic risk in real estate financing.

  • ESMA issues Risk dashboard for the 1st quarter

Overall risks remain stable from 4Q16. The main concerns as sources of risk are the Brexit negotiations and the election calendar in the EU.

  • EBA issues revised list of Implementing Technical Standards (ITS) validation rules

Revised list of rules on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems.

  • OJEU publishes one delegated regulation and two implementing regulations

i) Regarding the list of exempted entities in EMIR, ii) ITS regarding consultation between competent authorities and iii) ITS on cooperation agreements in respect of trading venues.


  • BdE publishes report on financial & banking crisis in Spain

Report explains the financial crisis until 2014, and shows the starting situation of the financial sector, regulatory framework and macroeconomic environment during 2000-2007.


  • FCA provides update on regulatory sandbox

Updates list of firms of the second cohort. The firms in second cohort are from different geographical areas and sectors, whereas firms in first cohort are mainly based in London.

  • PRA consults on accountability in banking and insurance and reporting

i) Proposes amendments to the Senior Managers Regime for both banks and insurers, ii) proposes minor changes to templates and reporting instructions.

  • PRA consults on data collection of risk sensitivities under Solvency II

Consults on PRA’s proposed expectations for the reporting of sensitivities of solvency positions to key market risks by firms with material exposure to market risk.


  • Treasury publishes first report on core principles of financial regulation

Report reviews U.S. financial regulatory framework for depositary institutions and proposes recommendations that simplify regulation and promote access to capital.

Recent publications of interest (in English and Spanish):

Previous editions of our Weekly Regulatory Update in Spanish and English

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