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img_publication Observatorio

Financial Regulation: Weekly Update. 2 March 2018

Por , ,

Highlights: BCBS consulted on Pillar 3 disclosure requirements. European Commission published draft Article 50 Withdrawal Agreement. ESRB published report on macroprudential structural buffers and issued opinion to the EC. Finally, EBA published report on financial education.


 

GLOBAL

 

  • BCBS consults on Pillar 3 disclosure requirements

Proposes requirements on asset encumbrance and capital distribution constraints. Seeks feedback, on the scope of requirements on composition of regulatory capital. Deadline: 25 May.

 

EUROPE

 

  • EC publishes draft Article 50 Withdrawal Agreement

Translates into legal terms the Joint Report and the guidelines from the negotiations. It will now be discussed in the Council and EP’s Brexit Steering Group.

  • ESRB publishes report on macroprudential structural buffers and issues opinion to the EC

Main proposals: Increase in O-SII cap from 2% to 3%, with the possibility for authorities to impose buffers higher than 3%, subject to approval from EC. Systemic risk buffer and O-SII buffer should be additive, because they target different systemic risks.

  • EBA publishes report on financial education

Presents most common approaches used by the national authorities and focuses on four key characteristics: subject matter, format, target group and type of output produced.

  • ESMA updates EMIR validation rules

Updates validation rules for the reports submitted under the RTS on reporting under Article 9 of EMIR.

 

SPAIN

 

  • CNMV approves a guide on operations carried out by UCIs

Sets out criteria for what should be considered ‘‘related parties’’ and ‘‘related transactions’’ for companies managing UCIs, and also specifies which transactions will be subject to prior authorisation and which to ex post controls.

 

UNITED KINGDOM

 

  • FCA proposes a new public register

This new register will include information about employees who are not Senior Managers and thus, will no longer appear in the Financial Services Register.

  • FCA publishes final policy statement on new rules for credit card market

Aims to provide more protection for customers in persistent debt or at risk of financial difficulties. Comes into force on 1 Mar, firms have until 1 Sep to comply.

 

UNITED STATES

 

  • OCC issues technical changes to annual stress test rule

Several changes: i) changes the range of possible ‘’as-of’’ dates used in the global market shock component, ii) extends transition process for banks that cross the $50 billion asset threshold, iii) non-substantive changes to promote clarity. Effective 30 days after publication.

  • OCC issues CRA schedule for 2nd and 3rd quarter of 2018

Releases the schedule of Community Reinvestment Act (CRA) evaluations for the second and third quarters of 2018. Seeks comments before the close of the CRA evaluation.

  • CFPB Issues request for information on consumer complaint reporting

Issues its sixth request for information on the Bureau’s report of consumer complaints to know the usefulness of complaint reporting. Deadline: 7 Mar.

 

 

 

Recent publications of interest (in English and Spanish):

 

 

 

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

 

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