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img_publication Observatorio

Financial Regulation: Weekly Update. 7 April 2017

Por , ,


GLOBAL

  • BIS issues final guidance on the prudential treatment of problem assets

The guidelines include harmonised definitions for “non-performing exposures” and “forbearance” and aim at complementing the existing accounting and regulatory framework.

  • IOSCO approves standards for cross-border enforcement cooperation

The standards offer securities regulators new enforcement powers to safeguard the stability of financial markets, while protecting depositors and preventing fraud and misconduct.

 

EUROPE

 

  • EBA issues guidance on bail-in under the BRRD

It publishes 3 sets of guidelines to facilitate the use of bail-in: i) on conversion rates, ii) treatment of shareholders, and iii) treatment of AT1 and T2 instruments in bail-in.

  • EBA updates risk Dashboard

It summarises the main risk and vulnerabilities in 4Q2016. Highlights the increase in CET1, but warns against still high levels of NPL, and low profitability in the sector.

  • ESMA issues opinion on draft regulation on CCP recovery and resolution

It welcomes the Commission’s proposed regulation on CCP recovery and resolution and proposes a few amendments.

  • ESAs consult on draft guidelines to prevent terrorist financing and money laundering

They seek to foster a common approach to AML/CFT and establish a common understanding of payment service providers’ obligations in this area. Deadline: 5 June.

  • ESMA issues guidance regarding MiFID II and MiFIR implementation

It explains the functioning of Organised Trading Facilities. It also clarifies activities of Systematic Internalisers.

 

  • ESMA issues final guidelines regarding circuit breakers under MiFID II

The report contains the calibration of circuit breakers, and issues regarding the publication of trading halts under MiFID II for trading venues.

  • ESMA publishes report on shareholder identification and communication systems by issuers

It finds that there is need to further harmonise: i) shareholder identification processes, ii) key aspects of the transmission of information, and iii) communication formats.

  • ESMA publishes supervisory briefing on the application of Credit Rating Agency regulation

It seeks to help sectoral Competent Authorities with supervision and enforcement of certain provisions, promoting convergence and support for the use of smaller CRAs.

  • ESMA publishes responses to consultation on transfer of data between TDs

Feedback will be used to finalise the guidelines on Trade Repositories. Draft guidelines expected by the 3Q2017.

  • ESMA publishes response to Capital Markets Union (CMU) mid-term review

It supports initiatives to accelerate the CMU and improve funding and growth on the EU. Presents suggestions on supervisory convergence, financial data, SMEs and crowdfunding.

  • Council of the EU adopts directive regarding shareholders rights

In order to strengthen shareholders’ rights, the new requirements apply to transparency, identification of shareholders, and the transmission of information, among other things.

  • ESMA updates Q&As regarding MiFID II / MiFIR and EMIR

i) On investor protection under MiFID II / MiFIR, ii) On MiFIR data reporting, and iii) on the validation rules for reporting under article 9 of EMIR.

  • EIOPA publishes new set of Q&As

i) On templates for submission of information; ii) procedures and templates for solvency and financial condition reports; iii) classification of own funds; and iv) public disclosures.

  • OJEU publishes regulatory technical standards under MiFID II and MiFIR (level II)

Following Directive 2014/65/EU of the EP and the Council with regard to the RTS for the admission of financial instruments to trading on regulated markets.

 

UNITED KINGDOM

 

  • FCA publishes near final rules on MiFID II

These rules include changes regarding trading venues, transparency and high frequency trading. Final rules covering all remaining issues are expected by June.

  • HM Treasury issues regulatory innovation plan

It presents actions that financial services regulators undertake in order to create a supportive regulatory framework for new business models and disruptive technologies.

 

Recent publications of interest (in English and Spanish):

 

Previous editions of our Weekly Regulatory Update in Spanish and English

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