Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

Retired Member 

EIOPA updates its Solvency II questions and answers

Insurance and Occupational Pensions Authority (EIOPA) has updated the questions and answers (Q&As) on its guidelines on submission of information to national competent authorities (NCAs) relating to the Solvency II Directive by adding four further Q&As. Related link: https://eiopa.europa.eu/publications/eiopa-guidelines/qa-on-eiopa-guidelin...

19 February 2014

Retired Member 

EIOPA sets timeline for enhanced reporting under Solvency II

In preparation for the application of the Solvency II regime the European Insurance and Occupational Pensions Authority (EIOPA) has stated that it will prepare: . two sets of ITS - set 1 on the approval processes will be released between April – June 2014 for public consultation with the aim of submitting the final version to the European Commissi...

18 February 2014

Retired Member 

EBA announces features of the 2014 EU-wide stress test

The European Banking Authority (EBA) has announced the key components of the 2014 EU-wide stress test that will be conducted on a sample of 124 EU banks. The stress tests aim to assist supervisors to assess the resilience of financial institutions in the EU to adverse market developments. This exercise, which focusses on the consistency and compar...

18 February 2014

Retired Member 

ESMA seeks urgent clarification on derivatives under EMIR

The European Securities and Markets Authority (ESMA) has sent a letter to the European Commission asking for clarification of the definition of a derivative or derivative contracts under the European Market Infrastructure Regulation (EMIR). The definition of a derivative under EMIR refers to the list of financial instruments under the Markets in F...

17 February 2014

Retired Member 

EBA to require use of LEI for supervisory reporting purposes

The European Banking Authority (EBA) has published a Recommendation on the use of unique identification codes (such as the Legal Entity Identifier (LEI)) for supervisory reporting purposes for every credit and financial institution in the EU to ensure that data is consistent and comparable. This Recommendation aims to harmonise the identification ...

17 February 2014

Retired Member 

ESMA has published updated Q and As on EMIR

The updated text and new questions with related clarifications are as follows: General Questions . Q1 on funds and counterparties and whether entities with a charitable nature or otherwise a non-profit profile have to report under EMIR OTC Questions . Q3 on the calculation of the clearing threshold . Q12 on risk mitigation techniques . Q18 on ind...

14 February 2014

Retired Member 

European Commission sets its priorities for 2014

The European Commission priorities for 2014 include implementing financial markets reforms, data transparency and promoting international compliance. The European Commission’s Internal Market and Services Directorate has published its management plan for 2014. The priorities for work on financial services in 2014 include: ensuring the full estab...

14 February 2014

Retired Member 

ESMA advice on EMIR finds Japanese commodity CCPs equivalent

The European Securities and Market Authority (ESMA) has published a supplement to its advice to the European Commission on the equivalence of the regulatory regime for Japanese central counterparties (CCPs) with the European Markets Infrastructure Regulation (EMIR). The supplement sets out ESMA’s advice to the Commission in respect of the equival...

13 February 2014

Retired Member 

FSB consults on aggregation of OTC derivatives TR data

The Financial Stability Board (FSB) published a consultation paper to ensure that data that has been reported to multiple trade repositories (TR) can be used effectively by competent authorities globally. The absence of standards and formats used for reporting data to TRs globally has added to the complexity of the aggregation process and as a co...

13 February 2014

Retired Member 

US and EU officials agree to implement regulatory frameworks

Senior officials from the US and EU financial markets met to exchange information on regulatory developments, identify potential regulatory conflicts, and discuss their shared interest in continuing to implement robust standards, including those on the G20 financial regulatory agenda. They agreed on the following objectives for bilateral engagemen...

12 February 2014