TOP NEWS:
08/08/2014 – European Commission – Main findings of the review reports on the European System of Financial Supervision
The European Commission adopted the review reports on the European System of Financial Supervision (ESFS), consisting of a report on the operation of the European Supervisory Authorities and a report on the mission and organisation of the European Systemic Risk Board (ESRB). These two reports set out the findings of a review of the functioning of the supervisory architecture.
08/08/2014 – ECB – Publication of the Comprehensive Assessment Stress Test Manual
The Comprehensive Assessment Stress Test Manual published by the ECB gives details on 'join-up' of asset quality review (AQR) and stress test. The manual outlines the stress test quality assurance process, which ensures a rigorous exercise. The final results from the comprehensive assessment will be published in the second half of October.
07/08/2014 – European Commission – Consultation on the impact of the International Financial Reporting Standards (IFRS) in the EU
The European Commission is holding a public consultation to seek views from all interested parties on their experience of Regulation 1606/2002 (the IAS regulation). The consultation runs until 31.10.2014 and the results will feed into the European Commission's evaluation of the IAS regulation.
04/08/2014 – European Commission – State Aid: Commission approves resolution aid for Portuguese Banco Espirito Santo
The European Commission has found the resolution plan of the Portuguese Banco Espirito Santo S.A. (BES), including the creation of a Bridge Bank, to be in line with EU State aid rules. Portugal's Resolution Fund will provide EUR 4.9 billion as capital to the Bridge Bank.
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OTHER NEWS:
05/08/2014 – EBA – Consultation on criteria for intervention on stuctured deposits under MiFIR
The EBA published a paper laying out criteria for its task of exercising intervention powers on structured deposits. The consultation runs until 5 October 2014. MiFIR tasked EBA to monitor the market for structured deposits across the EU. Under certain specific circumstances the EBA can also temporarily prohibit or restrict the marketing, distribution or sale of certain structured deposits. Thus, the Commission recently requested the EBA to provide technical advice on the criteria and factors to be taken into account when exercising these powers.
05/08/2014 – ESMA – ESMA issues guidelines on the implementation of the CPSS-IOSCO Principles for market infrastructures in respect of CCPs
ESMA has issued guidelines and recommendations regarding the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructures in respect of Central Counterparties.
05/08/2014 – IOSCO – IOSCO launches Public information repository for central clearing requirements
IOSCO unveiled an information repository for central clearing requirements for OTC derivatives, which provides regulators and market participants with consolidated information on the clearing requirements of different jurisdictions.
05/08/2014 – EBA – Publication of final technical standards on the treatment of equity exposures under the IRB approach
The EBA published the final draft Regulatory Technical Standards (RTS) specifying the treatment of equity exposures under the Internal Ratings-Based approach.
05/08/2014 – ESMA – ESMA releases responses to MiFID II/MiFIR Consultation and Discussion papers
ESMA has made public the responses received to the Consultation and Discussion papers on MiFIDII/MiFIR.
04/08/2014 – ESMA – ESMA adds CME Clearing Europe Ltd to list of registered CCPs under EMIR
ESMA added CME Clearing Europe Ltd to its list of registered CCPs under EMIR.
01/08/2014 – EBA – EBA issues revised set of Q&As on supervisory reporting
Following the publication of the ITS on supervisory reporting of the institutions in the EU Official journal (Regulation (EU) No 680/2014, Official Journal of 28/06/2014) EBA has updated the corresponding Q&As.
04/08/2014 – OECD – Global Forum releases new compliance ratings on tax transparency for 10 jurisdictions.
The Global Forum reviewed exchange of information practices through Phase 2 peer reports for: Andorra, Anquilla, Antiqua and Barbuda, Indonesia and Saint Lucia (all partially compliant) and for Chile, Macedonia, Montserrat and St Kitts and Nevis that are said largely compliant and finally for Mexico which is assessed as Compliant.