Key Regulatory Developments in the EU

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EU Banking and Finance Regulatory Newsletter - September 2018
Key Regulatory Developments in the EU

Key Regulatory Developments in the EU

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September 28, 2018

Source/Date	Brief description
IOSCO¹⁴ 18/09/2018	IOSCO guidance addressed conflicts of interest and conduct risks in equity capital raising The IOSCO published guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process. For further information, click here.
ESMA¹ 17/09/2018	MiFID II: ESMA published the responses to its Consultation on proposed amendments to RTS 11 The ESMA published the responses received to the Consultation Paper on Amendment to Commission Delegated Regulation (EU) 2017/588 (RTS 11). For further information, click here.
ECB³ 14/09/2018	ECB launched public consultation on Part 2 of the Guide to assessments of license applications The ECB launched a public consultation on Part 2 of the Guide to assessments of license applications. For further information, click here.
OJ of the EU 13/09/2018	Delegated Regulation supplementing the CSDR published in OJ Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline published in the Official Journal. For further information, click here.
European Commission⁵ 12/09/2018	State of the Union 2018: Stronger anti-money laundering supervision for a stable banking and financial sector The European Commission proposed to further strengthen the supervision of EU financial institutions to better address money-laundering and terrorist financing threats. For the press release, click here. For the Commissions Fact Sheet, click here. For a Communication from the Commission, click here. For the proposal for a Regulation concerning the ESAs, click here.
European Commission⁵ 12/09/2018	State of the Union 2018: Commission unveiled plan for a more efficient financial architecture to support investment outside the EU The European Commission presented actions for a more effective governance model and greater collaboration between multilateral and national development actors. For further information, click here and here.
EBA² 12/09/2018	EBA revised standardized NPL data templates The EBA published a revised version of the standardized NPL data templates that aim at facilitating the NPL sale transactions across the EU.
ESAs¹³ 11/09/2018	Report on risks and vulnerabilities in the EU financial system by the Joint Committee of the ESAs The Joint Committee of the European Supervisory Authorities (ESAs) published a report on the risks and vulnerabilities in the EU financial system. For further information, click here.
EBA² 10/09/2018	EBA issued revised list of validation rules The EBA issued a revised list of validation rules in its Implementing Technical Standards on supervisory reporting highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.
ECB³ 07/09/2018	ECB launched public consultation on the risk-type-specific chapters of its guide to internal models The ECB published the three risk-type-specific chapters of its guide to internal models for consultation. For further information, click here.
ESMA¹ 07/09/2018	ESMA published the responses to the Consultation Paper No. 6 under EMIR The ESMA published the responses received to the Consultation Paper no.6 on the Clearing Obligation under EMIR. For further information, click here.
EBA²/ EIOPA/ ESMA¹ 05/09/2018	Joint Committee Report on the results of the monitoring exercise on ‘automation in financial advice’ published The three European Supervisory Authorities – EBA, EIOPA and ESMA – published the results of their monitoring exercise on automation in financial advice. For further information, click here.
ESMA¹ 05/09/2018	ESMA published an opinion on proposed amendments to SFTR technical standards The ESMA published an Opinion in response to the European Commission’s proposed amendments of the technical standards on reporting under the Securities Financing Transactions Regulation (SFTR). For further information, click here.
ECB³ 03/09/2018	ECB published an opinion on critical infrastructures, cybersecurity and covered bonds The ECB published its opinion (dated 31/08/2018) on critical infrastructures, cybersecurity and covered bonds. For further information, click here.
ECB³ 03/09/2018	ECB published an opinion on a proposal for a regulation on certain charges on cross-border payments The ECB published its opinion (dated 31/08/2018) on a proposal for a regulation on certain charges on cross-border payments.
European Commission⁵ 03/09/2018	Communication to the Commission on ESMA's proposed amendments supplementing MiFIR published The Commission published a communication on the intention to endorse with amendments the draft amendment to the regulatory technical standard submitted by ESMA on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates. For further information, click here.
ECON⁶ 29/08/2018	Report on relationships between the EU and third countries concerning financial services regulation and supervision published The European Parliament's Committee on Economic and Monetary Affairs published its report (dated 18 July 2018) on relationships between the EU and third countries concerning financial services regulation and supervision. For further information, click here.
ESMA¹ 29/08/2018	Steven Maijoor addressed ECON Committee on securitization The Chair of the ESMA, Steven Maijoor, discussed Level 2 measures under the Securitization Regulation with the European Parliament's Committee on Economic and Monetary Affairs in Brussels. For further information, click here.
EBA² 28/08/2018	EBA launched consultations on supervisory reporting for the reporting framework 2.9 and prepares for its modular release The EBA launched three public consultations on amendments to the Implementing Technical Standards on supervisory reporting for the reporting framework 2.9. In particular, the three consultation papers cover the following areas: COREP: major revision of securitisation templates (simple, transparent and standardised (STS) regulation); FINREP: amendment of non-performing and forborne exposures reporting, P&L and IFRS16; COREP-LCR: review based on the coming new LCR delegated act.
ECB³ 24/08/2018	Opinion on the review of prudential treatment of investment firms published The ECB published an opinion on the review of prudential treatment of investment firms.
ESMA¹ 24/08/2018	ESMA to renew prohibition on binary options for a further three months The ESMA agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period. ESMA has also agreed on the exclusion of a limited number of products from the scope of the measure. For further information, click here.
European Commission⁵ 22/08/2018	European Commission published draft Delegated Regulation adding Pakistan to list of high-risk third countries under MLD4 The European Commission published Delegated Regulation amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, regarding adding Pakistan to the table in point I of the Annex. For further information, click here.
ESMA¹ 22/08/2018	ESMA defined disclosure standards under Securitization Regulation The ESMA issued a set of draft regulatory and implementing standards under the Securitization Regulation, which concern the details of a securitization to be made available by the originator, sponsor and SSPE, as well as the format and templates for doing so. For further information, click here.
ECB³ 20/08/2018	ECB published a Guideline amending its guideline on TARGET2 The ECB published the Guideline amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2).
ECON⁶ 17/08/2018	Draft Report on the proposal for a directive on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU published The Committee on Economic and Monetary Affairs (ECON) published its draft report on the proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU. For further information, click here.

Source/Date

Brief description

IOSCO¹⁴

18/09/2018

IOSCO guidance addressed conflicts of interest and conduct risks in equity capital raising

The IOSCO published guidance to help its members address conflicts of interest and associated misconduct risks that may arise and undermine the equity capital raising process. For further information, click here.

ESMA¹

17/09/2018

MiFID II: ESMA published the responses to its Consultation on proposed amendments to RTS 11

The ESMA published the responses received to the Consultation Paper on Amendment to Commission Delegated Regulation (EU) 2017/588 (RTS 11). For further information, click here.

ECB³

14/09/2018

ECB launched public consultation on Part 2 of the Guide to assessments of license applications

The ECB launched a public consultation on Part 2 of the Guide to assessments of license applications. For further information, click here.

OJ of the EU

13/09/2018

Delegated Regulation supplementing the CSDR published in OJ

Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing Regulation (EU) No 909/2014 of the European Parliament and of the Council with regard to regulatory technical standards on settlement discipline published in the Official Journal. For further information, click here.

European Commission⁵

12/09/2018

State of the Union 2018: Stronger anti-money laundering supervision for a stable banking and financial sector

The European Commission proposed to further strengthen the supervision of EU financial institutions to better address money-laundering and terrorist financing threats.

For the press release, click here.

For the Commissions Fact Sheet, click here.

For a Communication from the Commission, click here.

For the proposal for a Regulation concerning the ESAs, click here.

European Commission⁵

12/09/2018

State of the Union 2018: Commission unveiled plan for a more efficient financial architecture to support investment outside the EU

The European Commission presented actions for a more effective governance model and greater collaboration between multilateral and national development actors. For further information, click here and here.

EBA²

12/09/2018

EBA revised standardized NPL data templates

The EBA published a revised version of the standardized NPL data templates that aim at facilitating the NPL sale transactions across the EU.

ESAs¹³

11/09/2018

Report on risks and vulnerabilities in the EU financial system by the Joint Committee of the ESAs

The Joint Committee of the European Supervisory Authorities (ESAs) published a report on the risks and vulnerabilities in the EU financial system. For further information, click here.

EBA²

10/09/2018

EBA issued revised list of validation rules

The EBA issued a revised list of validation rules in its Implementing Technical Standards on supervisory reporting highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.

ECB³

07/09/2018

ECB launched public consultation on the risk-type-specific chapters of its guide to internal models

The ECB published the three risk-type-specific chapters of its guide to internal models for consultation. For further information, click here.

ESMA¹

07/09/2018

ESMA published the responses to the Consultation Paper No. 6 under EMIR

The ESMA published the responses received to the Consultation Paper no.6 on the Clearing Obligation under EMIR. For further information, click here.

EBA²/ EIOPA/ ESMA¹

05/09/2018

Joint Committee Report on the results of the monitoring exercise on ‘automation in financial advice’ published

The three European Supervisory Authorities – EBA, EIOPA and ESMA – published the results of their monitoring exercise on automation in financial advice. For further information, click here.

ESMA¹

05/09/2018

ESMA published an opinion on proposed amendments to SFTR technical standards

The ESMA published an Opinion in response to the European Commission’s proposed amendments of the technical standards on reporting under the Securities Financing Transactions Regulation (SFTR). For further information, click here.

ECB³

03/09/2018

ECB published an opinion on critical infrastructures, cybersecurity and covered bonds

The ECB published its opinion (dated 31/08/2018) on critical infrastructures, cybersecurity and covered bonds. For further information, click here.

ECB³

03/09/2018

ECB published an opinion on a proposal for a regulation on certain charges on cross-border payments

The ECB published its opinion (dated 31/08/2018) on a proposal for a regulation on certain charges on cross-border payments.

European Commission⁵

03/09/2018

Communication to the Commission on ESMA's proposed amendments supplementing MiFIR published

The Commission published a communication on the intention to endorse with amendments the draft amendment to the regulatory technical standard submitted by ESMA on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates. For further information, click here.

ECON⁶

29/08/2018

Report on relationships between the EU and third countries concerning financial services regulation and supervision published

The European Parliament's Committee on Economic and Monetary Affairs published its report (dated 18 July 2018) on relationships between the EU and third countries concerning financial services regulation and supervision. For further information, click here.

ESMA¹

29/08/2018

Steven Maijoor addressed ECON Committee on securitization

The Chair of the ESMA, Steven Maijoor, discussed Level 2 measures under the Securitization Regulation with the European Parliament's Committee on Economic and Monetary Affairs in Brussels. For further information, click here.

EBA²

28/08/2018

EBA launched consultations on supervisory reporting for the reporting framework 2.9 and prepares for its modular release

The EBA launched three public consultations on amendments to the Implementing Technical Standards on supervisory reporting for the reporting framework 2.9.

In particular, the three consultation papers cover the following areas:

COREP: major revision of securitisation templates (simple, transparent and standardised (STS) regulation);
FINREP: amendment of non-performing and forborne exposures reporting, P&L and IFRS16;
COREP-LCR: review based on the coming new LCR delegated act.

ECB³

24/08/2018

Opinion on the review of prudential treatment of investment firms published

The ECB published an opinion on the review of prudential treatment of investment firms.

ESMA¹

24/08/2018

ESMA to renew prohibition on binary options for a further three months

The ESMA agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since 2 July, from 2 October 2018 for a further three-month period. ESMA has also agreed on the exclusion of a limited number of products from the scope of the measure. For further information, click here.

European Commission⁵

22/08/2018

European Commission published draft Delegated Regulation adding Pakistan to list of high-risk third countries under MLD4

The European Commission published Delegated Regulation amending Delegated Regulation (EU) 2016/1675 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council, regarding adding Pakistan to the table in point I of the Annex. For further information, click here.

ESMA¹

22/08/2018

ESMA defined disclosure standards under Securitization Regulation

The ESMA issued a set of draft regulatory and implementing standards under the Securitization Regulation, which concern the details of a securitization to be made available by the originator, sponsor and SSPE, as well as the format and templates for doing so. For further information, click here.

ECB³

20/08/2018

ECB published a Guideline amending its guideline on TARGET2

The ECB published the Guideline amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2).

ECON⁶

17/08/2018

Draft Report on the proposal for a directive on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU published

The Committee on Economic and Monetary Affairs (ECON) published its draft report on the proposal for a directive of the European Parliament and of the Council on the issue of covered bonds and covered bond public supervision and amending Directive 2009/65/EC and Directive 2014/59/EU. For further information, click here.

Disclaimer

This section of the newsletter contains material generated and copyrighted by ESMA¹, EBA², ECB³, BaFin⁴, the European Commission⁵, ECON⁶, BCBS⁷, the European Parliament⁸, EIOPA⁹, FSB¹⁰, the Council of the EU¹¹, the German Ministry of Finance¹², the ESAs¹³, IOSCO¹⁴, ESRB¹⁵ and CPMI¹⁶. This material is for general informational purposes only and does not represent any undertaking to keep recipients advised of all legal developments. Dentons do not assume any liability regarding the contents of external links.