European Union: Key Regulatory Developments In The EU - November 2018

Last Updated: 5 December 2018
Article by Michael Huertas and Katja Michel
Source/Date Brief description
FSB10

19/11/2018
The Financial Stability Board (FSB) published reports on implementation of Over-the-Counter (OTC) derivatives reforms and removal of legal barriers

The FSB published the following two reports:
  • Setting out progress on reforms to OTC derivatives markets and
  • Reporting on FSB member jurisdictions' actions to remove legal barriers relating to OTC derivatives trade reporting.

For further information, click here.

BCBS7/ CPMI16/ IOSCO14/ FSB10

19/11/2018
The FSB and standard-setting bodies published final report on the effects of reforms on incentives to centrally clear OTC derivatives BCBS

The FSB, the Basel Committee on Banking Supervision (BCBS), the Publications of the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published their final report on Incentives to centrally clear OTC derivatives.

For further information, click here.
OJ of the EU

16/11/2018
Regulation (EU) 2018/1717 amending Regulation (EU) No 1093/2010 with regard to the location of the seat of the European Banking Authority published in OJ. Entry into force: 16/11/2018.

For further information, click here.
EBA2

16/11/2018
The EBA published final draft technical standards (RTS) on the specification of an economic downturn

The EBA published its final draft RTS specifying the nature, severity and duration of an economic downturn.

For further information, click here.
BCBS7

16/11/2018
The BCBS published more details on global systemically important banks

The BCBS published further information related to its 2018 assessment of global systemically important banks (G-SIBs), including additional details to help understand the scoring methodology.

For further information, click here.
FSB10

16/11/2018
The FSB published progress report on measures to address the decline in correspondent banking and updated data

The FSB published two reports on its work to assess and address the decline in correspondent banking relationships: (1) updated data on trends in correspondent banking relationships using data provided by SWIFT as of end-2017 and (2) a progress report on the FSB's four-point action plan to assess and address the decline in correspondent banking that will be delivered to the G20 Summit.

For further information, click here.
ESMA1

15/11/2018
The ESMA reported on NCAs' use of sanctions and administrative measures under MAR

The ESMA published its first annual report concerning administrative and criminal sanctions as well as other administrative measures issued by National Competent Authorities (NCAs) under the MAR.

For further information, click here.
ECB3

15/11/2018
The ECB promotes a common understanding of the rules on internal models

The ECB published the first chapter of its guide to internal models (the "guide"), following a public consultation which ended on May 28, 2018.

For further information, click here.
FSB10

15/11/2018
The FSB published 2018 Resolution Report and publicly consults on financial resources to support CCP resolution

The FSB published its 2018 Resolution Report and is launching— for public consultation— a discussion paper on financial resources to support central counterparty resolution and on the treatment of CCP equity in resolution.

For further information, click here.
SRB18

15/11/2018
The Single Resolution Board expectations to ensure resolvability of banks in the context of Brexit position paper published

For further information, click here.
ESMA1

14/11/2018
The ESMA updated its Q&As on MiFID II and MiFIR market structure and transparency topics

The ESMA has updated its Questions and Answers regarding market structures and transparency issues under MiFID II and MiFIR.

For further information, click here.
ESMA1

14/11/2018
The ESMA updated Q&A on Short Selling Regulation

The ESMA updated its Q&As on the Short-Selling Regulation (SSR).

For further information, click here.
FSB10

14/11/2018
The FSB published progress report on reforming major interest rate benchmarks

The FSB published its latest progress report on implementation of its recommendations to reform major interest rate benchmarks.

For further information, click here.
ESMA1

13/11/2018
The ESMA provided standards and guidance for securitization repositories under the Securitization Regulation

The ESMA has issued a set of items, which aims to implement the new European regulatory framework for securitizations and help promote simple, transparent and standardized (STS) securitizations.

For further information, click here.
ESMA1

13/11/2018
The ESMA consults on future guidelines for money market funds' disclosure

The ESMA has opened a public consultation on draft guidelines providing further specifications on how to fill-in the MMFR reporting template.

For further information, click here.
OJ of the EU

12/11/2018
Regulation (EU) 2018/1672 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 – published in OJ. Entry into force: 02/12/2018.

For further information, click here.
OJ of the EU

12/11/2018
Directive (EU) 2018/1673 on combating money laundering by criminal law – published in OJ. Entry into force: 02/12/2018.

For further information, click here.
ESMA1

12/11/2018
The ESMA updated market abuse Q&A

The ESMA has updated its Q&As document regarding the implementation of the MAR.

For further information, click here.
ESMA1

12/11/2018
The ESMA updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR)

The ESMA has updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR).

For further information, click here.
FSB10

12/11/2018
The FSB published Cyber Lexicon

The FSB published a Cyber Lexicon, following public consultation earlier this year. The lexicon comprises a set of approximately 50 core terms related to cyber security and cyber resilience in the financial sector.

For further information, click here.
SRB18

12/11/2018
The Single Resolution Board Published 2019 Work Programme

The SRB published its 2019 Work Programme, setting out its priorities and core tasks for the year ahead.

For further information, click here.
OJ of the EU

09/11/2018
Commission Implementing Regulation (EU) 2018/1627 amending Implementing Regulation (EU) No 680/2014 with regard to prudent valuation for supervisory reporting – published in OJ. Entry into force: 29/11/2018.

For further information, click here.
OJ of the EU

09/11/2018
The ECB Amending Decision and Guideline regarding TARGET2 published in OJ

Decision (EU) 2018/1625 of the European Central Bank amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB.

For further information, click here.

Guideline (EU) 2018/1626 of the European Central Bank amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2).

For further information, click here.
ECB3

09/11/2018
The ECB published final guides for banks on their capital and liquidity management

The ECB published its expectations regarding institutions' internal capital and liquidity adequacy assessment processes (ICAAPs and ILAAPs).

For further information, click here.
ESMA1

09/11/2018
MIFID II: ESMA issued latest double volume cap data (DVC)

ESMA updated its public register with the latest set of double volume cap (DVC) data under MiFID II.

For further information, click here.
ESMA1

09/11/2018
The ESMA asked clients of credit rating agencies and trade repositories to prepare for a no-deal Brexit

The ESMA has issued a public statement in order to raise market participants' awareness on the readiness of credit rating agencies (CRAs) and trade repositories (TRs) for the possibility of no agreement being reached in the context of the UK withdrawing from the EU.

For further information, click here.
ESMA1

09/11/2018
The ESMA launched a call for evidence on periodic auctions for equity instruments

The ESMA published a call for evidence on periodic auctions for equity instruments. Following the introduction of MiFID II/MiFIR on January 3, a new type of periodic auction trading system for equity instruments consisting of auctions of a very short duration during the trading day triggered by market participants has been rapidly gaining market share - frequent batch auctions.

For further information, click here.
ESMA1

09/11/2018
The ESMA updated Questions and Answers on ESMA's temporary product intervention measures

The ESMA updated its Questions and Answers on ESMA's temporary product intervention measures on the marketing, distribution or sale of CFDs and binary options to retail clients based on Article 40 of MiFIR.

For further information, click here.
ESMA1

09/11/2018
The ESMA renewed binary options prohibition for a further three months from January 2, 2019

The ESMA agreed to renew the prohibition of the marketing, distribution or sale of binary options to retail clients, in effect since July 2, for a further three-month period.

For further information, click here.
ESMA1

08/11/2018
The ESMA proposed a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives

The ESMA has today published a final report with draft regulatory technical standards (RTS) proposing to amend the three Commission Delegated Regulations on the clearing obligation under the EMIR.

For further information, click here.
ESAs13

08/11/2018
The ESAs consult on proposed changes to the key information document for PRIIPs

The ESAs have issued a consultation paper on targeted amendments to the Delegated Regulation covering the rules for the Key Information Document (KID) for Packaged Retail and Insurance-based Investment Products (PRIIPs).

For further information, click here.
ESAs13

08/11/2018
The ESAs consult on guidelines on cooperation and information exchange for AML/CFT supervision purposes

The ESAs launched a public consultation on draft Guidelines on the cooperation and information exchange between competent authorities supervising credit and financial institutions for the purposes of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) supervision.

For further information, click here.
OJ of the EU

07/11/2018
Implementing Regulation (EU) 2018/1624 laying down implementing technical standards with regard to procedures and standard forms and templates for the provision of information for the purposes of resolution plans for credit institutions and investment firms pursuant to the BRRD, and repealing Commission Implementing Regulation (EU) 2016/1066 – published in OJ. Entry into force: 27/11/2018.

For further information, click here.
ESMA1

07/11/2018
The ESMA updated its Q&As regarding the Benchmark Regulation

The ESMA updated its Questions and Answers on the BMR.

For further information, click here.
ESMA1

07/11/2018
The ESMA provided overview of NCAs' declared compliance status with Guidelines

The ESMA published an overview of the compliance status declared by national competent authorities (NCAs) with regard to the application of ESMA guidelines in their respective jurisdictions.

For further information, click here.
ESMA1

07/11/2018
The ESMA published the responses to its Consultation on Revised Guidelines on Periodic Reporting by CRAs

The ESMA published the responses received to the Consultation Paper on Guidelines on the submission of periodic information to ESMA by Credit Rating Agencies.

For further information, click here.
ESMA1

06/11/2018
The ESMA published official translations of Guidelines on MiFID II suitability requirements

The ESMA issued the official translations of its Guidelines on certain aspects of the MiFID II suitability requirements.

For further information, click here.
OJ of the EU

05/11/2018
The Delegated Regulations supplementing the Benchmark Regulation published in OJ

Delegated Regulation (EU) 2018/1637 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards for the procedures and characteristics of the oversight function. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1638 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further how to ensure that input data is appropriate and verifiable, and the internal oversight and verification procedures of a contributor that the administrator of a critical or significant benchmark has to ensure are in place where the input data is contributed from a front office function. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1639 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further the elements of the code of conduct to be developed by administrators of benchmarks that are based on input data from contributors. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1640 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further the governance and control requirements for supervised contributors. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1641 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further the information to be provided by administrators of critical or significant benchmarks on the methodology used to determine the benchmark, the internal review and approval of the methodology and on the procedures for making material changes in the methodology. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1642 of 13 July 13, 2018 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further the criteria to be taken into account by competent authorities when assessing whether administrators of significant benchmarks should apply certain requirements. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1643 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards specifying further the contents of, and cases where updates are required to, the benchmark statement to be published by the administrator of a benchmark. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1644 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards determining the minimum content of cooperation arrangements with competent authorities of third countries whose legal framework and supervisory practices have been recognized as equivalent. Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1645 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards for the form and content of the application for recognition with the competent authority of the member state of reference and of the presentation of information in the notification to European Securities and Markets Authority (ESMA). Entry into force: 25/11/2018.

For further information, click here.

Delegated Regulation (EU) 2018/1646 supplementing Regulation (EU) 2016/1011 with regard to regulatory technical standards for the information to be provided in an application for authorization and in an application for registration. Entry into force: 25/11/2018.

For further information, click here.
European Parliament8

05/11/2018
The European Parliament voted on New EU rules to boost crowdfunding platforms and protect investors

The European Parliament (ECON) voted on its position on common rules on the creation and functioning of European Crowdfunding Service Providers for business.

For further information, click here.
EBA2

02/11/2018
The EBA published 2018 EU-wide stress test results

The EBA published the results of the 2018 EU-wide stress test, which involved 48 banks from 15 EU and EEA countries, covering broadly 70 percent of total EU banking sector assets.

For further information, click here.
OJ of the EU

31/10/2018
European Securities and Markets Authority Decision (EU) 2018/1636 renewing and amending the temporary restriction in Decision (EU) 2018/796 on the marketing, distribution or sale of contracts for differences to retail clients – published in OJ. Entry into force: 01/11/2018.

For further information, click here.
EBA2

31/10/2018
The EBA published final guidance on management of non-performing and forborne exposures

The EBA publishes its final Guidelines on management of non-performing and forborne exposures.

For further information, click here.
ESMA1

31/10/2018
MiFID II: The ESMA made new bond liquidity data available

The ESMA has made available new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR through its data register.

For further information, click here.
ESMA1

31/10/2018
MiFID II: The ESMA published data for the systematic internalizer calculations for equity, equity-like instruments and bonds

The ESMA published data for the systematic internalizer calculations for equity, equity-like instruments and bonds under MiFID II and MiFIR.

For further information, click here.
ESMA1

31/10/2018
The ESMA issued clarifications on clearing and trading obligations ahead of December 21, 2018 deadline

The ESMA issued a statement relating to the challenges that certain groups, as well as certain non-financial counterparties above the clearing threshold (NFC+), would face on December 21, 2018 to start CCP clearing some of their OTC derivative contracts and trading them on trading venues.

For further information, click here.
ESMA1

31/10/2018
Notice of ESMA's Product Intervention Renewal Decision in relation to contracts for differences

The ESMA adopted a Decision (dated 23/10/2018) under Article 40 of Regulation (EU) No 600/2014 to restrict the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. The Decision renews and amends ESMA Decision (EU) 2018/796.

For further information, click here.
OJ of the EU

30/10/2018
Two Delegated Regulations (EU) amending Delegated Regulations with regard to safekeeping duties of depositaries published in OJ

Delegated Regulation (EU) 2018/1618 of July 12, 2018 amending Delegated Regulation (EU) No 231/2013 with regard to safekeeping duties of depositaries. Entry into force: 19/11/2018.

For further information, click here.

Commission Delegated Regulation (EU) 2018/1619 of July 12, 2018 amending Delegated Regulation (EU) 2016/438 with regard to safekeeping duties of depositaries. Entry into force: 19/11/2018.

For further information, click here.
OJ of the EU

30/10/2018
Delegated Regulation (EU) 2018/1620 amending Delegated Regulation (EU) 2015/61 to supplement Regulation (EU) No 575/2013 [CRR] with regard to liquidity coverage requirement for credit institutions – published in OJ. Entry into force: 19/11/2018.

For further information, click here.
EBA2

30/10/2018
The EBA consults on draft DPM 2.9 for supervisory reporting

The EBA launched a consultation on the new draft version of Data Point Model (DPM) 2.9.

For further information, click here.
ESMA1

30/10/2018
The ESMA published the responses to its Consultations on Prospectus

The ESMA published the responses received to its Consultations on Prospectus.

For further information, click here.

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, CPMI16, BIS17 and the Single Resolution Board18.

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