News & Analysis as of

European Central Bank

ECB Publishes Final Guidance on Leveraged Transactions— What This Means for Banks

by Shearman & Sterling LLP on

After a period of public consultation, the European Central Bank (the “ECB”) published its final Guidance on Leveraged Transactions (the “Guidance”) on 16 May 2017. Twenty-four organisations (comprising credit institutions...more

European Central Bank Publishes Final Guidance on Leveraged Transactions

by Latham & Watkins LLP on

The ECB final guidance reflects market feedback and is more closely aligned to the US leveraged lending guidance. The European Central Bank (ECB) published the long-awaited final guidance on leveraged lending on 16 May...more

European Central Bank Harmonizes Regulatory Discretions for "Less Significant" Institutions

by Shearman & Sterling LLP on

The European Central Bank has published a Guideline and Recommendation to harmonize the way in which Euro member state national regulators of "less significant" banks exercise discretions available to them under the Capital...more

Priorités de l’AMF dans le cadre de la revue d’EMIR

This alert examines the priorities of the AMF (French SEC) regarding the amended EMIR regulation. Please see full Publication below for more information. ...more

Projet de règlement de la Commission européenne modifiant le règlement 648/2012 dit « règlement EMIR »

This alert examines the draft Commission Regulation amending Regulation 648/2012 aka « EMIR Regulation » and Communication from the Commission to the EU Parliament and Council as well as to the European Central...more

Lending Cap to be imposed by ECB – Will the new ECB guidance adversely affect leveraged transactions?

by Hogan Lovells on

On November 23, 2016, the European Central Bank (ECB) published its draft guidance on leveraged transactions in order to establish guidelines on how to measure and monitor the exposure to leveraged lending for significant...more

ECB publishes guidance to banks on non-performing loans

by White & Case LLP on

On 20 March 2017, the European Central Bank ("ECB") published its final guidance to banks on how to tackle one of the European banking industry's most pressing issues: non-performing loans. The ECB's guidance forms a key part...more

TRIM – Is the ECB prematurely implementing Basel IV reforms?

by White & Case LLP on

The Basel Committee has not yet found consensus in favour of the so-called Basel IV proposals1. One of such proposals' key pieces, a review of the conditions in which banks will be allowed to use internal models to determine...more

European Central Bank Launches Sensitivity Analysis on Effects of Interest Rate Changes

by Shearman & Sterling LLP on

The European Central Bank launched a sensitivity analysis of the banking books of directly supervised banks with a focus on interest rate changes. The analysis will be used to inform the ECB’s annual Supervisory Review and...more

EMIR Exemptions for Central Banks in Six Countries

by Shearman & Sterling LLP on

The European Commission published a report on the international treatment of Central Banks and public entities managing public debt with regard to OTC derivatives transactions. The European Market Infrastructure Regulation...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s been a bit of a stir in the paint world, with Dutch firm Akzo Nobel rejecting a takeover bid from PPG Industries valued at $22 billion. In a statement, Akzo claimed that the offer “substantially undervalues” the...more

European Commission Passes Delegated Regulation on Exempted Entities Under EMIR on Derivatives, Central Counterparties and Trade...

On March 2, 2017, the European Commission (the “Commission“) adopted a Delegated Regulation amending the European Market Infrastructure Regulation (“EMIR“) with regard to the list of exempted entities (C(2017) 1324...more

Orrick's Financial Industry Week In Review

CFTC Indicates Willingness to Help Incubate Fintech - On February 21, 2017, J. Christopher Giancarlo, the acting chairman of the U.S. Commodity Futures Trading Commission ("CFTC"), has diverged from other U.S. federal...more

EBA Publishes Final Draft RTS Report Specifying Requirements on More Secure Customer Authentication

On February 23, 2017, the European Banking Authority (“EBA“) published a report setting out its final draft regulatory technical standards (“RTS“) on strong customer authentication and common and secure communication under...more

ECB Publishes Letter on Development of SSM Guides on ICAAP and ILAAP for Significant Institutions

On February 20, 2017, the European Central Bank (“ECB“) published a letter from Ms. Daniele Nouy, Chair of the Supervisory Board of the ECB, to the management of significant institutions under the Single Supervisory Mechanism...more

Regulation Round Up - February 2017

by Proskauer Rose LLP on

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

Delay to Finalizing Basel III

by Shearman & Sterling LLP on

The Basel Committee on Banking Supervision announced that it had, along with the Group of Central Bank Governors and Heads of Supervision, made progress towards completing the Basel Committee’s post-crisis regulatory reforms,...more

ECB Consults on Changes to the Regulation on Oversight Requirements for Systemically Important Payment Systems

On January 3, 2017, the ECB published a consultation paper on the revision of the Regulation on oversight requirements for SIPS (“SIPS Regulation“). There are four payment systems that fall under the SIPS Regulation,...more

European Central Bank Publishes Outcome of Supervisory Review and 2017 Recommendations on Dividends and Variable Remuneration

by Shearman & Sterling LLP on

The European Central Bank published the outcome of its second Supervisory Review and Evaluation Process in 2016 and updated Recommendations on dividend distribution and remuneration policies for 2017. The ECB comments that...more

Draft ECB Guidance on Leveraged Transactions

by White & Case LLP on

Regulatory update: Draft ECB Guidance on Leveraged Transactions – US Comparison - The European Central Bank ("ECB") is consulting on guidance relating to leveraged transactions ("Proposed Guidance"). The ECB regards the...more

U.S.-Style Leveraged Lending Guidance Comes to Europe

by Latham & Watkins LLP on

On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to...more

ECB Publishes Draft US-Style Guidance On Leveraged Transactions

by Ropes & Gray LLP on

On 23 November 2016, the European Central Bank (“ECB”) published for consultation draft guidelines on leveraged transactions (“Draft Guidance”), similar to the US Guidance on Leveraged Lending issued by the US federal bank...more

Commercial Mortgage Loans and CMBS: Developments in the European Market – Chapter 1

by K&L Gates LLP on

Commercial real estate (CRE) is a tremendously important asset, as the content of this book will discuss. However, the CRE lending and commercial mortgage-backed securities (CMBS) markets are, at the time of writing, largely...more

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