European Central Bank

News & Analysis as of

ECB Publishes the Response of the Eurosystem to the European Commission’s Call for Evidence on the EU Regulatory Framework for...

On February 4, the European Central Bank (“ECB“) published a response of the ECB and the national central banks of member states of the eurozone (Eurosystem) to the European Commission’s call for evidence on the EU regulatory...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

ECB signs MoU with SRB

ECB has published a memorandum of understanding (MoU) between itself and the Single Resolution Board (SRB) in respect of cooperation and information exchange. ECB and SRB set out their approach to cooperation and the exchange...more

ECB Publishes Its SSM Supervisory Priorities for 2016

On January 6, the European Central Bank (“ECB”) published a paper setting out its supervisory priorities in relation to the banks it supervises under the Single Supervisory Mechanism (“SSM”). The ECB’s supervisory priorities...more

ECB recommendation on dividends in OJEU

ECB’s recommendation on banks’ dividend distribution policies has been published in the OJEU. It recommends that credit institutions with obligations under the fourth Capital Requirements Directive and Regulation package...more

Eurosystem responds to consultation on CRD4 impact

ECB has published the Eurosystem’s response to the now-closed Commission consultation on the impact of the CRD4 and CRR on bank financing (see FReD 17 July). It acknowledges that at this early point after CRD4 implementation,...more

ECB decision on excluding material impact presumption published in OJEU

ECB’s decision on the procedure to exclude staff members from the presumption of having a material impact on a supervised credit institution’s risk profile under the CRD 4 package has been published in the OJEU....more

A pan-European opportunity

Many commentators consider that the growing trend of financial sponsor investment in financial services is limited to a handful of countries in Europe. Deal data, however, show that investors with an appetite for banks and...more

ECB speaks on banking supervision

Daniele Nouy has spoken on the first year of European banking supervision and what lies ahead. She reported unprecedented progress and cooperation, and said not only the supervision, but also necessary follow up, had been...more

ECB consults on harmonising Union law options and discretions

ECB is consulting on harmonising how Member States exercise options and discretions available under EU law not to apply certain provisions or to choose from alternative treatment options. The paper aims to establish a policy...more

The Financial Report - Volume 4, No. 20 - October 2015 (Global)

Last Friday, the Securities and Exchange Commission published a 41-page report that provides private fund industry statistics and trends. The report aggregates data supplied by more than 2,600 private fund advisers on Form...more

ECB announces assessment of nine banks

ECB has announced a comprehensive assessment of nine banks in 2015. Eight of these nine banks were not subject to the 2014 exercise. The assessment, comprising an asset quality review and a stress test, will follow the...more

Financial Regulatory Developments Focus - October 2015 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

SSM Chair speaks on 2016 supervisory priorities

Chair of ECB’s supervisory board, Danièle Nouy, has given a speech on “The Banking Union: A First Résumé” at the European Supervisor Education Initiative Conference “Financial supervision in Europe – on the right track?” Ms...more

ECB Chair updates EP on proportionality

Danièle Nouy has written to MEP Sven Giegold providing an overview of how the principle of proportionality is applied in the SSM. The letter gives examples of how the principle applies to different aspects of supervising ...more

I DECCS: La Bce Introduce Una Nuova Classe Di Attività Stanziabili

Il 27 agosto 2015 il Consiglio direttivo ha adottato l'Indirizzo BCE/2015/27 che modifica l'Indirizzo BCE 2015/510 sull'attuazione del quadro di riferimento della politica monetaria dell'Eurosistema (BCE/2014/60) (le...more

Securitisation: Keeping it Simple?

On 30 September 2015, the European Commission (the “Commission”) published a proposal for a regulation (the “Proposed Regulation”)1 intended to harmonise existing EU laws applying to securitisations (including proposed...more

SSM chair speaks on safety and progress in supervision

The chair of the ECB supervisory board, Danièle Nouy, has given a speech on “Safety and progress in financial markets – a contradiction?” at the Financial Market Authority’s supervisory conference in Vienna. Ms Nouy explains...more

Orrick's Financial Industry Week in Review

CFTC Announces Proposal to Amend the Definition of "Material Terms" - On September 10, the U.S. Commodity Futures Trading Commission Division announced that it will publish in the Federal Register a proposed amendment to...more

US Leveraged Lending Guidelines

There has been much written about the ‘US Leveraged Lending Guidelines’ and, with increasing speculation that European bank regulators will look to control leveraged lending in some form or another in the near future, this...more

ECB Consultation on Regulation of Options and National Discretions November 2015

Danièle Nouy, Chair of the Supervisory Board of the European Central Bank (ECB), made a speech on September 15, 2015 at a Financial Markets Authority conference in Austria. She discussed the role of the Supervisory Board of...more

ECB responds to EMIR review

ECB has published its response to the Commission’s consultation on the review of the European Market Infrastructure Regulation (EMIR). Its response identifies several concerns which it notes have become apparent despite parts...more

Securitisation Regulation - Recast Retention Provisions Update

The Financial Times published leaked drafts of proposed EU legislation on securitisations on August 25.1 The draft regulations, which would be directly effective in EU member states if adopted, propose changes to the current...more

ECB Response to Commission Review of EMIR Implementation

On September 4, 2015, the European Central Bank (ECB) published an executive summary of its response to the consultation carried out by the European Commission to assist the Commission in its review of EMIR implementation....more

The Financial Report - Volume 14, No. 17 - September 2015 (US)

We all love to quote statistics when they tend to support whatever position we may be advocating. At the same time, however, we are often loath to take the time and effort to respond to surveys or provide information needed...more

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