European Central Bank

News & Analysis as of

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

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

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

On 23 November 2016, the European Central Bank (ECB) published its draft guidance to banks on leveraged lending, launching a public consultation period that runs until 27 January 2017. The draft guidance is very similar to...more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

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2016, the European Central Bank (“ECB”) published for consultation draft guidelines on leveraged transactions (“Draft Guidance”), similar to the US Guidance on Leveraged Lending issued by the US federal bank...more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

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

Your Daily Dose of Financial News

A NY state court threw out Ace Decade Holdings’ suit against UBS accusing the Swiss lender of fraud for its $500 million investment loss in a Chinese company. The court found that jurisdictional issues plagued plaintiff’s...more

ECB Publishes Guidance on Leveraged Transactions

On 23 November 2016, the European Central Bank (“ECB”) published draft guidance on leveraged transactions (the “Guidance”) for public consultation. The consultation period will end at midnight on 27 January 2017, during which...more

Orrick's Financial Industry Week In Review

FHFA Announces Increase in Maximum Conforming Loan Limits for Fannie Mae and Freddie Mac in 2017 - On November 23, 2016, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan...more

Guidelines on the Assessment of Institutional Protection Schemes Published in the Official Journal

Guidelines laying down principles for the coordination of the assessment and monitoring by the European Central Bank and regulators of institutional protection schemes pursuant to the Capital Requirements Regulation was...more

European Parliament Adopts Resolution on Finalization of Basel III

On November 23, 2016, the European Parliament published a provisional version of the text of the resolution it has adopted on finalization of Basel III. Among other things, in the resolution, the Parliament:...more

European Systemic Risk Board (ESRB) Publishes Country-Specific Warning on Vulnerabilities in the Residential Real Estate Sector

On November 28, 2016, the European Systemic Risk Board (“ESRB“) published a report on vulnerabilities in the EU residential real estate sector, together with eight country-specific warnings and a Q&As document. The...more

The European Central Bank Publishes Draft Guidance on Leveraged Transactions

ECB Consultation Paper - On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions,...more

European Court of Auditors Special Report on Single Supervisory Mechanism

On November 18, 2016, the European Court of Auditors published a report on the Single Supervisory Mechanism (“SSM“) (No 29/2016). The SSM was set up by the European Central Bank (“ECB“) to ensure the consistent application of...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more

European Central Bank Aims to Harmonize Approach to Options and Discretions for All Banks within the Single Supervisory Mechanism

The European Central Bank launched a consultation on proposals to harmonize how Euro member state national regulators of less significant banks exercise the options and discretions available to them under the Capital...more

Econ Vote on Resolution on Basel III Revisions

On November 10, 2016, the European Parliament published a press release on a vote taken by its Committee on Economic and Monetary Affairs (“ECON“) in relation to revisions to Basel III, which are currently under consideration...more

Roundup of upcoming cases and anticipated UK regulatory developments

Cases to watch - Taberna Europe CDO II plc v Selskabet AF1 (in bankruptcy) – can a party who purchases subordinated loan notes in the secondary market from a third party claim directly against the issuer for...more

Blog: 5th Anti-money Laundering Directive: Presidency compromise text published / ECB recommendations accepted

The Council of the European Union has published the first “Presidency compromise text” version of (what is now being referred to as) the 5th Anti-money Laundering Directive (5AMLD) (it used to be “an amendment to 4AMLD”...more

Blog: ECB Opinion on proposed changes to the European Venture Capital & Social Entrepreneurship Funds Regulations

The European Central Bank’s formal Opinion on the proposed changes to the European Venture Capital and Social Entrepreneurship Regulations has been published in the Official Journal....more

Blog: Virtual currencies & the 4th Anti-money Laundering Directive: ECB Opinion on the Commission’s proposals

The European Commission published proposals to amend the 4th Anti-money Laundering Directive, to bring crypto-currency exchanges and wallet providers within scope, in early July 2016. The European Banking Authority...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

ECB Amends Eligibility Criteria for Unsecured Bank Bonds

On October 5, 2016, the European Central Bank (“ECB”) stated that it will be making changes to its collateral framework by revising the collateral eligibility criteria and risk control measures in relation to senior unsecured...more

The European Central Bank’s September 2016 Public Consultation On “Draft Guidance To Banks On Non-Performing Loans”

After months of positioning by various EU, Banking Union and ECB policymakers across a range of speeches, interviews, articles as well as position papers, each calling for collective steps to be taken to tackle impaired...more

Blog: Amending the European VC Capital & Social Entrepreneurship Funds Regulations to increase investment in SMEs

In July 2016, the European Commission published proposals to amend the European Venture Capital and Social Entrepreneurship Funds Regulations; and submitted them to the Parliament and Council for possible adoption under the...more

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