European Central Bank

News & Analysis as of

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

Corporate and Financial Weekly Digest - Volume X, Issue 34

CFTC - CFTC Announces Upcoming Agricultural Advisory Committee Meeting - The CFTC’s Agricultural Advisory Committee will hold a public meeting on September 22 to address speculative positions limits for...more

Financial Regulatory Developments Focus - September 2015

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

ECB publishes ESCB reports on facilitating CCP access

ECB has published the contribution of the European System of Central Banks (ESCB) to the Commission’s assessment of the need for any measure to be introduced in European Market Infrastructure Regulation (EMIR) to facilitate...more

Orrick's Financial Industry Week in Review

ESCB Reports on the Access of CCPs to Central Bank Liquidity Facilities under EMIR - On August 25, 2015, the European Central Bank (ECB) published a report by the European System of Central Banks (ESCB) on the need for...more

ESCB Reports on the Access of CCPs to Central Bank Liquidity Facilities under EMIR

On August 25, 2015, the European Central Bank (ECB) published a report by the European System of Central Banks (ESCB) on the need for any measure to facilitate the access of central counterparties (CCPs) to central bank...more

The Restructuring Mid-Summer Review: Europe and the Emerging Markets

For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates) has drowned out news of other debt restructuring matters this year. Our Alert below addresses key...more

Shadow Banking Remains on Regulatory Radar

The Financial Policy Committee (FPC) of the Bank of England (BoE) has recently published its latest Financial Stability Report (Report). The format of the Report is that the FPC assesses the outlook for financial stability by...more

Eurozone Crisis Update: Deadline looms for Greek debt proposals

The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors. Eurozone leaders were disappointed on 7 July when no substantive...more

EU Court of Justice finds OMT programme for purchase of government bonds not contrary to EU Treaties

In a judgment handed down on 16 June 2015, in the first ever preliminary reference made from Germany’s Federal Constitutional Court (Bundesverfassungsgericht), in Peter Gauweiler and Others v Deutscher Bundestag (Case...more

Austerity's Achilles' heel - The economic landscape looks fairly stark across the eurozone, as public budgets remain stubbornly...

For the past five years, members of the European monetary union have been swinging the axe at public budgets to rebalance their books. Europe’s age of austerity has been grueling and, for some, there is no end in...more

Bank Resolution in Greece

The result of Sunday’s (5 July 2015) referendum which rejected the latest proposed bailout by the European authorities was unequivocal. The next steps in this crisis are far less clear, ranging from a swift renegotiation of...more

A Short Guide to the Implications for the Imposition of Capital Controls in Greece

Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece. Background - Months of negotiations on a deal to restructure Greece’s debts appear...more

Greek Government Imposes Capital Controls

On 28 June, the Greek Government imposed capital controls in the latest development in the country’s financial crisis. This has been imposed pending the referendum, scheduled to take place on 5 July, on whether people agree...more

What happens if Greece defaults to the IMF?

The prospect of Greece's potential default to the International Monetary Fund and European Union lenders and de facto exit from the EU single currency looms larger day by day. The next week—until the June 30 repayment due...more

Riforma delle Banche Popolari - Le Disposizioni di Attuazione di BKI

Con il decreto legge 24 gennaio 2015 n. 3, entrato in vigore in data 25 gennaio 2015 (il "DL n. 3/2015"), sono state introdotte alcune disposizioni modificative della disciplina delle banche popolari contenuta nel decreto...more

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