Technical Standards

News & Analysis as of

FinTech Focus: New European Directive on Payment Services (PSD2) Comes into Force

On 12 January 2016, the long-awaited revised Payment Services Directive (“PSD2”) came into force in Europe. This replaces the Payment Services Directive (“PSD”) that has been in place since 2007. The deadline for EU member...more

ESMA Opinion Highlights Differences with the European Commission on the Main Indices and Recognized Exchanges Under CRR

On 19 December 2014, the European Securities and Markets Authority (ESMA) submitted to the European Commission draft implementing technical standards (ITS), pursuant to the Capital Requirements Regulation 575/2013, specifying...more

UK Financial Regulatory Developments - January 2016 #10

Treasury updates Iran sanctions - Treasury has issued a notice explaining the effects on sanctions against Iran of Implementation Day (I Day) under the Joint Comprehensive Plan of Action (JCPoA). I Day was 16 January, on...more

The Internet of Things: Evaluating the Interplay of Interoperability, Industry Standards and Related IP Licensing Approaches

The financial impact of the Internet of Things on the global economy will be significantly affected by interoperability. A 2015 McKinsey Global Institute report indicated that, “[on] average, interoperability is necessary to...more

Insurance Focus (Italy): Investments covering technical provisions

The draft regulations on investments and assets covering technical provisions (consultation document no. 26/2015) were published on the IVASS (Italian Insurance Supervisory Authority) website on 16 December 2015....more

EBA Publishes Final Draft Technical Standards and Guidelines on Methodology and Disclosure for G-SIIs

The European Banking Authority (EBA) has published final draft technical standards and revised guidelines on the further specification of the indicators of global systemic importance and their disclosure. The guidelines have...more

CFTC Requests Comment on Draft Technical Specifications for Swap Data

The staff of the Commodity Futures Trading Commission has published for comment draft technical specifications for certain swap data elements, including data that are currently reportable under Part 45 of CFTC Regulations as...more

Solvency 2 ITS published in OJEU

Implementing regulations laying down implementing technical standards (ITS) relating to various Solvency 2 templates have been published in the OJEU. These include ITS on...more

Blog: Solvency II Implementing Regulations published in the OJ on New Year’s Eve 2015

Three new Solvency II Implementing Regulations were published in the Official Journal of the European Union on New Year’s Eve 2015 – The Commission’s Implementing Technical Standards on...more

EBA revises list of ITS validation rules

EBA has issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems. ...more

EBA updates final ITS on benchmarking portfolios

EBA has published an update on its final draft ITS on benchmarking portfolios. EBA considers that as the Commission has not yet adopted the previously submitted ITS, it is likely that the proposed 2016 remittance dates will...more

ESMA issues MiFID 2 reporting ITS

ESMA has issued its final set of technical standards under the revised Markets in Financial Instruments Directive (MiFID 2). It has also published its final report, setting out the scope of its mandate and the reasons behind...more

ITS on liquid asset constraints published in OJEU

The Implementing Regulation laying down ITS with regard to currencies with constraints on the availability of liquid assets in accordance with the CRR has been published in the OJEU....more

ESMA Publishes Further Draft ITS Under MiFID II

On December 11, 2015, the European Securities and Markets Authority (ESMA) submitted to the European Commission its final report (ESMA/2015/1858) on draft implementing technical standards (ITS) under the MiFID II Directive...more

Commission updates on Solvency 2 ITS

The Commission has updated its webpage on Solvency 2 to include recently adopted technical standards and an overview and state of play of Solvency 2 Implementing Technical Standards (ITS)....more

Clearing To Commence in the European Union in June 2016

On December 2, the European Securities and Markets Authority issued a press release stating that clearing as required under the European Market Infrastructure Regulation would commence on June 21, 2016. This date follows the...more

Closely correlated currencies ITS published in OJEU

The implementing regulation containing Implementing Technical Standards (ITS) on closely correlated currencies under the CRR has been published in the OJEU....more

Stark Updates Included in Final 2016 Physician Fee Schedule

With the final Medicare physician fee schedule (PFS) for 2016, the Centers for Medicare and Medicaid Services (CMS) has made a series of updates to the Stark physician self-referral regulations. The final rule is largely...more

Commission discusses insurance sector

Commission Director General, Olivier Guersent, spoke on the Capital Markets Union action plan with particular attention to the Solvency 2 Delegated Act. Mr Guersent highlighted the main aspects of the Act as being the...more

EBA consults on qualifying holdings information exchange

EBA has launched a consultation on its draft Implementing Technical Standards (ITS) on the procedures, forms and templates that competent authorities in the EU should use when consulting each other on acquisitions and...more

Blog: Solvency II: 5 Implementing Technical Standards Published In The OJ, And About To Come Into Force

Five Solvency II Implementing Technical Standards were published in the Official Journal of the European Union at the end of last week, and all five will come into force on 2 December 2015....more

EIOPA reports on Solvency 2 ITS

EIOPA has published its final report on its consultation on ITS setting out procedures for the application of transitional measures for calculating the equity risk sub-module under Solvency 2. The ITS provide guidance on the...more

ESMA publishes MiFID 2 ITS responses

ESMA has published responses to its consultation on the remaining draft implementing technical standards (ITS) under the revised Markets in Financial Instruments Directive (MiFID 2) (see FReD 4 September). ...more

Commission finalises CRD4 colleges RTS

The Commission has published the Delegated Regulation on regulatory technical standards (RTS) for specifying the general conditions for the functioning of colleges of supervisors under the Fourth Capital Requirements...more

EIOPA updates Solvency 2 documents

EIOPA has published its final reports on: - implementing technical standards (ITS) on Pillar 3 templates for the submission of information to the supervisory authorities...more

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