Technical Standards

News & Analysis as of

UK Financial Regulatory Developments - March 2016 #10

ESAs publish margin for non-cleared contracts RTS - The ESAs have published the final draft RTS under the European Market Infrastructure Regulation (EMIR), addressing: - risk mitigation techniques related to...more

EBA Publishes Amended Standards on Supervisory Reporting for Institutions

The European Banking Authority (“EBA“) has published its final draft Implementing Technical Standards (“ITS“) amending the Commission’s Implementing Regulation (EU) No. 680/2014 on supervisory reporting....more

A Common Standard for Evaluating Cyber Risk – Insurers Walk the Walk

Insurers have struggled to find a common baseline to measure cyber risks. Changes in technology, hacking and other data security risks and the shifting legal landscape concerning liability for data breaches have made the...more

US Commodity Futures Trading Commission Extends Comment Period on Draft Technical Specifications for Certain Swap Data Elements

The US Commodity Futures Trading Commission’s Division of Market Oversight and Office of Data and Technology staff extended the comment period on the draft technical specifications for certain prioritized swap data elements...more

UK Financial Regulatory Developments - February 2016 #15

EBA finalises guidelines for DGS cooperation agreements - EBA has published its final guidelines on cooperation agreements between deposit guarantee schemes (DGS) under the revised DGS Directive. The Guidelines set out...more

Orrick's Financial Industry Week in Review

Covered Broker-Dealer Provisions Under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act - On February 17, the Securities and Exchange Commission and the Federal Deposit Insurance Corporation...more

European Commission Implementing Regulation Lays Down ITS on Disclosure of Leverage Ratio for Institutions under CRR

A European Commission Implementing Regulation laying down implementing technical standards (“ITS“) on disclosure of the leverage ratio for institutions under the CRR has been published in the Official Journal of the EU on...more

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

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