News & Analysis as of

European Central Bank

Framework for Cyber-Attack Testing Published by ECB

On May 2, 2018, the European Central Bank (“ECB“) published the “TIBER-EU” framework, a document which outlines the process for European and national authorities to work with financial institutions to put in place a program...more

Allen & Overy's weekly update on Key Regulatory Topics - 4 May 2018 – 10 May 2018

by Allen & Overy LLP on

BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more

EU and UK to Establish Technical Working Group for Risk Management Around Brexit

by Shearman & Sterling LLP on

The European Commission and HM Treasury have announced that the European Central Bank and the Bank of England will establish a technical working group on risk management in the period around March 30, 2019 for financial...more

Allen & Overy's weekly update on Key Regulatory Topics - 27 April 2018 – 3 May 2018

by Allen & Overy LLP on

BREXIT - ECB speech considers impact of Brexit on ECB banking supervision - On 2 May, the ECB published a speech by Ignazio Angeloni, ECB Supervisory Board member, in which he considers the future of ECB banking...more

Regulation Round Up - April 2018

by Proskauer Rose LLP on

3 April - The Financial Conduct Authority ("FCA") published a press release, warning that it intends to take action against general insurance firms that fail to properly implement the rules aimed at increasing...more

EU General Court Considers Meaning of Effective Director Under CRD IV Directive

The EU General Court has ruled that the same person cannot occupy both the post of chairman of the board of directors and that of “effective director” in credit institutions subject to prudential supervision under the CRD IV...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some inside baseball on how Sprint and T-Mobile are likely to try to convince suspicious regulators that their merger is a good thing. Hint: it has a lot to do with China and 5G....more

European Central Bank Consults on Cyber Resilience Oversight Expectations for Eurozone Financial Market Infrastructures

by Shearman & Sterling LLP on

The European Central Bank has launched a consultation on draft "cyber resilience oversight expectations" for financial market infrastructures....more

Orrick's Financial Industry Week In Review

SEC Proposes to Enhance Protections and Preserve Choice for Retail Investors in Their Relationships with Investment Professionals - On April 18, the Securities and Exchange Commission voted to propose a package of...more

New EU Measures on NPLs – Part 1: Statutory Prudential Backstop for NPLs Provisioning and ECB Addendum

by White & Case LLP on

On March 14, 2018 the European Commission ("EC") published a package of proposals aimed at facilitating the reduction of the current stock of non-performing loans ("NPLs") held by European banks and mitigating their build-up...more

Draft Report Published by ECON-AFCO on Decision to Increase Regulatory Power for ECB Over Clearing Systems

The European Parliament’s Economic and Monetary Affairs Committee (“ECON“) and Committee on Constitutional Affairs (“AFCO“) have published a joint draft report on a decision to amend article 22 of the Statute of the European...more

Orrick's Financial Industry Week In Review

ECB Publishes Opinion on Proposed Regulation Amending EBA Regulation - The European Central Bank ("ECB") published an opinion (CON/2018/19) (dated April 11, 2018) on a proposed Regulation amending (among other things) the...more

ECB Publishes Opinion on Proposed Regulation Amending EBA Regulation

The European Central Bank (“ECB“) published an opinion (CON/2018/19) (dated April 11, 2018) on a proposed Regulation amending (among other things) the EBA Regulation (Regulation 1093/2010) on April 12, 2018....more

ECB Speech on Risk Appetite Frameworks

The European Central Bank (“ECB“) published a speech, “Risk appetite frameworks: good progress but still room for improvement“, given by Daniele Nouy, ECB Supervisory Board Chair, at the International Conference on Banks’...more

ECB Consults on Cyber Resilience Oversight Expectations for FMIs

The European Central Bank (“ECB“) published for consultation a draft version of the cyber resilience oversight expectations (“CROE“) for financial market infrastructures (“FMIs“) on April 10, 2018. The CROE are based on...more

Allen & Overy's weekly update on Key Regulatory Topics - 6 April 2018 – 12 April 2018

by Allen & Overy LLP on

BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more

European Central Bank Consults on Guide to Internal Models

by Shearman & Sterling LLP on

The European Central Bank has begun a consultation on the first chapter of a proposed guide to internal models. The Capital Requirements Regulation requires the ECB to assess and grant permission for banks directly supervised...more

European Central Bank Issues Final Guides on Licensing Credit Institutions and FinTech Credit Institutions

by Shearman & Sterling LLP on

The European Central Bank has published finalized versions of its guides “Guide to Assessments of Licence Applications” and “Guide to Assessments of FinTech Credit Institution Licence Applications”, following consideration of...more

G20 Communiqué Calls for Recommendations for Regulation of Crypto-Assets

by Shearman & Sterling LLP on

The G20 has published a Communiqué following the meeting of Finance Ministers & Central Bank Governors in Buenos Aires on March 19 – 20, 2018....more

European Central Bank Publishes Second Consultation on a New Euro Unsecured Overnight Rate

by Shearman & Sterling LLP on

The European Central Bank has published a second consultation paper on a new unsecured overnight interest rate for euro transactions. This second consultation follows the ECB's announcement in September 2017 of its intention...more

European Central Bank Confirms Its Approach to Supervising Non-Performing Loans Levels

by Shearman & Sterling LLP on

Following its consultation in late 2017, the European Central Bank has published the final Addendum to its Guidance for Eurozone banks on non-performing loans. The ECB published its final Guidance for banks on NPLs on March...more

ECB Finalizes Guides on Bank and Fintech Bank Licensing

On March 23, 2018, the European Central Bank (“ECB“) published the final versions of its: Guide to assessments of license applications. This sets out the general process and the requirements for the assessment of credit...more

Allen & Overy's weekly update on Key Regulatory Topics - 16 March 2018 - 22 March 2018

by Allen & Overy LLP on

BREXIT - ESMA publishes speech on supervisory convergence post Brexit - On 21 March, ESMA published a speech by Steven Maijoor, ESMA Chair, on supervisory convergence in the context of Brexit, transaction cost...more

International Standard Setters Report on the Implications of Central Bank Digital Currencies

by Shearman & Sterling LLP on

The Committee on Payments and Markets Infrastructures and the Markets Committee of the Bank for International Settlements have issued a joint report that considers two types of central bank digital currency: (i) a wholesale...more

European Central Bank Confirms Collective Agreement Between TARGET2 Participants

by Shearman & Sterling LLP on

The European Central Bank has confirmed that a collective agreement signed between the central banks operating TARGET2 component systems and the central securities depositories operating on the TARGET2-Securities platform can...more

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Cybersecurity

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