The Single Resolution Board has published a communication on the changes to its minimum requirements for own funds and eligible liabilities policy to be implemented in line with the "Daisy Chains Directive" (Directive (EU)...more
The proposals would give the Bank of England wide-ranging powers to deal with acute failure scenarios, treating policyholder liabilities as loss-absorbing. HM Treasury (HMT) is proposing1 a new UK resolution regime for...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
COVID-19: FCA statement on regulatory treatment of Recovery Loan Scheme - The FCA has published a statement on the regulatory treatment of the UK Recovery Loan Scheme (RLS), which was launched on 6 April 2021 as part of the...more
Regulation of non-transferable debt securities: HM Treasury consultation HM Treasury has published a consultation paper on the regulation of non-transferable debt securities (NTDS) (often referred to as mini-bonds)....more
EU CRR: Corrigendum to Commission Implementing Regulation containing ITS on reporting requirements for market risk - A corrigendum to Commission Implementing Regulation (EU) 2021/453 containing implementing technical...more
Depositor protection identity verification: PRA PS4/21 - Following its consultation in CP3/21, the UK Prudential Regulation Authority (PRA) has published a policy statement, PS4/21, on depositor protection identity...more
Capital buffers: PRA modification by consent - The UK Prudential Regulation Authority (PRA) has published a direction for modification by consent of 5.1 - 5.3 and 5.5 of the Capital Buffers Part of the PRA Rulebook....more
Ring-fencing and proprietary trading activities reviews: HM Treasury update - On 22 December 2020, the House of Commons Treasury Committee published a letter (dated 16 November 2020) it received from John Glen, Economic...more
Business continuity: SRB operational guidance on operational continuity in resolution and FMI contingency plans. The UK Prudential Regulation Authority (PRA) has published a policy statement, PS18/20, and the following...more
Reporting requirements: EBA questionnaire and call for case studies on cost of compliance - HM Treasury has published a statement on the applicability of COVID-19 related amendments to the Capital Requirements Regulation...more
The Single Resolution Board has launched a consultation on proposed changes to its policy on minimum requirements for own funds and eligible liabilities (MREL) for Eurozone banks, designed to bring the SRB’s MREL policy in...more
The European Banking Authority has published a consultation paper on its draft Implementing Technical Standards for supervisory reporting and public disclosure of minimum requirements for own funds and eligible liabilities...more
The Banking Reform Package marks a milestone in the new EU regulatory landscape. On 27 June 2019, a series of measures referred to as the Banking Reform Package comes into force, subject to various transitional and staged...more
The pending EU risk reduction package is highly relevant for the whole EU banking sector. It addresses the capital provisioning required by banks to facilitate potential resolution measures by resolution authorities if a bank...more
The upcoming enforcement of the MREL requirement will require European banks to issue a significant amount of subordinated and senior notes. But political instability and differing levels of investor demand could push up...more
Essential features of bank capital regulation across Europe in one handy wall chart. Regulatory capital requirements for prudentially supervised financial services companies across Europe are complex and changing rapidly....more
The EU Single Resolution Board has published its 2019 Work Programme, setting out its priorities and principal tasks for the next year. The SRB is the resolution authority for all banking groups and entities as well as...more
The Bank of England has published a consultation paper entitled "UK withdrawal from the EU: The Bank of England’s approach to resolution statements of policy and onshored Binding Technical Standards." The consultation forms...more
The U.K. Prudential Regulation Authority has published a Policy Statement on reporting the minimum requirement for own funds and eligible liabilities and an updated Supervisory Statement "Resolution Planning", following a...more
The Bank of England has published a Policy Statement setting out its feedback to the responses it received to its October 2017 consultation on its approach to setting a minimum requirement for own funds and eligible...more
Following its consultation in August 2017, which closed in November 2017, the Bank of England has published its Statement of Policy on its expectations on the minimum standard of valuation capabilities that firms should have...more
2017 in the UK and the rest of Europe seems to have been primarily a year devoted to implementation – both of political decisions already made and of legislation that had already been enacted. On the political front, Brexit...more
The Prudential Regulation Authority has published proposals which would require firms to report on their progress in meeting their minimum requirement for own funds and eligible liabilities (MREL) requirement. MREL is a...more
The Single Resolution Board has published its second policy statement on the minimum requirement for own funds and eligible liabilities (MREL). MREL is the EU equivalent of the minimum amount of loss-absorbing capacity that...more