Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...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
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 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
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 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
The Prudential Regulation Authority has published an updated Supervisory Statement, “The minimum requirement for own funds and eligible liabilities (MREL) - buffers and Threshold Conditions”. The MREL requirement is the EU...more
SEC Proposes Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure - On October 11, 2017, the Securities and Exchange Commission (SEC) proposed amendments "to modernize and simplify disclosure...more
Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more
The European Banking Authority published its final Report on the design and implementation of the minimum requirement for own funds and eligible liabilities framework. MREL is the EU equivalent of the US Total Loss Absorbing...more
FDIC Adopts New Recordkeeping Requirements for Large Banks – Modifies Original Proposal as to Brokered CDs - In November 2016, the FDIC approved a final rule establishing recordkeeping requirements for insured...more
The European Commission (“Commission”), on 23 November 2016, released its legislative proposals to amend the EU’s Bank Recovery and Resolution Directive (“BRRD”) to provide more detailed rules relating to the setting of MREL...more
On 23rd November 2016, the European Commission released a package of banking legislation reforms. Some of these were expected – in particular those related to the minimum requirement for eligible liabilities and own funds...more
The European Banking Authority published for consultation draft Implementing Technical Standards on the reporting requirements of the minimum requirements for own funds and eligible liabilities. The ITS set out the procedures...more
EBA Final Draft RTS on Assessment Methodology for Internal Ratings-Based Approach - The EBA has published final draft regulatory technical standards (RTS) on the specification of the assessment methodology for competent...more
The European Banking Authority (EBA) has published an interim report on the minimum requirement for own funds and eligible liabilities (MREL). Under the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD) the EBA is...more
The European Commission adopted Regulatory Technical Standards on criteria relating to the methodology for setting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL). MREL is the European equivalent of US...more