The European Banking Authority has published a report on the fact-finding exercise on creditworthiness assessment practices of non-bank lenders. The exercise is a follow-up to the Consumer Trends Report published in April...more
Towards the end of 2023, non-bank financial intermediaries ("NBFIs") accounted for approximately 41% of the EU’s total financial assets, against a figure for banks of 36%. This dominance and growth, together with the...more
The European Union's new reporting requirement under Regulation (EU) 2015/2365 of November 25, 2015—known as the Securities Financing Transactions Regulation ("SFTR")—will go into effect beginning on April 11, 2020, for...more
The Financial Stability Board has extended the implementation timelines for its recommendations on securities financing transactions, in particular those on minimum haircut standards for uncleared SFTs. SFTs involve the use...more
Publication by the FSMA of the 2017 statistics regarding pension funds - The Financial Services and Markets Authority (“FSMA”) published the statistical data on 21 September 2018 on the sector relating to institutions...more
The Situation: The European Securities and Markets Authority ("ESMA") has fined several banks for negligently issuing credit ratings on a professional basis without obtaining the necessary authorization to be a credit rating...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 European Commission published a report on market developments over the past year that would potentially have created the need for stricter requirements for the level of banks' own funds, large exposures and public...more
The Financial Stability Board published a Report on regulatory approaches to re-hypothecation of client assets. The Report is in response to the recommendation that the possibility of harmonizing client asset rules with...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
Financial Industry Developments - CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No-Action Relief From the Ownership and Control Final Rule - On November 16,...more
Bank Prudential Regulation & Regulatory Capital - US Board of Governors of the Federal Reserve System Releases Proposed Rule to Modify Capital Plan and Stress Testing Rules - On September 26, 2016, the US Board of...more
In the aftermath of the financial crisis, the national and international response by legislators and regulators has been to substantially overhaul and increase financial regulation applicable to banks and other financial...more
BROKER-DEALER FINRA - Issues Guidance With Respect to Stop Orders and Volatile Market Conditions - On May 26, FINRA issued guidance encouraging firms to review their policies with respect to the use of stop orders...more
The Financial Stability Board published its thematic review on the implementation of the FSB Framework for Shadow Banking Entities. The objective of the review was to evaluate the progress made by FSB jurisdictions in...more
This article considers the recent European Banking Authority Shadow Banking Guidelines (the “Guidelines”), seeks a definition of shadow banking and discusses some of the potential consequences of the Guidelines for...more
2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more
On January 12, the Regulation on Reporting and Transparency of Securities Financing Transactions will come into force (“the SFT Regulation”). Securities financing transactions (“SFTs”) allow market participants to access...more
The trail-blazing and transcendent David Bowie died this weekend after an 18-month battle with cancer. Incredibly, his reach extended beyond music, cinema, holiday duets, fashion, and stage and into our world of finance, as...more
Regulatory context - The regulation on transparency of securities financing transactions and of reuse (the “Regulation”) stems from a belief that the 2007-08 global financial crisis revealed excessive speculative...more
The European Banking Authority (“EBA”) has published the following documents in connection with the Capital Requirements Regulation (Regulation 575/2013) (“CRR”): Final guidelines on limits on exposures to shadow...more
This article summarises potential new European regulatory obligations that may arise for any financial entity, whether located inside or outside of the European Union, that regularly or occasionally enters into securities...more
On September 14, the European Securities and Markets Authority (ESMA) published its Trends, Risks and Vulnerabilities Report No. 2 for 2015 (the TRV) on the European securities markets. The TRV covers the time period from...more
On June 29, the Council of the European Union announced that its Permanent Representatives Committee (Coreper) approved a final compromise text of the proposed regulation on reporting and transparency of securities financing...more
On June 29, 2015, the Council of the European Union announced that its Committee of Permanent Representatives (Coreper) approved a final compromise text of the proposed regulation on reporting and transparency of securities...more