February 07, 2017
IMF published its staff report and selected issues report in the context of the 2016 Article IV consultation with Greece. The reports focus on the challenges facing the financial sector in the country and recommend measures to address these challenges.
February 09, 2017
ESRB published a compliance report assessing the implementation level of ESRB recommendations on the intermediate objectives and instruments of macro-prudential policy (published in June 2013) by its addressees. The addressees comprise the EU member states, the member states’ macro-prudential authorities, and the EC.
The EBA published its final regulatory technical standards specifying the procedure for excluding transactions with non-financial counterparties (NFCs) established in a third country from the capital requirement for credit valuation adjustment (CVA) risk. These standards align the treatment of NFCs established in a third country with the treatment of EU NFCs as recommended in the EBA CVA Report, which was published on February 25, 2015.
ECB published proceedings of the ESCB Legal Conference, which was held in October 2016. The conference brought together more than 200 participants from around the world to discuss the recent legal developments related to the Eurosystem’s activities. The aim of the ESCB Legal Conference 2016 had been to present legal developments, legal challenges, and practical legal issues that are related to the activities of the Eurosystem and of the Single Supervisory Mechanism.
ESMA published its Supervisory Convergence Work Program (SCWP) for 2017, which details the planned activities and tasks to promote sound, efficient, and consistent supervision across the EU. It also outlines key priorities for the year and these priorities have been developed after considering factors such as the market environment, legislative and regulatory developments, and the supervisory priorities of the national competent authorities. The implementation of the 2017 SCWP will be monitored throughout 2017 and priorities may be readjusted depending on developments.
The PRA published a public working draft of the Bank of England Banking eXtensible Business Reporting Language (XBRL) Taxonomy Version 1.9.0 and related technical documents. This follows policy statement PS36/16 "Financial statements - responses to Chapter 3 of CP17/16" published on December 12, 2016.
February 08, 2017
EC published, in the Official Journal of the European Union, the regulatory technical standards (Commission Delegated Regulation or CDR 2017/208) for additional liquidity outflows corresponding to collateral needs resulting from the impact of an adverse market scenario on an institution's derivatives transactions. This regulation states that an institution's derivative transactions shall be considered material where the total of notional amounts of such transactions has exceeded 10% of the net liquidity outflows as referred to in Article 412(1) of the Capital Requirements Regulation (or CRR; EU Regulation No 575/2013) at any time in the previous two years. In this context, the net liquidity outflows shall be calculated without the additional outflow component referred to in the first subparagraph of Article 423(3) of CRR.
The BIS published the IFC Bulletin Number 42, which presents the proceedings of the IFC Satellite meeting on “Assessing international capital flows after the crisis” in Rio de Janeiro, Brazil, on July 24, 2015. This IFC event was organized with the Central Bank of Brazil and the Center for Latin American Monetary Studies, on the occasion of the 60th World Statistics Congress of the International Statistical Institute.
IOSCO published a report examining the potential of technology-driven change in the securities market industry. The report highlights the increasingly important intersection between financial technology (Fintech) and securities market regulation and analyzes the key trends in this area. It examines various innovative business models and emerging technologies that are transforming the financial services industry, along with the opportunities and risks that these new technologies present to investors, securities markets, and their regulators.
EIOPA published the draft implementing technical standards on a standardized presentation format for the Insurance Product Information Document (IPID), as part of its work on the detailed rules for the Insurance Distribution Directive (IDD). These implementing standards provide EU consumers with concise, simple, and comparable information about non-life insurance products.