Europe Outlook

European Leveraged Finance & CLO Summit

EBA 2021 Stress Test for Dutch Mortgages

EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

EBA Updates Lists of Entities for Use in Capital Calculations under SA

EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

ECB Amends Guideline on Euro Short-Term Rate

ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

EBA Consults on Standards Related to FRTB-SA

EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

PRA Proposes Rules Related to IRB Approach for Credit Risk

PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

EU Amends CRR and Securitization Regulation in Response to Pandemic

To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

EIOPA Report Examines Use of Limitations and Exemptions in Solvency II

EIOPA published a report on the use of exemptions and limitations from regular supervisory reporting, by national competent authorities, under Solvency II, during 2019 and the first quarter of 2020.

ESRB Assesses Systemic Risks and Mulls Policy Options at March Meeting

ESRB published its updated risk assessment via a risk dashboard for this quarter, along with a summary of the March 2021 meeting of the General Board of ESRB.

PRA Publishes an Update on Reporting Taxonomy 3.4.0 for Banks

PRA announced that it does not intend to update the Capital+ and financial statements XBRL utilities to reflect changes to the Capital+ or financial statements reporting requirements in version 3.4.0 of the BoE banking taxonomy.

EBA Proposes Standards on Disclosure of Investment Policy Under IFR

EBA proposed regulatory technical standards on disclosure of investment policy by investment firms under the Investment Firms Regulation (IFR or Regulation 2019/2033).

ESRB Paper Shows Loan Performance Improves with Higher IT Adoption

ESRB published a paper that presents evidence to indicate the direct role of information technology (IT) adoption in strengthening the resilience of commercial banks in US.

Central Bank of Ireland Issues Draft Templates for AnaCredit Reporting

Central Bank of Ireland published draft credit data templates and rules for monthly and quarterly AnaCredit reporting by banks.

EU Regulators Warn of Fall in Asset Quality and Rise in Credit Risk

The Joint Committee of ESAs (EBA, EIOPA and ESMA) published the report on risks and vulnerabilities in the financial system in EU.

EBA Reviews Single Rulebook Q&As Against Revised BRRD, CRD, and CRR

EBA published a summary of the review status of the Single Rulebook questions and answers (Q&As) against revised versions of the Capital Requirements Regulation (CRR), the Capital Requirements Directive (CRD), and the Bank Recovery and Resolution Directive (BRRD).

ESMA Updates Q&A on Transitional Provisions in Benchmarks Regulation

ESMA updated an answer in the questions and answers (Q&A) document on the Benchmarks Regulation (Regulation 2016/1011) in EU.

SRB Issues Guidance on Bail-In for International Debt Securities

SRB published a guidance document on the elements that banks should consider for the implementation of the bail-in with respect to the international bearer debt securities issued by and safekept in the international central securities depositories (ICSDs), Euroclear Bank (EB), and Clearstream Banking Luxembourg (CBL).

UK Mortgage Loan Market Expectations - A Midsummer Night's Dream or Nightmare?

In this webinar you will find out more about the Moody's Analytics UK Mortgage Portfolio Analyzer to assess the adverse economic impact of the global pandemic on a representative portfolio of the UK mortgages.

ACPR Issues Update on Reporting by Banks, BDF on BRRD Transposition

ACPR published Decision n° 2021-CR-11 on resolvability assessment criteria, in view of transposition of the revised EU Bank Recovery and Resolution Directive or BRRD2 (with reference to Ordinance n ° 2020-1636 of December 21, 2020).

DNB Publishes Several Regulatory Updates for Banks in March 2021

DNB decided to leave the countercyclical capital buffer (CCyB) for banks to be unchanged at 0% for this quarter.

ESRB Announces Updates on Macro-Prudential Measures in March 2021

ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.

UK Authorities Set Out Expectations for Preparation of LIBOR Cessation

UK authorities (BoE, PRA, and FCA) recently published updates on LIBOR reforms, including the PRA and FCA joint letter on the final phase of transition from LIBOR to risk-free rates.

PRA, BoE, and FCA Finalize Policy Decisions on Operational Resilience

The supervisory authorities PRA, BoE, and FCA published a joint summary of policy decisions on operational resilience in the financial services sector.

HMT Issues Proposal to Mandate Climate-Related Financial Disclosures

HM Treasury, or HMT, is seeking views on the proposal to mandate climate-related financial disclosures from publicly quoted companies, large private companies, and Limited Liability Partnerships (LLPs).

PRA Finalizes Policy on Outsourcing and Third-Party Risk Management

PRA published the policy statement PS7/21 that sets out the final supervisory statement SS2/21 on outsourcing and third-party risk management.

EC Revises Standards on Methodology for G-SII Identification

EC published, in the Official Journal of the European Union, the final Commission Delegated Regulation 2021/539 on regulatory technical standards for specification of the methodology for the identification of global systemically important institutions (G-SIIs) and for the definition of subcategories of G-SIIs.