EC published implementing decisions (EU) 2019/544 and (EU) 2019/545, which shall enter into force on the day following that of their publication in the Official Journal of the European Union. The Implementing decision (EU) 2019/545 amends Decision (EU) 2018/2030 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories (CSDs) of UK is equivalent in accordance with Regulation (EU) No 909/2014. Implementing decision (EU) 2019/544 amends Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties (CCPs) in UK is equivalent, in accordance with European Market Infrastructure Regulation or EMIR (Regulation (EU) No 648/2012). These amendments are a result of the extension in the date of the withdrawal of UK from EU.
Additionally, ESMA announced that it has adopted new recognition decisions for three CCPs—–LCH Limited, ICE Clear Europe Limited, and LME Clear Limited—and one CSD—Euroclear UK and Ireland Limited—established in UK to reflect the extension to the Article 50 of the Treaty of the European Union period to April 12, 2019. Following the adoption of the amended equivalence decisions in relation to UK CCPs and the CSD by EC, ESMA has accordingly issued the new recognition decisions to make sure that UK CCPs and the CSD are recognized in the event of a no-deal Brexit.
Effective Date: April 05, 2019
Keywords: Europe, EU, UK, Banking, Securities, CCPs, CSD, Equivalence Decisions, EMIR, Brexit, No-Deal Brexit, Decision 2019/2030, Decision 2018/2031, EC, ESMA
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.