Featured Product

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    August 20, 2019

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets. EBA and ESMA welcome the EC work in response to the issues identified in the January 2019 reports on crypto-assets and initial coin offerings. The analysis and advice set out in these reports represent a comprehensive assessment of applicability and suitability of the current EU law to crypto-assets, including stablecoins, and raise important issues regarding consumer and investor protection, market integrity, and competitiveness of the EU single market. For these reasons, EBA and ESMA agree that it is vital that further work progresses with urgency, with the aim of informing potential actions by the new Commission.

    At the international level, EBA and ESMA staff are engaging with FSB, BCBS, FATF and CPMI-IOSCO. This engagement is intended to help inform a common approach at the international level on matters such as the prudential treatment of bank exposures to crypto-assets and the regulatory treatment of crypto-asset exchanges and trading platforms. At the EU level, EBA and ESMA will shortly launch a new stocktaking exercise of national regimes applicable to crypto-assets. This stocktaking exercise will include a specific block of questions on the regulatory treatment of stablecoins, in light of their increasing prominence, and is being prepared in coordination with EC staff.   

    The topic of stablecoins will also be discussed at the upcoming European Forum for Innovation Facilitators (EFIF) event in September, along with a range of other financial technologies subject to consideration or testing in innovation facilitators. The discussions at EFIF level are intended to enhance competent authorities’ capacity to understand the underlying technologies and their application in the financial sector and promote a common regulatory and supervisory approach. In progressing all this work, EBA, ESMA, and EC staff are working closely together and the staff should continue to have regular dialog to ensure fully coordinated and consistent positions on issues such as stablecoins and other types of crypto-assets.

     

    Related Links 

    Keywords: Europe, EU, Banking, Securities, Crypto Assets, Initial Coin Offerings, Stablecoins, Fintech, EC, EBA, ESMA

    Related Articles
    News

    BoE Seeks Information Before Migrating Statistical Reporting to BEEDS

    The Bank of England (BoE) published the Statistical Notice 2021/09 requiring additional information from firms and software vendors to assist in the onboarding and testing phases for migrating statistical reporting to the BEEDS portal.

    October 25, 2021 WebPage Regulatory News
    News

    FCA Publishes Final Rules on Investment Firms Prudential Regime

    The Financial Conduct Authority (FCA) published the final rules on the Investment Firms Prudential Regime (IFPR) to streamline and simplify the prudential requirements for solo-regulated UK firms authorized under the Markets in Financial Instruments Directive (MiFID).

    October 25, 2021 WebPage Regulatory News
    News

    CFRF Publishes Guides to Manage Financial Risks from Climate Change

    The working groups of the Climate Financial Risk Forum (CFRF) published a second round of guides (or Session 2 guides), written by the industry for the industry, to help financial firms manage climate-related financial risks.

    October 21, 2021 WebPage Regulatory News
    News

    PRA Finalizes Policy for Non-Performing Exposure Securitizations

    The Prudential Regulation Authority (PRA) published the final Policy Statement PS24/21 that contains the new Non-Performing Exposures Securitization Part of the PRA Rulebook and an updated Supervisory Statement SS10/18 on the general requirements and capital framework with respect to securitizations.

    October 21, 2021 WebPage Regulatory News
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    EU to Explore Potential of Establishing a Joint Cyber Unit

    The European Council adopted conclusions inviting the European Union (EU) and the member states to further develop the cybersecurity crisis management framework.

    October 19, 2021 WebPage Regulatory News
    News

    EC Sets Out Work Program for 2022

    The European Commission (EC) adopted the work program for 2022.

    October 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7598