ECB Fines Natixis Luxembourg for Breaching Large Exposure Requirements
ECB has imposed an administrative penalty of EUR 1.85 million on Natixis Wealth Management Luxembourg. This is because Natixis Wealth Management Luxembourg has been found in breach of the large exposures limit and of the large exposures reporting requirements between December 2016 and November 2017.
The penalty has been imposed in respect of a breach of Article 395(1) of the Capital Requirements Regulation (CRR) by having incurred an exposure in excess of the limit set out in that provision in the period from December 2016 to November 2017. The penalty has also been imposed in respect of a breach of Article 394 of the CRR, in conjunction with Article 13 of Commission Implementing Regulation on Reporting, by reporting inaccurate information regarding the exposures in three consecutive quarterly reporting periods in 2016 and 2017.
The power of ECB to impose sanctions stems from Article 18(1) of Council Regulation (EU) No 1024/2013 of October 15, 2013, which confers specific tasks on ECB for policies related to the prudential supervision of credit institutions. The Decision imposing a sanction may be challenged before the Court of Justice of the EU under the conditions and within the time limits provided for in Article 263 of the Treaty on the Functioning of the European Union.
Related Links
Keywords: Europe, EU, Luxembourg, Large Exposures, Reporting, Natixis Wealth Management Luxembourg, Basel III, Penalty, CRR, ECB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
APRA Proposes New Capital Framework for Private Health InsuranceNext Article
Elke König of SRB Outlines Priorities for 2020Related Articles
HKMA on Fintech Adoption and Innovation by Banks in Hong Kong
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS on Impact of Increasing Use of Cloud Technology on Cyber Risk
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB Consults on Guide for Managing Climate and Environmental Risks
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB Issues Opinion on Revisions to CRR in Response to COVID Crisis
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA Assesses Interlinkages Between Recovery and Resolution Planning
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB Publishes Final MREL Policy Under the Banking Package
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
US Agencies Amend Interim Final Rule on Transition Period for CECL
US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.
ECB Releases Results of March Survey on Credit Terms and Conditions
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.
FINMA Adjusts Deadlines for COVID-19 Relief Measures for Banks
FINMA published guidance (06/2020) on extending or discontinuing various exemptions that were granted due to the COVID-19 crisis.
SRB Consults on Standardized Data Set for Bank Valuation in Resolution
SRB launched a consultation on the minimum data needed for valuation of a bank in resolution.
