Featured Product

    EC Publishes Legislative Package in Preparation for Brexit

    December 19, 2018

    EC issued a communication on preparing for the withdrawal of the United Kingdom from the European Union by implementing its Contingency Action Plan. Also published were the questions and answers on the consequences of the United Kingdom leaving the European Union without a ratified Withdrawal Agreement (no-deal Brexit). This communication and the proposed legislation contains measures that are specific, limited, and targeted at remedying the negative impact of a disorderly withdrawal or at enabling the necessary adaptation of the legislation. The package covers 14 measures in a limited number of areas, including the financial services, where a “no-deal” scenario would create major disruption for citizens and businesses in the EU27.

    As part of the Contingency Action Plan for financial services, EC has adopted the following measures:

    • A temporary and conditional equivalence decision for a fixed, limited period of 12 months to ensure that there will be no immediate disruption in the central clearing of derivatives.
    • A temporary and conditional equivalence decision for a fixed, limited period of 24 months to ensure that there will be no disruption in central depositories services for EU operators currently using UK operators.
    • Two Delegated Regulations facilitating novation, for a fixed period of 12 months, of certain over-the-counter derivatives contracts, where a contract is transferred from a UK to an EU27 counterparty.

    EC considers it essential and urgent to adopt these measures to ensure that the necessary contingency measures can enter into application on March 30, 2019 to limit the most significant damage caused by a “no-deal” scenario in these areas. EC will continue to implement its Contingency Action Plan in the weeks to come and will monitor the need for additional action as well as continue to support member states in their preparedness work.

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, FMI, Brexit, No-Deal Brexit, OTC Derivatiives, Derivatives Contracts, Temporary Equivalence, EC

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4118