Featured Product

    ECB Published Opinion on a Draft Law on Request from NBB

    June 08, 2017

    ECB published an opinion (CON/2017/23) on the amendments to a draft law of the National Bank of Belgium (NBB). This opinion encompasses new category of debt instruments, new macro-prudential tool, the creation of a new category of settlement institution, and the exclusion of set-off rights.

    ECB, on April 03, 2017, had received a request from the Governor of the National Bank of Belgium (NBB), on behalf of the Minister of Finance, for an opinion on a draft law on various financial and tax provisions. The draft law amends various provisions contained in the NBB Organic Law, the Law of February 28, 2002 (on organizing the establishment of the balance of payments), and the Banking Law. ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union (TFEU) and the third, fourth, fifth, and sixth indents of Article 2(1) of Council Decision 98/415/EC, since the draft law concerns the NBB, the collection of balance of payments statistics, payment and settlement systems as well as rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. The ECB opinion does not address the issue of whether the draft law effectively implements Directive 2014/49/EU (on deposit guarantee schemes) in Belgian law. The focus of this opinion is on the various provisions of the draft law related to the:

    Creation of a new category of senior non-preferred debt instruments in the insolvency hierarchy of credit institutions

    Introduction of new macro-prudential tools

    Creation of a new category of settlement institution

    Exclusion of set-off rights with respect to credit claims pledged to the NBB

    Introduction of new penalty payments in the context of balance of payments statistics

    Independence of the NBB’s decision-making bodies with regard to financial stability matters 

     

    Related Link: ECB Opinion (PDF)

    ​Keywords: Europe, ECB, Banking, NBB, Macroprudential Policy, Opinon, Belgium

    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