EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU. The public consultation addresses three EU legislative texts: Bank Recovery and Resolution Directive (BRRD), Single Resolution Mechanism Regulation (SRMR), and Deposit Guarantee Schemes Directive (DGSD). The possible revision of the resolution framework as well as a possible further harmonization of insolvency law are foreseen in the respective review clauses of the three legislative texts. By reviewing the framework, EC aims to increase its efficiency, proportionality, and overall coherence to manage bank crises in EU as well as to enhance the level of depositor protection, including through the creation of a common depositor protection mechanism in the banking union. The consultation is open until May 20, 2021.
This consultation covers 10 questions on the key directions of the review of the bank crisis management and deposit insurance frameworks. The questions raised in the consultation relate to the following aspects:
- Objectives of crisis management and deposit insurance frameworks
- Use of the tools and powers in BRRD
- Revision to the conditions to access different sources of funding in resolution and in insolvency
- Potential reform of the use of Deposit Guarantee Scheme funds in the future framework
- Issues related to depositor protection that would require clarification of the current rules and/or policy response
- Scope of depositor protection in the future framework
- European Deposit Insurance Scheme
Crisis management and deposit insurance, including a common funding scheme for the Banking Union, are strongly interlinked and interdependent and hold the potential for synergies, if developed jointly. In parallel to this consultation, EC is holding a targeted consultation, until April 20, 2021, which covers 41 questions that include the general questions and those addressing concrete technical features.
Comment Due Date: May 20, 2021
Keywords: Europe, EU, Banking, BRRD, SRMR, DGSD, Deposit Insurance, Resolution Framework, Banking Union, Proportionality, Crisis Management Framework, EC
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),