Featured Product

    EC Amends Regulation Establishing the List of Critical Benchmarks

    March 25, 2019

    EC published the Implementing Regulation (EU) 2019/482, which amends the Regulation (EU) 2016/1368 that establishes a list of critical benchmarks used in financial markets pursuant to Benchmarks Regulation, or BMR (EU 2016/1011). The key change involves the addition of Warsaw Interbank Offered Rate (WIBOR) to the list of critical benchmarks pursuant to BMR. Regulation (EU) 2019/482 shall enter into force on the day following that of its publication in the Official Journal of the European Union.

    On October 10, 2018, the Polish competent authority, Komisja Nadzoru Finansowego (KNF), notified ESMA of its proposal to recognize the Warsaw Interbank Offered Rate (WIBOR) as a critical benchmark, under point (b) of Article 20(1) of BMR, because it is critical in Poland and it is based on submissions of contributors, all of which are located in Poland. WIBOR is a reference rate based on an average of the interest rates at which banks operating in the Polish money market are willing to lend unsecured funds to each other at different maturities. As of October 10, 2018, eleven banks participate in the WIBOR panel, all of which are located in Poland.

    In its assessment submitted to ESMA, the KNF concluded that the cessation of WIBOR, or its provision on the basis of input data or of a panel of contributors that are no longer representative of the underlying market or economic reality, could have a significant adverse impact on the functioning of financial markets in Poland. On November 08, 2018, ESMA sent EC its opinion setting out that KNF had taken into consideration all the elements and criteria included in Article 20(3) of BMR and that it had provided quantitative data to support the case for the recognition of WIBOR as a critical benchmark, as well as analytical reasoning highlighting the crucial role of WIBOR in the Polish economy. Therefore, the Regulation (EU) 2016/1368 has been amended accordingly. The Annex to Implementing Regulation (EU) 2016/1368 has been replaced by the text in the Annex to Regulation (EU) 2019/482.

     

    Related Links

    Effective Date: March 26, 2019

    Keywords: Europe, EU, Poland, Banking, Securities, WIBOR, Regulation 2019/482, Regulation 2016/1368, Benchmarks Regulation, Critical Benchmarks, Interest Rate Benchmarks, ESMA, EC

    Related Articles
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets

    The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.

    January 12, 2022 WebPage Regulatory News
    News

    FCA Registers Securitization Repositories; PRA Issues 2022 Priorities

    The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.

    January 12, 2022 WebPage Regulatory News
    News

    EC Regulation Sets Out Methods for Measuring K-Factors Under IFR

    The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.

    January 11, 2022 WebPage Regulatory News
    News

    BIS Studies How Platform Models Impact Financial Stability & Inclusion

    The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.

    January 10, 2022 WebPage Regulatory News
    News

    ESAs Publish List of Financial Conglomerates for 2021

    The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.

    January 07, 2022 WebPage Regulatory News
    News

    APRA Licenses Two More Banks, Reduces Committed Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.

    January 07, 2022 WebPage Regulatory News
    News

    EU Issues SII Corrigendum; EIOPA Assesses SII Reporting Exemptions

    EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).

    January 06, 2022 WebPage Regulatory News
    News

    EBA Opines on Impact of De-Risking and Associated AML/CFT Challenges

    The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.

    January 05, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7860