EBA Amends Recommendation on Equivalence of Confidentiality Regimes
EBA published its amended recommendations (EBA/REC/2015/01) on the equivalence of confidentiality regimes. The equivalence assessment of EBA is based on the relevant provisions of the Capital Requirements Directive (CRD IV) and has considered certain third-country authorities as equivalent.
The following are the third-country authorities that have been considered to be equivalent:
- The ADGM Financial Services Regulation Authority—the Abu Dhabi Global Market
- The Financial Supervisory Service—the Republic of South Korea
- The National Bank of Moldova—the Republic of Moldova
- The Securities and Futures Commission—Hong Kong
The results were published, in 2015, in a first set of recommendations, which were amended in December 2017 and June 2018, to include other third-country authorities that were assessed as equivalent. The assessment is an ongoing process and EBA has, since then, completed the assessment of a further set of authorities. Thus, the outcomes of these new assessments are reflected in the present amending recommendations. As a next step, the recommendations will be translated into the official languages of the EU and published on the EBA website. The deadline for competent authorities to report whether they comply with the recommendations will be two months after the publication of the translations.
Related Links
Keywords: Europe, EU, Banking, Securities, Recommendations, Confidentiality Regime, CRD IV, Equivalence, EBA
Previous Article
OCC Updates “Other Real Estate Owned” Part of Comptroller’s HandbookRelated Articles
EBA Publishes Guidelines on Loan Origination and Monitoring
EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.
EBA Proposes Revised Standards for Own Funds and Eligible Liabilities
EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.
EBA Sets Out Supervisory Convergence Plan for 2020
EBA published a report on convergence of supervisory practices in 2019.
PRA Publishes Q&A on Property Valuation Requirements Under CRR
PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.
IOSCO Consults on Outsourcing Principles for Operational Resilience
IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.
MAS Consortium to Develop AI Fairness Metrics for Credit Scoring
MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.
BoE Updates Definitions for BTL Data Collection
BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.
FSI Examines Financial Stability Implications of Payment Deferrals
FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.
PRA Finalizes Policy on Prudent Person Principle Under Solvency II
PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.
EBA on Extending Large Exposure Limits for French Systemic Banks
EBA published an opinion following the notification by the French macro-prudential authority, the Haut Conseil de Stabilité Financière (HCSF), of its intention to extend a measure introduced in 2018 on the use of Article 458(9) of the Capital Requirements Regulation (CRR).
