Featured Product

    EBA Reminds Firms to Execute Contingency Plans for Brexit Transition

    November 09, 2020

    EBA is reminding the impacted financial institutions to finalize the full execution of their contingency plans in accordance with the conditions agreed with the relevant competent authorities before the end of transition period on December 31, 2020. The UK financial institutions offering services to EU customers should ensure that they have obtained the necessary authorizations from EU competent authorities and effectively established themselves before the end of transition period; these institutions should also provide adequate information to their EU customers regarding the availability of services after the end of the transition period.

    To continue to provide services in EU, the UK-based financial institutions need to finalize their authorizations from EU competent authorities and fully establish their EU-based operations in accordance with the conditions and establishment plans agreed with the relevant competent authorities. EBA is reminding financial institutions about the need to have clearly articulated and appropriate booking arrangements, to meet the outsourcing requirements as provided in the EBA guidelines on outsourcing arrangements and to not outsource activities to such an extent that they operate as empty shell companies (as also provided in the EBA opinion on preparations for the withdrawal of UK from EU). Despite significant action by many financial institutions as well as the steps taken by EU public authorities to address financial stability concerns, even the institutions that have already obtained all necessary authorizations and permissions should remain vigilant. In this regard, financial institutions are also reminded to complete the necessary actions regarding the re-papering of contracts with their EU clients.

    Furthermore, EBA reiterates that eIDAS certificates issued to the UK-based account information service providers and payment initiation service providers should be revoked and no longer supported. Payment service providers should include additional details regarding the payer and the payee for the transfer of funds between EU and UK. EBA also reminds institutions to ensure adequate communication regarding their preparations and possible changes to any affected EU customers. 

     

    Related Link: Press Release

     

    Keywords: Europe, EU, UK, Banking, PMI, Contingency Plans, Brexit Transition, EBA

    Related Articles
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.

    May 23, 2022 WebPage Regulatory News
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    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.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    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.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    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.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    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.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    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.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201