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

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    EBA Report Notes Loan Origination Should Remain in Supervisory Focus

    EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    IOSCO Sees Support for Mandatory Sustainability Reporting

    The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6967