Featured Product

    SRB Sets Expectations on Resolvability of Banks in Context of Brexit

    November 15, 2018

    SRB published a position paper that presents its expectations about ensuring resolvability of banks in the context of Brexit. The paper focuses on six key areas: minimum requirements for own funds and eligible liabilities (MREL) eligibility, internal loss absorbency, operational continuity, access to financial market infrastructures (FMIs), governance, and management information systems.

    Since SRB has the mandate to ensure resolvability of all the banks under its remit, it expects all banks active in the Banking Union to meet a set of resolvability conditions. The requirements apply to Banking Union banks, be it either banks with significant activities in third countries or Banking Union subsidiaries of third country banking groups. As a result of the UK leaving the EU, certain UK or third-country banking groups have decided to relocate the current UK-based activities to EU-27 or to increase the extent or scope of the existing activities therein. Additionally, certain banks under the remit of SRB may have significantly increased business or operational activities in third countries.

    SRB and the Supervisory Board of ECB are cooperating closely to ensure that the requests of both authorities are aligned and conveyed to banking groups coherently and effectively. The elements presented in the paper are consistent with the EBA Opinions on Brexit (EBA/Op/2018/05 and EBA/Op/2017/12) and are in line with the international standards on resolvability. In the context of Brexit, SRB reiterates its core requirements in the interest of transparency. They do not preclude future SRB policy development. The expectations in this paper are aligned with the working priorities individually communicated to the banks that are under the SRB remit.

     

    Related Links

    Keywords: Europe, EU, UK, Banking, FMI, MREL, Banking Union, Brexit, Resolution, ECB, EBA, SRB

    Related Articles
    News

    LEI ROC Confirmed as Governance Body for OTC Derivatives Identifiers

    FSB confirmed the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) as the International Governance Body for the globally harmonized identifiers used to track over-the-counter (OTC) derivatives transactions, with effect from October 01, 2020.

    September 25, 2020 WebPage Regulatory News
    News

    FCA Consults on Regulation of International Firms in UK

    FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.

    September 25, 2020 WebPage Regulatory News
    News

    EBA Launches Transparency Exercise for Banks in EU

    EBA launched the seventh annual transparency exercise for banks in EU.

    September 25, 2020 WebPage Regulatory News
    News

    EBA Publishes Single Rulebook Q&A Updates in September 2020

    The EBA Single Rulebook question and answer (Q&A) tool updates for this month include answers to 32 questions.

    September 25, 2020 WebPage Regulatory News
    News

    MAS Amends Notices on NSFR and Single Counterparty Credit Exposures

    MAS published amendments to the Notice 652 on net stable funding ratio (NSFR), along with the related reporting template.

    September 24, 2020 WebPage Regulatory News
    News

    EC Publishes Action Plan for Capital Markets Union in EU

    EC published the action plan to enhance the Capital Markets Union in EU over the coming years.

    September 24, 2020 WebPage Regulatory News
    News

    EC Proposes Frameworks for Crypto-Assets and Operational Resilience

    EC adopted a package that includes the digital finance and retail payments strategies and the legislative proposals for regulatory frameworks on crypto-assets and digital operational resilience.

    September 24, 2020 WebPage Regulatory News
    News

    ECB Publishes Opinion on Proposals to Amend Securitization Framework

    ECB published an opinion (CON/2020/22) on proposals for regulations amending the securitization framework of EU, in response to the COVID-19 pandemic.

    September 24, 2020 WebPage Regulatory News
    News

    APRA Updates Validation and Derivation Rules in September 2020

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    September 24, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Capital Adequacy Requirements of Banks

    MAS published amendments to Notice 637 on the risk-based capital adequacy requirements for reporting banks incorporated in Singapore.

    September 23, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5845