EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers. The Annexes to Regulation 2021/1751 contain templates, instructions, single data point model, and validation rules for reporting. Regulation 2021/1751 supplements the Bank Recovery and Resolution Directive (BRRD or 2014/59/EU) and shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 55(1) of BRRD provides that under certain conditions member states are to require institutions and entities referred to in BRRD to include a contractual term by which the counterparty to an agreement or instrument creating the liability recognizes that the liability may be subject to the write-down and conversion powers. Article 55(2) of BRRD requires member states to ensure that where such an institution or entity reaches the determination that it is legally or otherwise impracticable to include such a contractual term (determination of impracticability of contractual recognition), the institution or entity must notify its determination to the resolution authority. For the purpose of making a notification in accordance with Article 55(2), the institution or entity shall submit to the resolution authority the information specified in the templates set out in Annex I of Regulation 2021/1751. These templates shall be completed in accordance with the instructions set out in Annex II of the Regulation 2021/1751. Institutions and entities shall submit the information in the data-exchange formats and representations specified by the relevant resolution authority. When submitting information, the institutions and entities shall respect the data point definitions included in the single data point model referred to in Annex III and the validation rules referred to in Annex IV of Regulation 2021/1751.
Effective Date: October 24, 2021
Keywords: Europe, EU, Banking, BRRD, Implementing Technical Standards, Contractual Recognition, Basel, Resolution Framework, Reporting, Validation Rules, EC
The Prudential Regulation Authority (PRA) published the final policy statement PS21/21 on the leverage ratio framework in the UK. PS21/21, which sets out the final policy of both the Financial Policy Committee (FPC) and PRA
The Consumer Financial Protection Bureau (CFPB) proposed to amend Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) under Section 1071 of the Dodd-Frank Act.
The Prudential Regulation Authority (PRA) decided to maintain, at the 2019 levels, the buffer rates for the Other Systemically Important Institutions (O-SII) for another year, with no new rates to be set until December 2023.
The Financial Stability Board (FSB) published a progress report on implementation of its high-level recommendations for the regulation, supervision, and oversight of global stablecoin arrangements.
In a letter to the authorized deposit taking institutions, the Australian Prudential Regulation Authority (APRA) announced an increase in the minimum interest rate buffer it expects banks to use when assessing the serviceability of home loan applications.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) are consulting on the preliminary guidance that clarifies that stablecoin arrangements should observe international standards for payment, clearing, and settlement systems.
The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) have set out their respective work priorities for 2022.
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0, in addition to the reporting module on leverage under the common reporting (COREP) framework.
The European Commission (EC) published the Implementing Decision 2021/1753 on the equivalence of supervisory and regulatory requirements of certain third countries and territories for the purposes of the treatment of exposures, in accordance with the Capital Requirements Regulation or CRR (575/2013).
The Federal Deposit Insurance Corporation (FDIC) issued supplemental instructions for the Consolidated Reports of Condition and Income—that is, Call Reports FFIEC 031, FFIEC 041, and FFIEC 051—for the September 30, 2021 reporting date.