European Parliament approved Christine Lagarde as the next ECB President and Yves Mersch as the Vice-Chair of the ECB Supervisory Board. Ms. Lagarde is due to replace the current incumbent, Mario Draghi on November 01, 2019. The candidature of Ms. Lagarde and Mr. Mersch will now be put on the agenda of the European Council summit in October.
The European Parliament gives a non-binding opinion on whether or not a candidate is suitable to fill the role of President of the ECB, with the final decision taken by the European Council. The European Supervisory Board is part of the Single Supervisory Mechanism (SSM), a system set up in the aftermath of the financial crisis to better supervise credit institutions in the EU and move toward the Banking Union. The Supervisory Board is composed of the national supervisors participating in the SSM, in addition to a chair, vice-chair, and four ECB representatives. Its task is to draft supervisory decisions, which are then adopted by the Governing Council of ECB, acting in its role of bank supervisor.
- Press Release: Christine Lagarde
- VP Dombrovskis on Appointment of ECB President
- Press Release: Yves Mersch
Keywords: Europe, EU, Banking, Christine Lagarde, Yves Mersch, ECB President, ECB, EC, European Council, European Parliament
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
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PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.