European Parliament, or EP, published a briefing that offers insight into the latest regulatory developments on equivalence in EU banking and financial regulation, including elements of the ongoing ESA review, the Investment Firm Review, and the European Market Infrastructure Regulation (EMIR) 2.2, which are being discussed at the European Parliament and the Council. The briefing also gives an overview of the possible role of equivalence regimes in the context of Brexit, both in the context of a “no-deal” scenario and as part of an agreement.
This briefing is an updated version of a briefing published in April 2018. It details the proposed changes to the existing equivalence regimes. EC has recently proposed regulatory changes to enhance some EU equivalence regimes: in September 2017, as part of the ESA review; in December 2017, as part of the Investment Firm review; and, in June 2017, in relation to a review of EMIR. The proposals are being discussed at the European Parliament and Council.
Related Link: EP Briefing (PDF)
Keywords: Europe, EU, Banking, Securities, Insurance, PMI, Third Country, Equivalence Regime, Passporting, Brexit, European Parliament
Previous ArticleEP Publishes Report on Proposal to Amend CRD IV and MiFID II
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.