EBA added the New York State Department of Financial Services (United States) to the current list of non-EU, third-country supervisory authorities whose confidentiality regime can be regarded as equivalent. This is part of the guideline on equivalence of non-EU authorities for participation in supervisory colleges, which addresses the equivalence of confidentiality and professional secrecy regimes. The guidelines are addressed to competent authorities and will apply from April 16, 2020.
The deadline for competent authorities to report whether they comply with the guidelines will be two months after the publication of the translated guidelines. The guidelines are designed to help EU authorities in their assessment of third country equivalence and to facilitate cooperation with third country supervisory authorities and their participation in supervisory colleges overseeing international banks. EBA assesses confidentiality regimes of third countries with respect to Article 116 (6) of the Capital Requirements Directive.
Keywords: Europe, EU, Banking, Third Country Equivalence, Guidelines, New York State Department of Financial Services, CRD, Supervisory Colleges, EBA
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PRA, via the consultation paper CP12/20, proposed changes to its rules, supervisory statements, and statements of policy to implement certain elements of the Capital Requirements Directive (CRD5).
EIOPA published the financial stability report that provides detailed quantitative and qualitative assessment of the key risks identified for the insurance and occupational pensions sectors in the European Economic Area.
EBA published its risk dashboard for the first quarter of 2020 together with the results of the risk assessment questionnaire.
EBA announced that the next stress testing exercise is expected to be launched at the end of January 2021 and its results are to be published at the end of July 2021.
PRA published the consultation paper CP11/20 that sets out its expectations and guidance related to auditors’ work on the matching adjustment under Solvency II.
MAS published a statement guidance on dividend distribution by banks.
APRA updated its capital management guidance for banks, particularly easing restrictions around paying dividends as institutions continue to manage the disruption caused by COVID-19 pandemic.
FSB published a report that reviews the progress on data collection for macro-prudential analysis and the availability and use of macro-prudential tools in Germany.
EBA issued a statement reminding financial institutions that the transition period between EU and UK will expire on December 31, 2020; this will end the possibility for the UK-based financial institutions to offer financial services to EU customers on a cross-border basis via passporting.
SRB published guidance on operational continuity in resolution and financial market infrastructure (FMI) contingency plans.