Featured Product

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    August 20, 2019

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets. EBA and ESMA welcome the EC work in response to the issues identified in the January 2019 reports on crypto-assets and initial coin offerings. The analysis and advice set out in these reports represent a comprehensive assessment of applicability and suitability of the current EU law to crypto-assets, including stablecoins, and raise important issues regarding consumer and investor protection, market integrity, and competitiveness of the EU single market. For these reasons, EBA and ESMA agree that it is vital that further work progresses with urgency, with the aim of informing potential actions by the new Commission.

    At the international level, EBA and ESMA staff are engaging with FSB, BCBS, FATF and CPMI-IOSCO. This engagement is intended to help inform a common approach at the international level on matters such as the prudential treatment of bank exposures to crypto-assets and the regulatory treatment of crypto-asset exchanges and trading platforms. At the EU level, EBA and ESMA will shortly launch a new stocktaking exercise of national regimes applicable to crypto-assets. This stocktaking exercise will include a specific block of questions on the regulatory treatment of stablecoins, in light of their increasing prominence, and is being prepared in coordination with EC staff.   

    The topic of stablecoins will also be discussed at the upcoming European Forum for Innovation Facilitators (EFIF) event in September, along with a range of other financial technologies subject to consideration or testing in innovation facilitators. The discussions at EFIF level are intended to enhance competent authorities’ capacity to understand the underlying technologies and their application in the financial sector and promote a common regulatory and supervisory approach. In progressing all this work, EBA, ESMA, and EC staff are working closely together and the staff should continue to have regular dialog to ensure fully coordinated and consistent positions on issues such as stablecoins and other types of crypto-assets.

     

    Related Links 

    Keywords: Europe, EU, Banking, Securities, Crypto Assets, Initial Coin Offerings, Stablecoins, Fintech, EC, EBA, ESMA

    Related Articles

    PRA Publishes Q&A on Property Valuation Requirements Under CRR

    PRA published a set of questions and answers (Q&A) covering common queries regarding residential and commercial property valuations, for the purpose of the Capital Requirements Regulation (CRR), during the period of disruption caused by COVID-19 pandemic.

    May 29, 2020 WebPage Regulatory News

    EBA Publishes Guidelines on Loan Origination and Monitoring

    EBA published guidelines on loan origination and monitoring, which bring together prudential standards and consumer protection obligations, along with the anti-money laundering and the Environmental, Social, and Governance (ESG) considerations.

    May 29, 2020 WebPage Regulatory News

    EBA Proposes Revised Standards for Own Funds and Eligible Liabilities

    EBA published a consultation paper on the draft amended regulatory technical standards on own funds and eligible liabilities.

    May 29, 2020 WebPage Regulatory News

    EBA Sets Out Supervisory Convergence Plan for 2020

    EBA published a report on convergence of supervisory practices in 2019.

    May 29, 2020 WebPage Regulatory News
    News

    IOSCO Consults on Outsourcing Principles for Operational Resilience

    IOSCO proposed updates to its principles for regulated entities that outsource tasks to service providers.

    May 28, 2020 WebPage Regulatory News
    News

    MAS Consortium to Develop AI Fairness Metrics for Credit Scoring

    MAS announced that the first phase of the Veritas initiative will commence with the development of fairness metrics in credit risk scoring and customer marketing.

    May 28, 2020 WebPage Regulatory News

    BoE Updates Definitions for BTL Data Collection

    BoE published the Statistical Notice 2020/4 to update the buy-to-let (BTL) Phase 2 and Phase 3 definitions for the Interest Rate Type data item.

    May 28, 2020 WebPage Regulatory News
    News

    FSI Examines Financial Stability Implications of Payment Deferrals

    FSI published a brief note that examines challenges facing the banking sector as a result of the payment deferral programs put in place to support borrowers affected by the COVID-19 pandemic.

    May 28, 2020 WebPage Regulatory News
    News

    RBNZ Publishes Financial Stability Report for May 2020

    RBNZ published the financial stability report for May 2020. This review of the financial system in the country highlights that the economic disruption associated with COVID-19 will present challenges to the financial system.

    May 27, 2020 WebPage Regulatory News
    News

    PRA Finalizes Policy on Prudent Person Principle Under Solvency II

    PRA published the policy statement PS14/20, which contains the supervisory statement SS1/20 and the feedback to responses to the consultation paper CP22/19 on expectations for investment by firms in accordance with the Prudent Person Principle, or PPP, as set out in the Investments Part of the PRA Rulebook.

    May 27, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5234