ECB has imposed an administrative penalty of EUR 1.85 million on Natixis Wealth Management Luxembourg. This is because Natixis Wealth Management Luxembourg has been found in breach of the large exposures limit and of the large exposures reporting requirements between December 2016 and November 2017.
The penalty has been imposed in respect of a breach of Article 395(1) of the Capital Requirements Regulation (CRR) by having incurred an exposure in excess of the limit set out in that provision in the period from December 2016 to November 2017. The penalty has also been imposed in respect of a breach of Article 394 of the CRR, in conjunction with Article 13 of Commission Implementing Regulation on Reporting, by reporting inaccurate information regarding the exposures in three consecutive quarterly reporting periods in 2016 and 2017.
The power of ECB to impose sanctions stems from Article 18(1) of Council Regulation (EU) No 1024/2013 of October 15, 2013, which confers specific tasks on ECB for policies related to the prudential supervision of credit institutions. The Decision imposing a sanction may be challenged before the Court of Justice of the EU under the conditions and within the time limits provided for in Article 263 of the Treaty on the Functioning of the European Union.
Keywords: Europe, EU, Luxembourg, Large Exposures, Reporting, Natixis Wealth Management Luxembourg, Basel III, Penalty, CRR, ECB
Previous ArticleAPRA Proposes New Capital Framework for Private Health Insurance
Next ArticleElke König of SRB Outlines Priorities for 2020
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.