Featured Product

    ESMA Consults on Procedural Rules to Impose Penalties on CRAs

    December 13, 2019

    ESMA launched a consultation on the future technical advice on the rules to impose penalties and fines on third-country central counterparties, trade repositories, and credit rating agencies (CRAs). The proposal builds on the existing enforcement framework regarding trade repositories and CRAs as well as on the supervisory experience of ESMA gained in recent years. The consultation will run until January 18, 2020. ESMA will consider the feedback received in the finalization of the technical advice by the end of the first quarter of 2020.

    The consultation paper comprises 13 sections and two annexes. The key topics covered in the consultation include scope of the proposed rules, procedure for the imposition of fines and supervisory measures, and the rights of the person subject to investigation, proposed procedure for the imposition of periodic penalty payments, and methods for the collection of fines and periodic penalty payments. Annex I to the paper provides a summary of the consultation questions.

    In September 2019, ESMA received a provisional request from EC to provide technical advice to assist EC in formulating procedural rules for penalties imposed on third-country central counterparties and trade repositories (Annex II). To deliver its advice to EC, ESMA took into account the existing Union regulatory framework in areas where European institutions or agencies have the power to impose fines on market participants. In particular, ESMA has considered the CRA Regulation (1060/2009) and the Commission Delegated Regulation (EU) No 946/2012 with regard to the rules of procedure on fines imposed to CRAs. ESMA has also considered the relevant experience that it has acquired when operating under the mentioned rules of procedure applicable to trade repositories and CRAs. This consultation paper sets out the preferred options of ESMA for the procedural rules on the imposition of penalties to third-country central counterparties. It also analyzes whether the procedural rules applicable to the imposition of penalties to trade repositories and CRAs should be amended. The consultation welcomes comments to assist in the production of the advice.

     

    Related Links

    Comment Due Date: January 18, 2020

    Keywords: Europe, EU, Securities, CRA, CCPs, Technical Advice, CRA Regulation, Trade Repositories, ESMA

    Related Articles
    News

    APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries

    The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.

    September 15, 2021 WebPage Regulatory News
    News

    PRA Finalizes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Finalizes Guidance to Assess Breaches of Large Exposure Limits

    The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.

    September 15, 2021 WebPage Regulatory News
    News

    EBA Revises Guidelines on Stress Tests of Deposit Guarantee Schemes

    The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).

    September 15, 2021 WebPage Regulatory News
    News

    HKMA Endorses Industry Guidance to Support LIBOR Transition

    The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).

    September 14, 2021 WebPage Regulatory News
    News

    OCC Issues Booklet on Supervision of Problem Banks

    The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.

    September 13, 2021 WebPage Regulatory News
    News

    MAS Consults on Capital and Reporting Requirements for Market Risk

    The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.

    September 13, 2021 WebPage Regulatory News
    News

    FDIC Announces Winners of Tech Sprint to Reach Unbanked Consumers

    The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.

    September 13, 2021 WebPage Regulatory News
    News

    PRA Letter Sets Out Findings on Reliability of Regulatory Reporting

    PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.

    September 10, 2021 WebPage Regulatory News
    News

    APRA Connect to Go Live; APRA to Reduce Reliance on CLF

    The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.

    September 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7472