To avoid disruption to international financial markets and to prevent penalizing institutions by subjecting them to higher own funds requirements during the processes of recognition of existing third-country central counterparties (CCPs), the EC is extending the transitional periods related to own funds requirements for exposures to central counterparties.
EC published, in the Official Journal of the European Union, the Commission Implementing Regulation CIR 2017/954, which extends the transitional periods related to own funds requirements for exposures to central counterparties. The fifteen-month periods referred to in Article 497(2) of the Capital Requirement Regulation (CRR or Regulation (EU) No 575/2013) and the second subparagraph of Article 89(5a) of European Markets Infrastructure Regulation (EMIR or Regulation (EU) No 648/2012), respectively, as last extended in accordance with Article 1 of the Implementing Regulation (EU) 2016/2227, are being extended by an additional 6 months until December 15, 2017. The measures provided for in CIR 2017/954 are in accordance with the opinion of the European Banking Committee. This regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union.
Effective Date: June 10, 2017
Keywords: Banking, Securities, Europe, EC, EMIR, Own Funds, CCPs
Previous ArticleIMF Publishes Paper on Challenges and Implications of Big Data
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.
The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.
MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.
PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.
EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.
EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.
EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.