The EC Vice President Valdis Dombrovskis spoke, in Brussels, on the signing ceremony of the Memorandum of Understanding (MoU) on Baltic capital markets. With the signature of the joint MoU, Estonia, Latvia, and Lithuania mark an important step on the road to creating a Capital Markets Union.
Dombrovskis highlighted that strengthening and integrating the EU capital markets through cross-border and regional initiatives helps create new opportunities; these opportunities could be in the form of easier access to financial markets and alternative sources of financing for consumers and companies. The three Baltic States are already often considered by investors as one single market and one investment region. With this initiative, these Baltic States are proactively building their own investment capacity, which is particularly important for small and medium enterprises. EC, together with European Bank for Reconstruction and Development, will support the Baltic States with the introduction of a pan-Baltic covered bond framework. This will contribute toward well-functioning and larger capital markets in the region and would also open up long-term funding options for banks. In conclusion, Mr. Dombrovskis emphasized that this MoU is "...the start of a very productive engagement and we look forward to future cooperation.”
Related Link: Speech
Keywords: Europe, Securities, Pan-Baltic Capital Market, MoU, Baltic States, Capital Markets Union, EC
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.
BCBS and FSB published a report on supervisory issues associated with benchmark transition.
IAIS published a report on supervisory issues associated with benchmark transition from an insurance perspective.
ESMA updated the reporting manual on the European Single Electronic Format (ESEF).
EBA published a statement on resolution planning in light of the COVID-19 pandemic.
BCBS Finalizes Revisions to Credit Valuation Adjustment Risk Framework
ECB published a guideline (2020/97), in the Official Journal of European Union, on the definition of materiality threshold for credit obligations past due for less significant institutions.
FED temporarily revised the capital assessments and stress testing reports (FR Y-14A/Q/M) to implement the changes in response to the COVID-19 pandemic.