EC published the Implementing Regulation 2021/1751, which lays down implementing technical standards on uniform formats and templates for notification of determination of the impracticability of including contractual recognition of write-down and conversion powers. The Annexes to Regulation 2021/1751 contain templates, instructions, single data point model, and validation rules for reporting. Regulation 2021/1751 supplements the Bank Recovery and Resolution Directive (BRRD or 2014/59/EU) and shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Article 55(1) of BRRD provides that under certain conditions member states are to require institutions and entities referred to in BRRD to include a contractual term by which the counterparty to an agreement or instrument creating the liability recognizes that the liability may be subject to the write-down and conversion powers. Article 55(2) of BRRD requires member states to ensure that where such an institution or entity reaches the determination that it is legally or otherwise impracticable to include such a contractual term (determination of impracticability of contractual recognition), the institution or entity must notify its determination to the resolution authority. For the purpose of making a notification in accordance with Article 55(2), the institution or entity shall submit to the resolution authority the information specified in the templates set out in Annex I of Regulation 2021/1751. These templates shall be completed in accordance with the instructions set out in Annex II of the Regulation 2021/1751. Institutions and entities shall submit the information in the data-exchange formats and representations specified by the relevant resolution authority. When submitting information, the institutions and entities shall respect the data point definitions included in the single data point model referred to in Annex III and the validation rules referred to in Annex IV of Regulation 2021/1751.
Effective Date: October 24, 2021
Keywords: Europe, EU, Banking, BRRD, Implementing Technical Standards, Contractual Recognition, Basel, Resolution Framework, Reporting, Validation Rules, EC
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.