Featured Product

    ECB Issued Opinion on a Proposal for Regulation Related to CCPs

    October 04, 2017

    ECB published its opinion on proposal for a regulation about the procedures and authorities involved for the authorization of central counterparties (CCPs) and the recognition of third-country CCPs; this proposal for regulation amends EU Regulation No 1095/2010 and Regulation No 648/2012 on over-the-counter (OTC) derivatives, CCPs, and trade repositories (EMIR).

    In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB, the Governing Council has adopted the opinion. ECB strongly supports the initiative set out in the EC proposal to enhance the role of the relevant members of the European System of Central Banks (ESCB), as central banks of issue of the currencies of financial instruments cleared by CCPs, in the process for the supervision of Union CCPs and the recognition of third-country CCPs. ECB strongly welcomes and supports the proposal that the Eurosystem, as the central bank of issue of the euro, should play a more meaningful role with respect to EU and third-country CCPs. The proposed regulation envisages an enhanced role for the Eurosystem as central bank of issue for the euro in the framework under EMIR. Where ECB recommends that the proposed regulation is amended, specific drafting proposals are set out in a separate technical working document accompanied by an explanatory text to this effect.

    On August 22, 2017 and September 15, 2017 respectively, ECB had received requests from the Council of the EU and the European Parliament, respectively, for an opinion on the proposal for a regulation of  amending Regulation (EU) No 1095/2010 establishing an ESA (ESMA) and amending Regulation (EU) No 648/2012 on the procedures and authorities involved for the authorization of CCPs and requirements for the recognition of third-country CCPs. The competence of ECB to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the Functioning of the EU.

     

    Related Links

    Keywords: Europe, EU, Securities, CCP, Regulation 648/2012, Regulation 1095/2010, OTC Derivatives, ESMA, EC, ECB

    Related Articles
    News

    APRA Consults on Reporting Standard for Credit Risk Management

    APRA is consulting on the reporting standard for credit risk management (ARS 220.0).

    October 28, 2020 WebPage Regulatory News
    News

    Regulators Fine Goldman Sachs for Risk Management Failures

    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).

    October 23, 2020 WebPage Regulatory News
    News

    ISDA Launches IBOR Fallbacks Supplement and Protocol

    ISDA launched the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol, with both becoming effective on January 25, 2021.

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    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.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    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.

    October 21, 2020 WebPage Regulatory News
    News

    European Council Adopts Position on Capital Markets Recovery Package

    Ambassadors of EU member states agreed on the mandate of European Council on the Capital Markets Recovery Package, to support economic recovery from the COVID-19 crisis.

    October 21, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6011