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    EC Consults on Implementation of Final Basel III Reforms in EU

    October 11, 2019

    EC launched a public consultation on the implementation of Basel III standards in EU. The consultation contains nine sections, discussing possible changes in the areas of credit risk, securities financing transactions, operational risk, market risk, credit valuation adjustment risk, output floor, centralized supervisory reporting and disclosures, sustainable finance, and fit and proper assessment. The consultation closes on January 03, 2020 and follows the first exploratory consultation that EC launched in Spring 2018, the EBA technical advice to EC, and the ongoing exchange with stakeholders and experts.

    The consultation covers the elements of the Basel III framework that were completed by BCBS between the end of 2017 and the beginning of 2019 and have yet to be implemented in EU law. Based on the impact estimates available to date, the technical advice of EBA, and the feedback received from stakeholders so far, a number of topics has emerged, on which the EC would welcome views and relevant evidence (preferably quantitative) to inform its decision-making on the EU implementation of the outstanding Basel III reforms. The aim is to gather stakeholder views on specific topics in the areas of credit risk, operational risk, market risk, credit valuation adjustment risk, securities financing transactions, and the output floor. The feedback from the public consultation and the EBA advice will feed into the impact assessment of EC. In addition to the Basel III implementation topics, EC would welcome stakeholder views on the following:

    • A possible centralization of Pillar 3 disclosures at the EBA level 
    • Whether further measures could be taken to incorporate environmental, social, and governance (ESG) risks into prudential regulation 
    • Possible changes to the existing regime for the assessment of the suitability of members of the management body of financial institutions (fit and proper)

     

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    Comment Due Date: January 03, 2020

    Keywords: Europe, EU, Banking, Basel III, Impact Assessment, Basel III Finalization, Proportionality, Pillar 1, Pillar 3, ESG, EBA, BCBS, EC

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