ESMA and the Australian Securities and Investments Commission (ASIC) signed a Memorandum of Understanding setting out cooperation arrangements in respect of the Australian benchmarks. The Memorandum sets out appropriate cooperation arrangements to complement the equivalence decision of EU as well as to ensure effective information exchange and supervisory coordination. Both authorities agree to provide each other with the fullest cooperation permissible under their laws and regulations in relation to all relevant information and supervisory activities regarding the covered benchmarks. The Memorandum was signed on October 09, 2019 by the ASIC Chair James Shipton and the ESMA Chair Steven Maijoor.
On July 29, 2019, under Article 30 of Regulation (EU) 2016/1011, EC recognized Australia’s legal and supervisory framework applicable to the administrators of certain financial benchmarks as equivalent to the corresponding requirements under the Benchmarks Regulation, and recognized that those requirements are subject to effective supervision and enforcement. This decision will allow benchmarks declared significant by ASIC (BBSW, S&P/ASX200, Bond Futures Settlement Price, CPI, and Cash Rate) to be used in EU by the EU-supervised entities.
Keywords: Europe, Asia Pacific, EU, Australia, Banking, Securities, Benchmarks Regulation, Cooperation Arrangement, MoU, ASIC, ESMA
Previous ArticleBoE Announces Date for Publication of Stress Test Results for Banks
Next ArticleCPMI Report Examines Impact of Global Stablecoins
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.