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EBA publishes opinion to hasten the preparations of financial institutions for Brexit
In this Opinion, the EBA asks Competent Authorities to ensure that financial institutions take practical steps now to prepare for the possibility of a withdrawal of the UK from the EU with no ratified Withdrawal Agreement in place, and no transition period. View Article |
Financial Times: BoE hits out at Brussels over post-Brexit plans
The Bank of England has fired shots at Brussels and European bank regulators in an increasingly acrimonious dispute over preparations by the financial sector for Brexit. View Article |
Financial Times: Hammond and Carney close ranks over financial services post-Brexit
Chancellor of the Exchequer and Bank of England's Governor moved towards common position on mutual recognition at their annual address at Mansion House. View Article |
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
Mr Dombrovskis outlined some major achievements that have been reached, including a common approach on the Banking Package, a common approach on Pan-European Personal Pensions, and on Cross-border Distribution of Funds. View Article |
Seize the day to secure sustained growth, BIS says
Policymakers can maintain the current economic upswing beyond the short term by tackling structural reforms, rebuilding monetary and fiscal policy space to react to future threats and encouraging prompt implementation of regulatory reforms, the BIS writes in its Annual Economic Report. View Article |
Basel Committee issues progress report on banks' implementation of the Principles for effective risk data aggregation and reporting
The BCBS published its latest progress report on banks' implementation of the Principles for effective risk data aggregation and reporting. The Principles, issued in January 2013, aim to strengthen banks' risk data aggregation and risk reporting with a view to improving their risk management, decision-making processes and resolvability. View Article |
Financial Times: BIS warns of ‘disciplining force’ of financial markets
The “disciplining force” of financial markets will leave debt-laden governments with limited room to boost growth as central banks ditch their crisis-era stimulus, the head of the Bank for International Settlements has warned. View Article |
European Parliament: draft RTS on economic downturn in IRB modelling, Level 2 in CRD V/CRR II proposals, and CRD IV/CRR update 2018
This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 18 June 2018 on forthcoming draft measures (DAs), and in particular RTS under the CRD IV and the CRR. View Article |
EBA updates its guides on supervisory data
The EBA published two updated versions of methodological guide on how to compile risk indicators and detailed risk analysis tools and the EBA guidance note on compiling IMF FSIs with EBA ITS data provide useful insights to users on how to explore supervisory data available through the EBA reporting framework. View Article |
EBA consults on Guidelines on outsourcing
These Guidelines, which review the existing CEBS Guidelines on outsourcing published in 2006, aim at establishing a more harmonised framework for outsourcing arrangements of all financial institutions in the scope of the EBA's action. View Article |
FCA publishes update on wide-ranging review of retail banking sector
The Review gives a greater understanding of retail banks’ business models, what includes looking at how personal current accounts (PCAs) are paid for, the possible impact of technological and regulatory developments such as Open Banking and changes to payment services due to the revised PSD2. View Article |
ECB: Working group on euro risk-free rates launches consultation on potential successors to EONIA
The working group on euro risk-free rates, for which the ECB provides the secretariat, is calling on market participants and all other interested parties to comment on its assessment of candidate euro risk-free rates against key selection criteria. View Article |
Bruegel: European bank mergers: domestic or cross-border?
As the European economy recovers from the global financial crisis, bank mergers are back on the agenda. While cross-border mergers have been predicted before, most European bank mergers have been domestic until now. What are the odds of cross-border mergers in the upcoming bank-consolidation wave? View Article |
EBA launches its staff papers series
The EBA launched its staff papers series, which provides a platform for EBA staff to disseminate research and thematic analyses to a wider public. The EBA Staff Papers series will make available selected studies on financial regulation, supervisory policy and legal issues of general interest with the aim of stimulating discussion and public debate. View Article |
Cheaper euro transfers: Council agrees its negotiating stance
EU ambassadors agreed the Council's negotiating stance on the Commission's proposal to make cross-border payments in euros cheaper across the EU. View Article |
EBA adds PSD2 to its online Interactive Single Rulebook and Q&A tools
The European Banking Authority has updated its online Interactive Single Rulebook and Q&A tool with the inclusion of the Payment Services Directive. View Article |
FCA statement on EBA’s draft PSD2 Guidelines and Opinion for banks and others involved in open banking
The EBA published an Opinion and draft Guidelines on the Regulatory Technical Standards on Strong Customer Authentication and Common and Secure Communication. FCA is supportive of the views contained in the EBA Opinion and encourage firms and API initiatives to consider several views. View Article |
Financial Times: US banks clear first round of Fed stress tests
US banks’ hopes of making record payouts to shareholders over the coming year were boosted as the industry cleared the first round of the Federal Reserve’s stress tests — although Goldman Sachs and Morgan Stanley scored lowest on a key measure of financial strength. View Article |
Financial Times: Steer clear of diluting the Volcker rule and repeating mistakes
The 2008 financial crisis and the recession that followed were caused, in large part, by the biggest global banks taking huge risky bets that went bad. Now, a decade later, US regulators are considering a proposal to gut the Volcker rule, a post-crisis regulation that was written to prevent that problem from happening again. The consequences could be as damaging as they are predictable. View Article |
BIS: Philip Lowe appointed to chair the Committee on the Global Financial System
At their meeting in Basel, the central bank Governors of the Global Economy Meeting (GEM) appointed Philip Lowe, Governor of the Reserve Bank of Australia (RBA), as Chair of the Committee on the Global Financial System (CGFS). View Article |