Financial regulations: weekly update
1. The ECB’s private sector task force publishes report on Euribor declines.
2. ESMA consults its MiFID II / MiFIR annual review report.
3. EBA updates its reporting framework.
4. The EBA publishes a report on the convergence of prudential practices in 2020.
5. European Commission consults on EU strategy for retail investors.
ECB Private Sector Task Force Releases Euribor Pullback Report
The recommendations focus on the events that would trigger pullbacks in Euribor-related contracts and Euribor € STR-based pullback rates that market participants should include in their contracts and financial instruments.
ESMA consults its MiFID II / MiFIR annual review report
The proposals aim to increase the transparency available to market players in the bond market. The RTS is expected to be submitted to the European Commission for approval in July 2021. Deadline: June 11, 2021.
EBA updates its reporting framework
It provides standard specifications, validation rules, data point model and XBRL taxonomy for the v3.1 reporting framework. It covers in particular the new reporting obligations for investment firms.
The EBA publishes a report on the convergence of prudential practices in 2020
Despite a refocusing of surveillance practices due to the COVID-19 crisis, the report finds a convergence of surveillance with increased attention to cost-effectiveness and certain areas of ICT-related risk and operational resilience.
European Commission consults on EU strategy for retail investors
Seeks to ensure a legal framework for retail investments, adapted to the profile and needs of consumers, to improve market outcomes, to empower retail investors and to strengthen their participation. Deadline: August 3, 2021.
JOUE publishes its TSIs on MREL / TLAC reporting and disclosure
It includes, among other things, the templates and the corresponding instructions, the reporting reference dates and the submission dates. Entry into force: 20 days after its publication in the OJEU.
ECB updates MoUs with several authorities
It updates the list of MoUs signed by the ECB with authorities in the EU (eg BaFin and CONSOB) and third countries (eg USA, Mexico and Brazil).
EBA updates data on deposit guarantee schemes in the EEA
It includes data from 2020 on two key indicators: i) available financial means, and ii) guaranteed deposits. Almost all DGS increased their available financial means during the period.
ESMA updates its double-volume capital data under MiFID II
Includes DVC data and calculations for the period “April 1 to March 31, 2021” and updates to previously published periods. They stress that no suspension of trading previously identified under the exemptions had to be lifted.
EIOPA publishes its 2021 insurance stress test
Aims to assess the economic impact of the pandemic, affecting confidence around the world and prolonging the economic contraction. It will assess both the impact on the capital and the liquidity position of the companies concerned.
Download the full financial regulations