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All change for EU investment firm supervision

The European Commission has published a proposal for significant changes to the Prudential Regime for EU investment firms, amending the framework set out in the capital requirements directive and regulation (CRD IV/CRR) and in MiFID2/MiFIR. The proposal will impact the Prudential Requirements on individual firms and the categories to which they belong. A full review […]

All Change Please!! First Look at New EBA Investment Firm Prudential Framework

Introduction On 29 September 2017, the European Banking Authority (EBA) published an opinion on the design of a new prudential framework for investment firms. The new regime will apply to all MiFID firms, including those that will be brought into scope by MiFID II. The EBA makes a total of 62 recommendations in the following […]

EBA tries, tries, tries again with CRR and CRD IV

On 1 August 2014, EBA published its revised Q&A on supervisory reporting under CRR and CRD IV. The revision is mostly cosmetic. The references to the draft ITS on supervisory reporting are replaced with a reference to the corresponding ITS which was officially published on 28 June 2014 in the OJ. Before the ink even […]

QCCP – qualifying or questionable? Extended either way

The EC has extended the transition period during which banks may apply lower capital charges to those CCPs not yet authorised under EMIR. CCPs will continue to be regarded as QCCPs for Capital Requirements Regulation (CRR) purposes until 15 December 2014. Article 497(3) of CRR allows the Commission to adopt an implementing act to extend […]

EU 3rd Country clearing as clear as mud

An interesting article in yesterday’s Risk magazine highlights the potentially very costly confusion and delay surrounding third-country CCP authorisation under CRD IV. Non-EU clearers have temporary QCCP status until 15th June, enabling their clients to benefit from a low 2% risk-weight. After that date, in the absence of qualification, risk weights will soar to 20% […]

IOSCO Raises Further Concerns to Regulators on EMIR CCP

On 22 November 2013, the Asia-Pacific Regional Committee of the International Organization of Securities Commissions (IOSCO) published another letter to European Commissioner Michel Barnier expressing concern about the recognition process for Asia-Pacific Central Counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR).  IOSCO reiterated the previous points made in their 6 June 2013 letter on […]

Not toxic, just “lazy”

A short article in Risk magazine details a new practice amongst some of the larger swap dealers, of posting so-illiquid-as-to-be-solid assets as initial margin; Risk quotes the banks involved as putting “lazy” assets to work. Banks sign bilateral agreements with each other, arranging to post a static portfolio of assets to a third-party account. The […]

PCBS? …Yes

The BoE and FCA have published their responses to the final PCBS report. They are united in welcoming the report and in emphasising how many of its recommendations they have already implemented.  A brief summary of the report and responses follows; People: BoE pledge the support of the PRA in assigning key risks to Senior […]

3rd Country CCP’s- Confusion reigns

An interesting article in Risk magazine highlights the conjunction between EMIR 3rd Country CCP RTS and the CRR risk weightings. EMIR mandates that CCP’s have to apply to ESMA by 15th September, to benefit from a 180 day grace period during which they will be temporarily recognised as a QCCP. If they lack QCCP status, […]

EU Commission Updates CRD IV FAQs

On 16 July 2013, the EU Commission published an update to its FAQ document on the CRD IV package.

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