The European System of Central Banks (ESCB) is finalising plans for its Analytical Credit Dataset (AnaCredit), a centralised database of credit exposures on a loan-by-loan basis. The intention is to enable the work of the SSM by providing a holistic, accurate and timely view of Eurozone credit exposures, facilitating both micro- and macro-supervision. National credit […]

The Consolidated and Further Continuing Appropriations Act of 2015 (the “Cromnibus” Bill) was signed by President Obama yesterday, narrowly avoiding another Government shutdown. The 1,600 page final text did not include a wide range of mooted financial reforms and exemptions. However, it does amend Section 716 of Dodd-Frank, variously known as the “push-out” or “Lincoln” […]

On 11 November 2014, ESMA published its sixth Q&A (ESMA/2014/1357) on the Alternative Fund Managers Directive (AIFMD).  The latest version provides a brief update on the reporting obligations to national competent authorities under Articles 3, 24 and 42 (Section III).  It also adds a new section on the calculation of the total value of assets […]

Mark Carney has today been widely misreported as hailing the imminent demise of TBTF. Announcing the consultation phase of the FSB’s Total Loss Absorbing Capital (TLAC) proposals, he said, “Agreement on proposals for a common international standard on total loss-absorbing capacity for SIBs is a watershed in ending “too big to fail” for banks. Once […]

On 6 November 2014, the European Systemic Risk Board (ESRB) published its response to ESMA’s consultation paper (ESMA/2014/1185) on regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR (please see earlier blog). In its response, the ESRB reaffirmed its support for ESMA’s proposal of applying mandatory central clearing to […]

The ECB today officially assumes its responsibilities as Single Supervisor in the Banking Union.  The new central bank now has responsibility for: Direct supervision of the most significant banks (120) – those banks with assets >=  €30 bn.  or representing 20% or more of their home country GDP. The ECB will act as the home\host […]

At a time where regulation is often not in tune with commercial necessity, a significant arrangement is underway for asset-backed securities (ABS). Benoît Coeuré, executive board member of the ECB, draws upon a joint Discussion Paper from the Bank of England and the ECB to advocate for a favourable regulatory treatment for “Qualifying securitisation”. The action […]

Michel Barnier, EU  financial services chief, has published a letter to the EBA asking the watchdog to accelerate its investigation into “allowances”. Since the EU’s CRD IV clampdown on banker’s discretionary pay, limiting bonuses to a maximum of one year’s salary (x2 with board approval), there have been widespread press reports of allowance inflation. Stuart […]

On 4 September 2014, ECB published the final list of significant credit institutions that it will directly supervise from 4 November 2014. The 120 significant credit institutions represent almost 85% of total banking assets in the euro area. Almost all of them have been designated as significant due to their size or due to total […]