Category: Uncategorised
EU to everyone- you show me yours…
The EU Council has issued notice of an attaché level meeting on 4 September 2014 to discuss the sharing of data held in trade repositories. However, the promised land is still some way off- the meeting will examine the Commission recommendation for a Council decision to open negotiations on bilateral agreements between the EU and […]
ISDA prays BCBS and IOSCO for a grace period
On 18 August 2014, ISDA sent a letter to BCBS and IOSCO requesting a two year extension to international implementation of the margin rules for uncleared derivatives. BCBS-IOSCO Framework was finalised in September 2013 and favours international implementation in December 2015, with phase-in until December 2019. The letter is the latest outgrowth of coordinated efforts […]
Four SIPS is enough
On 21 August 2014, the Governing Council of the ECB announced that it has identified four systemically important payment systems (SIPS): TARGET2 (operated by the Eurosytem), EURO1 and STEP2-T (both operated by EBA CLEARING) and CORE(FR) (operated by STET) The SIPS are given one year to comply with the Regulation on oversight requirements for SIPS […]
PERDARR’s peril
Where is the wisdom we have lost in knowledge? Where is the knowledge we have lost in information? TS Eliot – The Rock (1934) January 2016 may still seem a distant prospect, but in the context of fundamental corporate reorganisation it is next week. This is the final deadline for the GSIFI implementation of the […]
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 […]
Resolve and thou art free
The Regulation to establish the Single Resolution Meachanism (SRM) and the Single Resolution Fund (SRF) has been published in the OJ today. Regulation (EU) No 806/2014 enters into force on the twentieth day following publication- 19 August 2014. Excepting certain derogations, the majority of the Regulation’s 99 Articles will apply from 1 January 2016. When […]
Clock is ticking for paper share certificates
On 23 July 2014, the Council announced that it adopted the Regulation on improving securities settlement and regulating central securities depositories (CSDs). This is the most recent step towards the establishment of a single European securities market. The regulation is expected to be published in the Official Journal in Q3 2014. By 1 January 2015, T+2 settlement […]
ECB Publishes Draft List of Significant Credit Institutions
The draft list of significant credit institutions was published by the ECB on 27 June 2014. It contains all notified supervised entities within eurozone member states, for the purpose of the single supervisory mechanism (SSM). The list is expressly subject to changes before the final list is published by 4 September 2014. For more details […]
Supervisory Rules of Procedure published
The Rules of Procedure for the Supervisory Board of the ECB were published in the Official Journal of the EU, 21 June 2014. This makes the legislation, which entered into force 1 April 2014, binding with retroactive effect. The Single Supervisory Mechanism Regulation (Regulation 1024/2013) tasks the ECB with the supervision of credit institutions; the […]
EU OJ printing press runs red-hot
The Official Journal of the EU was thicker than usual yesterday (12 June 2014) with the publication of a number of landmark regulations. In addition to MiFID II/MiFIR, the daily publication also gave notice of the following legislation’s entry into force: The Bank Recovery and Resolution Directive (2014/59/EU). The BRRD enters into force on 3 […]