On 5 June 2014 the European Banking Authority (EBA) published final draft Regulatory Technical Standards (RTS) on the methodology for the identification of global systemically important institutions (G-SIIs) under the Capital Requirements Directive.  Also published on the same day were

The FSB has further delayed its decision on the systemic risk status of reinsurers. In July 2013, when it published its initial list of G-SIIs, the FSB indicated it would reach a decision on major reinsurers by July 2014. The Society of Lloyds’ systemic risk webpage now indicates that the decision has been deferred to […]

The ECJ yesterday rejected the UK’s application for annulment of Council Decision 2013/52/EU of 22 January 2013 authorising enhanced co-operation for the financial transaction tax (FTT). The ECJ judged the UK’s challenge to be premature, an unsurprising procedural decision that the FTT cannot be substantively challenged until its terms are finalised in a directive. “The […]

On 25 April 2014, the European Central Bank (ECB) published a press release and framework regulation detailing the way in which it will coordinate with national competent authorities (NCAs) in administering its obligations under the Single Supervisory Mechanism (SSM). The SSM Regulation bestows supervisory powers over “significant” Eurozone banks on the ECB.  The assessment of […]

On 24 April 2014, the EU Council published information notes regarding the outcome of the EU Parliament’s vote on 15 April 2014 on MiFID II, the Single Resolution Mechanism and the Bank Recovery and Resolution Directive. In all cases, the Council has concluded that the Parliament’s position reflects what has previously been agreed with the […]

Richard Firth[1] has been kind enough to provide us with his insights into the news that Barclays, following the example set by a number of other global banks, looks set to wind down its commodities trading business. Last Rites Over the Easter weekend, the Financial Times reported that Barclays, for long the star of commodities […]

Eurex Clearing announced yesterday that BaFin had approved its application as a clearing house, becoming the fourth CCP to be authorised under EMIR, alongside Nasdaq OMX Clearing AB, European Central Counterparty N.V. and KDPW_CCP.

For those who may have missed it- an interesting initiative from SWIFT in the KYC\AML\onboarding  area, forming part of its SwiftRef data suite. Launched earlier this year, the service aims to be a central repository of due diligence data for correspondent banking. Subscribers will access and share initial KYC data which will then be updated […]

The FSOC has recently suffered a barrage of criticism from both sides of the political divide. The agency was established by Section 111 of Dodd-Frank, to distil the alphabet soup of agencies into a consistent policy sentence on systemic risk. Aided by its OFR research arm, the FSOC assigns “systemically important” status to firms whose […]