knowledge | 15 July 2022 |

Financial Services Regulatory Update – June 2022 Round Up

 

General Updates

Client Asset Requirements

On 23 June 2022, the Central Bank of Ireland (the “CBI”) published revised client asset requirements applying to investment firms. The revised client asset requirements, referred to as “CAR 2022”, are contained in Part 6 of a draft third edition of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations (here). A related draft guidance note was also published by the CBI to assist investment firms comply with CAR 2022 (here).

CAR 2022 will apply to investment firms which hold client assets or which enter into title transfer collateral arrangements. 'Investment firms' include MiFID investment firms, investment business firms and UCITS management companies/AIFMs with MiFID ‘top-up’ permissions (but only in respect of those ‘top-up’ activities). CAR 2022 now also includes credit institutions carrying out MiFID activities within the definition of ‘Investment firm’.

For further detail see our briefing (here).

Consumer Credit (Amendment) Act 2022

On 29 June 2022, the President signed the Consumer Credit (Amendment) Act 2022 into law (here).

The focus of this Act is high cost credit loans. The Act includes provisions such as:

  • allowing the Minister for Finance to set the maximum interest rate at which a high cost credit loan can be provided;
  • changing the term ‘moneylenders’ to ‘high cost credit providers’; and
  • providing that the CBI will examine the effectiveness of the interest rate caps and the government will consider any future CBI recommendations.

CRBOT: Updated Revenue FAQs

On 27 June 2022, Revenue published updated FAQs specifically for UK trustees in relation to the Central Register of Beneficial Ownership of Trusts (“CRBOT”) (here). The CRBOT contains details of relevant trusts and their beneficial owners, the purpose being to assist prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts.

Ireland for Finance Progress Report

On 27 June 2022, the Department of Finance published the Ireland for Finance Progress Report 2021 (here). This progress report outlines certain achievements to date including developing a national sustainable finance roadmap and launching Ireland’s ‘Women in Finance’ charter.

Brexit: Report on UK-EU Financial Services Relationship

On 23 June 2022, the House of Lords European Affairs Committee published a report on the UK-EU relationship in financial services post-Brexit (here). This report looks at the state of play of the UK-EU relationship in respect of financial services and focuses on equivalence decisions, the UK’s strategy for financial services, regulatory cooperation, the memorandum of understanding between the UK and the EU on regulatory cooperation (the “MoU”), regulatory reform and divergence, competition and opportunities.

In particular, the Committee regrets the fact that the MoU is still not in place despite technical negotiations having concluded more than a year ago. The Committee notes the widespread view that the MoU has become a casualty of wider tensions between the UK and the EU. The Committee states that the Government’s overall objective should remain the earliest possible entry into force of the MoU.

ESMA -Deprioritised and Delayed Deliverables

On 30 June 2022, ESMA published a letter (dated 28 June 2022) to the European Commission in which it outlines deliverables set out in its 2022 annual work programme that could be deprioritised or postponed in the light of external factors currently affecting ESMA (here). Delays and deprioritisations include the production of refit reports required under EMIR and the peer review on the implementation of the simple, transparent and standardised (“STS”) securitisation criteria. In addition, ESMA proposes not to publish a number of reports in 2022 including reports relating to the implementation of the Central Securities Depositories Regulation (“CSDR”), accepted market practices under the Market Abuse Regulation and supervisory measures and penalties under EMIR and MiFIR.

CSDR -Mandatory Buy-in Regime

On 2 June 2022, European Securities and Markets Authority (“ESMA”) published its final report relating to its approach to the implementation of buy-in provisions under the CSDR (here).

ESMA proposes to suspend the application of the mandatory buy-in rules, which have applied since 1 February 2022, for three years, in view of the expected changes to the CSDR buy-in regime presented in the European Commission's legislative proposal for the CSDR Review, the amendment made to the CSDR through the DLT Pilot Regulation and feedback from market participants regarding implementation difficulties.

ESMA has delivered the draft regulatory technical standards (“RTS”) to the Commission for endorsement in the form of a Commission Delegated Regulation. Following the Commission's endorsement, the draft RTS will be subject to non-objection by the European Parliament and the Council of the EU.

ESMA states that its December 2021 statement of approach (here) whereby national competent authorities are expected not to prioritise supervisory actions in relation to the application of the CSDR buy-in regime will remain in place until the buy-in regime is formally suspended.

Market Abuse: ESMA updates Q&As

On 23 June 2022, ESMA published an updated version of its Q&As (here) on the Market Abuse Regulation which includes a new Q&A on the scope of the new Article 11(1a) ‘Market Soundings’ of the Market Abuse Regulation.

Payments

IBAN discrimination

On 17 January 2022, the CBI published a call for regulated firms and business representative bodies to ensure full compliance with obligations under the Single European Payments Area initiative (“SEPA”) in relation to preventing International Bank Account Number (“IBAN”) discrimination (here).  The CBI reminds firms that refusing to accept non-Irish IBANs within the SEPA area is prohibited under the SEPA regulations. The CBI highlights that IBAN discrimination creates difficulties for Irish and European consumers, and raises barriers to the proper functioning of our payment system.

Payment Services - CBI Notification Form

On 1 June 2022, the CBI published a form to be completed by in scope firms to notify the CBI of their use of the limited network exclusion under Regulation 45 of the European Union (Payments Services) Regulations 2018 (“PSR”) (here).

PSD2 Review

On 23 June 2022, the European Banking Authority (“EBA”) published an opinion (here) with annexed report together with covering letter (here), which set out its findings and advice in response to the European Commission's November 2021 call for advice on the review of PSD2. The EBA opinion includes support for merging PSD2 and the Electronic Money Directive and suggests clarifying the application and scope and addressing enforcement shortcomings of strong customer authentication (“SCA”).

New SEPA Guidelines

On 22 June 2022, the European Payments Council published a number of implementation guidelines setting out the SEPA rules for implementing the customer-to-payment service provider message standards (here). These implementation guidelines will enter into force on 19 November 2023.  

AML/CFT

CBI Levy Notifications

On 3 June 2022, the CBI issued a ‘Certain Financial Vehicles Dedicated Levy Notification for 2021’ which applies to Irish Collective Asset Management Vehicles, Credit Unions and Unit Trusts, Investment Limited Partnerships and Common Contractual Funds (here). The levies relate to the CBI costs of maintaining the Central Register of Beneficial Ownership of Common Contractual Funds and of Investment Limited Partnerships in Ireland.

This notification letter was followed by the Central Bank Act 1942 (Section 32D) (Certain Financial Vehicles Dedicated Levy) (Amendment) Regulations 2022 (here) which were signed on 30 June 2022 and specified levy contributions in the Schedule thereto.

EBA Guidelines - Role of AML/CFT Compliance Officers

On 14 June 2022, the EBA published a final report with guidelines on policies and procedures on the role and responsibilities of AML/CFT compliance officers under the Fourth Money Laundering Directive (“MLD4”) (here).

These guidelines are intended to set out clear expectations of the role, tasks and responsibilities of the AML/CFT compliance officer and include requirements such as providing that a credit or financial institution should appoint one member of their management body who will ultimately be responsible for the implementation of the AML/CFT obligations. The guidelines will apply from 1 December 2022.

Cryptoasset Transfers

On 29 June 2022, the Council of the European Union (the “Council”) announced a provisional agreement on transparency of cryptoasset transfers, which the Council states will make it more difficult for criminals to misuse cryptocurrencies for criminal purposes (here).

Negotiators from the Council and the European Parliament reached an agreement on the proposal to update the rules on information accompanying the transfers of funds (the “Travel Rule”) by extending the scope of the Travel Rule to transfers of cryptoassets. The new agreement will require that the full set of originator information travel with the cryptoasset transfer, regardless of the amount of cryptoassets being transacted.

New EU AML Authority

On 29 June 2022, the Council of the EU announced its partial position on the proposal for the creation of a dedicated anti-money laundering authority (“AMLA”) (here). The Council’s position adds powers to the AMLA to directly supervise certain types of credit and financial institutions, including cryptoasset service providers, if those institutions are considered risky. The Council also entrusts the AMLA to supervise up to 40 groups and entities at the first selection and to ensure a complete coverage of the internal market under its supervision. The Council’s position is ‘partial’, as the Council has not yet agreed on the location of the AMLA.

FATF – VASP Update

On 30 June 2022, the Financial Action Task Force (“FATF”) published a targeted update (here) on the implementation of the FATF Standards on virtual assets (“VAs") and virtual asset service providers (“VASPs”), focusing on the FATF’s travel rule. FATF’s travel rule requires the private sector to obtain and exchange beneficiary and originator information with VA transfers. The update notes that most jurisdictions have only made limited progress in introducing this travel rule and calls on all countries to swiftly implement the FATF’s standards on VAs and VASPs.

Restrictive Measures Targeting Russia

Restrictive Measures targeting Russia and Belarus

On 3 June 2022, the European Council announced that it has agreed a sixth package of sanctions which includes new export and import restrictions, de-swifting of additional Russian banks, additions to the sanctions list and further restrictions on the provision of financial and professional services.

Our briefing (here) sets out the key developments to be aware of.

ESG/Sustainability

ESAs - Clarifications of SFDR RTS

On 2 June 2022, the ESAs published their statement ‘Clarifications on the ESAs’ draft RTS under SFDR’ (here). This statement is intended to provide clarification on key areas of the draft SFDR RTS. Areas covered are principal adverse impact (“PAI”), financial product and ‘do no significant harm’ (“DNSH”) disclosures.

Our briefing (here) provides further detail on the ESAs’ statement.

Corporate Sustainability Reporting Directive

On 21 June 2022, the Council of the EU and the European Parliament reached provisional political agreement on the corporate sustainability reporting directive (the “CSRD”). The CSRD will amend the Non-Financial Reporting Directive to introduce more detailed reporting requirements in respect of sustainability issues such as environmental rights, social rights, human rights and governance factors.

Our briefing (here) provides further detail on the political agreement reached.

Glasgow Financial Alliance for Net Zero

On 15 June 2022, the Glasgow Financial Alliance for Net Zero (“GFANZ”) launched a consultation on an interim report which aims to provide non-binding guidance and recommendations to financial institutions and the public sector on net-zero transition plans (here). The deadline for responses to this consultation is 27 July 2022.

BCBS Principles - Climate-related Financial Risks

On 15 June 2022, the Basel Committee on Banking Supervision (“BCBS”) published the final version of its principles for the effective management and supervision of climate-related financial risks (here). The principles seek to achieve a balance in improving practices related to the management of climate-related financial risks and providing a common baseline for internationally active banks and supervisors. Principles 1 to 12 provide banks with guidance on effective management of climate-related financial risks, while principles 13 to 18 provide guidance for prudential supervisors. The principles for banks relate to matters including corporate governance, internal control frameworks, capital and liquidity adequacy and risk management processes

ESMA - Call for Evidence on ESG Ratings

On 27 June 2022, ESMA published a letter to the European Commission (the “Commission”) publishing its findings from ESMA’s call for evidence on ESG ratings (here). ESMA’s findings show that there is a small number of very large non-EU ESG rating providers and a large number of significantly smaller EU ESG rating providers clustered in a small number of Member States. The most common shortcomings identified by users were a lack of coverage of a specific industry or a type of entity and insufficient granularity of data. Complexity and lack of transparency around methodologies were also cited as an issue for users.

CBI Sustainable Investment Charter and Climate Forum

On 30 June 2022, the CBI published a note on the inaugural meeting of the Climate Risk and Sustainable Finance Forum on 29 June 2022 and the first iteration of the CBI’s Sustainable Investment Charter (here). The CBI’s Sustainable Investment Charter has been developed by the CBI to embed climate change and sustainability considerations into the CBI’s own operations.

Commission - Request for Input on Greenwashing Risks

On 30 June 2022, the European Commission published a request for input from the ESAs on greenwashing risks and the supervision of sustainable finance policies (here).

The Commission requests each ESA to provide input by means of a progress and final report on several aspects related to greenwashing and its related risks, as well as the implementation, supervision and enforcement of sustainable finance policies aimed at preventing greenwashing in the respective sectors within their remit.

Fintech

DLT Pilot Regime

On 2 June 2022, Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on DLT was published in the Official Journal of the European Union (“OJ”) (here).

The DLT pilot regime allow for certain DLT market infrastructures to be temporarily exempted from specific requirements of Union financial services legislation that could otherwise prevent operators from developing solutions for the trading and settlement of transactions in cryptoassets. This will allow for the testing of DLT market infrastructures.

The Regulation shall apply from 23 March 2023, except for Articles 8(5), 9(5), 10(6) and 17, which shall apply from 22 June 2022 and Article 16 which applies from 4 July 2021.

Markets in Cryptoassets (“MiCA”)

On 30 June 2022, the Council of the EU announced that it had reached political agreement with the European Parliament on the proposed Regulation on Markets in Cryptoassets (here). The Parliament has also published a related press release (here). The political agreement reached covers proposed authorisation requirements for cryptoasset service providers, the exclusion of non-fungible tokens from the scope of MiCA unless they fall under existing cryptoasset categories and the requirement for significant cryptoasset service providers to disclose their energy consumption.

The political agreement is subject to the approval of the Council and Parliament before going through the formal adoption procedure.

EMIR

Extension of Intragroup Exemption

On 13 June 2022, the ESAs published a final report with draft RTS that would extend by three years the current time-limited margin exemption (which expires 30 June 2022) for intragroup contracts where one counterparty is established in a third country and one in the EU (here). The purpose of the extension is to accommodate the ongoing assessment of third-country equivalence and allow for a review of the intragroup exemptions framework under the scheduled upcoming review of EMIR.

The draft RTS have been submitted to the EC for endorsement, in the form of a Commission Delegated Regulation.  Following their endorsement by the EC, they will be subject to non-objection by the European Parliament and the Council and, assuming no objection, each will enter into force on the day following that of its publication in the OJ.

For further detail please see our briefing (here).

Extension of PSA Exemption

On 9 June 2022, the European Commission published the Delegated Regulation it has adopted to extend the temporary clearing exemption for pension scheme arrangements (“PSAs”) until 18 June 2023 (here).

PSAs have been relying on time-limited exemptions from the EMIR clearing obligation since it was first introduced.  The current exemption, extended in 2021 for the first of two possible one-year extensions, expires on 18 June 2022.  On 25 January 2022, ESMA recommended to the Commission a final extension of that exemption, with the clearing obligation applying to PSAs in full from 19 June 2023.

For further detail see our briefing (here).

Trade Repositories – ITS and RTS

On 10 June 2022, the European Commission adopted Delegated Regulations and Implementing Regulations containing RTS and implementing technical standards (“ITS”) supplementing under EMIR:

  • Commission Implementing Regulation (here) amends ITS in Implementing Regulation (EU) 1248/2012 as regards the format for applications for registration as trade repositories (“TRs”) and for applications for extension of registration as TRs;
  • Commission Delegated Regulation (here) contains RTS specifying the procedures for the reconciliation of data between TRs and the procedures to be applied by the TR to verify the compliance by the reporting counterparty or submitting entity with the reporting requirements and to verify the completeness and correctness of the data reported;
  • Commission Delegated Regulation (here) amends RTS laid down in Delegated Regulation (EU) 150/2013 as regards the details of the applications for registration as a TR and for applications for extension of registration as a TR;
  • Commission Implementing Regulation (here) contains ITS on the standards, formats, frequency and methods and arrangements for reporting;
  • Commission Delegated Regulation (here) contains RTS specifying the minimum details of the data to be reported to TRs and the type of reports to be used; and
  • Commission Delegated Regulation (here) amends the RTS laid down in Delegated Regulation (EU) 151/2013 specifying the procedure for accessing details of derivatives as well as the technical and operational arrangements for their access.

Commodity Derivative Clearing Thresholds

On 3 June 2022, the ESMA published its final report following a review of the commodity derivative clearing thresholds under EMIR (here).

ESMA’s report proposes increasing the clearing threshold for commodity derivatives from €3 billion to €4 billion and includes draft amending RTS in the form of an amending Delegated Regulation. The amending Delegated Regulation is being submitted to the Commission for endorsement. Following its endorsement, the amending Delegated Regulation will be subject to non-objection by the European Parliament and the Council.

Equivalence Decisions – Third Country CCPs

A number of equivalence decisions recognising CCPs established in third countries for the purposes of EMIR were published in the OJ in June, including, decisions for those CCPs established in China (here), Israel (here), Chile (here), Indonesia (here), Malaysia (here) and South Africa (here).

Capital Requirements/Credit Institutions

CBI – Framework for Macroprudential Capital

On 14 June 2022, the CBI published its framework for macroprudential capital (here). The framework reflects the CBI’s update of its strategy for deploying macroprudential capital tools. Key aspects of the framework are:

  • the CBI will use the counter-cyclical capital buffer (“CCyB”) as its primary macroprudential capital tool for safeguarding resilience to macro-financial risks;
  • for risks posed by systemically-important institutions, the capital buffers for systemically important institutions (“O-SII”) is the required tool in the EU macroprudential framework and will continue to be used by the CBI; and
  • overall, the CCyB and the O-SII buffers are the two tools that the Central Bank expects to employ actively and review on a regular basis.

Migration of Bank Accounts

On 29 June 2022, the CBI welcomed the statement from the Banking and Payments Federation Ireland (“BPFI”) which set out the programme of work being undertaken by the retail banking sector to manage the migration of bank accounts as a result of KBC/Ulster Bank’s planned exit from the domestic market (here). The work carried out by the retail banking sector focuses on

  • better planning;
  • customer focused arrangements;
  • proactive communications; and
  • system wide engagement.

RTS – Application for Authorisation

On 10 June 2022, the European Commission adopted a Delegated Regulation containing RTS specifying the information to be provided by an undertaking in an application for authorisation under Article 8a of the CRD IV Directive (here).

The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. If neither object, it will enter into force 20 days after its publication in the OJ.

RTS – Market Risk Requirements

On 14 June 2022, the European Commission adopted two Delegated Regulations containing RTS concerning revised market risk requirements under the Capital Requirements Regulation. The first Delegated Regulation (here) specifies the technical details of back-testing and profit and loss attribution requirements. The second Delegated Regulation (here) specifies the criteria for assessing the modellability of risk factors under the internal model approach and the frequency of that assessment.

If neither the Council of the EU and the European Parliament object to the delegated regulations, these Delegated Regulations will enter into force twenty days after their publication in the OJ.

RTS – Credit Risk Adjustments

On 21 June 2022, Commission Delegated Regulation (EU) 2022/954 amending the RTS laid down in Delegated Regulation (EU) No 183/2014 as regards the specification of the calculation of specific and general credit risk adjustments was published in the OJ (here). This Delegated Regulation shall enter into force 11 July 2022.

RTS – Derivative Contracts

On 28 June 2022, Commission Delegated Regulation (EU) 2022/1011 containing RTS for the determination of indirect exposures to underlying clients of derivatives and credit derivative contracts under the CRR was published in the OJ (here).

The Delegated Regulation will enter into force on 18 July 2022.

ECB - Statement on treatment of banking union in G-SIB Assessment Methodology

On 27 June 2022, the European Central Bank (“ECB”) published a statement (here) on the treatment of the European banking union in the assessment methodology for global systemically important banks (“G-SIBs”). The ECB set out details of the methodology to be used in supervising cross-border EBU exposures in the G-SIB assessment framework, and added an extra step for EBU headquartered banks called the adjustment for structural regional arrangements (“ASTRA”).

ITS - Reporting

On 30 June 2022, Commission Implementing Regulation (EU) 2022/951 amending Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions to be applied in the EU for the reporting under Article 78(2) of the CRD IV Directive was published in the OJ (here).

The Implementing Regulation replaces Annexes I to IX of Implementing Regulation (EU) 2016/2070 to reflect EBA's proposals for the 2022 benchmarking exercise and adds provisions concerning the benchmarking of the loss given default (“LGD”) parameters.

Insurance / Insurance Distribution

Insurance (Miscellaneous Provisions) Act 2022

On 27 June 2022, the President signed the Insurance (Miscellaneous Provisions) Act 2022 into law (here). Commencement dates for this Act are 8 July 2022 (other than Sections 7 and 8), 1 October 2022 (Section 7 and certain parts of Section 8) and 1 January 2023 (for any other parts of this Act not yet in operation) (here).

Our briefing (here) provides further detail on this Act.

NCID - Insurance Report

On 22 June 2022, the CBI published the second annual employers’ liability, public liability and commercial property insurance report of the national claims information database (“NCID”) (here). This report covers costs, expenses, income, premiums, claims and settlement channels with data covering the period up to the end of the 2020 calendar year.

CBI - Insurance Newsletter

On 24 June 2022, the CBI published its insurance newsletter for June 2022 (here). Topics covered include exposure to the war in Ukraine, recent CBI stakeholder engagement, and revised guidelines on technical provisions and contract boundaries from EIOPA.

Investment Firms / MiFID

New SIs – Application for ‘Class 1’ Authorisation

On 27 June 2022, three statutory instruments (“SIs”) were signed by the Minister for Finance which set out the application process for a ‘Class 1’ authorisation, the associated conditions of authorisation and sets out the process and grounds for the withdrawal of an authorisation. The SIs also provide for consequential amendments to legislation including the Central Bank Act 1971, the European Union (Markets in Financial Instruments) Regulations 2017 and the European Union (Investment Firms) Regulations 2021:

  • the European Union (Investment Firms) (Amendment) Regulations 2022 (here);
  • the European Union (Investment Firms) (No 2) (Amendment) Regulations 2022 (here); and
  • the European Union (Markets in Financial Instruments) (Amendment) (No 2) Regulations 2022 (here).  

Data Reporting Service Providers

On 17 June 2022, Commission Delegated Regulation (EU) 2022/930 supplementing MiFIR by specifying fees relating to the supervision by ESMA of data reporting service providers (“DRSP”) was published in the OJ (here). The Delegated Regulation enters into force and applies from 20 June 2022 (subject to the application of certain transitional provisions

Investment Funds

Regulatory Reporting Requirements

On 7 June 2022, the CBI published updated regulatory reporting requirements for AIFMs (here), AIF management companies (here), depositaries (here) and fund administrators (here).

AIFMD II – Agreement on Compromise Text

On 21 June 2022, the Council of the EU published a note (here) containing the final compromise text of the proposed Directive amending the Alternative Investment Fund Managers Directive and the UCITS Directive (“AIFMD II”).  The revisions in the compromise text reflect the Council’s focus on the areas of delegation, loan origination, liquidity management tools and depositaries.

The next step is for the Council to use the compromise text as a basis for trilogue negotiations with the European Parliament in order to agree a final version proposed directive.

RTS -  PRIIPs

On 24 June 2022, Commission Delegated Regulation (EU) 2022/975 of 17 March 2022 was published in the OJ (here).

This Delegated Regulation postpones the application date of certain PRIIPs-related disclosures until 1 January 2023 (instead of 1 July 2022) and extends the derogation arrangement whereby the UCITS Key Investor Information may be used to provide specific information for the purposes of PRIIPs disclosures until 31 December 2022 (instead of 30 June 2022).

The Commission has issued a statement acknowledging that this Delegated Regulation will only come into force on 14 July 2022, ie, after the original implementation dates which are now being extended. However, the Commission states that the intention of the co-legislators is clearly to postpone the start of application of the new PRIIPs disclosure rules until 1 January 2023 and prolong the application of the derogation arrangement until 31 December 2022. On this basis, the Commission states that national competent authorities should take into account these elements of timing when discharging their supervisory tasks.

Cross-border Distribution of Investment Funds

On 28 June 2022, the ESMA published updated hyperlinks and summaries of national rules governing marketing requirements for the cross-border distribution of investment funds (here).

This webpage is regularly updated by ESMA and contains up-to-date information on applicable national laws, regulations and administrative provisions, fees and charges levied and summaries of jurisdiction-specific information.

Other

Selected Consultations, Discussion Papers, Speeches and Reports Published

CBI – Beneficial Ownership Register FAQs Update (here)

CBI – Certain Financial Vehicles Dedicated Levy Notification 2021 (here)

CBI – KBC / Ulster Bank Withdrawal from Ireland – Consumer FAQ (here)

CBI – Remarks by Governor Gabriel Makhlouf at Chatham House's Waddesdon Club of Financial Leaders (here)

CBI – Financial Stability Review 2022:1 (here)

CBI – Markets Update Issue 6 2022 (here)

CBI - Speech by Mr Gerry Cross, Director for Financial Regulation: Policy and Risk on the Individual Accountability Framework (here)

European Commission – Sanctions adopted following Russia’s military aggression against Ukraine updates (here)

EBA – Annual Report 2021 (here)

EBA – Consolidated Annual Activity Report 2021 (here)

EBA – Consolidated Annual Activity Report - final annual accounts (here)

EBA – Consultation on Guidelines to Resolution Authorities on the Publication of their Approach to Implementing the Bail-in Tool (here)

EBA – Consultation on Draft Regulatory Technical Standards on the Identification of a Group of Connected Clients under Article 4 Paragraph 1 Number 39 of Regulation (EU) No 575/2013(here)

EBA – Consultation on Technical Standards on the Identification of a Group of Connected Clients (here)

EBA – Reporting Framework 3.2 (here)

EBA – ITS package for 2023 Benchmarking Exercise (here)

EBA – Implementing Technical Standards on Procedures, Forms and Templates for Resolution Planning (here)

EBA – DPM data dictionary (here)

EBA - Annual Asset Encumbrance Report (here)

EBA - Opinion (here) and an annexed report responding to the European Commission's December 2021 call for advice on the review of the Mortgage Credit Directive together with a covering letter to the Commission (here)

EBA – Single Rulebook Q&As Update (here)

EBA – Revised List of ITS Validation Rules (here)

EBA - Decision concerning Investment Firms’ Supervisory Reporting by Competent Authorities to the EBA (here)

EBA - Reports containing final guidelines on benchmarking exercises on remuneration practices and the gender pay gap under the CRD IV Directive (here) and the Investment Firms Directive (here). These guidelines will apply from 31 December 2022.

ECB - Opinion on the proposal for a Directive of the European Parliament and of the Council amending Directive 2013/36/EU as regards supervisory powers, sanctions, third-country branches, environmental, social and governance risk (here)

EPC – Public Consultation on the SEPA Payment Account Access Scheme Rulebook (here)

EIOPA – Annual Report 2021 (here)

EIOPA – Monthly Technical Information for Solvency II Relevant Risk Free Interest Rate Term Structures for end-May 2022 (here)

EIOPA – Risk-free Interest Rate Term Structures (here)

EIOPA – Monthly Update of the Symmetric Adjustment of the Equity Capital Charge for Solvency II for end-May 2022 (here)

EIOPA - Feedback Statement to Discussion Paper on Open Insurance (here)

EIOPA – Consultation Paper on Review of Solvency II Securitisation Prudential Framework (here)

EIOPA – Consultation Paper On Supervisory Statement on Exclusions in Insurance Products arising from Systemic Events (here

ESAs – Summary of Conclusions on EFIF May 2022 Conference Call (here)

ESAs - Joint report on laws and practices applicable to the withdrawal of authorisation for serious breaches of anti-money laundering and counter-terrorist financing rules (here)

ESMA – Spotlight on Markets Newsletter May 2022 N34 (here)

ESMA – Towards Delivering the CMU (here)

ESMA – Practical Guide on National Rules on Notifications of Major Holdings (here)

ESMA – Updates on Applications for Recognition from US-based CCPs (here)

ESMA - Statement on the publication of data relating to the trade transparency requirements set out in MiFIR (here)

Eurogroup – Statement on the Future of the Banking Union of 16 June 2022 (here

European Parliament - Draft report on the European Commission's Legislative Proposal with suggested amendments to the proposed Insurance Recovery and Resolution Directive (here)

European Parliament - ECON Report setting out amendments to the Proposed Regulation amending Regulation (EU) 2015/760 as regards the scope of Eligible Assets and Investments, the Portfolio Composition and Diversification Requirements, the Borrowing of Cash and other Fund Rules and as regards requirements pertaining to the Authorisation, Investment Policies and operating conditions of European Long-Term Investment Funds (here)

FCA - Consultation on Winding down synthetic sterling LIBOR and US dollar LIBOR.  The deadline for responses is 24 August 2022 (here)

IPSF – Common Ground Taxonomy and other Guidance Updates (here)

ISDA – ISDA In Review - A Compendium of Links to New Documents, Research Papers, Press Releases and Comment Letters published by ISDA in June 2022 (here)

SRB - Operational Guidance on Bail-in Implementation (here)

SRB – Minimum Requirement for Own Funds and Eligible Liabilities (MREL) June 2022 here)

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This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.

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