On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland (UK) invoked Article 50 of the Treaty on European Union (TEU) which triggered the process for its withdrawal from the European Union (EU), or Brexit. The invocation procedure provides that after a negotiation period of up to two years, the TEU cease to apply to the Member State which invoked Article 50.
Speech by Mr Ignazio Visco, Governor of the Bank of Italy, at the 18th International Conference for Credit Risk Evaluation “Assessing and Managing Climate Change Risk: Opportunities for Financial Institutions”, Venice, 26 September 2019.
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), has delivered the opening remarks at the second roundtable on euro risk free rates at the European Central Bank in Frankfurt.
A summary of the exchange of views is now available.
The European Banking Authority (EBA) published today a new release of the reporting framework 2.9, which includes the validation rules, the DPM data dictionary and XBRL taxonomies.
The European Commission is today taking stock of its overall approach to equivalence in the area of financial services. EU equivalence has become a significant tool in recent years, fostering integration of global financial markets and cooperation with third-country authorities. The EU assesses the overall policy context and to what extent the regulatory regimes of a given third country achieves the same outcomes as its own rules. A positive equivalence decision, which is a unilateral measure by the Commission, allows EU authorities to rely on third-country rules and supervision, allowing market participants from third countries who are active in the EU to comply with only one set of rules. Today’s Communication also sets out how recent updates to EU legislation will ensure even greater effectiveness of the EU single rulebook, supervision and monitoring, while also fostering cross-border business in global markets. The Commission has to date taken over 280 equivalence decisions with regard to over 30 countries.
The European Banking Authority (EBA) published today its IFRS 9 roadmap providing a comprehensive overview of planned monitoring activities on IFRS 9 implementation. The EBA also launched an IFRS 9 benchmarking exercise on a sample of institutions aimed at analysing the different modelling practices followed by institutions and how IFRS 9 implementation impacts the amount of expected credit losses in terms of own funds and regulatory ratios.