UPDATED – Press Release: Discussion open on the ongoing changes to the new benchmark rates, the IBOR transitions

Update: New deadline: 30 June 2020 (previously 30 April)

EIOPA published the discussion paper on IBOR transitions. Following the EU Benchmark Regulation (EU BMR), this Discussion Paper addresses for the first time the subject of the ongoing changes to the new benchmark rates (or IBOR transitions). The focus of this paper is to address issues identified within the EIOPA Risk free rate (RFR) environment.

UPDATED – Consultation: Draft Regulatory Technical Standards under the Benchmarks Regulation

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Roadmap: Financial benchmarks (for interest rates, stock-exchange prices, exchange rates, etc.) – review of EU rules

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Press Release: ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP)

The Governing Council of the ECB is committed to playing its role in supporting all citizens of the euro area through this extremely challenging time. To that end, the ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock. This applies equally to families, firms, banks and governments.

Report from the Commission to the European Parliament and the Council on the implementation of Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive)

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Press Release: EBA highlights the importance of data and information preparedness to perform a valuation for resolution

The European Banking Authority (EBA) published today the Chapter on how resolution authorities should assess institutions’ management information systems, in the context of the resolvability assessment, to ensure that data and information are swiftly provided to support a robust valuation for resolution  (valuation MIS). This Chapter, which is part of the EBA Handbook on valuation for purposes of resolution, aims at enhancing institutions’ preparedness in business as usual to support a timely and robust valuation in case of resolution.

Press Release: ESMA’s supervision focuses on outstanding credit ratings, data quality and third country CCPs

The European Securities and Markets Authority (ESMA) has published its 2020 Supervision Work Programme, detailing the areas of focus for its supervision of Credit Rating Agencies (CRAs), Trade Repositories (TRs) and the monitoring of third-country Central Clearing Counterparties (TC-CCPs) and Central Securities Depositories (TC-CSDs). ESMA is also preparing for its new supervisory responsibilities under the Securities Financing Transactions Regulation (SFTR), the Securitisation Regulation (SECR), the Benchmarks Regulation and MiFIR.

Technical expert group on sustainable finance (TEG) – Usability guide for the EU green bond standard

The TEG published its interim report on an EU Green Bond Standard (EU GBS) in March 2019 for public feedback. After evaluation of the feedback, the TEG published its final report in June 2019 with recommendations to the EC on principles as well as a draft model of an EU GBS (TEG EU GBS report). The TEG proposes that any type of listed or unlisted bond or capital market debt instrument issued by a European or international issuer that is aligned with the EU GBS should qualify as an EU Green Bond.

Technical expert group on sustainable finance (TEG) – Final Report on Taxonomy

After taking into consideration a second round of feedback, which took place in summer 2019, the TEG published the final version of its report on 9 March 2020. The final report on EU taxonomy contains recommendations relating to the overarching design of the Taxonomy, as well as guidance on how companies and financial institutions can make disclosures using the taxonomy. The report is supplemented by a technical annex containing an updated list of technical screening criteria for economic activities that can substantially contribute to climate change mitigation or adaptation, including an assessment of significant harm to other environmental objectives.

Commission Staff Working Document: European Financial Stability and Integration Review (EFSIR)

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Press Release: EBA updates list of institutions involved in the 2020 supervisory benchmarking exercise

The European Banking Authority (EBA) published today an updated list of institutions, which have a reporting obligation for the purpose of the 2020 EU supervisory benchmarking exercise. The EBA runs this exercise leveraging on established data collection procedures and formats of regular supervisory reporting and assists Competent Authorities in assessing the quality of internal approaches used to calculate risk weighted exposure amounts.

CANCELLED – Event: Sustainable & Responsible Investing (SRI) Panel Discussion (Brussels, 26 March 2020)

A panel discussion will address the following issues:

– How the regulator formulates the rules and how and by whom these rules may be influenced;
– The practical implications of these rules on businesses;
– The characteristics that an investor might need to understand when selecting a Sustainable and Responsible Investment.

Press Release: ESMA responds to European Commission consultation on the Benchmark Regulation review

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its response to the European Commission’s (EC) Consultation on the review of the Benchmark Regulation (BMR). ESMA’s responses focus on the cessation of critical benchmarks, parity between EU and third-country benchmarks and transparency.

Press Release: EBA calls for measures to ensure a more balanced composition of management bodies in institutions

The European Banking Authority (EBA) issued a new benchmarking report on diversity practices in credit institutions and investment firms analysing the development since its 2015 diversity benchmarking exercise. Based on data as of September 2018, still many institutions, 41.61% out of 834, have not adopted a diversity policy. The representation of women in management bodies is still relatively low and many institutions do not have a gender diverse board. The EBA calls on institutions and Member States to consider additional measures for promoting a more balanced representation of both genders and on competent authorities to ensure institutions’ compliance with the requirement to adopt diversity policies.

Press Release: EBA releases its annual assessment of the consistency of internal model outcomes

The European Banking Authority (EBA) published today two Reports on the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for high and low default portfolios (LDPs and HDPs), as well as market risk. The results confirm that the majority of risk-weights (RWs) variability can be explained by fundamentals. These benchmarking exercises are a fundamental supervisory and convergence tool to address unwarranted inconsistencies and restoring trust in internal models.

2020 Commission Work Programme: Finance

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Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a framework to facilitate sustainable investment

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‘I/A’ Item Note: Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the establishment of a framework to facilitate sustainable investment

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OPP Meeting Summary: EP ECON Committee – Economic Dialogue and exchange of views on the Autumn Fiscal Package of the 2020 European Semester (27 January 2020)

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Official Journal (L Series): Commission Regulation (EU) 2020/34 of 15 January 2020 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 39, International Financial Reporting Standards 7 and 9

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OPP Meeting Summary: EP Plenary – Presentation of the programme of activities of the Croatian Presidency (14 January 2020)

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Press Release: ESMA announces key priorities for 2020-22

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its Strategic Orientation for 2020-22. The Strategic Orientation sets out ESMA’s future focus and objectives and reflects its expanded responsibilities and powers following the ESAs Review, and EMIR 2.2, which increases its focus on supervisory convergence, strengthens its role in building the Capital Markets Union (CMU) and gives it with more direct supervision responsibilities.

Speech: Remarks by Executive Vice-President Valdis Dombrovskis at Die Welt Economic Summit

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Event: Climate Change and Sustainable Finance (Trier, 6-7 February 2020)

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Official Journal (L Series): European Supervisory Authorities: powers, governance and funding

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