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EBA Publishes Final Draft Technical Standards On Impracticability Of Contractual Recognition Under The BRRD Framework Date 23/12/2020 The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) and final draft Implementing Technical Standards (ITS) on impracticability of contractual recognition of bail-in powers under the Bank Recovery and Resolution Directive (BRRD). These standards, which aim at ensuring the harmonised application of instance...

CRR: European Commission adopts Delegated Regulation on specialised lending exposures The European Commission has adopted a Delegated Regulation in respect of regulatory technical standards (RTS) for assigning risk weights to specialised lending exposures under Article 153(9) of the Capital Requirements Regulation (CRR). The draft RTS specify how institutions should take into account the factors of financial strength, political and legal environment, transaction and asset characteristics, stren...

EBA Monitors The Use Of The Proportionality Principle For Recovery And Resolution Planning Date 22/12/2020 The European Banking Authority (EBA) published today its second Report on the application of simplified obligations and waivers under the Bank Recovery and Resolution Directive (BRRD) across the EU. The Report presents the results of the EBA monitoring on how competent and resolution authorities have applied the principle of proportionality for recovery and resolution planning in thei...

Markus K Brunnermeier, Sam Langfield, Marco Pagano, Ricardo Reis, Stijn Van Nieuwerburgh, Dimitri Vayanos A few days ago, the Eurogroup agreed to a reform of the European Stability Mechanism (ESM) and to accelerate the establishment of the ESM as backstop to the Single Resolution Fund. This is excellent news for Europe, as these reforms are essential to ensure a credible crisis management framework, particularly given the enormous economic impact of the Covid-19 pandemic and the likelihood of...

on December 16, 2020 The European Commission has today presented a strategy to prevent a future build-up of non-performing loans (NPLs) across the European Union, as a result of the coronavirus crisis. The strategy aims to ensure that EU households and businesses continue to have access to the funding they need throughout the crisis. Banks have a crucial role to play in mitigating the effects of the coronavirus crisis, by maintaining the financing of the economy. This is key in order to suppo...

EBA Publishes Final Technical Standards To Ensure Effective Application Of Stay Powers Under The BRRD Date 16/12/2020 The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the contractual recognition of stay powers. The technical standards provide further specification of essential elements to ensure the effectiveness of the resolution regime established by the Bank Recovery and Resolution Directive (BRRD). These standards are part of ...

By Tyler Davies 15 Dec 2020 If MREL is going to be an important line of defence for Europe’s banking system, market participants had better be able to see those defences. At the moment, they are hidden in mists. The European Union’s Single Resolution Board made a belated step in the right direction last week, when it published its first overview of minimum requirements for own funds and eligible liabilities (MREL) for banks. MREL is now fairly well understood as a regulatory concept in Euro...

EBA Updates Its Basel III Impact Study Following The EU Commission’s Call For Advice Date 15/12/2020 The European Banking Authority (EBA) published today its updated ad-hoc impact study on the implementation of Basel III in the EU in response to the EU Commission’s call for advice (CfA). The study is based on a sample of 99 banks and has a reference date of December 2019. Under the full implementation of Basel III and conservative assumptions, the updated impact is meaningfully lowe...

To embed, copy and paste the code into your website or blog: Recent regulatory developments focussing on banking and finance. See developments of broader scope in the Related Materials links. Contents CRR II: PRA CP22/20 on designation of firms within certain consolidation groups Systemic risk buffer rates: PRA update BRRD: PRA PS25/20 on simplified obligations for recovery planning BRRD II: FCA statement on transposition COVID-19: FCA guidance consultation on BBLS and collecting debts Bank mer...

Approach of insolvency practitioners to regulated firms: FCA GC20/5 FCA policy development update Counter-Terrorism (Sanctions) (EU Exit) (Commencement) Regulations 2020 Data localisation impact on financial services sector: IRSG report MLD4: European Commission draft Delegated Regulation removing Mongolia from high-risk third countries Islamic financial services: IFSB to adopt two new standards Digital trust and identity for legal entities: GLEIF development programme Hogan Lovells Brexit reso...