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 instances of impracticability of contractual recognition of bail-in powers, are part of the EBA s work to implement the BRRD.
Where contracts are governed by the law of a third country, the BRRD requires that these contracts include a contractual recognition term by which the parties acknowledge that the contract may be subject to bail-in powers and agree to be bound by their effect. In certain situations, it might be legally or otherwise impracticable to achieve contractual recognition of the bail
The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) on the capitalisation of non-modellable risk factors (NMRFs) for institutions using the FRTB Internal Model Approach (IMA) implemented in EU as a reporting requirement.
These draft RTS are a key deliverables in the EBA’s work on implementing the FRTB in EU and part of its
published on 27 June 2019.
These draft RTS lay down a specific methodology that institutions are to use for determining the own funds requirements related to non – modellable risk factors in the new market risk regime. The methodology is applicable to all kinds of risk factors and adjusts to different levels of NMRF data availability. Data collected in the data collection exercise launched in June 2019 served as a basis for its calibration.
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Of relevance to all Luxembourg IFMs, UCITS and regulated
AIFs.
On 16 December 2020, the CSSF issued its communication (available here) on how it intends to deal with
the Sustainable Finance Disclosure Regulation (EU) 2019/2088
( SFDR ), which will become applicable in large part on
10 March 2021. Most notably, the CSSF provides details in its
communication on the fast track procedure for updating
prospectuses/offering documents and the confirmation letter that
will need to accompany it (available here).
The CSSF reiterates that, in the absence of the relevant
Regulatory Technical Standards (the Level 2 SFDR
EBA publish final draft technical standards on the prudential treatment of investment firms Dettagli
, will
ensure a proportionate implementation of the new prudential framework for investment firms taking into account the different activities, sizes and complexity of investments firms.
With the entry into force of the Investment Firms Regulation (IFR) and Directive (IFD), most of the investment firms authorised under the Markets in Financial Instruments Directive (MiFID) will be subject to a new prudential regime, different and independent from the Capital Requirements Regulation (CRR) applicable today. With today’s submission, the EBA is preparing for a smooth introduction of the IFR/IFD, which is due to be applicable by mid-2021.
EBA Publishes Final Draft Technical Standards On Capital Requirements Of Non-Modellable Risks Under The FRTB Date
17/12/2020
The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the capitalisation of non-modellable risk factors (NMRFs) for institutions using the FRTB Internal Model Approach (IMA) implemented in EU as a reporting requirement. These draft RTS are a key deliverables in the EBA’s work on implementing the FRTB in EU and part of its roadmap for the new market and counterparty credit risk approaches published on 27 June 2019.
These draft RTS lay down a specific methodology that institutions are to use for determining the own funds requirements related to non – modellable risk factors in the new market risk regime. The methodology is applicable to all kinds of risk factors and adjusts to different levels of NMRF data availability. Data collected in the data collection exercise launched in June 2019 serv