European financial regulation updates
Welcome to PwC's European financial regulation updates. Since May 2011 we've been publishing weekly updates on the key regulatory topics facing financial services organisations in Europe.
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28 May 2012
Including updates on the EBA's recovery plans for banks in the EU and an update on the CRD IV proposals
- EBA jumps ahead of EC with recovery plans
- Agreement moves ever closer on the Capital Requirements Directive IV
21 May 2012
Including updates on a new FSB task force, transaction reporting under MiFID, a review of the Financial Conglomerates Directive and a review of the Acquisitions Directive
- FSB encouraging improved risk disclosures
- Views differ on application of the Acquisitions Directive
- ESMA seeking to harmonise transaction reporting across the EU
- ESAs recommend expanding scope of FICOD to unregulated entities
14 May 2012
Including updates on recovery and resolution, CRD IV and trading capital rules
- Triggering recovery and resolution plans
- Deal close on Capital Requirements Directive IV
- Fundamental changes to trading capital rules
07 May 2012
Including updates on bank restructuring in Europe, macroprudential supervision and market abuse
- Further restructuring by European banks appears inevitable
- IMF finds central banks are not optimal macroprudential regulators
- ESMA reviews market abuse sanctions across Europe
- IOSCO outlines principles for CIS liquidity risk management
- G20 finance ministers and central bank governors meet ahead of June summit
30 Apr 2012
Including updates on financial market infrastructures and shadow banking
- IOSCO publish principles for financial market infrastructures
- FSB progress on shadow banking
23 Apr 2012
Including updates on remuneration, the Anti-Money Laundering Directive, good regulation and stress testing
- Identifying ‘risk takers’ in banks proving problematic
- Tweaking the Anti-Money Laundering Directive
- OECD sets out principles for good regulation
- Basel Committee positive about progress on stress testing
16 Apr 2012
Special edition on the Capital Requirements Directive IV
- ESRB pushes for flexibility on CRD capital rules
- EBA issues first RTS on own funds
- If you introduce bail-in debt, will creditors bail-out?
- Raising capital
02 Apr 2012
Including updates on credit rating agencies, retail bank accounts and proxy advisors
- ESMA issues first report card on CRAs
- EC release working paper on retail bank accounts
- Regulating the proxy advisory industry
- Joint Committee of ESAs publish medium term strategy
26 Mar 2012
Including updates on shadow banking, regulating ETFs and credit rating agencies
- EC consults on shadow banking
- IOSCO outlines principles on regulating ETFs
- US credit rating agencies approved under new EU regulatory regime
19 Mar 2012
Including updates on security settlements, Central Securities Depositories and EMIR
- EC propose reform to harmonising security settlements and regulate CSDs
- EBA and ESAs discuss capital and collateral requirements under EMIR
- FSB update on LEI progress.
12 Mar 2012
Including updates on mandatory clearing and MiFID
- IOSCO outlines requirements for mandatory clearing
- ESMA stakeholder group response to MiFID consultations
05 Mar 2012
Including updates on AIFMD and IOSCO principles on asset-backed securities and complex financial products
- ESMA consults on AIFMD key concepts
- IOSCO outlines disclosure principles for asset-backed securities
- IOSCO consults on suitability requirements for complex financial products
27 Feb 2012
Including updates on EMIR, occupational pensions reform, short selling and supervisory reporting
- Trilogue reaches agreement on EMIR
- ESMA starts preparing for ‘Level 2’ text
- EIOPA outlines plans to create a ‘harmonised’ EU pension industry
- ESMA outlines delegated acts on short selling
- EBA’s supervisory reporting regime takes a step forward
- Joint Forum reports on intra-group support measures
- IOSCO outline principles for the valuation of CIS
- European Parliament publishes study on venture capital
20 Feb 2012
Including updates on FATCA, bank recapitalisation and deposit insurance systems
- FATCA takes shape
- EBA: recapitalisation plans on track?
- FSB reviews deposit insurance systems
13 Feb 2012
Including updates on UCITS ETFs, remuneration and Solvency II
- ESMA outlines guidelines for UCITS ETF
- Barnier considers further reforms on remuneration
- Third countries pursue equivalence assessments under Solvency II
- Implementing complex reforms: lessons learnt from the CCD
- EC publishes proposed changes to data protection rules
06 Feb 2012
Including updates on EMIR, banking restructuring and short selling
- EMIR moves forward, Restructuring European banks, ESMA publishes technical standards on short selling of CDSs, EIOPA publishes 2012 work programme
30 Jan 2012
Including updates on the ESA's burgeoning work load, recommendations on US dollar funding and principles on Collective Investment Schemes
- Can the ESAs deliver?
- ESRB issues recommendations on US dollar funding and macroprudential regulation
- IOSCO outline principles on Collective Investment Scheme and OTC data collection
23 Jan 2012
Including updates on structural reform in EU banking, regulatory flux and the Liquidity Coverage Ratio
- EC probe structural policy in banking
- Regulatory flux continues
- Liquidity Coverage Ratio
- ESMA publishes annual report on CRA regulation
16 Jan 2012
Including updates on crisis management and resolution, institutional models for macroprudential supervision and ESA's ambitious plans for 2012
- Making crisis management regimes workable
- Institutional models of macroprudential supervision
- EBA and ESMA set out ambitious agendas for 2012
09 Jan 2012
Including updates on the MiFID II public hearing, MiFID guidelines, CRD IV and the Gender Directive
- ECON holds MiFID II/MiFIR public hearing
- ESMA releases three guidelines on MiFID
- European Parliament releases CRD IV draft report
- EC releases Gender Directive guidelines
- CRAs face enhanced supervisory oversight
- ESRB update on risks facing the European financial system
19 Dec 2011
Including updates on SME access to finance, consumer protection in insurance and the failure of RBS
- Improving SMEs’ access to finance
- EIOPA highlights consumer protection issues
- FSA reports on the failure of RBS
12 Dec 2011
Including updates on capital shortfalls, internal audit functions and guidelines on CRD III
- Capital, capital, capital
- Assessing the effectiveness of internal audit functions
- EBA consults on technical amendments to CRD III
05 Dec 2011
Including updates on the liquidity crisis, contingency planning and the eurozone crisis and the EC's 2012 work programme
- Breaking free from the eurozone’s liquidity trap
- Preparing contingency plans on the eurozone crisis
- EC publishes work 2012 programme
- Italy and Poland taken to court over CRD III implementation
- ECB release standards for using CCP
28 Nov 2011
Including updates on AIFMD, central counterparties and macroprudential supervision
- ESMA publishes detailed rules on possible AIFMD implementing measures
- BIS report calls for further access to CCPs
- Role of macroprudential supervision and central banks remains uncertain
21 Nov 2011
Including updates on materiality in financial reporting, calls for an EU-resolution authority and the need for a smaller banking system
- ECB executive member calls for EU-resolution authority and smaller banking system
- Materiality in financial reporting
- EIOPA releases guidelines on complaints-handling
11 Nov 2011
Including updates on Solvency II reporting requirements take shape
- The European Insurance and Occupational Pensions Authority (EIOPA) is consulting on draft proposals on qualitative and quantitative reporting under Solvency II, following an intensive period of informal consultation and discussions with relevant stakeholders for the past two years.
10 Nov 2011
G20 special: messages from this year's G20 summit
- With bank stocks sliding, Italian borrowing costs spiking to unprecedented levels and the IMF suggesting that we could face a lost decade of economic activity, the Cannes G20 summit failed to live up to its billing.
07 Nov 2011
Including updates on G20 summit, retail ring-fence and FTT
- G20 summit agenda dominated by Greece
- European Parliament calls for global retail ring-fence and Tobin tax
- FSB outlines principles for residential mortgage underwriting
- Getting to grips with macroprudential supervision and ‘shadow banking’
31 Oct 2011
Including updates on remuneration and assessing the impact of MiFID II on fixed income
- European banks’ Pillar 3 disclosures improve but remuneration disclosures still need work
- Assessing the impact of MiFID II on fixed income
- Basel III implementation advances
25 Oct 2011
Including updates on MiFID II, short selling and advice on payment services
- EC publish final MiFID II proposals
- EU lawmakers agree permanent ban on naked short selling of CDS
- Accessing the impact of extra capital buffers on G-SIBs
- EC issues guidance on payment services
17 Oct 2011
Including updates on EC's recapitalisation plans, the upcoming G20 summit and accessing the impact of regulations
- EC propose recapitalisation plans
- G20 – Handicapping the Cannes Leaders’ Summit
- Assessing the cumulative impact of European regulations
- FSB consults on a common data template for systemically important institutions
10 Oct 2011
Including updates on financial transaction tax, recapitalisation plans for European banks, internal governance and product intervention
- EC outline detailed financial transaction tax proposals
- European governments step-up their efforts to address sovereign debt concerns
- Regulators to get tough on internal governance
- ESMA call for great transparency and product intervention powers
- BIS highlights concerns on high-frequency trading in FX markets
03 Oct 2011
Including updates on FX financial supervision, CRAs and automated trading
- Preparing for FX supervision
- CRAs face tough reporting requirements
- EFAMA publishes blueprint for a European consolidated tape
- MA seeks to apply common sense to automated trading
- EIOPA’s insurance and reinsurance stakeholder group 2nd meeting
26 Sep 2011
Including updates on industry concerns about AIFMD and a 200 billion euro hole in banks’ capital base
- Industry highlight concerns on the implementation of AIFMD
- IMF expose 200 billion euro hole in banks’ capital base
- Regulating commodity derivatives
- UK government to sue ECB over planned restrictions on clearing houses
19 Sep 2011
Including updates on Banking liquidity, MiFID II leaked proposals and the ICB report
- Banks play down liquidity crisis in the eurozone
- Exchange traded funds and systemic risk
- MiFID II leaked proposals: end to vertical exchange silos?
- ICB report recommends structural change in UK banking
12 Sep 2011
Including updates on shadow banking and mortgage directives
- Large Swiss banks face tough capital requirements
- FSB examines Shadow Banking
- ECON presses for greater flexibility in mortgage contracts
- Financial transaction tax to fund EC?
05 Sep 2011
Including updates on: data reporting requirements for OTC derivatives, ESMA consults on AIFMD third country issues and Lagarde calls for urgent recapitalisation of European banks
- Designing data reporting requirements for OTC derivatives
- ESMA consults on AIFMD third country issues
- Lagarde calls for urgent recapitalisation of European banks
15 Aug 2011
Including updates on short-selling, supervisory liability and Solvency II country equivalence tests
- Short-selling ban promotes debate
- Enhancing supervisors’ liability
- Bermuda, Japan and Switzerland meet equivalence criteria under Solvency II but more work required
15 Aug 2011
Including updates on cyber security, short-selling ban and recovery and resolution plans
- Ignore cyber security at your peril
- Short-selling ban
- UK introduces template for recovery and resolution plans
- Germany and France push for a financial transaction tax
- The unintended consequences from Basel III and Solvency II
15 Aug 2011
Including updates on the IMF criticising CRD IV proposals, regulation haircuts and money laundering and financial institutions
- IMF criticises CRD IV proposals
- The case for counter-cyclical haircuts
- Administrative requirements of a financial transaction tax
- OECD release principles on financial consumer protection
- Money Laundering and capturing financial institutions
08 Aug 2011
Including updates on EBA consults on remuneration and the European Parliament Committee reviews State aid for banks
- EBA consults on remuneration
- IMF report justifies need for a global financial safety net
- European Parliament Committee reviews State aid for banks
- Barriers to competition in the EU mortgage market
01 Aug 2011
Including updates on CRD IV, changes to highly automated trading environments and universal access to basic bank accounts
- More than 8,200 European banks will need to hold more and better capital to resist future shocks, as part of a package of long-awaited proposals known as Capital Requirement Directive IV (CRD IV) outlined by the European Commission’s (EC) on 20 July 2011.
25 Jul 2011
Including updates on credit ratings dependency, AIFMD and Solvency II
- Financial services must reduce dependency on credit ratings
- ESMA outlines its policy thinking on AIFMD
- Solvency II impacts fixed incomes investment strategies
- Are financial institutions willing to accept more intensive regulation?
18 Jul 2011
Includes updates on slowing down high frequency trading and proposals for a global insurance regulatory framework
- Slowing down high frequency trading
- Insurance Supervisors propose a global regulatory framework
- European Security Markets Authority (ESMA) takes action to protect retail investors
11 Jul 2011
Including updates on UCITS IV comes into force, Basel III reforms and the future of financial regulation
- UCITS IV comes into force
- Basel III reforms and global systemically important banks
- Quantifying the impact of CRD IV
- Financial Stability Board (FSB) puts deposit insurance back on the agenda
- International Monetary Fund (IMF) proposes risk based money laundering assessment
- European Banking Authority (EBA) Chairman delivers speech on the future of financial regulation
04 Jul 2011
Including updates on the proposition to delay the implementation of Solvency II and competition in the European banking system
- EBA defends its stress test
- EU Council proposes to delay the implementation of Solvency II until 2014
- Competition in the European banking system
- EP publishes draft legislation on EMIR
27 Jun 2011
Including updates on new regimes for venture capital funds and documentation for cleared swaps
- EC: Position limits are needed in commodity markets
- FIA and ISDA publish documentation for cleared swaps
- EC propose a new regime for venture capital funds in Europe
- Geithner and Barnier spar on regulatory arbitrage concerns
- Central bank and financial stability governance
20 Jun 2011
Including updates on derivative reforms, banking and insurance systemic risk, the Solvency II timetable
- Progress on G20 derivative reforms
- Separating banking and insurance systemic risk
- European Parliament calls for more competition for Credit Rating Agencies
- Omnibus II: the Solvency II timetable in jeopardy?
- Governance of Financial Stability in the eurozone: More power to European Authorities?
- CRD IV: Basel Committee finalises rules for counterparty credit risk and final text rules
12 Jun 2011
Including updates on derivatives, ETF's and systemic risk
- ECB airs its views on OTC derivative rules under Dodd-Frank
- ETFs: wolves in sheep’s clothing or regulators crying wolf?
- Systemic Risk: will macro and microprudential policy be the silver bullet?
- Towards a European mortgage market?
- The long journey towards a cross-border insurance resolution regime
06 Jun 2011
Including updates on MiFID, EMIR, Basel III and Sovereign debt management
- Transparency, stability and international co-ordination: Maijoor speaks out on ESMA regulatory objectives
- MiFID delayed but it’s only a matter of time
- EMIR: Delay in adoption could jeopardise G20 commitment
- Defining capital in Basel III: Hybrid 'silent participations'
- Resolution and Recovery: ESBC responses to EC recovery and resolution framework
- Sovereign debt management, monetary policy and Greece
- Reshuffle but not kerfuffle: The departure of key regulatory personnel should not interrupt the regulatory reform agenda in Europe
31 May 2011
Including updates on Basel III, UCITS and market transparency
- European approach to Basel III implementation: Getting stressed over EBA stress tests and Basel III
- European regulation of markets and trading: dark liquidity, Newcits: EFAMA argues Newcits are just UCITS
- Market Transparency: UK reinforcing support for transparency in European financial markets
- ESMA publishes final guidelines on Credit Rating Agencies
