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.

Keep up to date on the latest developments by subscribing to email alerts, or via the RSS.


16 Feb 2015

Including updates on AMLD, CEO survey and Financial Models

  • Snapshots: Benchmark Regulation, RRP for insurers
  • First take: Political agreement on AMLD 4
  • Op Ed: Staying Ahead of the Regulatory Curve
  • Op Ed: Banking on Financial Models
  • Around the World: G20 Agenda


06 Feb 2015

Including updates on derivative reforms, stress testing and Solvency II

  • Snapshots
  • First Take
  • Op Ed
  • Around the World


30 Jan 2015

Including updates on CMU, structural reform and fair and effective markets

  • Snapshots from Europe
  • First Take
  • Op Ed
  • Around the World


25 Nov 2014

Including updates on the Capital Markets Union, EMIR reporting and the G20 summit.

  • Reinforcing credit supply: Why we need CMU
  • Evolving derivative reporting rules
  • Regulatory Reform Down Under


11 Nov 2014

Including updates on the EBA's stress test and the ECB's asset quality review

  • Stress tests in number: Failed the test
  • Base Case Worst Performers
  • Adjustments due to AQR
  • Non-Performing Loans by Banks with CET1 Ratios in the Range 5.5% - 8%
  • G-SIBs CET1 Ratio
  • AQR Adjusted Leverage Ratio
  • Net Income
  • Summary


28 Oct 2014

Including updates on risk governance and bank lending

  • Top-down risk management
  • Will banks start lending again?
  • And also on the EU regulatory horizon


03 Jul 2014

Including updates on systemically important asset managers and protecting client money

  • Are asset managers systemically important?
  • Protecting client money
  • Waiting for Godot


15 Apr 2014

Including updates on crowd funding and G20 summits

  • Crowding out supply-side constraints to investment
  • G20 summits: do markets care?


03 Apr 2014

Including updates on the Single Resolution Mechanism and FX market investigations

  • Political agreement on SRM
  • F(i)X market investigations


10 Feb 2014

Special issue: Preparing for real change

  • New era for crisis management for banks
  • Basel Committee brushes up leverage and liquidity rules
  • Central banking in a world of flux


06 Dec 2013

Including updates on M&A activity and bankers pay

  • Come together right now…over SSM
  • More money, more problems


18 Nov 2013

Including updates on Benchmarking, EMIR and Solvency II

  • Benchmarking on reform
  • And their off: countdown to EMIR reporting
  • Are you ready for Solvency II?


28 Oct 2013

Including updates on crowdfunding and MiFID II

  • Regulating Crowdfunding
  • MiFID II on the horizon: a tectonic shift


23 Sep 2013

Including updates on the G20 summit and shadow banking

  • Much done, more to come: global regulatory reforms
  • Buffering Money Market Funds
  • Global response to shadow banks


16 Sep 2013

Don’t make a meal of it: EU regulatory negotiations enter crucial stage

  • EU financial services lawmakers face a staggering autumn workload with twenty nine legal texts currently being negotiated or expected to be tabled by the European Commission (EC) in the near future. To make any progress, legislators will need to prioritise but agreeing these priorities may not be straightforward in all areas. If some dossiers fail to make the priority list, we could end up with in incomplete regulatory regimes, and possibly market distortion, for years to come.


12 Aug 2013

Including updates on liquidity reporting, EMIR and FICOD

  • Liquidity outflows: How many buckets does it take?
  • EMIR proposals narrow impact outside of EU
  • FICOD and CRR


29 Jul 2013

Including updates on letting banks fail, G-SIIs and risk appetite

  • Breaking the taboo: letting banks fail
  • Hello G-SIIs
  • Risky business


15 Jul 2013

Including updates on cross-border OTC reforms, AIFMD and bank resolution

  • US and EU regulators strike a deal on regulating cross-border derivatives
  • Don’t wait ‘til it’s too late: complying with AIFMD
  • Steps in resolving a Eurozone bank


08 Jul 2013

Including updates on the leverage ratio, priorities of the Lithuanian Presidency and more

  • Banking on the leverage ratio
  • No surprises: Lithuanian Presidency outlines its priorities
  • A rising economy lifts all banks


10 Jun 2013

Including updates on pending EU reforms, CRD IV and credit rating agencies

  • Next stop, Vilnius: what FS reforms are coming down the tracks in Europe
  • Are you still relying on credit ratings?
  • It’s raining RTSs


20 May 2013

Including updates on MiFID, retail bank accounts and valuing CIS

  • Black smoke on MiFID II
  • Moving towards a single retail bank account market in Europe
  • Effectively valuing Collective Investment Schemes


13 May 2013

Including updates on CRD IV, financial transaction tax and resolution plans

  • Staying on top of hot topics: FTT and CRD IV
  • Managing intraday liquidity
  • Europe and the US lag behind others in Basel III implementation
  • The long road to resolution


22 Apr 2013

Including updates on global systemically important insurers and money market funds

  • Stick to the knitting: systemically important insurers
  • Wide deviation in supervising MMFs
  • Clouds still hang over the EU financial system


08 Apr 2013

Including updates on the new UK supervisory structure, AIFMD and CRD IV

  • FSA makes way for ‘twin peaks’ model
  • Some much-needed clarity provided on AIFMD
  • Get ready for CRD IV


18 Mar 2013

Including updates on the regulation of non-bank activities and risk management at insurers

  • Beyond traditional banking
  • Insuring against the low interest rate environment


04 Mar 2013

Including updates on Bankers’ bonuses, the progression of regulatory reforms and MMFs

  • Bankers’ bonuses capped under CRD IV
  • The progress of financial regulatory reforms
  • Preparing liquidity standards under CRR
  • ESRB makes recommendations on MMFs
  • ESMA recommends EU Code of Conduct for proxy advisor industry


18 Feb 2013

Including updates on the Single Supervisory Mechanism, Client Money and RWAs

  • Making good on SSM
  • Filling in the gaps: EC propose new anti-money laundering rules
  • Protecting client money
  • Variation in Risk Weight Assets


04 Feb 2013

Including updates on the financial transaction tax, suitability of complex products and our annual CEO survey

  • FTT clears first negotiation hurdle
  • IOSCO finalises global suitability and disclosure principles for intermediaries
  • State of the financial system: On the front foot


21 Jan 2013

Special edition: Regulating Benchmarks

  • Special edition: Regulating benchmarks- fall-out from the LIBOR and EURIBOR scandal continues


14 Jan 2013

Special edition on the Liquidity Coverage Ratio

  • Special issue: Regulators fine-tune LCR to keep credit flowing


17 Dec 2012

Including updates on the Fed's new approach to regulating foreign subsidiaries, UK/US cooperation on RRPs and OTC derivatives

  • Fed plans to overhaul the regulation of foreign subsidiaries
  • Bank of England and FDIC agree operational strategies for resolving cross-border banks
  • ECB gets behind the Recovery and Resolution Directive
  • International regulators agree to cooperate on OTC regulations
  • The changing world of central banking


03 Dec 2012

Including updates on LIBOR reform, the Financial Transaction Tax and the Single Supervisory Mechanism

  • ESRB gets behind LIBOR/EURIBOR reforms
  • Update on the Financial Transaction Tax
  • Draghi considers how SSM will work


26 Nov 2012

Including updates on CRD IV's progress and the Legal Entity Identifier

  • CRD IV close to completion?
  • Harnessing the Legal Entity Identifier


12 Nov 2012

Including updates on OTC derivative reform, recovery and resolution plans and G-SIFIs

  • FSB sees progress on OTC derivatives
  • FSB consults on Recovery and Resolution Plans
  • FSB outlines progress in implementing G-SIFIs framework


05 Nov 2012

Including updates on short selling, Basel III and the new UK regulatory structure

  • Short Selling Regulation comes into force
  • Unfinished business: global regulatory reform
  • Basel III implementation progresses
  • CRD’s impact on SME lending
  • The dangers of liquidity regulations
  • The UK’s new approach to financial regulation


01 Oct 2012

Including updates on systemic risk, balance sheet repair and short selling

  • ESRB issue first risk dashboard
  • ESRB calls on banks to repair their balance sheets
  • Disclosure requirements in the Islamic capital market
  • ESMA consults on short selling exemptions


24 Sep 2012

Including updates on measuring the impact of regulatory reforms, Libor and short selling

  • Estimating the impact of regulatory reforms
  • Regulatory Round-up


17 Sep 2012

Including updates on single supervisory plans for the Eurozone and Libor reform

  • EC propose transferring supervisory powers to the ECB
  • EC consults on LIBOR reform


10 Sep 2012

Including updates on OTC Derivatives, the Financial Conglomerate Directive and short selling

  • ESRB advises on the use of OTC Derivatives for non-financial firms and Collateral in EMIR
  • ESAs consult on calculating capital at the conglomerate level
  • FSA prepares UK regime for the Short Selling Directive


03 Sep 2012

Including updates on shadow banking and improving financial market surveillance

  • ECON publishes draft report on shadow banking
  • IOSCO consults on technology challenges to market surveillance


27 Aug 2012

Including updates on resolution regimes; FX transactions and Libor

  • FSB starts its peer review on resolution regimes
  • Settlement of FX transactions
  • ECON seeks input into ‘fixing’ Libor


13 Aug 2012

Including updates on LIBOR reform, recovery and resolution plans and FINREP

  • Regulators respond to LIBOR rigging
  • FINREP delayed
  • RRPs for financial market infrastructure providers
  • ESAs strengthening cross border supervision of payment institutions


06 Aug 2012

Including updates on ETFs, UCITS VI, EMIR and CRD III

  • ESMA issues final guidelines on ETFs and other UCITS issues but consults further on repos
  • EC starts the ball rolling on UCITS VI
  • Countdown starts on EMIR
  • EBA finalises remuneration templates under CRD III
  • Basel Committee widens the scope of own credit risk adjustments
  • Euroarea lending conditions stabilise


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.