53 posts categorized "EMEA Centre for Regulatory Strategy"

MiFID II: Product governance and unbundling dealing commission

Posted by Financial Services UK on 16/01/2015 at 3:47 PM in Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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We are now a step closer to understanding how the EU landscape for capital markets and investment services is set to change following the publication last month of a bumper package of MiFID II / MiFIR implementing measures by the European Securities and Markets Authority (ESMA). On 19 December 2014, ESMA published final technical advice to the EU Commission and two consultation papers on regulatory technical standards (RTS) and implementing technical standards (ITS) (part 1 covers ESMA’s commentary and part 2 sets out the draft technical standards).

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EU Bank Structural Reform – progress, of sorts

Posted by Financial Services UK on 9/01/2015 at 3:55 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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A New Year, and progress, of sorts, for EU bank structural reform. The European Parliament’s Rapporteur, Gunnar Hökmark, has published his draft report for the Parliament’s Committee on Economic and Monetary Affairs (ECON), while the outgoing Italian Presidency of the Council of the European Union published a progress report as the file was handed over to the Latvians. The picture remains too unclear for an assessment of eventual outcomes, but the parameters for the debate are beginning to emerge. In particular, Mr Hökmark’s report contains a number of significant proposed amendments which demand close scrutiny.

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Bank of England UK stress testing exercise | And now for 2015

Posted by Financial Services UK on 16/12/2014 at 5:03 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The Bank of England today announced the results of the first exercise under its new framework for stress testing the UK banking system.  The results are themselves important, but once they have been pored over, attention will turn to how the exercise will evolve.  There is a growing trend for supervisory stress testing exercises to increase in intensity over time.  The BoE makes clear in its comments today that the UK exercise will be no exception.

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Setting the scene for the Capital Markets Union

Posted by Financial Services UK on 15/12/2014 at 5:40 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The Capital Markets Union (CMU) is a flagship initiative in the European Commission’s agenda for financial services during the next five years. This “concept under construction” has already caused much debate as stakeholders attempt to define the CMU and set its primary aims and principles. However, the real debate is only just starting. The agenda will evolve rapidly over the coming months with a Commission consultation paper expected in Q1 2015 and a road map in Q3 2015.

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A watershed year for regulation?

Posted by Financial Services UK on 15/12/2014 at 5:05 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy, Insurance, Investment Management Permalink Comments (0)

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2015 has the potential to be a turning point in terms of the post-crisis re-regulatory agenda, when the focus shifts from repairing balance sheets and reputations to the role of financial services in promoting jobs and growth.  And indeed from proposing new rules to implementing the multitude that has been agreed over that last few years. Deloitte’s EMEA Centre for Regulatory Strategy have identified what we believe to be the ten key areas of regulatory focus for financial markets in 2015.

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Loss-absorbing capacity for banks: EBA consults on EU requirements – ‘MREL’

Posted by Financial Services UK on 3/12/2014 at 11:17 AM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy, Investment Management Permalink Comments (0)

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Following the recent publication of the Financial Stability Board’s (FSB)  proposals for an international standard for Total Loss-Absorbing Capacity (TLAC), the European Banking Authority (EBA) has published a consultation on a version for the EU – the Minimum Requirement for Own Funds and Eligible Liabilities (MREL).  MREL, like TLAC, is intended to make banks – credit institutions and large investment firms – more resilient and ensure they have enough loss-absorbing capacity so that resolution tools, including the bail-in tool, can be applied effectively.

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A “watershed” moment for financial regulation, and “the next phase of reform”

Posted by Financial Services UK on 18/11/2014 at 11:32 AM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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What Mark Carney has termed a “watershed” moment in post-crisis financial regulation passed this weekend with the G20 Leaders’ Summit in Brisbane. In a fairly short Communique, G20 political leaders declared: “We have delivered key aspects of the core commitments we made in response to the financial crisis. […] The task now is to finalise remaining elements of our policy framework and fully implement agreed financial regulatory reforms.”

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International regulators confirm bail-in-able debt requirement – ‘TLAC’

Posted by Financial Services UK on 11/11/2014 at 5:13 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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Ahead of this weekend’s G20 Leader’s Summit in Brisbane, the Financial Stability Board (FSB) has published its proposals to require global systemically important banks (G-SIBs) to hold a minimum amount of capital plus bail-in-able debt, known as ‘TLAC’. While this is by no means the end of the journey to eliminate ‘too big to fail’, these proposals represent the last major outstanding piece of post-crisis prudential policy for banks. A quantitative impact study (QIS) will be run in 2015, before finalisation of the proposals. This process will not be a formality – there are questions of substance left to address.

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Eurozone banks wake up to a new supervisor. What’s next?

Posted by Financial Services UK on 4/11/2014 at 1:35 PM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The Single Supervisory Mechanism (SSM) formally opens for business today.  For months, supervisors and banks have been preparing for the transfer of supervisory responsibilities to the European Central Bank (ECB).  Yet the 4 November milestone is just the start of a much longer, possibly testing journey for all involved.

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UK leverage ratio requirement: a cornucopia of capital complexity?

Posted by Financial Services UK on 4/11/2014 at 10:38 AM in Banking, Capital Markets, EMEA Centre for Regulatory Strategy Permalink Comments (0)

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The Bank of England Financial Policy Committee’s (FPC) recently published review on the role of the leverage ratio in the UK proposes moving ahead of international standards to introduce new requirements for the biggest UK banks and building societies from next year. It recommends those banks eventually meet a ‘static’ requirement of up to around 4% on an ongoing basis (comprising a minimum of 3% and a supplementary buffer capturing systemic risk). There would also be a time-varying component that varies with the credit cycle and could add around 90 basis points more for some banks at the top of the cycle (on the FPC’s current assumptions).

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