Tag: EC

EMIR coming to the UK

Posted by Mark Daley
On 5 November 18
Brexit, EC, EMIR, ESMA, EU27, FCA, SI, Treasury

The latest draft SI onshoring EU legislation post-Brexit is Wednesday’s draft SI onshoring EMIR. ESMA and the EC’s functions will pass to the UK Treasury (for “equivalence” decisions) and the FCA (recognition of non-UK trade repositories) and the BOE (application and timing of the clearing obligation). It automatically – no need to apply for anything […]

Posted by Mark Daley
On 2 November 18
CCP, EC, EMIR, EU27, PAYE

Tuesday’s announcement by the EC that EU27 institutions will be able to use the UK CCPs even in a hard Brexit is an encouraging sign. Valdis Dombrovskis seemed to be saying that the UK CCPs would be granted temporary (he did not say how long) recognition under Article 25 of EMIR (see many entries on […]

Posted by Mark Daley
On 18 May 18
AFME, CRR, EC, STS

Under the CRR, the capital charge for a single A non-senior STS tranche is the same as for BB corporate risk. So does the market regard these are being similarly risky? No: capital charges for non-senior STS and for non-STS remain discouragingly high. AFME notes that the capital charge for a AAA senior tranche of […]

Posted by Michael McKee
On 8 May 18
Brexit, EC, Europe

On 27 April 2018, it was announced that the European Central Bank (ECB) and the Bank of England (BoE) are to convene a joint technical working group (“Working Group”), commissioned by HM Treasury and the European Commission. The Working Group will examine risk management specifically in the financial services sector in the period around Britain […]

Posted by Mark Daley
On 23 April 18
BRRD, CRR, EC, ISDA

The EC is promoting a package of amendments to the CRR and the BRRD known as “BRRD II”. These include a pre-resolution moratorium power for resolution authorities, which has been controversial because of fears that it may prejudice the ability to net and, therefore, the way non-EU regulators (especially in the USA and Japan – […]

Posted by Michael McKee
On 16 April 18
Cross Border Payments, EC, Europe, Financial Regulation, Payments

On 28 March 2018, the European Commission (EC) proposed two amendments to the Regulation (EC) No. 924/2009 (Cross Border Payments Regulation) to: a) reduce the cost of intra-EU payments in Euro; and b) enhance transparency so that consumers understand the true costs associated with dynamic currency conversions. These proposed amendments follow the publication of the […]

Posted by Mark Daley
On 19 March 18
Directives, EC, Enforcement, Financial Regulation, NPL

Last Wednesday’s EC proposal for a Directive “on credit servicers, credit purchasers and the recovery of collateral” seeks to address the NPL issue, and follows the 2017 consultation (to which the DLA Piper cross-group, cross-border NPL group responded). It aims to facilitate a secondary market for NPLs, and introduces a new form of security for […]

Posted by Mariel Luna
On 19 March 18
CMU, Digital Single Market Strategy, EC, ESAs, EU Crowdfunding Regulation, Financial Regulation, FinTech, Innovation

On 8 March 2018, the European Commission (“Commission“) published its FinTech Action Plan for a more competitive and innovative European financial sector. In it the Commission outlines the important synergies with the Commission’s Digital Single Market Strategy and the wider Capital Markets Union (“CMU“) efforts led by its president, Jean-Claude Juncker. The Comission’s FinTech Action […]

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Tag: EC

EMIR coming to the UK

Politics taking a back seat?

What’s wrong with STS?

ECB and Bank of England form new joint technical working group on Brexit risk management

Would a pre-resolution moratorium prejudice netting?

Cheaper Euro payments and enhanced transparency of dynamic currency conversions

Non-performing loans

European Commission’s FinTech Action Plan