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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 […]

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Politics taking a back seat?

  • 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 […]

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What’s wrong with STS?

  • 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 […]

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

  • 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 […]

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Would a pre-resolution moratorium prejudice netting?

  • 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 – […]

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Cheaper Euro payments and enhanced transparency of dynamic currency conversions

  • 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 […]

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Non-performing loans

  • 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 […]

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European Commission’s FinTech Action Plan

  • 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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