Daily news 2021/01/29

reporting of events that were not duly reported on time
updates to records of outstanding SFTs by the Trade Repositories based on reports made by the counterparties
operational aspects concerning the reporting by financial counterparties on behalf of small non-financial counterparties pursuant to the Article 4(3) of SFTR.

ESMA has published its response to the European Financial Reporting Advisory Group’s (EFRAG) consultation on its draft advice on the endorsement into European law of the new international accounting standards for insurance contracts (IFRS 17).
ESMA’s indicates that a key role in promoting greater transparency and consistency in accounting for insurance contracts in accordance with IFRS 17 is played by the principles for the aggregation of contracts that form an integral part of the new measurement model. ESMA recommends that EFRAG consider these aspects when finalising its advice.
In addition, ESMA notes that IFRS 17 is a very detailed standard which reflects the complexity of the underlying insurance and reinsurance business which results in the extensive application of professional judgement.
On balance, ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.

EIOPA has launched a public consultation on open insurance, focused on access to and sharing of insurance-related data.
EIOPA explores questions on whether and how far insurance value chains should be ‘opened’ up by the sharing of insurance-related and specific policyholder data amongst insurance and non-insurance firms, to protect policyholder rights and to allow for innovation in products and services. The main areas of the consultation paper include:

The consultation will run until 28 April 2021.

increases aid ceilings set out in the Temporary Framework for certain support measures
enables Member States to convert until 31 December 2022 repayable instruments (e.g. guarantees, loans, repayable advances) into other forms of aid, such as direct grants, provided the conditions of the Temporary Framework are met
extends the temporary removal of all countries from the list of “marketable risk” countries under the Short-term export-credit insurance Communication

“RevolutionFX” (Internet websites https://revolution-fx.io and https://revolution-fx.cc);
“DMA Direct AB” (Internet website https://dmadirectab.com and related page https://client.dmadirectab.com);
“Capitalcom Investment” (Internet website www.capitalcominvestment.com);
Broker Major Ltd (Internet website www.brokermajor24.com).
The number of websites blacked out since July 2019 has thus risen to 368.

IVASS, with order n. 109 of 27 January 2021, has amended Regulation no. 7/2007, implementing the extension to the 1 January 2023 of the temporary exemption from the application of IFRS 9.