The Report, which is addressed to the European Parliament, the Council and the Commission, illustrates the results of a stock-taking exercise conducted with competent authorities about their national regulatory law/regulations and supervisory practices and a mapping of the TCBs established in the Member States. Considering the increased volume of activities carried out by TCBs in a context of regulatory fragmentation across the EU, the Report lays down 14 high-level policy recommendations for further harmonisation of EU law.
The recommendations focus on:
- EU centralised equivalence assessment;
- effective cooperation supported by the conclusion of MoUs with third country home authorities;
- an appropriately determined scope of authorisation and prudential requirements (notably capital, liquidity, internal governance including booking arrangements);
- certain AML/CFT aspects;
- a uniform minimum reporting framework; and
- satisfactory recovery plans.
This consultation paper aims to enhance proportionality in the area of asset encumbrance reporting, as recommended by the EBA’s Report on the Study on the Cost of compliance with supervisory reporting requirements (CoC report).
Following the proposals for enhanced proportionality on asset encumbrance reporting, small and non-complex institutions will be exempted from the reporting of more granular data. Besides that, this consultation paper suggests changing the definition of the level of asset encumbrance. Regarding the reporting of information for determining G-SIIs and assigning G-SII buffer rates, the EBA is proposing to slightly expand the scope of application of the reporting obligation, to include standalone entities, and not only banking groups, that meet the relevant criteria.
The consultation runs until 23 September 2021.
The Report focuses on the resilience of institutions to the potential financial impact of ESG risks across different time horizons. This requires careful assessments by institutions and supervisors who should take a comprehensive and forward-looking view, as well as early, proactive actions.
The Report:
- outlines the impact that ESG factors, especially climate change, can have on institutions’ counterparties or invested assets, affecting financial risks.
- provides recommendations for institutions to incorporate ESG risks-related considerations in strategies and objectives, governance structures, and to manage these risks as drivers of financial risks in their risk appetite and internal capital allocation process.
- tries to extend the time horizon of the supervisory assessment of the resilience of institutions’ business models.
- proposes a phase-in approach, starting with the inclusion of climate-related and environmental factors and risks into the supervisory business model and internal governance analysis, whilst encouraging institutions and supervisors to build up data and tools to develop quantification approaches to increase the scope of the supervisory analysis to other elements.
The European Commission has launched a consultation on the evaluation of EU legislation on the distance marketing of consumer financial services.
Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning distance marketing of consumer financial services aims to ensure the free movement of financial services by harmonising consumer protection rules in the single market. Since 2002, when the Directive came into force, the retail financial sector has gone increasingly digital, with new products and actors available on the market and new sales channels being used. Several EU laws pertinent to financial services have also been adopted or updated. Whereas the Directive had clear value added when it entered into force, many of its substantial elements have been taken over by sectoral legislation that has been adopted afterwards, e.g. in the context and aftermath of the financial crisis. In this context, following the open public consultation on the Directive, the Commission is running this public consultation to gather views of the public on this initiative that the Commissions plans to propose in Q1 2022. In this regard, this public consultation is an opportunity, for consumers, retail financial services professionals, national authorities and other interested stakeholders to express their views, respectively, on general and technical aspects of the Directive.
The consultation runs until 28 September 2021.
Published in the Official Journal of the European Union of 24 June 2021 the Commission Implementing Regulation (EU) 2021/1018 of 22 June 2021 amending the implementing technical standards laid down in Implementing Regulation (EU) 2021/637 with regard to the disclosure of indicators of global systemic importance and repealing Implementing Regulation (EU) 1030/2014.
(Only in Italian)
- le apparecchiature di autenticazione e selezione utilizzate per il ricircolo (c.d. “dati di sistema”);
- le banconote processate, ricircolate e logore (c.d. “dati operativi”).
Con riferimento ai dati relativi al primo semestre 2021, le segnalazioni dovranno pervenire entro il 31 agosto 2021; a tal fine dal 9 luglio 2021 saranno rese disponibili nel Portale del contante le funzionalità per l’inoltro alla Banca d’Italia dei dati di sistema (file MST) e dei dati operativi (file OPR).
Ciascun gestore del contante è tenuto quindi a inviare alla Banca d’Italia i dati relativi alla propria attività di ricircolo delle banconote entro il termine inderogabile del 31 agosto 2021 con una segnalazione completa e corretta.
A tale scopo si è provveduto nell’ambito dell’applicazione del Portale a fissare un termine per l’inoltro dei dati al 10 agosto 2021, riservando il restante periodo dal 11 agosto 2021 al 31 agosto 2021 per eventuali integrazioni e correzioni dei dati che dovessero rendersi necessarie.
Borsa Italiana with Notice No. 21668 of 23 June 2021 published the amendments to the AIM Market Rules: settlement of contracts on a net basis. The amendments will enter into force on the 19 July 2021.
