(Only in Italian)
Inoltre, considerate le analogie dei POC non standard rispetto alle operazioni di aumento di capitale riservate ad un unico investitore denominate Stand-by Equity Distribution Agreement (“SEDA”) e Step-Up Equity Financing (“SEF”), già oggetto di due precedenti Comunicazioni (Comunicazioni nn. DME/6083801 del 20 ottobre 2006 e DEM/DME/DSG/8065325 del 10 luglio 2008), la Comunicazione mira altresì a realizzare un intervento di più ampia portata volto, non solo a disciplinare la nuova operatività connessa ai medesimi POC non standard, ma altresì a operare una generale sistematizzazione delle indicazioni sinora fornite in materia (fornendo indicazioni anche per i SEDA, per i SEF e per tutte le altre tipologie di operazioni aventi caratteristiche analoghe quali, ad esempio, quelle realizzate mediante assegnazione di warrant ad unico investitore).
La Comunicazione, inoltre, considerato che tali operatività (e, in particolare, i POC non standard) sono diffuse anche tra le società le cui azioni sono negoziate su MTF, fornisce indicazioni anche per tali fattispecie. In ogni caso, in un’ottica di proporzionalità e di non aggravio per gli operatori, in tali ipotesi il quadro informativo viene diversamente graduato rispetto a quello ipotizzato per le società con azioni quotate nei mercati regolamentati (in particolare, taluni adempimenti informativi non vengono imposti, ma solo raccomandati).
La nuova Comunicazione mira quindi a sostituire le due precedenti Comunicazioni fornite da Consob in materia (che verrebbero conseguentemente abrogate).
La consultazione terminerà il 1° marzo 2023.
Published in the Official Journal of Europea Union of 14 February 2023 the Commission Implementing Regulation (EU) 2023/313 amending the implementing technical standards laid down in Implementing Regulation (EU) 2016/2070 as regards benchmark portfolios, reporting templates and reporting instructions for the reporting referred to in Article 78(2) of Directive 2013/36/EU (CRD).
According to Article 78(1) and (2) of Directive 2013/36/EU, institutions are required to submit to their competent authorities and to EBA, at least annually, the results of the calculations of risk weighted amounts or own funds requirements of their internal approaches, except for operational risk, for their exposures or positions included in the benchmark portfolios.
Those results are subsequently to be used by the competent authorities to monitor the range of risk weighted exposure amounts or own funds requirements for the exposures or transactions in the benchmark portfolios resulting from the internal approaches of those institutions.
Competent authorities are also required to assess the quality of those approaches at least annually (‘benchmarking exercise’).
In this exercise, the competent authorities compare the internal methods of each financial institution and assess their effectiveness. EBA must also prepare a report based on the results of the calculations submitted by the financial institutions to assist the competent authorities in assessing the quality of the internal methods.
The Commission adopted the benchmark portfolios, reporting templates and reporting instructions to be applied in the Union for the reporting by the institutions of the results of the calculations of risk weighted exposure amounts or own funds requirements of their internal models for their exposures or positions that are included in those benchmark portfolios.
In order to identify areas where further regulatory guidance may be needed, the focus of the competent authorities’ assessments and of the EBA’s reports changes over time.
It is therefore necessary to extend the set exposures or positions included in the market risk benchmarking portfolios by adding more complex positions, to adapt accordingly the reporting requirements and to clarify the instructions
This ensures that the exercise is kept informative and provides new insights for competent authorities and institutions.
The objective of this update is to ensure that competent authorities’ assessments and EBA reports adequately reflect the complexity and diversity of market risk in EU financial institutions. Moreover, the update will help identify areas where further regulatory guidance may be needed to ensure the stability of the European financial system.
EBA has updated some of its existing Q&As on own funds and eligible liabilities to ensure consistency with the revised final draft Regulatory Technical Standards (RTS) on own funds and eligible liabilities submitted to the European Commission in May 2021.
While the latter have not been finally adopted yet, the EBA deemed it important to already provide clarity to institutions and market participants on some undisputed aspects related to the RTS that are particularly relevant for their practical implementation of the Capital Requirements Regulation (CRR) and the RTS.
EBA has published its final draft Regulatory Technical Standards (RTS) setting out the conditions for the assessment of the homogeneity of the underlying exposures in a pool of a Simple Transparent and Standardised (STS) on-balance-sheet securitisation.
Homogeneity is one of the key simplicity requirements enabling originators and investors to properly assess the underlying risks while facilitating investors due diligence.