Published the exchange of letters between EIOPA and the Japan’s Financial Services Agency (FSA) on co-operation in the area of insurance regulation and supervision.
The exchange of letters aims to promote mutual understanding, exchange of information and technical assistance between the two authorities. The FSA and EIOPA will continue to engage in a dialogue to seek to identify areas for cooperation and share information on regulatory developments of mutual interest, including the development of international standards.
The ECB has a wide margin of discretion in determining the amount of the penalty to sanction banks for breaches of prudential requirements, as appropriate in each case. However, under the SSM Regulation, penalties must be effective, proportionate and dissuasive and must not exceed specified limits.
The guide outlines the principles and methods for calculating the penalties used by the ECB. It clarifies that the ECB sets the level of a penalty relative to the severity of the breach and (to ensure proportionality) the size of the supervised entity. The severity of a breach is classified as minor, moderately severe, severe, very severe or extremely severe. Which category a breach falls into depends on a combination of the impact of the breach and the degree of misconduct:
- Breaches classified as very severe or below: the ECB sets the base amount for the penalty either with reference to a predefined “penalty grid” according to the severity of the breach and the size of the institution, or by multiplying the total profits gained or losses avoided, if they can be determined, by an amount corresponding to the severity of the breach.
- Breaches classified as extremely severe: the ECB sets the base amount as a percentage of the supervised entity’s total annual turnover.
The ECB may increase or reduce the base amount to account for all mitigating and aggravating circumstances and ensure that the penalty is proportionate, effective and dissuasive. Similarly, the ECB may adjust the base amount for multiple breaches derived from the same set of facts, if a penalty corresponding to the sum of the individual penalties for the various breaches would not be proportionate in all the circumstances.
On the Official Journal of the European Union of 02 March 2021 has been published the Commission implementing Regulation (EU) 2021/369 establishing the technical specifications and procedures required for the system of interconnection of central registers referred to in Directive (EU) 2015/849.
(Only in Italian)
Pubblicato nella Gazzetta Ufficiale n. 52 del 02 marzo 2021 il Provvedimento Banca d’Italia 16 febbraio 2021 recante Regolamento sulla gestione collettiva del risparmio, secondo aggiornamento.
Con questo provvedimento la normativa di Banca d’Italia in materia di gestione collettiva del risparmio viene adeguata agli Orientamenti dell’ESMA sulle prove di stress di liquidità negli OICVM e nei FIA (ESMA34-39-897) del 16 luglio 2020. Le nuove disposizioni entrano in vigore da oggi 3 marzo, giorno successivo a quello di pubblicazione nella Gazzetta Ufficiale della Repubblica Italiana.
(Only in Italian)
Banca d’Italia ha pubblicato la nota “Gli effetti delle misure di ampliamento delle garanzie adottate dalla BCE e dalla Banca d’Italia in risposta all’emergenza pandemica”.
Il documento valuta l’effetto delle misure straordinarie adottate nel 2020 dalla BCE e dalla Banca d’Italia per l’ampliamento del valore delle garanzie idonee per le operazioni di politica monetaria e mitigare, in tal modo, gli effetti economici della crisi pandemica. L’insieme di queste misure, in gran parte riferite ai prestiti bancari, ha consentito di aumentare il valore netto delle attività stanziate dalle controparti italiane di 57 miliardi, pari al 13 per cento del totale delle garanzie conferite.
In particolare, la riduzione generalizzata degli scarti di garanzia ha consentito alle banche di soddisfare prontamente l’accresciuta esigenza di finanziamento in banca centrale senza incorrere in costi aggiuntivi.
