ESMA has published the results of the 2020 Common Supervisory Action (CSA) on UCITS liquidity risk management (LRM).
The CSA showed that the overall level of compliance with the applicable rules is satisfactory in most cases, but there is scope for improvement in liquidity management for some UCITS analysed. The exercise also highlighted areas where ESMA will work to further promote convergence across National Competent Authorities.
ESMA, based on several years practical experience in the implementation of its mandate regarding TRs, seeks feedback on the following proposals to simplify the:
- general approach to fees determination;
- calculation of turnover and of annual supervisory fees;
- calculation of fees for registration, for extension of registration and in the case of concurrent applications;
- calculation of fees for recognition and on-going supervision of third-country TRs; and
- the payment and reimbursement modalities.
The update specifies the EU’s regulatory approach towards UK-based third country benchmarks as well as UK endorsed and recognised benchmarks. Today’s update concerns ESMA’s previous statements that were issued in March and October 2019 as well as in October 2020, respectively.
The European Council adopted conclusions on the EU’s cybersecurity strategy for the digital decade.
Council highlights a number of areas for action in the coming years, including:
(i)the plans to create a network of security operation centres across the EU to monitor and anticipate signals of attacks on networks;
(ii) the definition of a joint cyber unit which would provide clear focus to the EU’s cybersecurity crisis management framework;
(iii) the need for a joint effort to accelerate the uptake of key internet security standards;
(iv) the need to support the development of strong encryption and
(v) the proposal on the possible establishment of a cyber intelligence working group to strengthen EU INTCEN’s dedicated capacity in this domain
The temporary exemption referred to in Article 89(1), first subparagraph, of Regulation (EU) No 648/2012 has been extended over the years, since no viable technical solution has emerged. The recent review of EMIR (Regulation (EU) No. 834/2019, “EMIR Refit”) prolongued the exemption until 18 June 2021. In accordance with Article 85(2) it is possible to further extend it by two years maximum through two Commission delegated acts. By means of this Delegated Act, the Commission is proposing to prolong the existing exemption by an additional year until 18 June 2022.
The Implementing Regulation set out the technical specifications and procedures required for the system of interconnection of registers established by Directive 2009/101/EC of the European Parliament and of the Council 3 , which has been codified and repealed by Directive (EU) 2017/1132. In addition, the Regulation will repeal Commission Implementing Regulation (EU) 2020/2244.
(only in Italian)
L’IVASS ha posto in pubblica consultazione fino al 23 aprile 2021 lo schema di Regolamento recante disposizioni in materia di maggiorazione di capitale (capital add-on) di cui al Titolo III, articolo 47-sexies e al Titolo XV, articolo 216-septies del Codice delle assicurazioni private (CAP).
L’obiettivo delle misure è garantire che i requisiti patrimoniali regolamentari riflettano adeguatamente il profilo di rischio globale dell’impresa di assicurazione o riassicurazione ovvero del relativo gruppo di appartenenza.
Il Regolamento in consultazione disciplina, in particolare, i criteri operativi e di calcolo per l’adozione delle maggiorazioni di capitale, in attuazione delle previsioni di cui agli articoli 47-sexies e 216-septies del CAP.
Tali misure hanno natura eccezionale e temporanea, in quanto possono essere imposte solo laddove le altre misure di vigilanza siano inefficaci o inadatte e possono essere mantenute solo finché l’impresa non abbia adeguatamente corretto gli scostamenti che ne hanno legittimato l’imposizione.
