The private sector working group on euro risk-free rates has published its recommendations addressing events that would trigger fallbacks in EURIBOR-related contracts, as well as €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

The working group also published recommendations for the permanent and pre-cessation EURIBOR trigger events. While there is currently no plan to discontinue EURIBOR, the development of more robust fallback language addresses the risk of a potential permanent discontinuation and is in line with the EU Benchmarks Regulation.

The final recommendations consider the feedback from the two market-wide consultations on the draft recommendations for fallback rates to EURIBOR. ECB also notes that ESMA, as provided for in the Benchmarks Regulation, will supervise the administrator of EURIBOR as of 2022.

IOSCO has published a paper analysing the implementation by member countries of the regulatory framework set out in its 2015 Recommendations on Business Continuity Plans (BCP) for markets and intermediaries.

In particular, IOSCO highlights that 13 out of 33 countries have fully and consistently implemented the above recommendations, with particular reference to:

  • To business continuity plans with respect to outsourced functions;
  • the requirement to conduct a regular review of BCP arrangements in response to material business changes.

On this matter the paper recommends that members include in their frameworks:

  • the powers necessary for the regulator to establish and enforce requirements for trading venues and intermediaries when establishing, maintaining and updating BCP;
  • contingency or disaster recovery systems for IT;
  • rules to ensure sufficient clarity on governance and board responsibilities in relation to contingency systems.

(only in Italian)

Pubblicato nella Gazzetta Ufficiale (Serie Generale n.112 del 12-05-2021) il decreto 26 aprile 2021 del MEF contenete i nuovi elenchi dei Paesi tenuti allo scambio automatico di informazioni sui conti finanziari.

Le liste aggiornate sono quelle riportate nell’Allegato C e nell’Allegato D al decreto 28 dicembre 2015, che ha dato attuazione alla legge n. 95/2015 e alla direttiva n.  2014/107/Ue (cd. DAC 2).

Nella prima lista sono elencati 79 Stati, con la new entry della giurisdizione di Curaçao, l’isola caraibica che è nazione costitutiva dei Paesi bassi.

Nell’elenco riportato all’allegato D sono invece arrivati  a 112 i Paesi partecipanti, con l’ultima aggiunta di Nuova Caledonia e Perù.