By Notice dated 17 December 2021, Consob confirmed that it will implement the recommendation of 24 September 2021 of the European Systemic Risk Board recommending that authorities identify by the LEI code the entities about which they publish information and will therefore include the LEI code in the scope of the information that will be published on supervised entities, where these entities already have the LEI code.

The European Systemic Risk Board intervened on the issue of the identification of  legal entities with the Recommendation of 24 September 2020, divided into (sub) recommendations (A, B) which are addressed to different authorities according to the objective to be pursued.

The group A recommendations are addressed to the European Commission and have to do with the introduction of rules that require the use of the LEI identification code for the identification of entities operating on the financial markets.

The group B recommendations are addressed to the competent authorities and have to do with the introduction, pending an intervention by the European Commission on the group A recommendations, of measures at national level regarding the identification of subjects through the LEI code.

With press release dated 17 December 2021, Consob recalls the application of the new regime for the acquisition of KIDs of PRIIPs and structured data pursuant to Consob Resolutions No. 21639 and 21640 of 15 December 2020.

The aforementioned resolutions provided for a transitional period on the basis of which:

  1. the obligation to make the KID available in PDF format via Consob’s SFTP server entered into force on 1 January 2021, although the creators of PRIIPs were granted the possibility of making use, until 31 December 2021, of the regime in force, consisting in the prior notification of the KIDs to Consob via certified mail (PEC);
  2. the obligation to make the information and structured data relating to the PRIIPs accessible to Consob is fulfilled by making it available on an SFTP server or via a web interface and applies from 1 January 2022.

It is therefore recalled that the transitional period ends on 28 February 2022; from 1 March 2022, the provisions relating to the acquisition of KIDs and related structured data will apply in the manner indicated above and detailed in the specific instructions available on Consob’s website.

The Bank of Italy has decided to keep the countercyclical capital buffer rate at zero per cent for the first quarter of 2022.

ECB has announced the launch of the project to develop the Integrated Reporting Framework (IReF).
This harmonised system for statistical reporting from bank intermediaries is intended to make it easier to report statistical data to the European System of Central Banks and to reduce the burden. At the same time, the new system will facilitate the analysis and comparison of these data by policymakers.
The IReF will ensure a shared interpretation of statistical notions and standardise the information that banking intermediaries are required to report to their national central bank.

ESMA has  published two Annual Statistical Reports analysing the European Union’s (EU) derivatives and securities markets.

The Reports, based on data submitted under the European Markets and Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Directive (MiFID), provide an overview of EU/EEA markets in 2020.

ESMA has published a Statement  to clarify the practical implementation of the EU CSDR settlement discipline regime.

The CSDR settlement discipline regime is scheduled to start applying on 1 February 2022. However, the expected amendment to CSDR should allow ESMA to propose a later start date for the CSDR buy-in regime.

ESMA expects NCAs not to prioritise supervisory actions in relation to the application of the buy-in regime until the provision for postponing the application of the buy-in regime is formally in place.

The application and supervision of the other CSDR settlement discipline requirements, in particular the settlement fails reporting and the cash penalties regimes, will go ahead as planned.

ESMA has updated the following Q&A:

EBA has launched a public consultation to amend the Implementing Regulation on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for securitisation.

The changes reflect the relevant amendments introduced by the new Securitisation Framework, as well as the mappings for two ECAIs that extended their credit assessments to cover securitisations.

The consultation runs until 31 January 2022.

EBA has launched a consultation on the amendment of the Implementing Regulation for the 2023 benchmarking of internal approaches used in credit risk and market risk.

While new instruments have been included for the 2023 market risk exercise, the credit risk IRB and IFRS 9 templates have remained untouched. However, for the IRB relevant data collection, some clarifications in the instructions are proposed and some issues are discussed with a view to apply future amendments to the ITS.

The consultation runs until 18 February 2022.

EBA has published its draft Regulatory Technical Standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU.

The European Reporting system for material CFT/AML weaknesses (EuReCA) will be a key tool for coordinating efforts to prevent and counter money laundering and terrorism financing (ML/TF) in the Union.