This category contains 8 posts

Reporting fine in Ireland

Wells Fargo Bank International has been fined €5,880,000 by the Central Bank of Ireland(CBI) for reporting failures and also for failures around the governance of reporting. The reporting relates to capital calculations and filings under CRD IV and connected legislation. The fine was reduced for early settlement according to the usual CBI fining formula. More … Continue reading

MiFID II is 3 months old – how is it going?

It has now been 3 months since MiFID II came into effect, on 3rd January 2018. The impact to many Investment Firms has been significant: For example, the “research unbundling” part of the rules has led to changes in the research industry. This story by Mark Cobley on the Financial News web site reports on … Continue reading

European Commission proposes rules simplification

The past years have seen many regulatory initiatives being rolled out globally and in the EU. These include several financial regulatory regimes which have each been implemented within a relatively short space of time. Although each regime has different objectives, there are often overlaps and inconsistencies between them. This applies for example to the data … Continue reading

EBA data collection exercise for commodity derivatives firms

The European Banking Authority(EBA) have launched a data collection exercise, as part of the CRR (Capital Requirements Regulation)  rules, asking for data from companies who trade in commodity derivatives. The requesting document can be found here, and press release here. The data will be used to prepare  the appropriate regime for the “prudential supervision of … Continue reading

Delay to application of CRR own funds requirement – provisional text published

The European Parliament has published provisional text to implement a further delay in the application of the own funds and large exposures requirements of the Capital Requirements regulation (CRR)  to Commodity Dealers, from December 2017 to December 2020. The text the can be found here, and is also reported on the Norton Rose Fulbright site here. … Continue reading

Council agrees to postpone capital rules for commodity traders – and a paper

The European Council has agreed to postpone the application of certain capital rules to the end of 2020 for “Commodity Dealers” as reported here. This represents the latest step in the process of extending the delay already in force until the end of 2017. Commodity and energy traders will need to observe rules such as … Continue reading

EFET response to European Commision consultation on financial services

EFET have published their response to the public consultation run by the European Commission, which is a Call for Evidence on the EU Regulatory Framework for Financial Services. The consultation can be found here and the EFET response can be found here. The consultation is seeking input on the impact of the last few years’ … Continue reading

Commission proposes a three year extension to CRD IV commodities carve out

The European Commission last week proposed extending the carve out for much of CRD IV and CRR  by three years until the end of 2020. The proposed amendment can be found here. CRD IV and CRR apply to all “investment firms”, which includes any entity that cannot rely on a MiFID exemption. A special category of … Continue reading