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…
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"…
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…
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…
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…
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…
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…
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…