Following their adoption by the EU Council on 20 June 2013, the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD), the EU’s implementation of the Basel III reforms, were published in the EU Official Journal (OJ) on 27 June 2013. The CRR enters into force on 28 June 2013 (with the exception of […]

On 27 June 2013, the EU Council published a press release confirming an agreed position with respect to the Recovery and Resolution Directive (RRD) and calling on the EU Presidency to start trilogue negotiations with the EU Parliament with a view to adoption of the RRD at first reading before the end of 2013. The […]

On 26 June 2013, the CFTC issued four no-action letters, bringing the total for 2013 to 29.  Affecting substantive documentation/reporting issues for SD/MSP’s, a brief summary follows: Extension of time-limited relief for SD/MSP’s obligation under § 45.4(b)(2)(ii) to report valuation data for cleared swaps. The relief expires on 30th June 2014. Limited relief from the […]

The FT is reporting that EU Council finalised bail-in rules early this morning, agreeing that: as expected, insured deposits under EUR 100,000 will be exempt, and uninsured deposits of individuals and SMEs will be given preferential status; a minimum of 8% of total liabilities must be bailed-in before resolution funds can be used, whilst above […]

…we just want smaller banks. On 25 June 2013, the EU Parliament’s Economic and Monetary Affairs Committee (ECON) published a report containing a motion for a resolution on reforming the structure of the EU banking sector that it adopted on 18 June 2013.  The report is notable less for the actual wording of the resolution […]

In a welcome move, Reuters is reporting that the Financial Stability Board (FSB) will publish a feasibility study in the first half of 2014 regarding the aggregation of all OTC derivatives transaction data reported to trade repositories.

On the 22 June 2013, the Council of EU ministers under its ECOFIN guise issued a press release confirming inter alia the general approach on the MiFiD II / MIFIR proposals put forward by the Presidency on 19 June 2013. ECOFIN requested the Presidency to begin negotiations with the Parliament on the basis of the […]

Some noteworthy signs of progress over the weekend from the EU with respect to bail-in guidelines. The FT reported on Sunday night that a majority of the Council of Ministers supported an exemption for small and medium-sized enterprises (SMEs), as well as the widely-flagged exclusion of all deposits by individuals, from the ambit of bail-in […]

Introduction On 20 June 2013, the Presidency of the Council of the EU published a note on the current “state of play” with respect to the Recovery and Resolution Directive (RRD), together with a compromise RRD proposal.  It also invited the EU Council to agree the compromise and mandate the Presidency to undertake negotiations with […]