News Centre

EBA Launches Consultation On Its New Guidelines On Remuneration Policies For Investment Firms

Date 17/12/2020

The European Banking Authority (EBA) launched today a public consultations on its new Guidelines on remuneration policies under the Investment Firms Directive (IFD). This guidance specifies the remuneration provisions that Class 2 investment firms should comply with, taking into account the proportionality principle.  Sound remuneration policies ensure an alignment of the variable remuneration of identified staff with the risk profile of the investment firm and the assets it manages, and they must be gender neutral. The consultation runs until 17 March 2021.

LabCFTC Releases Digital Assets Primer

Date 17/12/2020

The Commodity Futures Trading Commission today released a Digital Assets Primer to provide updated information to the public about emerging concepts in digital assets. The primer is part of a series issued by the CFTC’s innovation office, LabCFTC, and is the second to delve into issues surrounding digital assets.

EBA Publishes Final Draft Technical Standards On Capital Requirements Of Non-Modellable Risks Under The FRTB

Date 17/12/2020

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the capitalisation of non-modellable risk factors (NMRFs) for institutions using the FRTB Internal Model Approach (IMA) implemented in EU as a reporting requirement. These draft RTS are a key deliverables in the EBA’s work on implementing the FRTB in EU and part of its roadmap for the new market and counterparty credit risk approaches published on 27 June 2019.

SEC Approves 2021 PCAOB Budget And Accounting Support Fee

Date 17/12/2020

The Securities and Exchange Commission voted today to approve the 2021 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee.

BIS - Bilateral International Investments: The Big Sur?

Date 17/12/2020

Summary

Focus

Over the past decades, the South ("Sur") has become ever more important compared with the North – countries including Canada, Japan, the United States and those in Western Europe. It is well known that the South accounts for a growing share of global economic activity and international trade. The role of the South in global finance, however, remains less explored.

GPW Benchmark Authorised As WIBOR Critical Benchmark Administrator

Date 17/12/2020

• The Polish Financial Supervision Authority has decided to authorise GPW Benchmark as administrator of interest rate benchmarks including the critical benchmark WIBOR
• PFSA’s decision closes the administrative process concerning the WIBID and WIBOR Reference Rates provided by GPW Benchmark
• WIBOR along with LIBOR, EURIBOR, EONIA and STIBOR on the European Commission has been put on the list of critical benchmarks used in financial markets
• WIBOR is broadly used as a benchmark in financial contracts and instruments
• The authorisation allows GPW Benchmark to further develop its offer of interest rate benchmarks

EEX – Grexel To Operate The First EU-Wide Guarantees Of Origin Market For Green Hydrogen

Date 17/12/2020

Grexel, part of EEX Group, has been appointed by the Fuel Cell and Hydrogen Joint Undertaking (FCH JU) as the operator and issuing body of the first European Guarantees of Origin (GO) market for green hydrogen, in the frame of the third phase of the CertifHy project.

US Federal Agencies Release Annual CRA Asset-Size Threshold Adjustments For Small And Intermediate Small Institutions

Date 17/12/2020

The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation today announced the annual adjustment to the asset-size thresholds used to define small bank and intermediate small bank under the Community Reinvestment Act (CRA) regulations.

EACH Publishes A Note On The European Commission’s Proposal On Digital Operational Resilience (DORA)

Date 17/12/2020

The European Association of CCP Clearing Houses (EACH) published today an EACH Note outlining our position on the European Commission’s proposal on Digital Operational Resilience for the financial sector (DORA). EACH welcomes the European Commission’s proposal’s aim to further harmonize operational resilience rules and extend them to other financial entities and third-party providers. We particularly appreciate the broad principles established in this proposal including those of proportionality and lex specialis, as well as the European Commission’s intention to streamline reporting requirements and avoid overlaps. Overall, we find that the present proposal strikes the right balance between the necessity to preserve financial stability and financial innovation, and have made some further suggestions to support this goal.

ACER Updates The Open Letter On Brexit And Its Implications On Market Participants

Date 17/12/2020

As the transition period is coming to an end, ACER has updated its Open Letter on the Withdrawal of the United Kingdom from the European Union and implications on the registration of market participants and data collection under REMIT.