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  • EBA, EIOPA And ESMA Consult On The Prudential Assessment Of Acquisitions And Increases Of Qualifying Holdings

    Date 03/07/2015

    The three European Supervisory Authorities (ESAs) are launching a public consultation on updated Guidelines for the prudential assessment of acquisitions of qualifying holdings. The Guidelines define common procedures based on the assessment criteria laid down in the EU legislative framework  that establishes how acquisitions and increases of qualifying holdings by natural or legal persons in financial institutions should be assessed. The Guidelines aim to harmonise supervisory practices in the financial sector across the EU and to provide more clarity to proposed acquirers on how they should notify the competent supervisory authorities.

  • EBA Supports The Proposed Amendments To The RTS Specifying The Derogations For Currencies With Constraints On The Availability Of Liquid Assets

    Date 03/07/2015

    The European Banking Authority (EBA) issued today an Opinion to the European Commission supporting its proposed amendments to the EBA final draft Regulatory Technical Standards (RTS) submitted to on 27 March 2014, which specifies the derogations concerning currencies featuring constraints on the availability of liquid assets. In particular, the EBA agrees with removing from its RTS the minimum 15% haircut to the value of the collateral posted by an institution with a central bank in order to obtain a credit line. It also supports the Commission's other proposed amendments, which provide added detail and further legal certainty on the necessary conditions for the application of the derogations.

  • European Financial Stability Facility Board Of Directors Reserves Its Rights To Act Upon Greece’s Default

    Date 03/07/2015

    The Board of Directors of the European Financial Stability Facility (EFSF) decided today to opt for a Reservation of Rights on EFSF loans to Greece, after the non-payment of Greece to the International Monetary Fund (IMF). Following the IMF Managing Director’s notification of the IMF Executive Board, this non-payment results in an Event of Default by Greece, according to EFSF financial agreements with Greece.

  • President Of The Hellenic Republic Prokopis Pavlopoulos: Greece’s Course Is In Europe

    Date 03/07/2015

    Greece's course in Europe and within the eurozone is a "national one-way road" and not just for economic reasons but for reasons of national security, President of the Hellenic Republic Prokopis Pavlopoulos said yesterday, receiving the head of the Hellenic Bank Association Louka Katseli. He added that the course toward the referendum on Sunday (5.07) must not be permitted to disrupt the essential unity of the Greek people. "Referendums, which are an institution of direct democracy, serve democracy only when they are conducted under conditions that do not allow any division," he said.

  • Q&A By Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) And China Securities Depository And Clearing Corporation Officials On Lowering Charging Standards For A-share Trading, Settlement

    Date 03/07/2015

    Q: The Shanghai Stock Exchange (SSE), the Shenzhen Stock Exchange (SZSE) and China Securities Depository and Clearing Corporation Limited (CSDC) dramatically lowered handling fee and transfer fee for A-share trading in 2012. Will they consider further lowering the charging standards in the near future?

    A: In order to further cut investors’ trading cost, the SSE, the SZSE and CSDC, upon study, plan to lower the charging standards for A-share trading and settlement. The handling fee for A-share trading bilaterally charged by the SSE and the SZSE will be adjusted from 0.0696‰ to 0.0487‰ of trading amount, with a drop of 30%, among which 0.00974‰ will be forwarded to China Securities Investor Protection Fund Corporation Limited and 0.03896‰ charged by the exchange. Besides, the transfer fee for A-share trading bilaterally charged by CSDC is adjusted from 0.3‰ of trading par value on the SSE and 0.0255‰ of trading amount on the SZSE respectively to 0.02‰ of trading amount uniformly, a drop of about 33% according to the market data of the recent 2 years. The SSE, the SZSE and CSDC will spare no efforts to complete relevant preparatory work, with an aim to implement these adjustments on August 1.

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