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EBA: Consultation On Amendments To RTS On Credit Risk Adjustments In The Context Of The Calculation Of The Risk Weight (EBA/CP/2021/25)

Date 24/06/2021

The European Banking Authority (EBA) launched today a public consultation on amendments to its Regulatory Technical Standards (RTS) on credit risk adjustments in the context of the calculation of the Risk Weight (RW) of defaulted exposures under the Standardised Approach (SA). The proposed amendments follow up on the European Commission’s Action Plan to tackle non-performing loans in the aftermath of the COVID-19 pandemic, which indicated the need for a revision of the treatment of defaulted exposures under the SA. This update is necessary to ensure the prudential framework does not create disincentives to the sale of non-performing assets. The consultation runs until 24 September 2021.
TheStandard.Io Launches With The Aim Of Creating An Alternative To Retail Banking - The Executive Team, Which Made Vaultoro Successful, Announces Their New Project - A DeFi Lending Protocol Using Gold And Crypto To Generate The First Algorithmic Euro Stablecoin.

Date 24/06/2021

TheStandard.io, a new DeFi infrastructure project which aims to provide a bridge between traditional physical investments and digital assets has been announced. Co-Founded by Joshua Scigala, of Vaultoro, and Laurin Bylica, formerly block.one, TheStandard.io is a new Ethereum protocol which will allow users to generate a variety of fiat pegged stable cryptocurrencies backed by physical and digital assets.
EBA Launches Consultation To Amend Technical Standards On Credit Risk Adjustments

Date 24/06/2021

The European Banking Authority (EBA) launched today a public consultation on amendments to its Regulatory Technical Standards (RTS) on credit risk adjustments in the context of the calculation of the Risk Weight (RW) of defaulted exposures under the Standardised Approach (SA). The proposed amendments follow up on the European Commission’s Action Plan to tackle non-performing loans in the aftermath of the COVID-19 pandemic, which indicated the need for a revision of the treatment of defaulted exposures under the SA. This update is necessary to ensure the prudential framework does not create disincentives to the sale of non-performing assets. The consultation runs until 24 September 2021.
SEC Awards More Than $1 Million To Whistleblower

Date 24/06/2021

The Securities and Exchange Commission today announced an award of more than $1 million to a whistleblower whose information and assistance led to multiple successful SEC enforcement actions. The whistleblower provided SEC staff with valuable information and ongoing assistance, which included participating in interviews with the staff.
EBA Updates On Monitoring Of Additional Tier 1 Instruments And Issues Recommendations For ESG-Linked Capital Issuances

Date 24/06/2021

The European Banking Authority (EBA) published today its updated Report on the monitoring of Additional Tier 1 (AT1) instruments including an update on the monitoring of the implementation of the EBA’s Opinion on legacy instruments and its considerations on ESG capital bonds. The objective of this update is to further strengthen the robustness and quality of EU institutions’ own funds and eligible liabilities instruments.

BIS: Financial Benchmarks - Executive Summary

Date 24/06/2021

Interbank offered rates (IBORs) are widely used as an index for almost all financial instruments, including derivatives, securitised products, loans, floating rate bonds, credit cards and deposits.
The European Commission, ECB Banking Supervision, EBA And ESMA Encourage Market Participants To Cease All LIBOR Settings

Date 24/06/2021

The European Commission, the European Central Bank in its banking supervisory capacity (ECB Banking Supervision), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today issued a joint statement in which they strongly encourage market participants to use the time remaining until the cessation or loss of representativeness of USD LIBOR, GBP LIBOR, JPY LIBOR, CHF LIBOR and EUR LIBOR to substantially reduce their exposures to these rates.
US Treasury Secretary Janet L. Yellen To Travel To G20 Finance Ministers And Central Bank Governors Meeting In Venice, Italy - Will Also Travel To Brussels, Belgium To Advance U.S. Policy Priorities

Date 24/06/2021

The U.S. Department of the Treasury today announced that Secretary Janet L. Yellen will attend the G20 Finance Ministers and Central Bank Governors meeting in Venice, Italy from July 9-10, 2021. While in Venice, Secretary Yellen will continue to reinforce the U.S. commitment to multilateralism and advance U.S. policy priorities on global tax policy, climate change, an inclusive economic recovery, and global health. She will also hold bilateral meetings with G20 counterparts.
BETTER FINANCE: The Extensive Use By German Insurers Of Reserves Belonging To Customers To Improve Their Solvency Fit For Export

Date 24/06/2021

Besides their fundamental business figures, insurance companies have to disclose how stable and secure they are in annual “solvency” reports. In 2021, for the first time, BdV – Europe’s most important association for insurance policyholders – in cooperation with BETTER FINANCE, the European Federation of Financial Services Users – analyse these reports from the 10 biggest life-insurers from France, Spain, Italy and the Netherlands, along with Germany. “There are important differences between the life-insurance markets of these five European member states and there are reasons for concern”, states Axel Kleinlein, President of BETTER FINANCE and spokesperson for BdV. The extensive use of life-insured persons’ profit-sharing reserves as “own funds” of the insurers, through which German life-insurers reduce profit participations for their customers, can now be assessed in France as well.
ISDA Responds To FCA On UK MIFID’s Conduct And Organizational Requirements

Date 24/06/2021

On June 23, ISDA responded to the Financial Conduct Authority’s (FCA) consultation on changes to conduct and organizational requirements under the UK’s Markets in Financial Instruments Directive (MIFID). ISDA agrees with the FCA’s proposal to remove the two sets of best execution reporting requirements in the UK: the obligation on execution venues to publish a report on a variety of execution quality metrics (RTS 27 reports) and the obligation on investment firms that execute orders to produce an annual report setting out the top-five venues used for executing client orders and a summary of the execution outcomes achieved (RTS 28 reports).