News Centre

Statement On Order To Modernize The Governance Structure Of National Market System Plans For Equity Market Data, SEC Chairman Jay Clayton, May 6, 2020

Date 06/05/2020

Good afternoon.  This is an open meeting of the U.S. Securities and Exchange Commission on May 6, 2020, under the Government in the Sunshine Act.  The Commission today will consider a staff recommendation to issue an Order that would direct the registered equities exchanges and the Financial Industry Regulatory Authority (“FINRA”) to propose a new, single national market system (“NMS”) plan to govern the public dissemination of real-time, consolidated market data for NMS stocks.

EBA Publishes Final Guidelines On Credit Risk Mitigation For Institutions Applying The IRB Approach With Own Estimates Of LGDs

Date 06/05/2020

The European Banking Authority (EBA) published today its final Guidelines on credit risk mitigation (CRM) in the context of the advanced internal ratings-based (A-IRB) approach. These Guidelines, which are part of the EBA's regulatory review of the IRB approach, aim to eliminate the remaining significant differences in approaches in the area of CRM, which are due to either different supervisory practices or bank-specific choices. These Guidelines complement the EBA Report on CRM, which focuses on the standardised approach (SA) and the foundation-IRB approach (F-IRB). 

ESMA Consults On SME Growth Markets

Date 06/05/2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched a consultation on the functioning of the Small and Medium-sized enterprises (SME) Growth Market regime in the European Union (EU) and on two draft technical standards, introduced by the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets.

EBA Proposes Framework For STS Synthetic Securitisation

Date 06/05/2020

The European Banking Authority (EBA) published today its proposals for developing a simple, transparent and standardised (STS) framework for synthetic securitisation. This proposal, which is limited to balance-sheet securitisation, includes a list of criteria to be considered when labelling the synthetic securitisation as ‘STS' and provides the pros and cons of a potential differentiated capital treatment for this type of securitisation.

Banks' Dividends In Covid-19 Times

Date 06/05/2020

Highlights

• Regulatory actions in the current circumstances need to focus on preserving banks' lending activity without jeopardising their solvency. This means that flexibility in capital requirements, including through the use of regulatory buffers, and capital conservation should go hand in hand.
• Basel III provides for automatic distribution constraints when capital falls below specific thresholds. In the current context, this may disincentivise firms from following authorities' recommendations to use capital buffers.
• Blanket distribution restrictions imposed through supervisory action may help address these disincentives to the extent that they are not linked to firms' individual capital positions and thus remove any possible stigma effect.
• Most authorities have undertaken initiatives in relation to banks' distribution policies in the Covid-19 pandemic environment. However, practices across jurisdictions diverge markedly as regards scope and stringency.

EBA Publishes Updated Calculation Tool Of Liquidity Coverage Ratio

Date 06/05/2020

The European Banking Authority (EBA) published today its updated calculation tool of the liquidity coverage ratio (LCR) with the aim to provide additional support for reporting institutions. This excel-based tool takes into account the amendments in the liquidity coverage requirement introduced by Commission Delegated Regulation (EU) 2018/1620 that applies from 30 April 2020. This tool is provided for information purposes only and has no legal value.

CFTC Financial Data for Futures Commission Merchants Update

Date 06/05/2020

Futures commission merchants (FCMs) and retail foreign exchange dealers (RFEDs) must file monthly financial reports with the CFTC's Division of Swap Dealer and Intermediary Oversight (DSIO) within 17 business days after the end of the month. Selected financial information from these reports is published below. The most recent month-end information generally is added within 12 business days after FCMs and RFEDs file their reports, but occasionally may be added later. For example:  The 17th business day filing “due date" for February 28, 2015 financial reports was March 25, 2015.  The 12 business day target for posting these data was April 10, 2015.

FESE: Response Climate Benchmarks Delegated Acts

Date 06/05/2020

The Climate Benchmarks Regulation will bring consistency and clarity to the market for low carbon benchmarks by setting out requirements for ‘Paris-Aligned’ and ‘Climate-Transition’ benchmarks.

ACER Consults On Methodologies For Assessing Electricity Resource Adequacy

Date 06/05/2020

The European Union (EU) Agency for the Cooperation of Energy Regulators (ACER) has launched today a public consultation to decide on the methodologies for assessing whether the EU, as a whole, has sufficient electricity resources to meet its future electricity needs. These methodologies, mandated by the Clean Energy Package legislation, are key in ensuring and improving the reliability of Europe’s electricity supply.

CFTC’s Global Markets Advisory Committee To Meet On May 19

Date 06/05/2020

Commissioner Dawn Stump, the sponsor of the Commodity Futures Trading Commission’s Global Markets Advisory Committee (GMAC), today announced the GMAC will hold a public meeting on Tuesday, May 19, 2020. The meeting will begin at 10:00 a.m. (EDT) and be held via conference call in accordance with the agency’s implementation of social distancing due to the COVID-19 (coronavirus) pandemic.