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  • EBA: Consultation On Joint Guidelines For The Prudential Assessment Of Acquisitions 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 (1) 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.

  • UK's Prudential Regulation Authority Announces Changes To Depositor And Policyholder Protection

    Date 03/07/2015

    The Prudential Regulation Authority (PRA) is today announcing changes to depositor and policyholder protection provided by the Financial Services Compensation Scheme (FSCS). For the majority of depositors currently covered by the FSCS, the existing level of deposit protection (£85,000) will be maintained for six months before changing to £75,000 after 31 December 2015.

  • 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.