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  • Supporting Statement Of CFTC Commissioner Dan M. Berkovitz - Proposed Rule Excluding The European Stability Mechanism From Definition Of Financial End User

    Date 16/10/2019

    I support the proposed regulation that would add the European Stability Mechanism (“ESM”) to the list of governmental entities excluded from the definition of financial end user in the Commission’s margin regulations.  The Commission has recognized for many years that entities established by governments like the ESM should be exempted from some of our regulatory requirements for financial entities.  These entities serve a governmental purpose that is not to speculate or profit from derivatives and therefor are less likely to engage in activities that would bring risk to the United States.  The ESM, an intergovernmental entity designed to assist EU member states in financial distress, would likely reduce systemic risk in the European Union.  If the 2008 financial crisis is any guide, reducing financial distress in one region of the world is likely to benefit the rest of the world, including the United States.

  • EBA: Consultation On Supervisory Reporting Changes Related To CRR2 And Backstop Regulation (Framework 3.0)

    Date 16/10/2019

    The European Banking Authority (EBA) launched today a public consultation on revised Implementing Technical Standards (ITS) on supervisory reporting, which aim to keep the reporting requirements in line with changes in the regulatory framework and with the evolving needs for Supervisory Authorities' risk assessments.

  • Opening Statement Of CFTC Commissioner Brian Quintenz Before The Open Commission Meeting On October 16, 2019 - Open Meeting On Proposed Rule: Amendment To Regulation 23.161 – Compliance Schedule Extension And Proposed Rule: Amendments To The Margin Rules For Uncleared Swaps – 23.151 And 23.157

    Date 16/10/2019

    Good morning. Mr. Chairman, thank you for calling this meeting.  The proposals before us today both address one of the key post-crisis reforms: the margin framework for uncleared swaps.  I support the first proposal, which provides smaller entities with an additional year to come into compliance with the uncleared margin regime.  However, as I will explain further below, I respectfully dissent from the proposal to exclude the European Stability Mechanism from the CFTC’s margin requirements for uncleared swaps.

  • EBA: CP On Comprehensive ITS For Financial Institutions Public Disclosure

    Date 16/10/2019

    The European Banking Authority (EBA) launched today a public consultation on the new comprehensive Implementing Technical Standard (ITS) for financial institutions' public disclosure, designed to promote market discipline. This ambitious proposal seeks to optimise the EBA Pillar 3 policy framework by moving from a silo based approach, with different disclosure policy products, to an all-inclusive ITS. It also implements regulatory changes introduced by the CRR2 and aligns the disclosure framework with international standards.

  • Sustainability Platform Met At Borsa Istanbul To Discuss YOIKK Action Plan On Sustainable Investment Flows

    Date 16/10/2019

    Borsa İstanbul was selected as the responsible institution to coordinate efforts for encouraging companies to tap more into sustainable investment flows.  Coordination Council for the Improvement of Investment Environment in Turkey (YOIKK) met on August 8, 2019  under the chairmanship of Mr. Fuat OKTAY Vice President – Presidency of the Republic of Turkey. In accordance with the YOIKK Action Plan, Borsa İstanbul will work with regulatory institutions, NGOs, sector organizations and other stakeholders on raising awareness, creating incentives and impoving regulatory environment among other topics.