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Prudential requirements and supervision of investment firms

15-01-2020

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for ...

Investment firms play an important role in capital markets, facilitating savings and investment flows across the EU. However, the current EU rules are seen as fragmented, overly complex, inconsistently applied and often a poor fit for the actual risks taken by the various types of investment firms. The Commission proposed a new regulation on the prudential requirements of investment firms and a new directive on the prudential supervision of investment firms. These proposals update the framework for investment firms, making it more effective and more closely calibrated to the size and nature of the various investment firms and their risks. Parliament's Committee on Economic and Monetary Affairs (ECON) agreed its report and negotiating mandate on 24 September 2018. On 20 March 2019, provisional agreements were reached by Parliament and Council negotiators. Parliament adopted the texts at first reading on 16 April 2019. Following linguistic corrections, corrigenda were endorsed by Parliament in October, and the regulation and directive were adopted by the Council then signed into law on 27 November. Both will apply in full from 26 June 2021. Second edition of a briefing originally drafted by David Eatock. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Level-2 measures under the new Securitisation framework

29-08-2018

This briefing focuses on the state of play of the implementing measures under the new Securitisation Regulation (EU) 2017/2402 and the amending Regulation (EU) 2017/2401 on the treatment of regulatory capital requirements for credit institutions that originate, sponsor or invest in securitisations. Items for discussion include the draft measures that have been prepared by the European Supervisory Agencies, and those currently under preparation, including – for the European Securities and Markets ...

This briefing focuses on the state of play of the implementing measures under the new Securitisation Regulation (EU) 2017/2402 and the amending Regulation (EU) 2017/2401 on the treatment of regulatory capital requirements for credit institutions that originate, sponsor or invest in securitisations. Items for discussion include the draft measures that have been prepared by the European Supervisory Agencies, and those currently under preparation, including – for the European Securities and Markets Authority (ESMA) – technical standards on information in the STS notification and information to be provided in the application for the authorisation of a third party verifying STS compliance, and – for the European Banking Authority (EBA) – on the homogeneity of asset classes and on risk retention.

Securitisation and capital requirements

25-01-2018

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential ...

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential framework for credit institutions and investment firms, therefore the Commission proposed to amend the Capital Requirements Regulation (EU) No 575/2013 accordingly. The proposed amendments would adjust risk retention profiles to reflect properly the specific features of STS securitisations. The most significant changes are: a new hierarchy of risk calculation methods and lower capital requirements for STS. The Council agreed on a general approach on both dossiers in early December 2015. Parliament’s ECON Committee adopted its report a year later, and the two institutions reached agreement on the text in trilogue in June 2017. This briefing further updates an earlier edition of July 2016: PE 573.935. See also our updated briefing on the related proposal: PE 608.777.

Revised framework for investment firms

13-12-2017

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it ...

The EU framework for investment firms consists of several legislative acts: the Directive on markets in financial instruments (MiFID), the Capital Requirements Regulation 575/2013 (CRR) and the Capital Requirements Directive 2013/36/EU (CRD). Together with various international rules, these legislative acts lay down rules on the activity of credit institutions and their prudential supervision. In 2016, the European Commission submitted two legislative proposals amending the CRR and the CRD and it now intends to further revise the existing framework for investment firms. Research shows that there are several challenges influencing the current system, especially a plethora of investment firms with different prudential requirements, leading to legislative complexity and decreasing legislative clarity. Parliament and the European Economic and Social Committee have, on several occasions, called for improvements to the existing framework. The European Commission itself has expressed a willingness to revise the CRR/CRD framework and it is expected that it will publish a legislative proposal (with its impact assessment) on a revised framework for investment firms on 20 December 2017.

Banking reform package

31-08-2017

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the ...

This note seeks to provide an initial analysis of the methodological strengths and weaknesses of the European Commission's impact assessment (IA) accompanying five proposals reforming banking legislation, submitted on 24 November 2016 and referred to Parliament's Committee on Economic and Monetary Affairs. To this end, it also provides a brief overview of the IA, complementing the Commission's own summary (SWD(2016)378). Despite significant progress since the financial crisis, the overhaul of the financial regulatory framework remains a major area of the European Commission's work. The IA covers five proposals (see table 1, below) included in the 2017 Joint Declaration on the EU's legislative priorities, for which the EU institutions want to ensure substantial progress. The proposals aim at: aligning EU rules with internationally agreed standards, drawn up by the Basel Committee on Banking Supervision, and amending the current EU bank resolution framework.

Delegated and Implementing Measures in the Banking Field - Forthcoming Level 2 Acts under CRD IV and CRR

23-02-2017

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

This briefing has been prepared to support ECON’s work on scrutiny of delegated acts, in particular the discussion of 28 February 2017 on various forthcoming draft measures (Delegated Acts (DAs)), and in particular Regulatory Technical Standards (RTS)) under the Capital Requirements Directive 2013/36/EU (CRD IV) and the Capital Requirements Regulation (EU) No 575/2013 (CRR).

Understanding equivalence and the single passport in financial services: Third-country access to the single market

09-02-2017

Alongside closer integration of the single market in financial services on the one hand and the more general globalisation of the sector on the other, the issue of access for third-country institutions has become increasingly important – not least recently in relation to the question of access to the continent for City of London-based financial services firms in the context of the United Kingdom's withdrawal from the European Union (Brexit). Companies established in any European Economic Area (EEA ...

Alongside closer integration of the single market in financial services on the one hand and the more general globalisation of the sector on the other, the issue of access for third-country institutions has become increasingly important – not least recently in relation to the question of access to the continent for City of London-based financial services firms in the context of the United Kingdom's withdrawal from the European Union (Brexit). Companies established in any European Economic Area (EEA) Member State have access to the single market for financial services under single passport rights. This means that they can establish branches in other EEA countries or provide financial services across the EEA without the need for further authorisation. The debate on access for third countries has intensified since the 2008 financial crisis, resulting in an increasing number of legal acts in recent years containing 'equivalence provisions'. These allow third countries to ask for an assessment of equivalence of their regulatory system with that of the European Union. Equivalence, if granted, offers in most cases a much more piecemeal access to the single market than passport rights. Quite often, equivalence concerns more technical matters and does not significantly alter third-country access terms. Only in some instances can access under equivalence be considered 'passport-like', and in the most significant cases, this concerns legislation which is not yet in force.

Securitisation and capital requirements

13-07-2016

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential ...

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential framework for credit institutions and investment firms, therefore the Commission proposed to amend the Capital Requirements Regulation (EU) No 575/2013 accordingly. The proposed amendments would adjust risk retention profiles to reflect properly the specific features of STS securitisations. The most significant changes are: a new hierarchy of risk calculation methods and lower capital requirements for STS. The Council agreed on a general approach on both dossiers in early December 2015. The draft report was presented in Parliament’s ECON Committee on 6 June 2016. This briefing updates an earlier edition of February 2016: PE 573.935. See also our updated briefing on the related proposal: 2015/0226(COD).

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