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  • EIOPA: IORP II Directive Opinions

    10/07/2019
    EIOPA has published four Opinions intended to assist national competent authorities in the implementation of IORP II. These cover: the... use of governance and risk assessment documents in the supervision of institutions for occupational retirement provisions; the practical implementation of the common framework for risk assessment and transparency for institutions for occupational retirement provisions; the supervision of the management of operational risks faced by institutions for occupational retirement provisions and the supervision of the management of environment, social and governance risks faced by institutions for occupational retirement provisions. All of the Opinions may be downloaded individually via the following link.
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  • ECA/EBA: EU-wide stress tests for banks: unparalleled amount of information on banks provided but greater coordination and focus on risks needed

    10/07/2019
    The European Court of Auditors has published a report on EBA's 2018 stress test and sets out a number of recommendations... to ensure that the stress test is "a more meaningful exercise" going forward. EBA is criticised for failing to test banks against severe financial shocks; not taking some relevant systemic risks into account and relying primarily on national supervisors for verifying the way in which banks implemented the methodology. EBA confirms that it is committed to considering the recommendations and notes that it has already introduced greater transparency on Pillar 2 requirements in the 2020 EU-wide stress test draft methodology.
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  • FCA: SMCR

    10/07/2019
    Ahead of the extension of the SMCR to solo-regulated firms from 9 December 2019, FCA has announced that it has requested... and agreed with HMT that there will be a later commencement date for benchmark administrators in order for the regulator to carry out a dedicated consultation for benchmark administrators before making final rules for the sector. As set out in the near-final rules, claims management companies will also not come into scope until they have been authorised by FCA. This does not affect the timing of commencement for any other firm.
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  • IAIS: 2018 Global Insurance Market Report

    10/07/2019
    IAIS has published the 2018 edition of GIMAR which discusses (re)insurance market developments (for example, how US life insurers use derivatives... for hedging purposes and how insurers tend to favour their home jurisdictions as investment destinations). The report also looks at the liquidity of insurance asset portfolios, the macroprudential tools supervisors are employing to test for system-wide shocks and the benefits, risks and challenges of increased digitalisation of the global insurance sector.
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  • FCA: Measuring market cleanliness – the Abnormal Trading Volume ratio

    10/07/2019
    FCA has highlighted this new measure published in its Annual Report. The methodology and design decisions are set out on... this webpage.
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  • FCA: FSCS levy

    10/07/2019
    FCA has published calculation notes on the final 2019/20 rates.
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  • EBA: IRB roadmap

    09/07/2019
    ERB has published a progress report on its 2016 roadmap to repair internal models used to calculate own funds requirements for... credit risk under the IRB approach. EBA notes that it has decided to extend the deadline for introducing changes in the rating systems by one year, to the end of 2021.
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  • PSR: Annual Report 2018/19

    09/07/2019
    PSR has published its Annual report which looks back at its work over the year, including with regard to authorised push... payment scams; access to cash and the supply of card-acquiring services.
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