EU & UK Reg Round Up: 04/04/2024
European Banking Authority
EBA have released a revised list of ITS validation rules - 22 March 2024
The EBA have published a revised list of ITS validations on supervisory reporting, within the list of revised validations the EBA have deactivated some of them either because of incorrectness or for triggering IT problems for users. Competent authorities have been informed not to validate data based on these deactivated validations.
EBA has updated the list of institutions involved in the 2024 supervisory benchmarking exercise - 20 March 2024
This exercise conducted by the EBA works on a sample of 110 institutions from 16 countries across the EU and the EEA (European Economic Area), to assist competent authorities in assessing the quality of their internal approaches used to calculate the risk-weighted exposures amounts. This is exercise is conducted according to Article 78 of the CRD, which mandates the EBA to produce a report to assist competent authorities in assessing their internal approaches effectiveness.
ECB and EBA step up efforts to make banking data reporting more efficient - 18 March 2024
The ECB and EBA join forces in a joint bank reporting committee (JBRC) to make data reporting by banks more efficient. The new structure will work to harmonise and integrate reporting of different types of data with the aim of developing common definitions and standards (hooray!). This will not only streamline and modernise reporting for EU banks but will also increase efficiency and minimise the burden of reporting for banks. One key tangible deliverable the JBRC are planning to release is a common data dictionary for the reporting of statistical, supervisory, and resolution data by banks. The ECB, EBA, the European commission, and SRB are all on board.
European securities and markets authority
ESMA to consult on potential amendments to regulation - 02 April 2024
EMSA have launched a consultation paper into proposed amendments to Commission Delegated Regulation (EU) No 447/2012 and to Annex I of the Credit Rating Agencies Regulation (CRAR). The objective of these amendments is to ensure ESG factors are better incorporated into the credit rating methodologies. This will have subsequent impacts on the future disclosures to the public and should enhance transparency and credibility to the credit rating process.
EMSA to provide guidance to market participants on clearing obligations - 27 March 2024
ESMA issued a public statement deprioritising supervisory actions related to clearing obligations for third-country pension scheme arrangements (TC PSA), pending the finalisation of the EMIR review.
ESMA provide extra clarity regarding the MIFIR provisions - 27 March 2024
ESMA published a statement explaining the practical guidance to support the transition and consistent application of the revised Markets in Financial Instruments Regulation (MiFi). The statement provides guidance on equity and non-equity transparency, systematic internaliser (Sis) regime, and so on. The also confirm that DVC data will continue to be published, with the next publication schedules for early April.
Bank of England
BOE and FCA join forces to transform data collection from UK financial institutions - 28 March 2024
The BOE and FCA are collaborating on a joint transformation program aimed at improving the data collection process for both regulators and firms in the banking sector. This initiative focuses on three key areas: adopting a common data standard, modernising reporting instructions, and integrated reporting. The key outcome from this joint programme is to ensure data collections meet regulatory needs efficiently, establish clear data definitions, and implementing modern systems to support data collected.