The Joint Committee of the European Supervisory Authorities (ESAs) published a report about present and upcoming risks after the Covid-19 pandemic. During the Covid-19 crisis, the EU financial system proved resilient, however, economic recovery is uncertain and uneven across member states. Increasing debt levels, upward pressure on asset prices, expectations about inflation as well as […]
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The International Organization of Securities Commissions (IOSCO) published a set of recommendations for ESG Ratings and Data Product Providers. The market for ESG ratings and data has grown over the past few years, in part due to a lack of consistent information disclosures at the entity level. To increase the trust and transparency of the […]
Read More The European Banking Authority (EBA) launched a public consultation on its draft Regulatory Technical Standards (RTS) and draft guidelines regarding liquidity requirements for investment firms. These are subject to national competent authorities’ assessment regarding various aspects of liquidity risk, such as liquidity concerns stemming from trading activities or external events affecting liquidity. The aim is […]
Read More Due to the length and technical details of the (draft) regulatory technical standards (RTS) of the Sustainable Finance Disclosure Regulation (SFDR) the European Commission decided to postpone the application until 1 January 2023. The RTS consist of 13 standards containing more prescriptive details regarding the implementation of the regulation for asset managers. Asset managers will […]
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EIOPA is seeking consultation regarding the practical application to implement sustainable finance ambitions in the Own Risk and Solvency Assessment (ORSA). The (re)insurance industry is exposed to predominantly physical and transitional climate change risks. Concrete case studies and climate change scenarios should lower the implementation costs for an insurer and increase comparability amongst reports. The […]
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At a recent conference, Petra Hielkema, chairperson of the European Insurance and Occupational Pension Authority (EIOPA), indicated that insurers could face climate stress tests as soon as 2023. With these stress tests, EIOPA hopes to gain more insight into the potential impact of climate change risks. It will however not result in additional capital requirements. […]
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The European Insurance and Occupational Pensions Authority (EIOPA) has published a report in which the use of limitations and exemptions from the regular Solvency II reporting by National Competent Authorities (NCAs) are analysed. The results, which focus on 2020 and the first quarter of 2021, show that proportionality is implemented in the reporting and reflects […]
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The EBA published its final Guidelines for institutions and resolution authorities on improving banks’ resolvability. Taking stock of the best practices developed so far by EU resolution authorities on resolvability topics, it sets out guidelines to improve resolvability in the areas of operational continuity in resolution, access to financial market infrastructure, funding, and liquidity in […]
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The European Banking Authority (EBA) published its final draft Implementing Technical Standards (ITS) on supervisory reporting with respect to common reporting (COREP), asset encumbrance, global systemically important institutions (G-SIIs), and additional liquidity monitoring metrics (ALMM). Proportionality was a key consideration in the proposed changes, making reporting requirements better suited to the size and risk of […]
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The European Commission (EC) has presented a new strategy to improve and modernise financial supervisory reporting in the EU. The strategy’s main objective is to put in place a system that delivers accurate, consistent, and timely data to supervisory authorities while minimising the overall reporting burden on financial institutions. The strategy aims at tackling the […]
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