EuropeRSS

Freedom of information request reveals high level of MiFID II reporting errors

More than 20% of asset managers are still making errors in their reporting to the UK’s Financial Conduct Authority (FCA) with regard to their obligations contained in the markets in financial instruments directive (MiFID) II. 

FINMA’s first ever risk report highlights issues such as Libor and cross-border market access

The Swiss Financial Market Supervisory Authority (FINMA) published its first ever risk monitoring report highlighting six main areas of concern, which include cyber attacks, the Libor transition and cross-border market access issues.

Flooding

Bank of England uses climate change scenarios for stress test

Proposals by the Bank of England for stress testing the effects of climate change on the financial system places the issue front and centre for UK regulators and financial firms 

EBA

EBA study reduces Basel III capital estimate, but concerns around CVA linger

Big European banks will be relieved that the EBA lowered its original estimates around the capital requirements arising from implementing the finalised Basel III framework, but will be concerned about its views on CVA exemptions 

Nick Bayley

PRA Citi fine may be start of clampdown on big bank reporting failings

The big fine slapped on Citigroup for reporting failings by the UK’s PRA might be the start of a crackdown on other big banks struggling with their regulatory reporting 

Nuclear compromise sees EU green taxonomy signed-off

The EU’s Parliament and Council compromised on the wording of a taxonomy or rule book governing the definitions of green finance after altering the language so as not to discriminate against nuclear or gas as a transition energy source. 

Big UK banks pass stress test, but told to raise countercyclical buffer

The latest stress tests from the Bank of England showed that the UK’s seven largest lenders could comfortably manage a deep domestic recession, a global downturn and a disorderly exit from the EU. 

Debate heats up over future UK regulation as Brexit almost certain

Following the big re-election victory by the Conservative Party, the UK is almost certain to leave the EU on January 31, 2020, prompting the financial services sector to think about the country’s regulatory regime. 

Laura Boyd

Firms should use SM&CR to streamline their governance

As the next wave of firms ready themselves for SM&CR, they should use its implementation as an opportunity to streamline their governance and declutter their operations

Experienced insider Andrew Bailey to take over at Bank of England

Andrew Bailey, the chief executive of the Financial Conduct Authority (FCA) is to take over as governor of the Bank of England (BoE) from Mark Carney on March 16.