Financial Regulation Weekly Bulletin - 18 February 2021

Click on the headings below to access each section:

General

• Climate risk management tools for financial institutions – UNEP FI issues three reports
• Digital operational resilience – IRSG publishes response to European Commission’s legislative proposal
• COVID-19 – ESRB publishes report on financial stability implications of support measures to protect real economy
• Green Finance and Investment – Government announces UK Centre
• COVID-19 – FCA consults on extension of guidance relating to cancellations and refunds

Beyond Brexit

• UK Emissions Trading Scheme – Draft auctioning legislation introduced

Banking and Finance

• CRR Leverage ratio buffer framework and calculating total exposure measure – European Commission publishes report
• Review of the Financial Collateral Directive and Settlement Finality Directive – Consultation Papers published by the European Commission
• CRR and tri-party repurchase agreements – EBA publishes its final report on guidelines specifying the conditions for application of the alternative treatment of exposures
• CRR – EBA consults on assessment of breaches of the large exposure limits
• G-SIIs – EBA publishes final draft technical standards on disclosure of indicators of global systemic importance
• Discontinuation of LIBOR – UK Finance publishes guide to transition
• Disputes with banks – BBRS launches independent resolution service for SMEs
• Stress Test – BoE publishes variable paths for Solvency Stress Test scenario
• Current and horizon risk issues for independent NEDs – PRA publishes letter summarising discussions
• IFRS 9 – Dear CEO letter on IFRS expected credit loss accounting
• PRA Consultation Paper (CP5/21) - Implementation of Basel standards

Securities and Markets

• COVID-19 – Council adopts Directive amending MiFID II and Regulation amending Prospectus Regulation
• EMIR – Delegated Regulations on clearing obligation and risk mitigation published in OJ
• CRR – Commission Implementing Regulation amending ITS on closely correlated currencies publishes in OJ
• MiFID II – ESMA publishes decision on non-controversial opinions on commodity derivatives position limits
• Supporting the wind down of critical benchmarks  – HM Treasury publishes consultation paper
• Supporting transition in sterling non-linear derivatives referencing GBP LIBOR ICE Swap Rate – Working Group publishes paper
• Bankia SA v Unión Mutua Asistencial de Seguros (Case C-910/19)

Insurance                                                       

• COVID-19 and Business Insurance cover – EIOPA paper on insurability
• Supervisory convergence plan for 2021 – published by EIOPA
• Business Interruption Test Case – FCA updates website with written submissions

Enforcement

• Insider dealing and fraud – FCA commences two separate criminal proceedings