Prudential Regulation Review


Prudential Regulation Review 

November 2019

Prudential Regulatory Review is a monthly newsletter dedicated to summarising all major risk and regulatory updates.

Prudential Regulation Review - latest edition

With the expiry of the UK CCPs equivalence decision fast approaching, industry welcomed confirmation by Vice-President Dombrovskis that the European Commission intends to extend this beyond 30th March 2020, “to prepare for any eventuality”.

In the EU, ESMA Chair, Steven Maijoor confirmed in a recent speech that ESMA has proposed a “staggered” timeline to the upcoming review of MiFID II in the light of the impacts of Brexit. A report on the cost of market data and the establishment of a consolidated tape (CT) for equity instruments will be submitted to the European Commission next month. ESMA has also started working on a reports assessing the MiFID II transparency regime, and the quoting behaviour of Systematic Internalisers (SIs) in non-equity instruments. It intends to consult on these reports at the beginning of 2020 and submit the reports to the Commission in July 2020. Maijoor also highlighted his personal view that ESMA should consider whether disclosures to non-retail clients need reviewing whilst also asserting that an assessment of the full impact of the research unbundling requirements is premature.

Finally, the EBA published its roadmap for CRD 5/CRR2/BBRD level 2 mandates. The EBA announced that the delivery of almost all mandates with a deadline between 6 and 9 months from the legislative package’s entry into force (i.e. those with a deadline either at the end of 2019, or by the end of Q1 2020) will be delayed by 3-9 months. There will also be some limited delays of mandates due to be delivered 1 year or more after entry into force in the areas of large exposures, IRRBB and MREL/bail-in execution.

Other topics covered include:

  • Banking
  • Capital Markets
  • Investment Management
  • Central Bank of Ireland
Prudential Regulation Review November 2019

EMEA Centre of Regulatory Strategy

If you would like to contact a member of the EMEA Centre for Regulatory Strategy then please click on the below links:

Rod Hardcastle - Director, Centre for Regulatory Strategy UK

John Andrews - Senior Manager, Centre for Regulatory Strategy UK

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