21

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Oblasť politiky
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Enabling SMEs' access to capital markets

09-04-2019

Making it easier for small and medium-sized enterprises (SMEs) to access financing through public markets lies at the heart of the capital markets union – the plan to mobilise capital in Europe. Among the various reasons for going ahead with this union is the fact that existing requirements and listing costs in both regulated and multilateral trading venues continue to be disproportionate to the size and level of sophistication of SMEs. To further respond to this situation, the Commission has proposed ...

Making it easier for small and medium-sized enterprises (SMEs) to access financing through public markets lies at the heart of the capital markets union – the plan to mobilise capital in Europe. Among the various reasons for going ahead with this union is the fact that existing requirements and listing costs in both regulated and multilateral trading venues continue to be disproportionate to the size and level of sophistication of SMEs. To further respond to this situation, the Commission has proposed adopting a regulation to address the administrative burden placed on SMEs when listing or issuing equity and bonds, with the aim to increase liquidity on SME growth markets. The latter are a new category of multilateral trading facilities, which was established under the Markets in Financial Instruments Directive II. To this end, the proposal provides for targeted amendments to two key pieces of financial services legislation, namely the Market Abuse Regulation (MAR) and the Prospectus Regulation. Following interinstitutional negotiations the co-legislators reached a provisional agreement on the proposal on 6 March 2019, and this is due to be voted in Parliament during the April II plenary session.

Covered bonds – Issue and supervision, exposures

25-02-2019

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly ...

Covered bonds are debt securities issued by credit institutions and secured by a pool of mortgage loans or credit towards the public sector. They are characterised further by the double protection offered to bondholders, the segregation of assets in their cover pool, over-collateralisation, and their strict supervisory frameworks. Currently, their issuance is concentrated in five Member States. National regulatory regimes vary widely in terms of supervision and composition of the cover pool. Lastly, despite benefiting from preferential treatment under the Capital Requirements Regulation (CRR), they share no common definition, which can lead to different securities benefiting from this treatment. To remedy this, the Commission has adopted proposals for, on the one hand, a directive, which would lay down investor protection rules and provide common definitions, and on the other, a regulation, which would amend the CRR with regard to covered bond exposures. In November 2018, Parliament and Council both adopted their respective negotiating positions. The file is currently the subject of trilogue negotiations. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

A framework for EU covered bonds

18-05-2018

The Commission proposed a legislative framework for covered bonds. The supporting impact assessment (IA) provided a coherent problem analysis and the corresponding set of objectives. The impacts analysis focused mainly on the costs and benefits of enhancing the Capital Markets Union potential. However, the IA did not assess the options in terms of their proportionality and did not check the subsidiarity or proportionality of the regulatory options.

The Commission proposed a legislative framework for covered bonds. The supporting impact assessment (IA) provided a coherent problem analysis and the corresponding set of objectives. The impacts analysis focused mainly on the costs and benefits of enhancing the Capital Markets Union potential. However, the IA did not assess the options in terms of their proportionality and did not check the subsidiarity or proportionality of the regulatory options.

Externý autor

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Common rules on securitisation and European framework for STS securitisation

23-10-2017

Securitisation refers to the process of packaging and converting loans into securities, which can then be sold to investors. In the context of its efforts to build a Capital Markets Union, the Commission has proposed a regulation which lays down common rules on securitisation, and provides a framework for simple, transparent and standardised (STS) securitisations. Parliament is due to vote on the proposal during the October II plenary.

Securitisation refers to the process of packaging and converting loans into securities, which can then be sold to investors. In the context of its efforts to build a Capital Markets Union, the Commission has proposed a regulation which lays down common rules on securitisation, and provides a framework for simple, transparent and standardised (STS) securitisations. Parliament is due to vote on the proposal during the October II plenary.

Prudential requirements for credit institutions and investment firms

23-10-2017

The new framework for 'simple, transparent, and standardised' (STS) securitisations has implications for the overall prudential framework for credit institutions and investment firms. The Commission has proposed to amend the existing Capital Requirements Regulation (CRR) accordingly, to adjust risk retention profiles to reflect properly the specific features of STS securitisations. Parliament is due to vote on the proposal during the October II plenary session.

The new framework for 'simple, transparent, and standardised' (STS) securitisations has implications for the overall prudential framework for credit institutions and investment firms. The Commission has proposed to amend the existing Capital Requirements Regulation (CRR) accordingly, to adjust risk retention profiles to reflect properly the specific features of STS securitisations. Parliament is due to vote on the proposal during the October II plenary session.

Prospectuses for investors

10-05-2016

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces ...

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces changes to how the prospectus is drawn up. The Commission consultation shows that stakeholders welcome the initiative and support the proposed measure to simplify and shorten the prospectus for frequent issuers, secondary issuances and small and medium-sized enterprises, freeing it from any unnecessary and repetitive information. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

What to Do with Profits when Banks Are Undercapitalized: Maximum Distributable Amount, CoCo Bonds and Volatile Markets

18-03-2016

This note gives an overview of the recent discussions relating to the clarification of the methodology for calculating the Maximum distributable Amount in banking supervision and the volatility on the market for banks contingent convertible bonds ("CoCo bonds").

This note gives an overview of the recent discussions relating to the clarification of the methodology for calculating the Maximum distributable Amount in banking supervision and the volatility on the market for banks contingent convertible bonds ("CoCo bonds").

Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do in the Case of Mis-Selling?

18-03-2016

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore ...

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore more likely to generate runs and systemic risk. In contrast, retail investors are slower movers and as such they constitute a more stable source of funding. As a result, we do not advocate the ban of the sale of subordinated debt to retail investors. Rather, it is crucial that the rules concerning the marketing of these products are appropriately designed and their implementation is supervised by competent authorities.

Externý autor

Elena Carletti and Donato Masciandaro

Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do in the Case of Mis-Selling?

17-03-2016

An important prerequisite for the efficiency of bail-in as a regulatory tool is that debt holders are able to bear the cost of a bail-in. Examining European banks’ subordinated debt we caution that households may be investors in bail-in able bonds. Since households do not fulfil the aforementioned prerequisite, we argue that European bank supervisors need to ensure that banks’ bail-in bonds are held by sophisticated investors. Existing EU market regulation insufficiently addresses mis-selling of ...

An important prerequisite for the efficiency of bail-in as a regulatory tool is that debt holders are able to bear the cost of a bail-in. Examining European banks’ subordinated debt we caution that households may be investors in bail-in able bonds. Since households do not fulfil the aforementioned prerequisite, we argue that European bank supervisors need to ensure that banks’ bail-in bonds are held by sophisticated investors. Existing EU market regulation insufficiently addresses mis-selling of bail-in instruments.

Externý autor

Martin R. Götz and Tobias H. Tröger

Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do in the Case of Mis-Selling?

17-03-2016

This note provides a primer on subordinated bonds, covering a number of key concepts and definitions. The role of subordinated bonds as a source of bank regulatory capital (“Tier 2 capital”) is also discussed. Empirical data are presented, showing that Tier 2 capital accounts for 16.2% of total regulatory capital (or 2.7 percentage points in terms of risk-weighted assets). Based on national statistics and anecdotal evidence, it can be inferred that a significant share of Tier 2 issues is held by ...

This note provides a primer on subordinated bonds, covering a number of key concepts and definitions. The role of subordinated bonds as a source of bank regulatory capital (“Tier 2 capital”) is also discussed. Empirical data are presented, showing that Tier 2 capital accounts for 16.2% of total regulatory capital (or 2.7 percentage points in terms of risk-weighted assets). Based on national statistics and anecdotal evidence, it can be inferred that a significant share of Tier 2 issues is held by retail investors. We then look at how recent rules on bank bailout and resolution (including the Bank Recovery and Resolution Directive) have changed the risk attached to subordinated bonds and to other bank liabilities that rank senior to them. Key rules on the placement of subordinated bonds to retail clients are also briefly surveyed, highlighting how MiFID II will change the regulatory landscape since 2018, by imposing additional requirements on appropriateness, product governance and conflicts of interest, and by giving supervisors the power to impose extraordinary bans on unsuitable financial products. In the last part of this note we argue that, rather than prohibiting the sale of subordinated debt to small investors, supervisors should tackle the risk originating from self-placement practices through a thorough and uniform implementation of MiFID (and MiFID II) provisions. Competent authorities may e.g. require banks to: i) set maximum concentration limits in their customers’ portfolios; ii) develop adequate pricing procedures; iii) to ensure that remuneration schemes do not lead to improper selling practices.

Externý autor

Andrea Resti

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