11

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Art der Veröffentlichung
Politikbereich
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Schlagwortliste
Datum

Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

10-01-2020

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework. Under the proposals, EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. Following trilogue negotiations, Parliament voted on the resulting agreement at its plenary session of 18 April 2019. The final act was signed on 23 October 2019 and entered into force on 1 January 2020. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR)

28-06-2019

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance (REFIT) programme, to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. A provisional agreement was reached in trilogue on 5 February 2019. Parliament voted to approve that agreement on 18 April 2019 in plenary session and the Council subsequently adopted it on 14 May. The new regulation comes into force on 17 June 2019. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Banking Union Essential Terms: Technical Abbreviations & Glossary (EN/DE/FR)

06-07-2018

This abbreviation list and tri-lingual glossary (English, German and French, see disclaimer) lists and explains relevant terms frequently used in the area of documents related to the Banking Union, more specifically in relation to the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the application of the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR). The glossary and list of abbreviations may be updated and extended in order to ...

This abbreviation list and tri-lingual glossary (English, German and French, see disclaimer) lists and explains relevant terms frequently used in the area of documents related to the Banking Union, more specifically in relation to the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the application of the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR). The glossary and list of abbreviations may be updated and extended in order to take account of new developments and needs. This document was provided by Policy Department A at the request of the ECON Committee.

Externe Autor

Bernd HEIMBÜCHEL, Ute HEIMBÜCHEL, Urs LENDERMANN

Plenary round-up – Strasbourg, June 2018

15-06-2018

The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. The European Commission and Council participated in discussions on, inter alia, the independence of the judiciary in Poland, humanitarian emergencies in the Mediterranean and solidarity in the EU, and the economic and monetary union package. VP/HR Federica Mogherini's statements ...

The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. The European Commission and Council participated in discussions on, inter alia, the independence of the judiciary in Poland, humanitarian emergencies in the Mediterranean and solidarity in the EU, and the economic and monetary union package. VP/HR Federica Mogherini's statements on the Iran nuclear deal, the annual report on human rights and democracy in the world (2017), and on the Georgian occupied territories ten years after the Russian invasion, were also discussed. Debates followed on the first anniversary of the signature of the Istanbul Convention and on the closure of the ivory market to combat poaching. Parliament approved the proposal to amend the regulation on OTC derivatives, an agreement on common rules in the field of civil aviation, on monitoring and reporting of CO2 emissions and on fuel consumption of heavy-duty vehicles. It approved the final text of a proposed directive on proportionality tests for new national professional regulations. It also approved the new composition of Parliament after 'Brexit', and further macro-financial assistance to Ukraine.

Verordnung über OTC-Derivate in der EU

06-06-2018

Mit der Verordnung über europäische Marktinfrastrukturen (EMIR – Verordnung (EU) Nr. 648/2012) wurden die Probleme angegangen, die während der Finanzkrise von 2007/2008 bei der Funktionsweise des Marktes für Freiverkehrsderivate (OTC-Derivate) festgestellt wurden. Im Mai 2017 schlug die Kommission nach einer eingehenden Beurteilung vor, die EMIR zu ändern und zu vereinfachen und gegen unverhältnismäßige Befolgungskosten, Probleme mit der Transparenz und unzulänglichen Zugang zum Clearing für bestimmte ...

Mit der Verordnung über europäische Marktinfrastrukturen (EMIR – Verordnung (EU) Nr. 648/2012) wurden die Probleme angegangen, die während der Finanzkrise von 2007/2008 bei der Funktionsweise des Marktes für Freiverkehrsderivate (OTC-Derivate) festgestellt wurden. Im Mai 2017 schlug die Kommission nach einer eingehenden Beurteilung vor, die EMIR zu ändern und zu vereinfachen und gegen unverhältnismäßige Befolgungskosten, Probleme mit der Transparenz und unzulänglichen Zugang zum Clearing für bestimmte Gegenparteien vorzugehen. Das Parlament soll im Rahmen der Plenartagung im Juni über den Vorschlag abstimmen.

The role of the Basel Committee on Banking Supervision (BCBS)

20-10-2017

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

Verordnung (EU) Nr. 648/2012 des Europäischen Parlaments und des Rates über OTC-Derivate, zentrale Gegenparteien und Transaktionsregister

20-03-2017

Mithilfe der Verordnung (EU) Nr. 648/2012 sollen Derivatemärkte widerstandsfähiger, transparenter und effizienter werden. Mit ihr werden die im Rahmen der G20 eingegangenen Verpflichtungen zu außerbörslich gehandelten Derivaten und zur Minderung von Risiken an den Finanzmärkten umgesetzt. In der Verordnung werden außerdem einige wichtige Grundsätze und Regeln für Derivatekontrakte verankert, wie etwa die Clearingpflicht oder eine Meldepflicht, aber auch Regeln für Akteure an den Finanzmärkten, beispielsweise ...

Mithilfe der Verordnung (EU) Nr. 648/2012 sollen Derivatemärkte widerstandsfähiger, transparenter und effizienter werden. Mit ihr werden die im Rahmen der G20 eingegangenen Verpflichtungen zu außerbörslich gehandelten Derivaten und zur Minderung von Risiken an den Finanzmärkten umgesetzt. In der Verordnung werden außerdem einige wichtige Grundsätze und Regeln für Derivatekontrakte verankert, wie etwa die Clearingpflicht oder eine Meldepflicht, aber auch Regeln für Akteure an den Finanzmärkten, beispielsweise zentrale Gegenparteien und Transaktionsregister.

Banks' Internal Rating Models - Time for a Change? The System of Floors as Proposed by the Basel Committee

03-11-2016

We provide an assessment of the BCBS proposal on restricting the IRB approach and introducing RWA floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation compared to the SA. Thus, IRB should be maintained. Further, the use of IRB output floors potentially results in unintended negative side effects. Input floors are likely a valuable tool to achieve RWA comparability. Finally, the proposed measures have a potential detrimental impact for European ...

We provide an assessment of the BCBS proposal on restricting the IRB approach and introducing RWA floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation compared to the SA. Thus, IRB should be maintained. Further, the use of IRB output floors potentially results in unintended negative side effects. Input floors are likely a valuable tool to achieve RWA comparability. Finally, the proposed measures have a potential detrimental impact for European banks as compared to others.

Externe Autor

Rainer Haselmann and Mark Wahrenburg

Banks' Internal Rating Models - Time for a Change? The "System of Floors" as Proposed by the Basel Committee

03-11-2016

This briefing paper reviews evidence showing that the adoption of an International Ratings Based (IRB) approach to estimating risk weights by banks has been associated with reductions in average reported risk weights. Several economic studies find that the lower reported risk weights using the IRB methodology to some extent reflect downward risk manipulation by banks. In a system of floors, the purpose of an aggregate output floor should be to prevent wholesale bank-level downward risk weight manipulation ...

This briefing paper reviews evidence showing that the adoption of an International Ratings Based (IRB) approach to estimating risk weights by banks has been associated with reductions in average reported risk weights. Several economic studies find that the lower reported risk weights using the IRB methodology to some extent reflect downward risk manipulation by banks. In a system of floors, the purpose of an aggregate output floor should be to prevent wholesale bank-level downward risk weight manipulation, giving rise to effective bank undercapitalization and a heightened probability of bank failure. Input floors can play a useful role alongside an aggregate output floor, if they are targeted to address the problem of potential mismeasurement of risk.

Externe Autor

Harry Huizinga

Banks' Internal Rating Models - Time for a Change? The "System of Floors" as Proposed by the Basel Committee

03-11-2016

In this note, we discuss the proposal for a reform of internal rating models outlined by the Basel Committee. We first present internal rating models (which currently generate roughly 50% of supervisory capital in the European Union) and the reasons why they have been increasingly criticised. We then review the key proposals circulated by the Basel Committee: the removal of internal models for “low-default portfolios” (where defaults are too infrequent to allow adequate calibration); additional constraints ...

In this note, we discuss the proposal for a reform of internal rating models outlined by the Basel Committee. We first present internal rating models (which currently generate roughly 50% of supervisory capital in the European Union) and the reasons why they have been increasingly criticised. We then review the key proposals circulated by the Basel Committee: the removal of internal models for “low-default portfolios” (where defaults are too infrequent to allow adequate calibration); additional constraints on internal models’ estimates (“input floors”); an “output floor” tying the capital requirements generated by internal ratings to those that would emerge from the standardised approach. We than explain why, in our opinion, floors represent a technically flawed answer, and suggest a number of supervisory actions that may be pursued, instead, to restore internal models’ credibility, without causing an excessive burden for banking authorities. Such actions, which have already been explored by the EU in the last few years, should be embraced wholeheartedly by supervisors, to ensure that increased transparency on implementation and validation practices may restore market confidence in internal models.

Externe Autor

Andrea Resti

Anstehende Veranstaltungen

20-01-2021
EPRS online policy roundtable with the World Bank: Where next for the global economy
Andere Veranstaltung -
EPRS
25-01-2021
Public Hearing on "Gender aspects of precarious work"
Anhörung -
FEMM
26-01-2021
Hearing on Co-management of EU fisheries at local level
Anhörung -
PECH

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