Tracker, Financial Services Regulation & Compliance - Cross Sectoral
Central Bank publishes updated Fitness and Probity FAQs
The FAQs, published 4 January 2017, contains additional questions concerning roles introduced as PCFs in 2014 such as the role of the Chief Operating Officer, Head of Claims and Head of Client Asset Oversight. The FAQs also contains a new section on certified persons.
Central Bank publishes documentation on Monetary Policy Instruments and Procedures
The documentation contains terms and conditions applicable to counterparties in respect of monetary policy operations with the CBI
Central Bank publishes Monetary Policy Instruments and Procedures Supplements
The two Supplements, published on 3 January 2017, concern firstly, additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and secondly, valuation haircuts.
Minister for Finance Michael Noonan announces the appointment of Financial Services Ombudsman Council
Maeve Dineen (who will serve as Chair of the Council), Demott M. Jewell, Elizabeth Walsh and Don Gallagher were appointed to the Financial Services Ombudsman Council. These appointments arise from the expiry of the term of office of some Council members on 28 October 2016.
Central Bank publishes Guidelines for completing Garda Vetting Invitation Form
The Guidelines outline the required style and formatting for completing the Garda Vetting Invitation Form as well as setting out the required proof of identification documentation. The Guidelines state that failure to submit the form correctly or failure to submit the required documents may result in the rejection of the Garda vetting form and Individual Questionnaire application.
Financial Services Ombudsman publishes the members of the Financial Services Ombudsman Council as of January 2017
The members of the Financial Services Ombudsman Council are Maeve Dineen as Chairman, Valerie Bowens, Don Gallagher, Dermott Jewell, Ken Murnaghan, Tony Kerr, Deborah Reidy and Elizabeth Walsh.
Central Bank publishes Research Bulletin no.9 on January 2017
The Research Bulletin highlighted economic research and associated activities conducted by bank staff during 2016. The non-technical summaries for the nine research technical papers released in 2016 are included in this bulletin as are thirteen economic letters released in 2016. Also contained in the Research Bulletin are publications by bank staff in peer reviewed academic journals as well as a listing of visiting speakers who presented over the past year at the CBI. Bank
Gerry Cross, Director of Policy and Risk in the Central Bank gives speech on the implications of Brexit for Financial Services in Ireland
The speech set out the Cental Banks's regulatory and supervisory approach to engaging with and potentially authorising and supervising financial firms who are approaching the Central Bank to discuss their group structural and geographical arrangements in a post-Brexit world.
Governor of the Central Bank of Ireland, Philip Lane, addresses the European Financial Forum at Dublin Castle
In his comments, Governor Lane focused on the implications of globalisation and technological disruption on the financial sector.
Gerry Cross, Director of Policy and Risk in the Central Bank speaks on Information Technology (IT) and cybersecurity risks and risk management in the financial sector
The speech, published on 24 January 2016, took place at a breakfast event designed to provide follow up to the Central Bank's Cross Industry Guidance in respect of Information Technology and Cybersecurity Risks. Mr. Cross stated that the Central Bank are demanding increased effectiveness in IT risk management and governance and that they regard it as key that Boards and Senior Management do materially better in relation to their oversight of and engagement in Information Technology aspects of their firms' business.
Deputy Governor of Financial Regulation in the Central Bank, Cyril Roux, addresses the Central Bank of Ireland conference on Non-Bank Financial Intermediation: Mapping, Risk Assessment and Supervision
Deputy Governor Cyril Roux outlined the importance of cross-border cooperation to understanding the actors, activities and interlinkages of market-based finance. Mr Roux highlighted that the Central Bank is committed to cross-jurisdictional coordination and data sharing.
Central Bank publishes Guidance on the Annual Pre-Approval Controlled Function Confirmation Return
The PCF Confirmation Return is an annual confirmation required from each regulated financial service provider in respect of each active PCF holder within the firm / fund confirming they are compliant with the Fitness and Probity Standards and continue to agree to abide by those Standards. The Guidance provides instructions for regulated financial service providers on how to complete and submit their Annual PCF Confirmation return to the Central Bank of Ireland.
Deputy Registrar of Credit Unions, Elaine Byrne addresses the Registry of Credit Unions at the 2017 Annual Conference
Ms Byrne focused on governance and controls, and the importance for boards and management to embed the governance and control framework. She also focused on restructuring and viability and the importance of tracking progress on realising the benefits and synergies set out in business plans developed prior to transfer, and finally, on business model development and examining the potential within credit union's current business model as an important first step towards growth and in looking at new areas of business development to ensure a prudent and structured approach.
European Securities and Markets Authority writes to European Commission in relation to technical standards for single electronic reporting format for annual reports as required under the Transparency Directive
ESMA informed the Commission that feedback received from stakeholders indicated that further work has to be done on the proposed format to have a more beneficial solution for the users of the electronic format of the annual financial reports and that this may delay the completion of the regulatory technical standards.
Single Resolution Board hold 2017 Press Conference
The press conference included an introduction speech by the Chair of the SRB, Ms Elke König, outlining 2016 achievements and 2017 working priorities, a speech by Mr Timo Löyttyniemi, Vice Chair of the SRB focusing on the Single Resolution Fund and a Q&A session.
European Central Bank launches Consultation on TARGET Instant Payments Settlement User Requirements
TARGET Instant Payments Settlement (TIPS) is a service for the settlement of instant payments. TIPS will offer instant settlement services to its Participants when an originator instructs the transfer of funds to a beneficiary. The primary aim is to offer settlement of instant payments in Euro. The Consultation will run until 24 February 2017.
European Banking Authority assesses equivalence of supervisory and regulatory requirements for Turkey and New Zealand
The EBA published an Opinion which concluded that the supervisory and regulatory framework applicable to credit institutions in Turkey and New Zealand can be regarded as equivalent to that applied in the Union for the purposes of the Capital Requirements Regulation.
European Banking Authority updates recommendations on the equivalence of confidentiality regimes
The recommendations apply from 12 January 2017. Several additional non-EU supervisory authorities from countries such as Australia, Hong Kong, Japan and Kosovo were added to the list of non-EU or third country supervisory authorities whose confidentiality regimes can be regarded as equivalent.
Commission launches public consultation on the Capital Markets Union Mid-Term Review
The aim of the consultation is to offer an opportunity for stakeholders to provide targeted input to complement and advance actions put forward in the Capital Markets Union Action Plan ahead of the 2017 mid-term review of the action plan.
European Central Bank publishes Decision (EU) 2017/103 amending Decision (EU) 2016/948 on the implementation of the corporate sector purchase programme
The Decision extends purchases under the asset purchase programme in order to ensure price stability.
European Central Bank publishes Decision (EU) 2017/102 amending Decision (EU) 2015/5 on the implementation of the asset-backed securities purchase programme
The Decision provides that purchases of nominal ABSs at a negative yield to maturity (or yield to worst) equal to or above the deposit facility rate are permitted. Purchases of nominal ABSs at a negative yield to maturity (or yield to worst) below the deposit facility rate are permitted to the extent necessary.
European Central Bank publishes Decision (EU) 2017/101 amending Decision ECB/2014/40 on the implementation of the third covered bond purchase programme
The Decision provides that purchases of nominal covered bonds at a negative yield to maturity (or yield to worst) equal to or above the deposit facility rate are permitted. Purchases of nominal covered bonds at a negative yield to maturity (or yield to worst) below the deposit facility rate are permitted to the extent necessary.
European Central Bank publishes Decision (EU) 2017/100 amending Decision (EU) 2015/774 on a secondary markets public sector asset purchase programme
The Decision amends eligibility requirements for purchases under the secondary markets public sector asset purchase programme and specifies that purchases of nominal marketable debt instruments at a negative yield to maturity (or yield to worst) equal to or above the deposit facility rate are permitted. Purchases of nominal marketable debt instruments at a negative yield to maturity (or yield to worst) below the deposit facility rate are permitted to the extent necessary.
European Central Bank consults on TARGET Instant Payments Settlement (TIPS)
The consultation, via a short questionnaire on expected volumes aims to collect feedback on the market interest in the proposed settlement service for instant payments . On the basis of the responses received, the Eurosystem will assess if there is enough interest and potential demand in the market to proceed with the realisation phase of TIPS.
The European Parliament rejects the EU Commission blacklist of states at risk of money laundering
The list was rejected on the basis that the list is too limited, and should be expanded, e.g. to include territories that facilitate tax crimes. The Commission listed eleven countries, including Afghanistan, Iraq, Bosnia and Herzegovina, and Syria, judged to be deficient in countering money laundering and terrorist financing.
European Securities and Markets Authority has issued the official translations of its final guidelines on commodity derivatives under the Market Abuse Regulation
The MAR guidelines on commodity derivatives are now available in all EU languages. The Guidelines clarify the definition of inside information in relation to commodity derivatives.
European Securities and Markets Authority publishes Market Abuse Regulation Guidelines
The Guidelines provides a non-exhaustive and indicative list of information which is required to be disclosed as inside information in the commodity derivatives markets or spot markets. The Guidelines apply 17 March 2017.
Commission publishes a draft Delegated Regulation supplementing Regulation (EU) 2015/751 on interchange fees for card-based payment transactions
The draft Delegated Regulation provides regulatory technical standards establishing the requirements to be complied with by payment card schemes and processing entities to ensure the application of independence requirements in terms of accounting, organisation and decision-making process.
European Banking Authority and European Securities and Markets Authority report on the functioning of the Capital Requirements Regulation with the related obligations under EMIR
This report provides the main conclusions from the analysis of the joint functioning of the Capital Requirements Regulation with EMIR. The EBA and ESMA recommended that the treatment of CRR capital requirements for exposure already covered by specific financial resources provided by EMIR requirements should be explicitly clarified. The EBA and ESMA also recommended that the Commission clarify the overlap of the capital requirements for central counterparties holding a banking licence, as well as clarify the wording of Article 305.
European Central Bank publishes Working Paper on the pricing of bonds and equity when the zero lower bound is relevant
The Paper propose three important modifications to the macro finance model for joint pricing of bonds and equities as extensions to a shadow rate model improves the economic properties of the model.
European Central Bank publishes article on MFI lending rates: pass-through in the time of non-standard monetary policy
The article deals with the transmission of monetary policy to bank lending rates, economic activity and prices. The article shows that the cost of funding for banks and bank balance sheet characteristics are important driving forces behind changes in pass-through regularities. The article also demonstrates how the ECB’s non-standard monetary policy measures have helped to restore the transmission mechanism. The article concludes that empirical evidence has shown that the simple pass-through models are ill-equipped to describe the behaviour of lending rates, the sovereign-banking nexus has been a key source of concern during the euro area sovereign debt crisis and that against this background, banking union is crucial in order to resolve remaining structural weaknesses and eliminate the sovereign-banking nexus, thereby leading to a more robust banking system in the euro area and a more uniform transmission of monetary policy.
For further information please contact a member of the Financial Regulation team.
Date published: 07 Feb 2017