On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted the proposed revisions to the Capital Requirements Regulation (CRR II) and to the Capital Requirements Directive (CRD) IV, or CRD V, at first reading. This follows the preliminary political agreement reached by the Council of the EU and the European Parliament in December 2018 on proposed revisions to CRD IV and CRR (as reported in the December 7, 2018 edition of the Corporate & Financial Weekly Digest).
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CRD IV
Provisional Political Agreement Reached on CRR II Regulation and CRD V Directive
Posted in EU Developments, Financial Markets
On December 4, the European Parliament published a press release announcing that it reached provisional political agreement with the Council of the European Union on the proposed revisions to the Capital Requirements Regulation (CRR), or CRR II, and to the Capital Requirements Directive (CRD) IV, or CRD V. The European Parliament also published a separate press release setting out the details of the agreement.
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EC Refers Spain and Slovenia to ECJ for Failure to Implement EU Directives
Posted in EU Developments, Financial Markets
On July 19, the European Commission (EC) issued a press release, announcing that it has referred Spain and Slovenia to the Court of Justice of the European Union (ECJ) for their failure to fully enact the revised Markets in Financial Instruments Directive (MiFID II) and certain MiFID II implementing legislation. The deadline for implementation by all EU member states was January 3, 2018.
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FCA Publishes Policy Statement on Remuneration for CRD IV Firms
By Nathaniel Lalone on
Posted in Financial Markets, UK Developments
On May 3, the UK Financial Conduct Authority (FCA) published a policy statement (PS17/10) to help firms subject to the Capital Requirements Directive (CRD IV) understand the rules applying to their remuneration policies and practices.
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Seven EU Member States Opt Out of EBA Guidelines on Sound Remuneration Policies Under CRD IV
By Nathaniel Lalone & Neil Robson on
Posted in EU Developments, Financial Markets
On October 3, the European Banking Authority (EBA) published a compliance table (Compliance Table) in relation to the EBA’s guidelines (Guidelines) on sound remuneration policies under the EU Capital Requirements Directive IV (CRD IV) and disclosures under Capital Requirements Regulation (CRR). The Compliance Table shows that the relevant competent authorities of Denmark, Germany, France, Slovakia,…
FCA and PRA Confirm That Bonus Cap Will Not Apply to Smaller Firms
By Neil Robson on
Posted in UK Developments
On February 29, the Bank of England and Financial Conduct Authority (FCA) published separate press releases in relation to the implementation of the European Union’s fourth Capital Requirements Directive (CRD IV). The press releases confirm that the Prudential Regulation Authority (PRA) and FCA have informed the European Banking Authority (EBA) that they will not apply the CRD IV “bonus cap” to smaller firms.
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