On December 8, the European Banking Authority (EBA) published a statement informing customers of UK financial institutions regarding practical and contractual arrangements following the end of the Brexit transition period (the Statement).
Continue Reading EBA Publishes Statement for Consumers Regarding Post-Brexit Arrangements

On August 19, the European Banking Authority (EBA) published its response to the European Commission’s action plan on preventing anti-money laundering (AML) and counter-terrorist financing (CTF) (the Response).

The EBA’s key recommendations set out in the Response are:
Continue Reading EBA Publishes Statement on the European Commission’s AML and CTF Action Plan

On July 21, the European Supervisory Authorities (ESAs) (consisting of the European Securities and Markets Authority (ESMA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA)) informed the European Commission in a letter of the outcome of the review conducted by the ESAs of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs).
Continue Reading ESAs Notify the European Commission About the Outcome of the Review of the PRIIPS Key Information Document

On August 20, the European Securities and Markets Authority (ESMA) published a letter written jointly with the European Banking Authority (EBA) and addressed to the European Commission (EC) relating to cryptoassets. The letter responds to a letter from the Commission dated July 19.

The letter begins by welcoming the EC’s work responding to issues identified in the January 2019 reports by ESMA and the EBA on cryptoassets and initial coin offerings (for more information, see the January 11, 2019 edition of Corporate & Financial Weekly Digest). ESMA and the EBA agree that it is vital that further work progresses urgently to inform any actions taken by the new EC.
Continue Reading ESMA and EBA Respond to Letter From European Commission on Cryptoassets Work

On February 25, the European Banking Authority (EBA) published its final report setting out guidelines on outsourcing.

In its report, the EBA updates and replaces the guidelines on outsourcing that the EBA’s predecessor, the Committee of European Banking Supervisors (CEBS), issued in 2006. The CEBS guidelines applied exclusively to credit institutions, but the new EBA guidelines aim to establish a more harmonized framework for all financial institutions that are within scope of the EBA’s mandate, including credit institutions, investment firms and payment institutions.
Continue Reading EBA Publishes Final Report on Outsourcing Guidelines

On January 9, the European Securities and Markets Authority (ESMA) published advice addressed to the European Commission, the European Parliament and the Council of the EU on initial coin offerings (ICOs) and cryptoassets. On the same day, the European Banking Authority (EBA) also published advice on cryptoassets addressed to the European Commission.
Continue Reading ESMA and EBA Publish Advice on Cryptoassets

On August 28, the European Banking Authority (EBA) published a consultation paper on amendments to the Commission Implementing Regulation (Implementing Regulation) containing implementing technical standards on supervisory reporting (ITS), relating to the new securitizations framework, which came into force in January.
Continue Reading EBA Publishes Consultation Paper on Amendments to the CRR Supervisory Reporting ITS Relating to Securitizations

On April 17, the European Banking Authority (EBA) published its draft implementing technical standards (ITS) on reporting for resolution plans under the EU Bank Recovery and Resolution Directive (BRRD).

Under the BRRD, EU Member States must ensure that resolution authorities have the power to require investment firms and credit institutions to cooperate as much as necessary in preparing resolution plans and to provide resolution authorities with all information necessary to implement, not just prepare, resolution plans.
Continue Reading EBA Publishes Report Regarding ITS on Reporting for Resolution Plans Under the EU BRRD