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On July 9, the European Central Bank (ECB) published a blog by Yves Mersch, member of the Executive Board of the ECB and vice-chair of the Supervisory Board of the ECB, on the preparations of European Union (EU) banks for the end of the Brexit transition period (the Blog).
Continue Reading ECB Blog on Preparation for the End of the Brexit Transition Period

On May 26, the European Central Bank (ECB) published its 2020 bi-annual financial stability review (the Review).

In the Review, the ECB provides an overview of the potential risks to financial stability in the EU. A summary of the ECB’s key points are set out below:
Continue Reading ECB Publishes Bi-Annual Financial Stability Review

On February 26, Fabio Panetta, Executive Board Member at the European Central Bank (ECB), gave a speech on cross-border co-operation within the central counterparty (CCP) community. The speech was given at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management.
Continue Reading ECB Speech on Central Clearing

On March 14, the European Central Bank (ECB) working group on euro risk-free rates published recommendations on transitioning from the euro overnight index average (EONIA) to the euro short-term rate (€STR). The ECB’s recommendations include the following:
Continue Reading ECB Announces Euro Short-Term Rate Start Date and Recommendations on Transition From EONIA

On May 16, the European Central Bank (ECB) published an article on the impact of a potential Brexit transition period (for more information on the proposed transition period, please see the Corporate & Financial Weekly Digest edition of March 23, 2018).

In the article, the ECB sets out how the transition period affects its expectations of banks’ preparations for Brexit:
Continue Reading ECB Publishes Article on Impact of Brexit Transition Period

The Bank for International Settlements has published a speech, entitled “Resolution in Europe: The Unresolved Questions,” given by Benoît Cœuré, a member of the executive board of the European Central Bank (ECB), on April 23 in Frankfurt. The speech concerns a cooperative approach to central counterparty (CCP) recovery and resolution, and has three focuses:

  1. The

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On April 19 the European Parliament’s Economic and Monetary Affairs Committee (ECON) and Committee on Constitutional Affairs (AFCO) published a draft report (dated April 13) concerning a proposal for an amendment of the Statute of the European System of Central Banks and the European Central Bank (ECB) (the Statute), enhancing the ECB’s powers over central counterparties (CCPs).
Continue Reading ECON-AFCO Publish Draft Report on Granting ECB Power to Compel CCPs to Locate in the Eurozone

On March 23, the European Central Bank (ECB) published two guides (together, Guides):

  • a guide to assessing license applications (General Licence Application Guide) which covers the general application process and the assessment requirements regarding, for example, governance, risk management, capital; and
  • a guide to assessing financial technology (FinTech) credit institution license applications (FinTech Licence Application Guide)—intended to complement the General Licence Application Guide with a focus on FinTech entities that are considering an application for a banking license.

Continue Reading ECB Finalizes General Guide and FinTech Guide on Bank Licensing Applications

On May 2, the European Council published a cover note attaching an opinion (Opinion) from the European Central Bank (ECB) regarding proposals to delay the application dates of the amended and restated Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR).
Continue Reading European Council Publishes European Central Bank Opinion on MiFID II Delay