December 2015

EBA issues revised list of ITS validation rules

The European Banking Authority (EBA) issued today a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally …

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EBA launches consultation on FINREP using IFRS 9

The European Banking Authority (EBA) launched today a consultation on the reporting of financial information for institutions using IFRS (FINREP IFRS). The proposed amendments follow the finalisation of IFRS 9 by the IASB in July 2014 and aim at collecting early industry views on changes that IFRS 9 would trigger to FINREP. This consultation is …

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EBA benchmarks approaches on scenarios in recovery plans

The European Banking Authority (EBA) published today a comparative report on the approaches taken by a sample of European banking groups on scenarios in recovery plans. This benchmarking exercise is aimed at supporting national competent authorities and institutions by providing them with an overview of how scenarios included in recovery plans have been developed so …

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EBA consults on separation of payment card schemes and processing entities under the IFR

The European Banking Authority (EBA) launched today a consultation on its draft technical standards on the separation of payment card schemes and processing entities under Article 7(6) of the Interchange Fee Regulation (IFR). The technical standards introduce specific requirements related to the independence of payment card schemes and processing entities. The consultation runs until 8 …

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EBA seeks input on strong customer authentication and secure communication under PSD2

The European Banking Authority (EBA) published today a Discussion Paper on strong customer authentication and secure communication. The revised Payment Services Directive (PSD2) will mandate the EBA to deliver Regulatory Technical Standards on this topic, which the EBA is required to deliver by January 2017. Prior to starting the development of these requirements, the EBA …

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EBA acknowledges report by ENISA on cloud services in the EU banking sector

Following a workshop on cloud services in the banking sector jointly hosted with the European Banking Authority (EBA) in London, the European Network and Information Security Agency (ENISA) has issued a report including a number of recommendations for the secure adoption of cloud computing in the banking sector at the EU level. Further information can …

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ESAs seek stakeholder input on automation in financial advice

The Joint Committee of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched a Discussion Paper on automation in financial advice, aimed at assessing what, if any, action is required to harness the potential benefits of this innovation and mitigate its risks. The ESAs have seen, with the increasing digitalisation …

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What is Crowdfunding?

Basically, Crowdfunding is a just a type of financing. Described as the “pennies from the many” model, it’s key differentiator is that the money is raised from a large number of people, often through internet platforms that mediate and manage the process. Thus, Crowdfunding needs at least two participants, i.e. the initiator who proposes an …

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EBA reports on the publication of administrative penalties on an anonymous basis

The European Banking Authority (EBA) released today a report reviewing the publication by competent authorities, on an anonymous basis, of administrative penalties imposed for breach of the national provisions transposing the Capital Requirements Directive (CRD) or of the Capital Requirements Regulation (CRR).  The report also includes links to the websites of competent authorities where such …

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