Credit

European Regulator fines Scandinavian Banks for €2.5m for unauthorised Credit Ratings

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The European Financial Regulator ESMA (European Securities and Markets Authority) has today fined five Scandinavian banks for violations of the Credit Rating Agencies Regulation (CRAR). Each of the five banks was fined €495,000 and received a public notice for negligently breaching the CRAR by by issuing credit ratings without being authorised by ESMA to do …

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EBA harmonises the definition of default across the EU

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The European Banking Authority (EBA) published today its final Guidelines specifying the application of the definition of default across the EU and its final draft Regulatory Technical Standards (RTS) on the materiality threshold of past due credit obligations. The EBA also released the results of a quantitative and qualitative impact study (QIS) aimed at assessing …

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EBA publishes RTS on preferential treatment in cross-border intragroup financial support

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The European Banking Authority (EBA) issued its final draft Regulatory Technical Standards (RTS) on criteria for the application of a preferential treatment in cross-border intragroup credit or liquidity lines, or within an IPS. These RTS further specify the additional criteria listed in the in the context of the liquidity coverage ratio (LCR) Delegated Act for …

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EBA provides updates on non-performing loans in EU banking sector

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The EBA today issued a report on recent trends in asset quality in the EU banking sector. The analysis is based on supervisory data on non-performing loans (NPLs) and forbearance (FBL) for over 160 EU banks. The report shows that despite improvements NPLs remain high, with associated implications for the economy and bank’s profitability. The …

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ESMA consults on the validation and review of CRAs’ methodologies guidelines

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The European Securities and Markets Authority (ESMA) has published a Consultation Paper on guidelines on the validation and review of Credit Rating Agencies’ (CRAs) methodologies (the CP). The purpose of the draft guidelines is to clarify ESMA’s expectations regarding how CRAs should validate and review their methodologies. ESMA aims to achieve a consistent application of …

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FCA provides Guidance on Credit Information for SMEs

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The FCA today published its finalised guidance report FG16/4: Guidance on Small and Medium Sized Business (Credit Information) Regulations. The purpose of the guidance is to explain the scope of our functions in relation to Regulations. It will be of interest to banks and credit reference agencies (CRAs) designated by HM Treasury under the Regulations, small and medium sized businesses (SMEs) seeking …

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EBA consults on draft amending standards on CVA proxy spread

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The European Banking Authority (EBA) launched today a public consultation on draft amending Regulatory Technical Standards (RTS) on credit valuation adjustment (CVA) proxy spread. These RTS propose limited amendments to Commission’s Delegated Regulation (EU) No 526/2014 based on two policy recommendations contained in the EBA’s CVA report published on 25 February 2015. Through the proposed …

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German regulator examines credit-linked notes in retail market

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The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) is investigating the extent to which credit-linked notes are being actively sold to retail clients and whether such clients receive sufficient explanation of the risks involved. To this end, BaFin sent a market-wide survey to issuers of credit-linked notes. Among other things, the survey covers …

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FCA fines former Head of JP Morgan’s CIO International £792,900 for failing to be open and co-operative

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The Financial Conduct Authority (FCA) has today fined Achilles Macris £792,900 for failing to be open and co-operative with the Authority. Mr Macris was Head of CIO International for JPMorgan Chase Bank, N.A. in London. In the role he was responsible for a number of portfolios, including the synthetic credit portfolio, at the time of …

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ESMA to focus on governance, strategy, data and fees in 2016 supervision

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The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015. 2016 Supervisory Priorities ESMA has seen a number of changes in the CRA and TR industries …

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European Regulator fines Scandinavian Banks for €2.5m for unauthorised Credit Ratings

EBA harmonises the definition of default across the EU

EBA publishes RTS on preferential treatment in cross-border intragroup financial support

EBA provides updates on non-performing loans in EU banking sector

ESMA consults on the validation and review of CRAs’ methodologies guidelines

FCA provides Guidance on Credit Information for SMEs

EBA consults on draft amending standards on CVA proxy spread

German regulator examines credit-linked notes in retail market

FCA fines former Head of JP Morgan’s CIO International £792,900 for failing to be open and co-operative

ESMA to focus on governance, strategy, data and fees in 2016 supervision

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