Euro Banking Association (EBA)’s Post

Among other things, we discuss a study on CMDI impact by the SRB which also gives some hints at how the SRB might apply the reformed legislation. And we review three studies inspired by the FT's "bank bail-out bonanza" - https://on.ft.com/47ZfR9i - Do 'white knights' make excessive profits in bank resolution?

Our journey on the amendments to the Mifir Review is still ongoing!   Avantage Reply has created a useful and simplified workflow for identifying the financial instruments covered by Article 26 of the Mifir Review. We have also outlined the key modifications to Transaction Reporting and how they will impact RTS 22, which is still in effect until the new regulatory technical standard will be introduced in March 2025.   Stay tuned for more updates on the Mifir Review!

Check out the latest circular published earlier today in relation to the amendments made to the regulatory returns due by CSPs.

Watch out for the latest Regulatory updates issued on 23rd January 2024.

Market Update: AUD/NZD hits 20-month high, surpassing NZ$1.10, as the RBNZ leaves its cash rate on hold. Thinking about transferring #AUD to NZD? Now could be a good time. Never miss a market update with our daily OFXpert commentary delivered straight to your inbox. Learn more: https://lnkd.in/g2kt84EF #foreignexchange #OFX #finance #marketupdate

The 2023 ABBL Annual Report features a number of highly pertinent observations by Guy Hoffmann: "Yet, here in Luxembourg, perhaps the biggest risk of all is complacency. As most of us continue to live comfortable lives at the heart of Europe, the bad news still seems distant. Quite understandably, when faced with calls for change, many people retrench towards defensive attitudes. Is the importance of Luxembourg’s Triple A credit rating well understood? How many realize that our pension and salary indexation systems are unsustainable? Meanwhile we are at risk of losing our competitive advantages, based mainly on our ability, as a small and open country, to work with customers and partners from around the world. Probably our banking industry contributes to this misleading sense of comfort and security. After all, our services continue to work reliably, day in and day out. Our clients trust us with all their transactions, and rightly so. We provide direct and indirect employment to tens of thousands of professionals, in Luxembourg and beyond. And we contribute handsomely to the country’s budget, by paying a fair share of taxes. But, looking to the future, are those tax revenues still certain? Much depends on our ability to remain profitable."

The SM&CR review was announced as part of the Edinburgh reforms towards the end of 2022, with HM Treasury indicating that “some stakeholders have raised concerns about their experiences of specific aspects of the regime.” In our latest blog, we discuss the challenges of SM&CR, what changes are needed and how Ruleguard can help you: https://lnkd.in/dTpyK8Rc #smcr #accountability #audittrail #blog

Wolfsberg Group Secretariat have published their response to the EBA's travel rule consultation. This includes: - Acknowledging the various roles played by PSPs in a transfer chain and the different level of information available to each. This is particularly relevant for IPSPs facilitating payments for parties who are not their customers - Addressing the potential unintended consequences of the new requirements around batch payments - Requiring additional information on the payer to be included only when account number, name and address are insufficient to identify the person - Stressing the importance of ex-post monitoring including the fact that it does not delay the processing of payments - Clarifying terminology

AFME today welcomed the agreement reached by the European Parliament and the European Council on the CRR3 and CRD6 proposal. This agreement strengthens banks’ resilience and recognises their role in financing the economy.    At the same time, AFME also expresses some concerns about parts of the agreement, such as the application of the Output Floor at the solo level which is not in the interests of the competitiveness of the European banking market.    AFME, therefore, urges the EU to address challenges for efficient capital allocation, emphasizing the need for flexibility in the implementation date to maintain global consistency and competitiveness. Read the full press release here: https://bit.ly/3GwJd2s

Advisers can seize the opportunity by embracing the spirit in which regulation has been created rather than treating it as a tick-box exercise - https://lnkd.in/e54bcxHZ #WealthManagement #FinancialAdvice #FinancialPlanning #BehaviouralFinance #BeFi