In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.
BANK PRUDENTIAL REGULATION & REGULATORY CAPITAL
EBA Publishes New Taxonomy for Supervisory Reporting
On August 18, 2014, the European Banking Authority ("EBA") published new XBRL taxonomy for national regulators to provide data to the EBA under the supervisory reporting requirements set out in the new European capital requirements legislation. The revised taxonomy is required to address errors to reporting structures and will align with the recently published implementing technical standards amendments. Reports with reference dates of December 31, 2014 onwards should use the new taxonomy. Supervisory reporting covers own funds, financial information, large exposures, leverage and liquidity ratios, asset encumbrance and funding plans.
The EBA announcement is available at: http://www.eba.europa.eu/-/eba-publishes-new-xbrl-taxonomy-for-remittance-of-supervisory-reporting-as-of-31-december-2014.
RECOVERY & RESOLUTION
Federal Agencies Issue Additional Guidance for Resolution Plans
On August 15, 2014, the Board of Governors of the Federal Reserve System ("Federal Reserve Board") and the Federal Deposit Insurance Corporation ("FDIC") issued additional guidance following review of the first submission of resolution plans made by 117 US bank holding companies with less than $100 billion in total non-bank assets and foreign-based firms with less than $100 billion in US non-bank assets. The current guidance provides each firm with additional clarification and direction for the second resolution plans based on the relative size and scope of each firm's US operations. The second plans are required to be submitted to the FDIC and the Federal Reserve Board on or before December 31, 2014.
In conjunction with the guidance, the Federal Reserve Board and the FDIC also released the model template for the tailored resolution plan, which focuses on the non-banking operations of the firm and the interdependencies between non-banking and banking operations.
The full text of the guidance is available at: http://www.federalreserve.gov/newsevents/press/bcreg/2014bcreg.htm
The full text of the 2014 Model Template for a Tailored Resolution Plan is available at: http://www.federalreserve.gov/bankinforeg/resolution-plans/2014-model-template.pdf
EVENTS
8 September 2014: EBA public hearing on draft regulatory technical standards on disclosure of information for compliance by firms with the requirement for a countercyclical capital buffer.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
