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The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have today published the results of their joint review of the Euribor-EBF. The review found that Euribor-EBF has made significant progress in implementing the ESMA-EBA Recommendations addressing weaknesses and shortcomings in its governance and technical framework. This progress provides the basis for improved transparency of the benchmark-setting process, enhanced governance of the benchmark, and improved quality of the resulting index.

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on classes of instruments that can be used for the purposes of variable remuneration. These RTS are part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in the European Union.

The European Banking Authority (EBA) published today a discussion paper on the impact on the volatility of own funds of the revised International Accounting Standard for employee benefits (IAS 19) and the deduction of defined benefit pension assets from own funds in accordance with the Capital Requirements Regulation (CRR) . The input gathered from this discussion paper will assist or inform the EBA in the preparation of its report to the European Commission on this topic. The consultation runs until 14 April 2014.

The European Banking Authority (EBA) publishes today the risk dashboard for Q4 2013, summarising the main risks and vulnerabilities in the banking sector in the European Union (EU). The dashboard looks at the evolution of Key Risk Indicators (KRI) from 55 banks across the EU in the third quarter of 2013.

The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today its final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recommendations and on the definition of “sole and mechanistic reliance” on such ratings.

The European Banking Authority (EBA) announced today the key components of the forthcoming 2014 EU-wide stress test that will be conducted on a wide sample of EU banks. The objective of the EU-wide stress tests is to help supervisors assess the resilience of financial institutions in the European Union to adverse market developments. This exercise aims at ensuring consistency and comparability of the outcomes across all banks based on a common methodology, scenarios and accompanied by a consistent disclosure exercise.

The European Banking Authority (EBA) published today a Recommendation on the use of unique identification codes for supervisory purposes for every credit and financial institution in the European Union. This Recommendation is a major step forward in harmonizing the identification of legal entities, in line with proposals by the Financial Stability Board (FSB) endorsed by the G20, to ensure consistent and comparable data.

The three European Supervisory Authorities (ESAs) sent a joint letter to the European Commissioner for the Internal Market, Mr Michael Barnier, on the Philippe Maystadt report “Should IFRS standards be more European?” in order to share their concerns on potential implications of this report.

The European Banking Authority (EBA) issues today an Opinion addressed to National Supervisory Authorities (NSAs) on Good Practices for the Risk Management of Exchange Traded Funds (ETFs).

Mrs. Kerstin af Jochnick, Chair of the Committee of European Banking Supervisors (CEBS), speaks on Supervision in Europe at the Euro Finace Week, Frankfurt

On 10 January 2014, the Board of Appeal of the European Supervisory Authorities handed down its decision on an appeal by the appellant, Global Private Rating Company “Standard Rating” Ltd, against the refusal by the European Securities and Markets Authority (ESMA) to register it as a credit rating agency. This is the first appeal against a decision by ESMA refusing an applicant registration as a credit rating agency.

The European Banking Authority (EBA) issued today a warning on a series of risks deriving from buying, holding or trading virtual currencies such as Bitcoins. The EBA said that consumers are not protected through regulation when using virtual currencies as a means of payment and may be at risk of losing their money. It also added that there is no guarantee that currency values remain stable The warning was issued while the Authority assesses further all relevant aspects associated with virtual currencies, in order to identify whether virtual currencies can and should be regulated and supervised.

The European Banking Authority (EBA) launched today a public consultation on a draft Regulatory Technical Standard (RTS) on the minimum monetary amount of the professional indemnity insurance or comparable guarantee for mortgage credit intermediaries. These RTS refer to Article 29(2)(a) of the proposed Directive on credit agreements relating to immovable residential property (Mortgage Credit Directive - MCD).

The EBA launched today a public consultation on draft Guidelines proposing harmonised definitions and templates for funding plans of credit institutions. These Guidelines aim at harmonising the way the reporting of funding plans is conducted. The consultation runs until 20 March 2014.

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the definition of market and its final draft RTS on Credit Valuation Adjustment risk (CVA risk). The latter is supplemented by an Opinion on CVA risk which further elaborates on the approach taken by the EBA in determining a proxy spread. The standards will be part of the Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector in the European Union (EU).

The European Banking Authority (EBA) today published its final Guidelines on capital measures for FX lending to unhedged borrowers under the Supervisory Review and Evaluation Process (SREP). These Guidelines bring forward supervisory convergence across the EU and address the ESRB Recommendation, following their 2011 Report on lending in Foreign Currencies, mandating the EBA to draft Guidelines on this specific aspect.

The European Banking Authority (EBA) published today two Reports on liquidity, namely (i) on the impact assessment for liquidity coverage requirements and (ii) on appropriate uniform definitions of extremely high quality liquid assets (extremely HQLA) and high quality liquid assets (HQLA) and on operational requirements for liquid assets. These two reports provide the European Commission with specific recommendations for the purpose of its forthcoming delegated act.

The EBA launched today a public consultation on draft Guidelines on disclosure of encumbered and unencumbered assets aimed at providing transparent and harmonised information on the subject across EU Member States. The consultation runs until 20 March 2014.

The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on the method for the identification of the geographical location of the relevant credit exposures. These RTS ensure a consistent EU wide implementation of the countercyclical buffer (CCB) to protect against excess credit growth.

The European Banking Authority (EBA) published today its fourth semi-annual report on risks and vulnerabilities of the EU banking sector. The report identifies improvements in market confidence, funding and capital positions. However, it cautions about ongoing uncertainties on asset valuations and future profitability in a fragile economic environment. The report also draws attention to the risks of detrimental business practices and puts forward possible measures for addressing such vulnerabilities through coordinated policy and supervisory actions.