Jochen Vester (UK)

Firm/Organization: Norton Rose Fulbright

Blogs: Financial services: Regulation tomorrow

Latest Articles

Pillar 2 liquidity: Updates to the framework

By Simon Lovegrove (UK) & Jochen Vester (UK) on June 18, 2019

On 17 June 2019, the PRA published updates to: the Regulatory Reporting Part of the PRA Rulebook. The update is in the form of an instrument made by the PRA board, the ‘CRR Firms: Liquidity regulatory reporting (amendment) (No.2) Instrument 2019’ (the Instrument); Statement of Policy (SoP) ‘Pillar 2 liquidity’; Supervisory Statement (SS) 24/15 ‘The PRA’s approach to supervising liquidity and funding risks’ (SS24/15); SS34/15 ‘Guidelines for completing regulatory reports’ (SS34/15); and PRA110 template…

Financial services: Regulation tomorrow

PRA Rulebook (EU Exit) (Amendment) Instrument 2019

By Jochen Vester (UK) on June 14, 2019

On 13 June 2019, the PRA published an updated version of Policy Statement 5/19, regarding the Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018. The Appendix of the Policy Statement has been amended to include B.2A, containing the PRA Rulebook (EU Exit) (Amendment) Instrument 2019. The updated Instrument has in turn been amended so that Annex BF does not enter into force on 1 July 2019 (the…

Financial services: Regulation tomorrow

FCA consults on framework for assessing adequate financial resources

By Simon Lovegrove (UK) & Jochen Vester (UK) on June 14, 2019

On 13 June 2019, the FCA published Consultation Paper 19/20: Our Framework: Assessing Adequate Financial Resources (CP19/20). Understanding a firm’s financial risks, its proximity to failure and how harm is minimised in failure is an important component of the FCA’s supervisory work. Firms should undertake their own assessment of the adequacy of financial resources and have credible wind-down plans in place, because the FCA accepts that some firms will fail as a sign of…

Financial services: Regulation tomorrow

Commission progress report on reducing NPLs in EU

By Simon Lovegrove (UK) & Jochen Vester (UK) on June 13, 2019

On 12 June 2019, the European Commission (Commission) published a communication containing its fourth progress report on the reduction of non-performing loans (NPLs) and further risk reduction in the Banking Union. The report summarises recent efforts in the reduction of NPLs in the EU, providing data on the progress made in each Member State. As regards ongoing efforts: the proposed Directive on Credit Servicers, Credit Purchasers and the Recovery of Collateral would enable banks to…

Financial services: Regulation tomorrow

Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019

By Simon Lovegrove (UK) & Jochen Vester (UK) on June 12, 2019

On 10 June 2019, the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various technical amendments to the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018; Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018; Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019; Long-term…

Financial services: Regulation tomorrow

PRA modification of consent of definition of capital rules

By Jochen Vester (UK) on June 11, 2019

On 10 June 2019, the PRA published a direction for modification by consent, modifying in its Rulebook the Definition of Capital 7.1 and 7.5. In an accompanying press release, the PRA notes that, following amendments to Article 26(3) of the Capital Requirements Regulation (CRR), firms may classify as Common Equity Tier 1 (CET1) instruments subsequent issuances of a form of CET1 instruments for which they have already received the competent authority’s permission, where certain…

Financial services: Regulation tomorrow

Regulation amending ITS on supervisory disclosure under CRD IV published in OJ

By Jochen Vester (UK) on June 6, 2019

On 5 June 2019, there was published in the Official Journal of the EU, Commission Implementing Regulation (EU) 2019/912 of 28 May 2019 amending Implementing Regulation (EU) No 650/2014 laying down implementing technical standards with regard to the format, structure, contents list and annual publication date of the information to be disclosed by Member State competent authorities (NCAs) in accordance with Capital Requirements Directive IV (CRD IV). Commission Implementing Regulation (EU) No 650/2014 specifies technical…

Financial services: Regulation tomorrow

Council progress report on Banking Union

By Jochen Vester (UK) on June 6, 2019

On 4 June 2019, the Council of the EU published a progress report providing a high level overview of the work that has recently been done to strengthen Banking Union. Specifically the progress report covers: amendments to the Capital Requirements Regulation and Directive, the Bank Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation; the measures taken to tackle non-performing loans in the EU; and the proposal for a European deposit insurance scheme. The…

Financial services: Regulation tomorrow

FSB reports on work to assess and address correspondent banking declines

By Georgia Karamani (UK) & Jochen Vester (UK) on June 3, 2019

The Financial Stability Board (FSB) has published: a progress report on the implementation of its action plan to assess and address the decline in correspondent banking relationships. The decline in the number of correspondent banking relationships remains a source of concern for the international community, as the number of active correspondent banks declined by 3.4% in 2018, bringing the cumulative decline since 2011 to 19.3%. Access to correspondent banking relationships remains a critical issue…

Financial services: Regulation tomorrow

EBA 2018 Annual Report

By Jochen Vester (UK) on June 3, 2019

On 29 May 2019, the European Banking Authority (EBA) published its 2018 Annual Report, which provides a detailed account of the work the European Supervisory Authority has achieved in the past year. The Annual Report also sets out the EBA’s priorities for 2019. The EBA’s focus will include sequencing the CCR 2 mandate, including developing / modifying reporting requirements on several topics, such as the minimum requirement for own funds and eligible liabilities, the…

Jochen Vester (UK)

Pillar 2 liquidity: Updates to the framework

PRA Rulebook (EU Exit) (Amendment) Instrument 2019

FCA consults on framework for assessing adequate financial resources

Commission progress report on reducing NPLs in EU

Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019

PRA modification of consent of definition of capital rules

Regulation amending ITS on supervisory disclosure under CRD IV published in OJ

Council progress report on Banking Union

FSB reports on work to assess and address correspondent banking declines

EBA 2018 Annual Report

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