Reform tracker

Take a quick overview of the major changes planned in financial services regulation with the Reform Tracker. Entries are colour-coded to reflect their current status: from blue-sky consultations to imminent implementation. Use the search bar and filters below to narrow your focus by country and sector. Alternatively, use the Regulatory Timeline tool for more information on timetables and deadlines.
  • Blue: No legislative proposal as of yet
  • Green: Legislative proposals published but not yet adopted/finalised
  • Yellow: Legislation in force but main substantial provisions not yet effective
  • Red: Legislation in force and main, substantial provisions now effective
  • Grey: Not proceeding

Showing 1 - 10 of 54 matches

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  • Subject:
    Alternative Investment Fund Managers Directive (AIFMD)
    Status:
    The Alternative Investment Fund Managers Directive (AIFMD) entered into force on 21 July 2011 and had to be transposed into member state law by 22 July 2013. In most cases it was also to be effective from this date. Certain AIFMs were allowed a transitional period, lasting up to 22 July 2014, in which to seek the necessary variation of permission, authorisation or registration prior to implementation. The Directive is now fully in effect and in force. In March 2016, ESMA published Final Remuneration Guidelines for UCITS and AIFMD.
    Last updated:
    29/11/2016
    Overview/summary:

    The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) introduces a harmonised framework for the regulation (mostly prudential and governance-focused) of non-UCITS investment funds, i.e. alternative investment funds (AIFs). It applies to all EU-based managers of AIFs (AIFMs), as well as non-EU-based AIFMs managing EU AIF, and non-EU-based AIFMs managing AIFs marketed in the EU. There is an exemption for AIFMs managing portfolios of less than €100m (or €500m unleveraged). The Directive also includes a UCITS-style passport system for marketing AIFs across Member States.

    In January 2016, ESMA published a letter it received from the European Commission regarding the passport for non-EU AIFs and AIFMs and the functioning of the National Private Placement Regimes (NPPRs). The Commission agreed with ESMA - it will wait produce another opinion on the passport for non-EU AIFs/AIFMs and NPPRs once the AIFMD has been fully transposed in the EU.

    In May 2016, ESMA published Guidelines on sound remuneration policies under the AIFMD.

     

    Publications by date:

     

    1 July 2011

    AIFMD published in the Official Journal of the EU (OJ).

    November 2012 (UK) FSA consultation on implementation of AIFMD
    19 December 2012 European Commission adopts draft Level 2 delegated Regulation and ESMA consultations - guidelines on key concepts, and types of AIFM.
    January 2013 (UK) HMT consultation and draft Regulations.
    11 February 2013 ESMA final guidelines on remuneration.

    March 2013

    (UK) FSA second consultation on implementation; HMT second consultation and draft Regulations.

    2 April 2013

    ESMA final report on draft RTS on types of AIFM.
    24 May 2013 ESMA final report on key concepts and guidelines on reporting obligations.
    31 May 2013 (UK) FCA draft Variation of Permission forms for AIFMs and depositaries.
    3 July 2013 ESMA guidelines on sound remuneration policies.
    22 July 2013 

    Date by which AIFMD had to be implemented by member states.

    September 2013 (UK) FCA's September quarterly CP no 2 (CP13/9) includes consultation on guidance to the AIFM remuneration code.
    31 January 2024 (UK) FCA publishes finalised guidance on remuneration (FG 14/2).
    24 June 2014 EC delegated regulation (EU) no 694/2014 supplementing AIFMD with regard to RTS determining types of alternative investment fund managers.
    22 July 2014

    AIFMD fully in force and in effect following ‘transitional period’ given to some AIFMs which had begun 22 July 2013.

    8 August 2014 ESMA published official translations of the guidelines relevant to reporting obligations under Articles 3, 24(1),(2) and (4) AIFMD.
    1 December 2014 ESMA published consultation paper on the AIFMD asset segregation requirements which sets out proposals for possible guidelines regarding the asset segregation requirements in case of delegation of safe-keeping duties by the appointed depositary of an AIF.
    27 March 2015 Commission delegated regulation of 18 September 2014 on the information to be provided by competent authorities to ESMA pursuant to Article 67(3) of AIFMD published in OJ.
    23 July 2015 ESMA proposes revision of guidelines on proportionality, governance of remuneration, requirements on risk alignment and disclosure under AIFMD.
    30 July 2015 ESMA advice to EP, Council and Commission on application of AIFM passport to non-EU AIFMS and AIFs.
    3 August 2015 EC report on the exercise of delegation of powers to the Commission to adopt delegated acts under AIFMD
    4 September 2015 ESMA published a table which sets out AIFMD MoUs signed by supervisory authorities
    1 October 2015  ESMA updated Q&A document to clarify when an AIF's depository sub-delegates custody of the AIF's assets to either an EU or third-country central securities depository that depository must comply with provisions on delegation under Article 21(11) of AIFMD.
     29 October 2015 ESMA published responses to its consultation on sound remuneration policies under UCITS V and AIFMD.
     11 November 2015 ESMA published the advice it received from the Securities and Markets Stakeholder Group (SMSG) on its consultation paper on proposed guidelines on sound remuneration policies under UCITS V and  AIFMD.
     December 2015 ESMA published two updated Q&As: ESMA/2015/1873: Q&A AIFMD, 15 December 2015 and ESMA/2015/1786: Q&A AIFMD, 2 December 2015.
    19 January 2016  ESMA published a letter it received from the Commission regarding the AIFMD passport for non-EU AIFs and AIFMs.
    31 March 2016 ESMA published final Remuneration Guidelines regarding UCITS and AIFMD.
    5 April 2016 ESMA published an updated AIFMD Q&A.
    4 May 2016 ESMA published Guidelines on sound remuneration policies under the AIFMD.
    2 June 2016 European Commission published a working paper re: CMU Action on cross-border distribution of funds (UCITS, AIF, ELTIF, EUVECA and EUSEF) across the EU .
    3 June 2016

    European Commission adopted a Council proposal on the position to be taken by the EU in EEA Joint Committee concerning the incorporation of the Regulations on the ESAs and on and certain related Regulations and Directives (ESRB Regulation, AIFMD and related delegated acts, the Short Selling Regulation and related delegated acts, EMIR and CRA Regulation and related delegated acts).

    ESMA updated its Q&A including new content on the domicile of EU AIFs which are marketed in the home Member State of the AIF Manager, to the marketing of EU feeder AIFs which have a non-EU master AIF, the influence that committed capital can have on the calculation of the total value of assets under management and additional own funds.

    15 July 2016 ESMA issued a Call for Evidence on asset segregation and custody services under AIFMD and UCITS.
    19 July 2016 ESMA published advice in relation to the application of the AIFMD passport to non-EU AIFMs and AIFs in Australia, Bermuda, Canada, Cayman Islands, Guernsey, Hong Kong, Japan, Jersey, Isle of Man, Singapore, Switzerland, and USA.

    Further past dates are accessible via the news feed on the AIFMD page.

    Reform Tracker - sector future dates:
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  • Subject:
    Brexit
    Status:
    A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016, it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government has indicated that notice will be given to the European Commission not later than March 2017 to 'trigger' Article 50 and begin the process.
    Last updated:
    21/02/2017
    Overview/summary:

    A referendum on the United Kingdom's membership of the European Union was held on 23 June 2016. On 24 June 2016, it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave.

    Following the referendum a large number of publications have been issued - please click here to access these on the Brexit & EU reform page.

     

    Publications by date:
    March 2011 People's Pledge campaign for a referendum is launched.
    8 September 2011 A petition calling for a referendum on EU membership, signed by 100,000 people, is handed into Downing Street.
    24 October 2011 The motion calling for a referendum on EU membership is defeated in the Commons by 483 votes to 111.

    22 January 2013

    David Cameron says that if the Conservatives win the next election they would seek to renegotiate the UK's relationship with the EU and then give the British people the "simple choice" in 2017 between staying in the EU under those terms or leaving the EU.
    5 July 2013 The Conservative backbencher James Wharton brings forward a bill to enshrine in law his party's pledge to hold an in/out referendum in 2017. It passes its second reading by 304 votes to 0. It goes on to clear all its Commons hurdles before falling in the House of Lords.
    26 October 2014 Conservative backbencher Bob Neill brings back the EU Referendum Bill as a Private Member's Bill. It passed its first Parliamentary hurdle with no opposition.
    28 October 2014 The Conservatives accuse their coalition partners the Lib Dems of blocking the EU Referendum Bill after the two parties fail to reach an agreement which would have allowed the bill to get the necessary parliamentary time to become law.
    8 May 2015 The Conservatives win a majority in the House of Commons in the general election - they pledge to hold a referendum on the UK's membership of the EU by the end of 2017.
    February 2016

    Following a meeting of the European Council, the UK/EU settlement was published.

    This was followed by HMG's publication of the 'best of both worlds' report and the announcement that the referendum is to take place on 23 June 2016.

    24 June 2016 Following the referendum of 23 June 2016, the UK announced that it is to leave the EU.

    Further past dates are accessible via the news feed or our Brexit monitors on the RegZone Brexit page .

    Reform Tracker - sector future dates:
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  • Subject:
    Institutions for Occupational Retirement Provisions Directive (IORP II)
    Status:
    On 8 December 2016 the Council adopted IORP II. Member States' transposition deadline is 13 January 2019.
    Last updated:
    21/03/2017
    Overview/summary:

    In 2014 the European Commission published proposals for recast Institutions for Occupational Retirement Provisions Directive "IORP II". The proposed revision aims to enhance governance, risk management and transparency, as well as facilitating cross-border IORP activity. Controversial elements of the earlier proposal – including a new harmonised solvency standard for IORPs – have been dropped.

    EIOPA’s 2016 Work Programme highlights work on IORPs as high priority. On 8 December 2016, the Employment, Social Policy, Health and Consumer Affairs Council formally adopted the European Commission's IORP II proposal. It entered into force on the 20th day following that of its publication in the Official Journal. Member States have two years to transpose it into their national laws. The transposition deadline is 13 January 2019.

    Publications by date:
    27 March 2014 IORP II proposed.
     14 April 2014 Committee referral announced in Parliament, 1st reading/single reading.
     20 October 2014 Committee referral announced in Parliament, 1st reading/single reading.
     25 January 2016

    Vote in committee, 1st reading/single reading.

    Committee decision to open interinstitutional negotiations with report adopted in committee.

     3 February 2016 Committee report tabled for plenary, 1st reading/single reading.
    April 2016 EIOPA decided not to recommend the introduction of a new, more stringent solvency regime for European occupational pension plans (IORPs) “at this point in time”.
    30 June 2016 Council of the EU/European Parliament issued a press release stating that an agreement had been reached on the final proposal for IORP II.
    24 November 2016 Vote on IORP II by European Parliament.
    8 December 2016 Council adopted IORP II.
    Reform Tracker - sector future dates:
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  • Subject:
    Securities Financing Transactions Regulation
    Status:
    Securities Financing Transactions Regulation was published in the Official Journal on 4 January 2016 and entered into force on 12 January 2016 (with the exception of Art. 33 provisions).
    Last updated:
    19/12/2016
    Overview/summary:

    The Securities Financing Transactions (SFT) Regulation is part of the European Union’s measures to address shadow banking and is in line with the Financial Stability Board’s recommendations. The European Commission’s Communication on Shadow Banking identified SFTs as a source of systemic risk for the stability of the financial system and therefore would need to be better monitored. The proposal on the SFT Regulation was adopted alongside the proposal for the structural reform of the EU banking sector that seeks to address interrelated issues.

     

    Securities financing transactions allow market participants to use their assets to secure financing for their activities. This involves the temporary exchange of assets as a guarantee for a funding transaction.

     

    The SFT Regulation reforms apply to all counterparties in SFT markets, UCITS management companies and UCITS investment companies, alternative investment fund managers (AIFMs), and counterparties engaging in rehypothecation.

     

    There are three proposed measures to improve the transparency of SFTs. All SFTs—except those concluded with central banks—will be reported to trade repositories. Information on the use of SFTs by investment funds will be disclosed to investors in the regular reports and pre-investment documents of funds. Minimum transparency conditions will need to be met on the reuse of collateral, such as disclosure of the risks and the need to grant prior consent.

     

    This reform tracker item is no longer updated.

    Publications by date:
     

    29 January 2014

     

    The European Commission published a legislative proposal for the SFT Regulation

     

    25 February 2014

     

    Committee referral announced in Parliament, 1st reading/single reading

     

    20 October 2014

     

    Committee referral announced in Parliament, 1st reading/single reading

     

    24 March 2015

     

    Vote in committee, 1st reading/single reading

     

    9 April 2015

     

    Committee report tabled for plenary session, 1st reading/single reading

     16 November 2015 Council of the EU adopted Securities Financing Transactions Regulation; the Regulation will enter into force 20 days after it is published in the OJ. 
     4 January 2016 The Regulation was published in the OJ.
     12 January 2016 The Regulation entered into force on this day.

    20 January 2016

    UK: FMLC published the text of a letter it has sent to European Commission's DG in which it welcomes changes made to Article 15 which have been introduced in order to reflect the nature of title transfer collateral arrangements.
    11 March 2016  ESMA published a discussion paper on the SFTR - setting out proposals for implementing the reporting framework, including tables of the fields with the proposed data to be reported, and the registration requirements for those trade repositories that want to accept reports on security financing transactions.
    3 May 2016 ESMA published responses to its March 2016 discussion paper on the Regulation.
    19 May 2016 (UK) FCA launched  CP16/14 regarding UCITS V Level 2 Regulation, SFTR and consequential changes to the Handbook.
    2 June 2016 ESMA published a discussion paper on the possible use of distributed ledger technology in securities markets and its potential risks and benefits. ESMA also considered how legislation (EMIR, SFTR, CSDR) would fit in relation to the technology.
    8 July 2016 (UK) The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016/715 implement in part the SFT Regulation and amend FSMA, the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013/419 and other secondary legislation to allow certain requirements imposed by or under the SFT Regulation to be enforced. These Regulations also confer power on FCA to enforce those requirements in respect of counterparties not regulated under FSMA and to provide powers to FCA and BoE supplementing those in FSMA where necessary (Date in force: 13 July 2016).
    30 September 2016 ESMA launched a consultation paper on draft technical standards under the Securities Financing Transactions Regulation. In addition to the SFTR, ESMA proposes certain amendments to the existing standards implementing EMIR.
    5 October 2016 The ESRB published its Opinion sent to ESMA regarding securities financing transactions and leverage under Art. 29 SFTR.
    7 November 2016 ESMA notes errata in earlier consultation paper published in September 2016 on draft technical standards.

    Further past dates are accessible via the RegZone SFTR newsfeed here.

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  • Subject:
    Bail-in powers
    Status:
    Bail-in powers under Financial Services (Banking Reform) Act abandoned, now introduced under BRRD. The UK applied bail-in requirements from 1 January 2015 (with the exception of provisions relating to MREL and Article 55 of the BRRD). Requirements on contractual recognition of bail-in were introduced on 1 January 2016.
    Last updated:
    21/12/2016
    Overview/summary:

    ‘Bail-in’ bonds are a form of long-term unsecured debt, which could be forced by the regulator (exercising its ‘bail-in power’) to bear losses on a bank going into resolution (potentially along with other unsecured liabilities –the ‘secondary bail-in power’). This would be achieved either by writing down the debt, or ‘converting’ it into equity.

    Bail-in provisions are included in the EU Bank Recovery and Resolution Directive (BRRD) (q.v.), but this was pre-empted in the UK by bail-in provisions which were included in the Financial Services (Banking Reform) Act 2013. However, these have not come into force. Instead, bail-in provisions which are compliant with BRRD were introduced by the UK on 1 January 2015 (with the exception of provisions relating to MREL and Article 55 of the BRRD). Requirements on contractual recognition of bail-in were introduced on 1 January 2016.

    The UK Government has decided to delay the application of MREL to 1 January 2016 as it expects major policy developments in the interim from the Financial Stability Board on total loss absorbing capacity.

     

    This reform tracker item is no longer updated. 

     

    Publications by date:

     

     

    12 September 2011 Final report of the Independent Commission on Banking Reform (i.e. the Vickers report) published.

    July 2013
    HMT consultation on secondary legislation to be made under the proposed Banking Reform Bill.
    18 December 2013 Financial Services (Banking Reform) Act receives Royal Assent.
    8 October 2013 Bank of England publishes draft annex to the Special Resolution Regime code of practice on the bail-in power.
    1 March 2014 Some of the provisions related to bail-in come into force, although the actual bail-in power itself does not come into force.
    13 March 2014 HM Treasury begins consultation on the bail-in power, including draft secondary legislation on compensation for bail-in bondholders; extending bail-in powers to building societies; and ‘protected arrangements’ to be safeguarded from use of bail-in.
    July 2014 HM Treasury published consultation paper on the transposition of BRRD. It was announced they would not be commencing the bail-in legislation from the Banking Reform Act, but instead will now be introducing the bail-in powers which are compliant with the BRRD.
    August 2014 FCA published a consultation paper proposing changes to their Handbook that are required in order to transpose BRRD into the UK regulatory regime for the investment firms that the FCA regulates prudentially (IFPRU 730k firms) as well as certain group entities that fall within the scope of BRRD.
    16 January 2015 FCA publishes Policy Statement PS15/2 on the main issues arising from their earlier CP14/15 on BRRD and it sets out final rules to transpose BRRD into the UK’s regulatory regime.
    January 2015 PRA publishes Policy Statement PS1/15 on implementing the BRRD.
     March 2015 HM Treasury published the response to its earlier consultation on the transposition of BRRD.
     25 November 2015 PRA issued a modification by consent relating to rules in the Contractual Recognition of Bail-in Part of its Rulebook. In doing so, the PRA has transposed Article 55  of the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD).
     December 2015 HM Treasury launched a consultation on amending UK legislation transposing BRRD (namely, Banking Act 2009 and FSMA 2000). 
     31 December 2015 FCA published a modification by consent relating to the contractual bail-in rules in chapter 11 of its Prudential sourcebook for Investment Firms (IFPRU). The FCA has transposed Article 55 (re: contractual recognition of bail-in) of the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD) through the rules in IFPRU 11.6.
     1 January 2016 Contractual bail-in requirements now effective.
    10 May 2016 European Commission adopted Delegated Regulation (C (2016) 2665) containing regulatory technical standards relating to business reorganisation plans under BRRD.
    19 May 2016 FCA published a note aimed at entities defined as IFPRU-730k firms on its recent assessment of firms’ recovery plan with BRRD. It reports generally good submissions, but provides details on some specific areas for improvement, including interconnectedness, indicators, definitions of core business and critical functions, crisis management arrangements and options/scenarios. FCA urges firms to review and ensure the effectiveness of their underlying governance and risk management arrangements as well as their recovery plans.
    20 May 2016

    The following Delegated Regulation was published in the OJ:

    Commission Delegated Regulation (EU) 2016/778 of 2 February 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to the circumstances and conditions under which the payment of extraordinary ex post contributions may be partially or entirely deferred, and on the criteria for the determination of the activities, services and operations with regard to critical functions, and for the determination of the business lines and associated services with regard to core business lines.

    23 May 2016

    European Commission adopted two Delegated Regulations with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities and on regulatory technical standards for methodologies and principles on the valuation of liabilities arising from derivatives.

    FCA published GC16/5: Proposed guidance on wind-down planning.

    1 June 2016 Commission Delegated Regulation (EU) 2016/860 of 4 February 2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms was published in the Official Journal.
    2 June 2016 ESMA published a statement reminding firms of their responsibility to act in their clients’ best interests when selling bail-in-able financial instruments and which emphasises that firms must comply with their obligations under MiFID.
    7 June 2016 European Commission adopted Delegated Regulation regarding RTS on detailed records of financial contracts under BRRD.
    17 June 2016 Commission Implementing Regulation (EU) 2016/962 of 16 June 2016 laying down implementing technical standards with regard to the uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to the European Banking Authority according to Directive 2014/59/EU of the European Parliament and of the Council, was published in the OJ.
    29 June 2016 PRA published PS17/16: The contractual recognition of bail-in: amendments to PRA rules/SS7/16: The contractual recognition of bail-in: impracticability.
    2 August 2016 The House of Commons Treasury Select Committee published a letter sent to the PRA regarding disclosures and bail-in.
    8 November 2016 Bank of England/PRA published a response document to the earlier December 2015 on MREL.

    Further past dates are accessible via the RegZone recovery and resolution newsfeed here.

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  • Subject:
    Bank Recovery & Resolution Directive (BRRD)
    Status:
    BRRD:entered into force on 2 July 2014 (Article 124 entered into force on 1 January 2015). BRRD permitted member states to apply the provisions on the bail-in tool from 1 January 2016 at the latest
    Last updated:
    21/12/2016
    Overview/summary:

    The Bank Recovery and Resolution Directive 2014/59/EU (BRRD), is a minimum harmonisation directive which introduces an EU-wide framework of rules and powers for the recovery and resolution of credit institutions and investment firms. The BRRD contains the rules that the Single Resolution Mechanism (SRM) applies in SSM-area (Eurozone) Member States.

    Publications by date:

     

     6 June 2012 Original draft proposal for BRRD adopted by European Commission.
     12 December 2013 European Commission announces political agreement on BRRD
     20 March 2014 European Commission announces political agreement on SRM
     12 June 2014 BRRD published in Official Journal with the main provisions to be implemented by 1 January 2015;
     30 July 2014 Regulation establishing SRM published in Official Journal
     19 August 2014 SRM entered into force with some provisions operative from 1 January 2015 and the full SRM operative from 1 January 2016.
     23 October 2014 BoE published document setting out its approach to resolution.
    December 2014 and January 2015 Statutory instruments published by HM Treasury (measures transposing BRRD).
     January 2015

    BRRD applies in all Member States.

    EBA published Consultation paper: Draft Implementing Technical Standards on procedures, forms and templates for the provision of information for resolution plans under Article 11(3) of Directive 2014/59/EU of the European Parliament and the Council (EBA/CP/2015/01).

    Official Journal: Commission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements.

     January 2015 PRA’s policy statement (PS1/15) on implementing BRRD published.
     January 2015 FCA’s policy statement (PS15/2) on implementing the BRRD published.
     January 2015 Banking Act 2009 amended to reflect changes to the SRR necessary to implement the BRRD.
     January 2015 The UK Government amended provisions in the Insolvency Act 1986 (and other insolvency legislation) relating to preferential debts to reflect the provisions in the BRRD on depositor preference.
     March 2015

    EBA published technical advice on the delegated acts on critical functions and core business lines (EBA/Op/2015/05).

    EBA published Technical advice on the delegated acts on the circumstances when exclusions from the bail-in tool are necessary (EBA/Op/2015/07).

    EBA published Consultation Paper Draft Regulatory Technical Standards and guidelines on Business Reorganisation Plans under Directive 2014/59/EU (BRRD) (EBA/CP/2015/05).

    EBA published Consultation Paper: Draft Regulatory Technical Standard on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed (Article 71(8) BRRD) (EBA/CP/2015/04) .

    EBA published Technical advice on delegated acts on the deferral of extraordinary ex-post contributions to financial arrangements (EBA/Op/2015/06).

     May 2015

    EBA published Final guidance: Guidelines on the minimum list of qualitative and quantitative recovery plan indicators (EBA/GL/2015/02).

    EBA published Final report: Guidelines on triggers for use of early intervention measures pursuant to Article 27(4) of Directive 2014/59/EU (EBA/GL/2015/03).

    EBA published Final report: Guidelines on the interpretation of the different circumstances when an institution shall be considered as failing or likely to fail under Article 32(6) of Directive 2014/59/EU (EBA/GL/2015/07).

    EBA published Final guidelines: on factual circumstances amounting to a material threat to financial stability and on the elements related to the effectiveness of the sale of business tool under Article 39(4) of Directive 2014/59/EU (EBA/GL/2015/04).

    EBA published Final guidelines: on the determination of when the liquidation of assets or liabilities under normal insolvency proceedings could have an adverse effect on one or more financial markets under Article 42(14) of Directive 2014/59/EU (EBA/GL/2015/05).

    EBA published Consultation Paper: Draft Regulatory Technical Standards On the valuation of derivatives pursuant to Article 49(4) of the Bank Recovery and Resolution Directive (BRRD) (EBA/CP/2015/10).

    EBA published Final guidelines: on the minimum list of services or facilities that are necessary to enable a recipient to operate a business transferred to it under Article 65(5) of Directive 2014/59/EU (EBA/GL/2015/06).

     July 2015

    EBA published Final report: Guidelines on the application of simplified obligations under Article 4(5) of Directive 2014/59/EU (EBA/GL/2015/16).

    EBA published Final Report: Draft Implementing Technical Standards on the uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to the EBA for the purposes of Article 4(7) of Directive 2014/59/EU (EBA/ITS/2015/05).

    EBA published Final report: Draft implementing technical standards on procedures, forms and templates for the provision of information for resolution plans under Article 11(3) of Directive 2014/59/EU of the European Parliament and the Council (EBA/ITS/2015/06).

    EBA published Final draft regulatory technical standards specifying the conditions for group financial support under Article 23 of Directive 2014/59/EU (EBA/RTS/2015/08).

    EBA published Final draft implementing technical standards on the form and content of disclosure of financial support agreements under Article 26 of Directive 2014/59/EU (EBA/ITS/2015/07).

    EBA published Guidelines specifying the conditions for group financial support under Article 23 of Directive 2014/59/EU (EBA/GL/2015/17).

    EBA published Final report: Draft regulatory technical standards on independent valuers under Article 36(14) of Directive 2014/59/EU (EBA/RTS/2015/07).

    EBA published Final draft regulatory technical standards on criteria for determining the minimum requirement for own funds and eligible liabilities under Directive 2014/59/EU (EBA/RTS/2015/05).

    EBA published Final report: Draft Regulatory Technical Standards on the contractual recognition of write-down and conversion powers under Article 55(3) of Directive 2014/59/EU (EBA/RTS/2015/06).

    EBA published Final draft regulatory technical standards on procedures and contents of notifications referred to in Article 81(1), (2) and (3) and the notice of suspension referred to in Article 83 of Directive 2014/59/EU (EBA/RTS/2015/04).

    EBA published Final draft regulatory technical standards on resolution colleges under Article 88(7) of Directive 2014/59/EU (EBA/RTS/2015/03).

     October 2015 EBA published Consultation paper: Guidelines on the provision of information in summary or collective form for the purposes of Article 84(3) of Directive 2014/59/EU (EBA/CP/2015/18).
     November 2015 PRA published modification by consent relating to the transposition of Article 55 BRRD (contractual bail-in).
     December 2015 HM Treasury launched a consultation regarding amendments to Banking Act 2009 and FSMA 2000 in order to transpose BRRD in UK law.
     December 2015

    EBA published revised Guidelines specifying the conditions for group financial support under Article 23 of Directive 2014/59/EU.

    EBA published Final report: Draft Regulatory Technical Standards on the valuation of derivatives pursuant to Article 49(4) of the Bank Recovery and Resolution Directive (BRRD) (EBA/RTS/2015/11).

    EBA published Final Report: Draft Regulatory Technical Standards and Guidelines on business reorganisation plans under Directive 2014/59/EU (BRRD) (EBA/RTS/2015/12) (EBA/GL/2015/21).

    EBA published Final report: Draft Regulatory Technical Standards on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed (Article 71(8) BRRD) (EBA/RTS/2015/13).

    European Commission published Commission Delegated Regulation (EU) …/... of 14.12.2015 correcting Delegated Regulation (EU) 2015/63 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements (C(2015) 8835). 

     31 December 2015 FCA published a modification by consent to transpose the Article 55 BRRD ( contractual bail-in) into IFPRU 11.6.
     1 January 2016 Contractual recognition of bail-in requirements (Article 55 BRRD) in force and in effect. 
    29 January 2016 EBA published a letter to the Commission (dated 18 December) in which it asked for an extension to its deadlines for the submission of specific draft technical standards (Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS)) required under CRD4 and CRR and BRRD.  
    2 February 2016 European Commission adopted Commission Delegated Regulation (EU) of 2.2.2016 supplementing Directive 2014/59/EU.
    4 February 2016 

    European Commission adopted Commission Delegated Regulation (EU) of 4.2.2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of BRRD

    EBA published responses to its earlier consultation (27 October 2015) regarding the way in which information should be provided under the BRRD

    9 February 2016 EBA published an Opinion outlining its dissent vis-a-vis some of the European Commission's proposed amendments to the EBA final draft Regulatory Technical Standard on the criteria for setting the minimum requirement for own funds and eligible liabilities (MREL).
    18 February 2016 Council Decision (EU) 2016/228 of 14 July 2015 on the resolution procedure was published in the OJ.
    18 March 2016 European Commission adopted Delegated Regulation on classes of arrangements to be protected in a partial property transfer under Article 76 of Directive 2014/59/EU of the European Parliament and of the Council (C(2016) 1372).
    24 March 2016 Commission Delegated Regulation of 23 March 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of recovery plans, resolution plans and group resolution plans, the minimum criteria that the competent authority is to assess as regards recovery plans and group recovery plans, the conditions for group financial support, the requirements for independent valuers, the contractual recognition of write-down and conversion powers, the procedures and contents of notification requirements and of notice of suspension and the operational functioning of the resolution colleges was adopted.
    12 April 2016 ESRB published a working paper Bail-in expectations for European banks: actions speak louder .
    20 April 2016 EBA published final Guidelines on the provision of information in summary or collective form the purposes of Article 84(3) of Directive 2014/59/EU.
    10 May 2016 European Commission adopted Delegated Regulation (C (2016) 2665) containing regulatory technical standards relating to business reorganisation plans under BRRD.
     20 May 2016  The following Delegated Regulation was published in the OJ:
    Commission Delegated Regulation (EU) 2016/778 of 2 February 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to the circumstances and conditions under which the payment of extraordinary ex post contributions may be partially or entirely deferred, and on the criteria for the determination of the activities, services and operations with regard to critical functions, and for the determination of the business lines and associated services with regard to core business lines.
     23 May 2016 European Commission adopted two Delegated Regulations with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities and on regulatory technical standards for methodologies and principles on the valuation of liabilities arising from derivatives.
     1 June 2016 Commission Delegated Regulation (EU) 2016/860 of 4 February 2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms was published in the Official Journal.
     2 June 2016 ESMA published a statement reminding firms of their responsibility to act in their clients’ best interests when selling bail-in-able financial instruments and which emphasises that firms must comply with their obligations under MiFID.
     7 June 2016 European Commission adopted Delegated Regulation regarding RTS on detailed records of financial contracts under BRRD.
     17 June 2016 Commission Implementing Regulation (EU) 2016/962 of 16 June 2016 laying down implementing technical standards with regard to the uniform formats, templates and definitions for the identification and transmission of information by competent authorities and resolution authorities to the European Banking Authority according to Directive 2014/59/EU of the European Parliament and of the Council, was published in the OJ.
    3 August 2016 EBA has published a list of designated resolution authorities across the EC and EEA, including links to websites.
    23 August 2016 Commission Delegated Regulation ((EU) 2016/1401) supplementing BRRD (2014/59/EU) with regulatory technical standards for methodologies and principles on the valuation of liabilities arising from derivatives has been published in the OJ. (Available via the first link below.) Commission Delegated Regulation ((EU) 2016/1400) supplementing BRRD (2014/59/EU) with regulatory technical standards relating to business reorganisation plans has been published in the OJ.
    30 August 2016 Commission Delegated Regulation (EU) 2016/1434 of 14 December 2015 correcting Delegated Regulation (EU) 2015/63 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements has now been published in the Official Journal.
    5 September 2016 Commission Delegated Regulation (EU) 2016/1450 of 23 May 2016 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria relating to the methodology for setting the minimum requirement for own funds and eligible liabilities has been published in the Official Journal.

    Further past dates are accessible via the newsfeed on the RegZone recovery and resolution topic page here.

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  • Subject:
    Banking Standards Board
    Status:
    The BSRC was renamed the Banking Standards Board (BSB) and began work in April 2015. The objectives of the BSB are to improve behaviour and capability in the banking sector in the UK. In March 2016, the BSB published its first annual review of the banking sector.
    Last updated:
    21/12/2016
    Overview/summary:

    The Parliamentary Commission on Banking Standards had recommended that banks set up and fund an independent professional standards body.

     

    In September 2013, the chairmen of seven major banks requested Sir Richard Lambert to begin work on this; in his final report of May 2014 Sir Richard proposed an independent Banking Standards Review Council (BSRC). This body would not lobby for banks (like the BBA), handle complaints (like the FOS) or accredit internal bank training programmes; and it would not of course replace the regulators. Instead the role would be akin to a professional association: setting standards and codes of good practice; requiring participants to commit to ‘a programme of continuous improvement’; meeting with boards; and publishing progress reports on banks.

     

    The BSRC has now been renamed the Banking Standards Board (BSB). The BSB began work in April 2015.
    The objectives of the BSB are to improve behaviour and capability in the banking sector in the UK.

     

    This reform tracker item is no longer updated.

    Publications by date:

    19 June 2013: PCBS final report 

     September 2013: Sir Richard Lambert requested to begin work on professional standards body. 

    19 May 2014: Sir Richard’s final report proposing the BSRC.

    April 2015: BSRC renamed BSB and begins work.

    March 2016: BSB published first annual review.

    8 June 2016: BSB launched a Consultation Paper - Certification Regime: Fitness and Propriety.

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  • Subject:
    Basel III
    Status:
    Basel III agreed 2009; EU implementation from 1 January 2014 (with transitional provisions 2014-19); full implementation required by 1 January 2019.
    Last updated:
    21/03/2017
    Overview/summary:

    The Third Basel Accord (Basel III) is the latest international agreement on a framework for bank capital requirements. (In practice, Basel principles are often extended to the regulation of investment firms etc. as well.) It calls for an increase in the quality and quantity of capital to be held by banks, particularly global systemically important banks (G-SIBs). It also aims to improve risk management and governance as well as strengthening banks’ transparency and disclosures. Basel III was implemented in the EU by the Capital Requirements Directive (CRD IV) and Regulation (CRR), although the additional capital requirements will be phased in from 2014-19.

    A press release (2 March 2017) notes "while the finalisation of Basel III will take longer than originally expected, the Committee remains determined to reach agreement on the remaining elements, and recognises the importance of providing clarity and certainty to all market participants".

    Publications by date:

     

    December 2010 Basel III liquidity rules published.
    December 2010 Basel III capital rules published.
    July 2011 Commission published CRD IV proposal ; Early 2012: final rules expected for implementation by 1 January 2013 but this has been delayed due to amendments made to the Liquidity Coverage Ratio.
    1 January 2013 Basel III implemented in phases onwards.
    January 2013 BCBS publishes paper setting out revisions to the liquidity reforms agreed in Dec-2012.
    1 January 2014 CRD and CRR rules came into force in the EU.
    31 October 2014 Final standard for the Net Stable Funding Ratio published.
     December 2014  Basel Committee on Banking Supervision  launched a consultative document on Revisions to the Standardised Approach for credit risk.
     28 January 2015  Basel Committee on Banking Supervision published the final standard for the revised Pillar 3 disclosure requirements.
     3 March 2015  Basel Committee  published the results of its latest Basel III monitoring exercise.
     27 April 2015  Basel Committee has published its eighth progress report on the adoption of the Basel regulatory framework.
     8 June 2015  Basel Committee on Banking Supervision issued a consultative document on the risk management, capital treatment and supervision of interest rate risk in the banking book (IRRBB).
     22 June 2015  Basel Committee on Banking Supervision issued disclosure requirements for the Net Stable Funding Ratio (NSFR), following the publication of the NSFR standard in October 2014.
     1 July 2015  Basel Committee on Banking Supervision launched review of the Credit Valuation Adjustment (CVA) risk framework.
     31 July 2015  Basel Committee  published an updated set of FAQs on Basel III monitoring.
     19 August 2015  Basel Committee published Basel III: The standardised approach for measuring counterparty credit risk exposures: FAQs.
     15 September 2015

     Basel Committee  published the results of its latest Basel III monitoring exercise.

    EBA published its eighth report of the Basel III monitoring exercise on the European banking system.

     15 October 2015  Basel Committee  published the Ninth progress report on adoption of the Basel regulatory framework.
     19 0ctober 2015  Basel Committee has published FAQs on the Basel III countercyclical capital buffer.
     9 November 2015

     Financial Stability Board (FSB)  issued the final Total Loss-Absorbing Capacity (TLAC) standard for global systemically important banks (G-SIBs).

    Basel Committee on Banking Supervision (BCBS)  published a consultative document which sets out its proposed deduction treatment for banks’ investments in Total Loss-Absorbing Capacity (TLAC).

     10 November 2015   Basel Committee on Banking Supervision released a consultative document on Capital treatment for "simple, transparent and comparable" (STC) securitisations.
     13 November 2015  Basel Committee on Banking Supervision has published two reports for the G20 Leaders at their Summit in Antalya on 15-16 November.
     18 November 2015  Basel Committee on Banking Supervision published Consultative Document - Fundamental review of the trading book - interim impact analysis.
     10 December 2015  Basel Committee on Banking Supervision  published a second consultation document on its proposed revisions to the standardised approach for credit risk.
     16 December 2015  Basel Committee on Banking Supervision published a progress report on banks' adoption of the Committee's Principles for effective risk data aggregation and risk reporting.
     17 December 2015  Basel Committee on Banking Supervision  published a consultative document on the identification and measurement of ‘step-in risk’.
     18 December 2015  Basel Committee on Banking Supervision  published supervisory guidance on credit risk and accounting for unexpected credit losses.
     21 December 2015 Basel Committee on Banking Supervision published Proposed Guidance on the application of the Core principles for effective banking supervision to the regulation and supervision of institutions relevant to financial inclusion .
    11 January 2016 BIS' governing body approved Revised market risk framework and work programme for Basel Committee.
    2 March 2016

    BIS published a report on Basel III monitoring.

    EBA published CRD IV-CRR/Basel III monitoring exercise on the European banking system.

    4 March 2016 BIS launched an updated consultation: Standardised measurement approach for operational risk.
    14 March 2016 BIS launched a consultation: Pillar 3 disclosure requirements - consolidated and enhanced framework.
    15 March 2016 BIS published an Assessment of Basel III risk-based capital regulations.
    29 March 2016 BIS launched a consultation: Reducing variation in credit risk-weighted assets - constraints on the use of internal model approaches.
    1 April 2016 BIS published a report: Analysis of risk-weighted assets for credit risk in the banking book.
    6 April 2016 BIS launched a consultation: Revisions to the Basel III leverage ratio framework.
    11 April 2016 BIS published its Tenth progress report on adoption of the Basel regulatory framework.
    14 April 2016 BIS launched a consultation: Prudential treatment of problem assets - definitions of non-performing exposures and forbearance.
    21 April 2016 BIS published  revised Principles for the management and supervision of interest rate risk (further to a 2015 consultation).
    3 June 2016 BIS issued a short statement on capital arbitrage transactions.
    16 June 2016 BIS published two reports: Assessment of Basel III G-SIB framework and review of D-SIB frameworks.
    30 June 2016 EBA published a consultation with regard to guidelines on regulatory disclosure requirements following an update of the Pillar 3 requirements by the Basel Committee in January 2015.
    11 July 2016 BIS published revisions to the securitisation framework (amending an earlier December 2014 document).
    12 July 2016 The Council of the EU published a note of its 'conclusions on finalising the post crisis Basel reforms'.
    27 July 2016 EBA launched a consultation 'Guidelines on credit institutions' credit risk management practices and accounting for expected credit losses'.
    12 August 2016 BIS published an FAQ document regarding Pillar 3 requirements.
    30 August 2016 BIS published a report 'Implementation of Basel standards'. It includes information on steps taken with regard to banks' progress in bolstering their capital and liquidity positions.
    13 September 2016

    BIS published a Basel III monitoring report. This report, based on data as of 31 December 2015, has found that all large internationally active banks meet the Basel III risk-based capital minimum Common Equity Tier 1 (CET1) requirements.

    EBA published the results of the CRDIV-CRR/Basel III monitoring exercise.

    Further past dates are accessible via the RegZone Basel III newsfeed here.

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  • Subject:
    Benchmarks (EU)
    Status:
    Amendments on benchmark manipulation added to MAD II. On 29 June 2016 the Regulation was published in the Official Journal of the EU and will be fully in force and in effect from 1 January 2018.
    Last updated:
    21/02/2017
    Overview/summary:

    The proposed Regulation on indices used as benchmarks in financial instruments and financial contracts is part of the EU-level response to revelations of LIBOR and EURIBOR manipulation in 2012. The Regulation would require improved governance and controls for benchmark-setting processes; detailed provisions concerning the data and methodologies to be used; and external regulatory supervision of benchmarks. Amendments to the recast Market Abuse Directive proposal (MAD II) were also adopted, making the manipulation of benchmarks a criminal offence.

    The proposed Regulation was adopted by the European Commission and the European Parliament on 28 April 2016. On 17 May 2016 the Council formally adopted the Regulation. On 29 June 2016 the Regulation was published in the Official Journal of the EU.

    To see our Reform Tracker item on Benchmarks specific to the UK please click here.

    Publications by date:

     

    25 July 2012 EC adopts amendments to MAD II criminalising the manipulation of benchmarks.
    September 2012 EC consultation on benchmarks and indices.
    18 September 2013 Original draft proposal for a Regulation on indices used as benchmarks.
    October 2013 Committee referral announced in Parliament, 1st reading/single reading.
    January 2014 European Central Bank publishes opinion/report.
    January 2014 Economic and Social Committee publishes opinion/report.
    February 2015 EU Council issues press release backing European Commission proposal to fight against the manipulation of financial benchmarks.
    March 2015 Vote in Committee, 1st reading/single reading.
    April 2015 Committee report tabled for plenary, 1st reading/single reading.
    19 May 2015 European Parliament agrees negotiating mandate for regulation of financial benchmarks.
    25 November 2015 Council of the EU, European Parliament, and the Commission reached an agreement on the  on the proposed Regulation on financial benchmarks. A compromise was reached on the third country regime.
    9 December 2015 The Permanent Representatives Committee approved, on behalf of the Council, a compromise agreed with the European Parliament. The regulation will now be submitted to the European Parliament for a vote at first reading, and to the Council for final adoption. 
    15 February 2016 ESMA published a discussion paper on implementation of the forthcoming Benchmarks Regulation.
    23 March 2016 EBA published Decision regarding the formula to be used by creditors when calculating the benchmark rate under the Mortgage Credit Directive.
    1 April 2016  FMLC published its response to ESMA's consultation paper of February 2016. The report highlights areas of legal uncertainty.
    8 April 2016 ESMA published responses received regarding the Discussion Paper on Benchmarks Regulation.
    28 April 2016  European Parliament adopted the proposed Regulation.
    12 May 2016 Council published an 'I' note in respect of the proposed Benchmarks Regulation.
    17 May 2016 Council formally adopted the proposed Regulation.
    27 May 2016 ESMA launched a consultation on draft technical advice under the Benchmarks Regulation.
    10 June 2016 Council of EU published revised text of the Regulation.
    29 June 2016 Regulation was published in the OJ.
    19 July 2016 FSB published a progress report on implementation of its July 2014 recommendations to reform major interest rate benchmarks.
    12 August 2016 Commission Implementing Regulation (EU) 2016/1368 of 11 August 2016 establishing a list of critical benchmarks used in financial markets pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council has been published in the Official Journal.
    29 September 2016 ESMA launched a consultation on draft technical standards under the Benchmarks Regulation.
    3 October 2016 ESMA has developed model written arrangements that may be used by administrators of critical benchmarks according to Article 46(6) of the Benchmarks Regulation.
    10 November 2016 ESMA published finalised technical advice regarding rules for financial benchmarks.
    21 November 2016 Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks has now been published in the Official Journal.

    Further past dates are accessible via the Benchmarks newsfeed here.

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  • Subject:
    Benchmarks UK
    Status:
    LIBOR administration transferred from BBA to ICE Benchmark Administration Ltd; EU Directive on benchmarks used as indices has been published in the Official Journal of the EU and will be in force and in effect 18 months after 29 June 2016; UK criminal offence of 'misleading statements etc in relation to benchmarks' (s.91 FSA 2012) in force; from 1 April 2015, 7 new benchmarks were brought within the ambit of FSA 2012 (Order 2015/369). On 2 February 2016, the FCA published final rules which in essence bring forward the implementation of Art 37 MiFIR (these rules took effect as of 1 April 2016). FCA Business Plan 2016/17 notes that supervising the major UK FICC benchmarks is a 'planned activity'. As of 25 April 2016, the Bank of England is the administrator of the Sterling Overnight Index Average (SONIA) interest rate benchmark.
    Last updated:
    21/02/2017
    Overview/summary:

    The London Interbank Offered Rate (LIBOR) is a popular reference interest rate, which is calculated by averaging the rates that banks charge when lending to each other. In June 2012 it emerged that bankers had been manipulating the LIBOR rate by submitting inaccurate figures; this led to the Wheatley Review of LIBOR, which published its final report and recommendations in September 2012. Subsequent UK reforms included: making benchmark manipulation a criminal offence; bringing benchmark-setting into the FCA regulated activities regime; and removing LIBOR administration from the British Bankers’ Association and giving it ICE Benchmarks Administration Ltd.

    In February 2016, the FCA published PS16/4: Fair, reasonable and non-discriminatory access to regulated benchmarks. The provisions cover benchmarks users who are CCPs, MTFs and regulated markets. The FCA concludes that it is effectively bringing forward to 2016 the implementation of Article 37 of MiFIR (that is expected to apply from 2019). Rules entered into force on 1 April 2016.

    The FCA Business Plan 2016/17 (published April 2016) stated that supervising the major UK FICC benchmarks - now regulated as a result of the recommendations of FEMR - was a 'planned activity'.

    As of 25 April 2016, the  Bank of England is the administrator of the Sterling Overnight Index Average (SONIA) interest rate benchmark. In February 2017, further to the earlier consultation, the Bank of England published a supplementary consultation on reform of SONIA.

    There are also separate EU-level proposals for legislation concerned with benchmarks and indices. To read our Reform Tracker item on EU Benchmarks click here.

    Publications by date:

     

    January 2013 HMT began consultation on secondary instruments relevant to LIBOR under the Act.
    January 2013 ESMA and the EBA issued a joint consultation on the administration of EURIBOR, and the EBA issued advice to national authorities.
    11 January 2013 IOSCO publishes consultation on financial benchmarks.
    25 March 2013 PS 13/6 published, which outlines the framework for the regulation and supervision of benchmark activities, following CP12/36.
    1 April 2013 Financial Services Act 2012 commences (including provisions related to LIBOR).
    April 2013 IOSCO published a consultation report on principles for financial benchmarks (CR04/13).
    April 2013 ESMA/EBA principles on benchmarks apply.
    17 July 2013 IOSCO publishes the final report on Principles for Financial Benchmarks.
    18 September 2013 European Commission published legislative proposal for a Regulation on benchmarks (COM(2013) 641/3).
    June 2014 Chancellor’s announcement on the Fair and Effective Markets Review (FEMR).
    August 2014 FEMR made recommendations to HMT to add further 7 FICC under the regulated scope covering LIBOR.
    December 2014 FCA publishes CP14/32.
    March 2015 FCA publishes PS15/6 on bringing additional benchmarks into the regulatory and supervisory regime following on from CP14/32.
    1 April 2015 7 new benchmarks were brought within the ambit of FSA 2012 (Order 2015/369), along with amendments in the regulatory scope to reflect the needs of benchmarks set without quotes from regulated submitters.
    29 July 2015 FCA published thematic review TR15/11 on financial benchmarks.
    30 July 2015 The House of Commons’ Scrutiny Committee published its first report of session 2015-16; sections 31 and 32 consider MMFs and benchmarks.
    30 July 2015 The Bank of England published a consultation document which outlines proposals for a new sterling money market data collection and the way in which it aims to reform the Sterling Overnight Index Average (SONIA) benchmark interest rate.
    3 August 2015 IBA published a second position paper on the evolution of ICE LIBOR and provided a number of proposals (including extending the liquidity pool and extending the eligible counterparty types).
     1 October 2015 The FSB published a progress report on FX benchmarks reforms (further to its recommendations in 2014). The report noted that while good progress was being made, it is to be noted that FSB recommendations are intended to apply to all FX benchmarks, not just the WM/Reuters 4pm London fix. 
    2 February 2016 FCA published PS16/4: Fair, reasonable and non-discriminatory access to regulated benchmarks.
    26 February 2016  FCA published Handbook Notice 30: Instruments. Including Benchmarks (Amendment No 2) Instrument 2016/8.
    5 April 2016  FCA published its 2016/17 Business Plan - in which it lists supervising the major UK FICC benchmarks as a planned activity.
    25 April 2016 Bank of England became administrator of the Sterling Overnight Index Average (SONIA) interest rate benchmark.
    29 June 2016 The EU Benchmarks Regulation was published in the OJ and will be in force and in effect 18 months after this date.
    19 July 2016 FSB published a progress report on implementation of its July 2014 recommendations to reform major interest rate benchmarks. It has found that most progress has been made by EURIBOR, LIBOR and TIBOR, but emphasises that reforms have not been completed, particularly with regard to other IBORs and the development of risk-free rates for benchmarks.
    8 August 2016 FCA confirmed that IBA's LIBOR code of conduct is industry guidance for a period of three years from 1 August 2016 or, if earlier, until such time as it is required to be amended in accordance with the EU Benchmarks Regulation.
       

    Further past dates are accessible via the benchmarks newsfeed here.

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