Europe News
The latest industry and regulatory news affecting Europe and the U.K.
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FIA responds to proposed changes to EU Capital Requirements Regulation
FIA's response focuses on the uncertainty that the proposed new segregation condition brings for banks’ ability to offset initial margin for the purposes of calculating the exposure value under the leverage ratio framework for derivatives.
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FIA EPTA Response to the EBA Consultation Paper on the Draft RTS on Pillar 2 add-ons for investment firms under Article 40(6) of Directive (EU) 2019/2034
FIA EPTA welcomes the opportunity to respond to the EBA Consultation Paper on the Draft Regulatory Technical Standards on Pillar 2 add-ons for investment firms under Article 40(6) of Directive (EU) 2019/2034. FIA EPTA is concerned about the fact that art. 4(2) of the draft Delegated Regulation effectively creates a floor with respect to the additional Pillar 2 requirements. This is the result of the fact that the additional own funds requirements as calculated in art. 4(1) are to express both (1) as an absolute amount, as well as (2) as the ratio of that amount to own funds requirements.
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FIA EPTA response to the EBA Consultation Paper on the Draft Guidelines on common procedures and methodologies for the SREP under IFD
FIA EPTA welcomes the opportunity to respond to the EBA Consultation Paper on the Draft Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) under IFD. FIA EPTA members believe that the overarching principle of proportionality, which stems from the Level 1 legislation, should be applied across all topics covered in the Draft Guidelines and the elaboration of that principle in the regulation should be guaranteed.
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Trade associations warn European Commission on carbon market intervention
FIA and nine industry bodies have co-signed a letter expressing concern that the European Commission may be considering intervention in the EU Emissions Trading System, either through position limits or some other action, ahead of the publication of the European Securities and Markets Authority’s final report on trading behaviour in the EU carbon market.
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FIA EPTA letter to the EC on the treatment of exchange-traded derivatives in the draft RTS methodology for the Taxonomyalignment ratio – unintended consequences for the green transition
FIA EPTA and FIA are concerned by current proposals under the Taxonomy and Sustainable Finance Disclosure Regulation (SFDR) that would in effect restrain the use of listed derivatives by market participants and restrict the amount of capital that can be made available for a sustainable transition.
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FIA submits joint response to six ESMA consultations on CCP resolution
As part of their level-2 rulemaking, the European Securities and Markets Authority (ESMA) consulted on six topics around central counterparty (CCP) resolution.
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FIA and ISDA submit joint response to ESMA paper on clearing thresholds under EMIR
On 19 January, FIA and ISDA jointly submitted its respond to ESMA's Discussion Paper on the review of the clearing thresholds under EMIR.
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FIA responds to proposed updated IOSCO commodities principles
FIA has filed a response to a consultation report on principles for the regulation of commodity derivatives from the Board of International Organization of Securities Commissions (IOSCO). The report, published in November 2021, aimed to reflect changes and developments in commodities derivatives markets since the publication of the existing IOSCO Principles for the Regulation and Supervision of Commodity Derivatives in 2011.
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FIA EPTA response to the ESMA Call for evidence On the European Commission mandate on certain aspects relating to retail investor protection
FIA EPTA appreciates the opportunity to provide feedback to the European Securities and Markets Authority (ESMA) on the call for evidence On the European Commission mandate on certain aspects relating to retail investor protection. FIA EPTA considers that regulatory measures should be taken to encourage and highlight the benefits of exchange-listed products.
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FIA EPTA response to the ESMA consultation paper ESMA Consultation Paper on the Review of the MiFID II framework on best execution reports
FIA EPTA welcomes the opportunity to respond to ESMA Consultation Paper on Review of the MiFID II framework on best execution reports. FIA EPTA would welcome the opportunity to provide further background to ESMA on the issues raised in our response. FIA EPTA agrees with the proposed change in scope of execution venues i.e. that execution venues for the purpose of the best execution reporting regime for execution venues (RTS 27) should not include ‘market makers’.
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