Regulatory News
FSB: Thematic review on public sector backstop funding mechanisms
FSB’s peer review looks at the implementation of its policies related to the establishment of public sector backstop funding mechanisms to provide temporary funding to banks in resolution. The review found that in most jurisdictions there remains a material gap that weakens authorities’ ability to resolve systemic banks. The review also sets out good practices, lessons and shared challenges.
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ESMA: CCP collateral tokenisation
ESMA has launched a call for evidence on the potential use of tokenised collateral by CCPs. ESMA considers different tokenisation models, including tokenised versions of assets held in traditional infrastructures and assets issued directly on DLT, as well as hybrid arrangements and their interaction with tokenised cash and other settlement assets. Responses are required by 15 January 2027.
EC: Solvency II Delegated Regulation
The EC has adopted a Delegated Regulation amending Delegated Regulation (EU) 2015/35 as regards the simplified calculation of the risk margin.
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EIOPA: Insurance-based investment product sales processes
EIOPA is consulting on its draft supervisory statement on outcomes-focused supervision of insurance-based investment product sales processes and pre-contractual disclosures which is intended to promote more consistent, proportionate and risk-based supervision of how existing sales safeguards operate in practice. Responses are required by 4 January 2027.
AMLA: Consultation on draft regulatory technical standards for establishing a central AML/CFT database
AMLA is consulting on standards to establish a central AML/CFT database to support the exchange of supervisory information across the EU. Responses are required by 3 November 2026.
AMLA: MiCAR review
AMLA has published its response to the EC’s targeted consultation on the MiCAR review. Amongst other matters, AMLA suggests that staking, lending and borrowing activities be brought within the regulatory framework, reflecting specific money laundering risks.
ESMA: Opinion on the provision of cryptoasset services in relation to non MiCAR-compliant asset-referenced tokens and e-money tokens
ESMA’s opinion clarifies supervisory expectations of cryptoasset services involving asset-referenced tokens and e-money tokens that do not comply with the MiCAR requirements. It calls on national competent authorities to supervise that market participants neither maintain, introduce, nor facilitate access for clients to non-MiCAR compliant stablecoins through their services and ensure that cryptoasset service providers implement appropriate technical, contractual, and organisational controls to prevent the availability of such tokens in the EU.
ESMA: Extended transitional period for third-country CSDs
ESMA has published a statement clarifying that EU market participants should not be prevented from accessing third-country CSDs beyond 17 January 2027 and until the EU finalises the legislation to extend the current transitional regime. ESMA notes that the Market Integration and Supervision Package, currently under negotiation, proposes extending this transitional regime.
BIS: Basel III adoption progress summary
BIS reports that three quarters of the 27 member jurisdictions have now published regulations implementing the full set of Basel III standards and almost all have publicly announced that banks must apply Basel III by April 2027 or earlier.
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ESMA: Haircuts and borrower concentration: evidence from EU repo markets
This ESMA working paper considers haircuts as a key risk management tool, and looks at the role of borrower bargaining power and netting practices as determinants of haircut levels in the bilateral segment of EU repo markets.
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