Quarterly regulation outlook reports compiles regulatory developments issued by global regulators (BCBS, FSB), supranational ones (with a focus on Europe), and some local geographies’ (USA, UK, Spain) for the quarter, and anticipate major changes in regulations for the following quarter, the following year, or on the longer term.
They are structured as follows: executive summary, which contains references to the most important regulatory changes for the period; forthcoming publications, providing details of documents that will be published during the next quarter, next year and in the longer term; and the body of the report, made up of a collection of summaries of relevant publications for the quarter.
Latest Quarterly regulatory reports released.
Of particular relevance in this period was the publication of the stress test methodologies for the 2023 financial year, both by the European Banking Authority (EBA) and the Bank of England (BoE). In addition, the Financial Conduct Authority's (FCA) Consumer Duty and EIOPA's Guidance on assessing the materiality of climate change in ORSA are of particular relevance.
Regulation Outlook 3Q22
In the second quarter of 2022, data related publications stand out, in particular the EU Data Governance Act, as well as the draft Data Privacy and Protection Act Draft Legislation in the USA. Several ESG publications also featured in the quarter, such as the results of the first UK climate stress test or the new disclosure rules for investment advisers and investment companies in the US
In the first quarter of 2022, at the European level, the publication by the European Banking Authority (EBA) of the final draft Pillar 3 on ESG risks and the proposed Directive on Corporate Sustainability Due Diligence of the European Commission (EC) are noteworthy. Additionally, in the United States, the new rules on cybersecurity risk management and climate disclosure published by the Securities and Exchange Commission (SEC) are relevant.
In the fourth quarter of 2021, at the European level, it stands out the publication of the European Commission (EC) of the banking package, which is the last phase of the final implementation of Basel III in the European Union (EU) and consists of several proposals that introduce changes in CRR and CRD. Also noteworthy is the publication by the European Central Bank (ECB) of the climate risk stress test methodology and the publication by the European Banking Authority (EBA) of the monitoring report on the application of IFRS 9 by EU institutions.
In the third quarter of 2021, at the European level, the publication of the European Commission (EC) Delegated Act supplementing the Taxonomy is noteworthy, as well as the European Parliament (EP) and Council Regulation establishing the framework for achieving climate neutrality. At the local level, the draft Circular to financial credit institutions on liquidity, prudential rules and reporting obligations of the Bank of Spain (BoS) stands out.
Regulation outlook 2Q21
Available in: english - spanish
In the second quarter of 2021, climate risk is one of the main protagonists in the publications of the main organisations at all levels (global, European and local). Also noteworthy is the publication of the TRIM results by the European Central Bank (ECB) and that the European Insurance and Occupational Pensions Authority (EIOPA) has launched the 2021 stress test.
Regulation outlook 1Q21
Available in: english - spanish
During the first quarter of 2021, the publication of the European Central Bank (ECB) on the Outcome of its 2020 Supervisory Review and Evaluation Process (SREP) stands out. For its part, the European Banking Authority (EBA) has launched the 2021 EU-wide stress test and it has published a Consultation Paper (CP) on draft implementing technical standards (ITS) on Pillar 3 disclosures on environmental, social and governance risks (ESG).
Regulatory news for the current quarter can be found in the Regulatory Alerts for the Quarter section, , while regulatory news from previous years can be found on the Annual Regulatory reports section.
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