Novidades regulatórias

Contamos com um sistema constante de vigilância às normativas

A Management Solutions compila novidades regulatórias publicadas durante as últimas semanas por diferentes órgãos reguladores e supervisores (com foco no setor financeiro).

Novidades relevantes


Climate Risks

(23/10/2020) BdE - Expectativas sobre los riesgos derivados del cambio climático y del deterioro medioambiental
The Bank of Spain (BoS) has published the Expectations on risks arising from climate change and environmental impact, which aims to make explicit how institutions should progress in order to take these risks into account. This document is relevant to holding groups of less significant credit institutions and to credit institutions not belonging to one of these holding groups.
 (05/10/2020) EIOPA – Consultation on the draft Opinion on the supervision of the use of climate change risk scenarios in ORSA.
The European Insurance and Occupational Pensions Authority (EIOPA) has published the Consultation on the draft Opinion on the supervision of the use of climate change risk scenarios in Own Risk and Solvency Assessment (ORSA) where it sets out EIOPA’s expectations to national competent authorities (CA) on how to supervise the integration of climate change scenarios by insurers in their ORSA, applying a risk-based and proportionate approach.


(21/10/2020) Fed/FDIC/OCC - Final Rule on NSFR
The Agencies have issued a final rule strengthening the resilience of large banks by requiring them to maintain a minimum level of stable funding over a one-year period. The Final Rule on net stable funding ratio (NSFR) will require large banks to maintain a minimum level of stable funding, relative to each institution's assets, derivatives, and commitments. As a result, the NSFR rule will support the ability of banks to lend to households and businesses in both normal and adverse economic conditions by reducing liquidity risk and enhancing financial stability.


(21/10/2020) PRA - CP 17/20 on further implementation of CRD V
The PRA has published the Consultation Paper (CP) 17/20 further implementation on CRD V which sets out proposed changes to the PRA rules, supervisory statements (SS) and statements of policy (SoP) to implement elements of the CRD V. This document also proposes to update aspects of the UK framework as a result of amendments in CRR II and which apply during the EU Exist Transition Period. This CP is relevant to banks, building societies, PRA-designated investment firms, UK financial holding companies, and UK mixed financial holding companies of certain PRA-authorised firms.

Debt Instruments

(20/10/2020) Fed/FDIC/OCC - Final Rule on Regulatory Capital Treatment for Investments in Certain Unsecured Debt Instruments
The Agencies have published a Final Rule on Regulatory Capital Treatment for Investments in Certain Unsecured Debt Instruments that applies to advanced approaches banking organizations with the aim of reducing both interconnectedness within the financial system and systemic risks. The final rule requires deduction from a banking organization’s regulatory capital for certain investments in unsecured debt instruments issued by foreign or U.S. GSIBs for the purposes of meeting minimum TLAC requirements.

Work Programme 2021

(19/10/2020) EC - 2021 Work Programme
The EC has adopted the 2021 Work Programme which is designed to make Europe healthier, fairer and more prosperous, while accelerating its long-term transformation into a greener economy, fit for the digital age. The work programme sees a shift from strategy to delivery across all six political priorities and it confirms the EC's resolve to lead the tween green and digital transition.
(02/10/2020) ESMA – 2021 Work Programme.
The ESMA has published the 2021 Work Programme setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets. For 2021, ESMA’s planned activities will respond to the challenges faced by the EU, its capital markets and its citizens, including developing the retail investor base to support the Capital Markets Union (CMU), promoting sustainable finance and long-term oriented markets, dealing with the opportunities and risks posed by digitalisation, strengthening the EU’s role in global capital markets and ensuring a proportionate approach to regulation.


(16/10/2020) FSB – Global Transition Roadmap for LIBOR.
The FSB has published the Global Transition Roadmap (GTR) for LIBOR which is intended to inform those with exposure to LIBOR benchmarks of some of the steps they should be taking now and over the remaining period to end-2021 to successfully mitigate these risks. These are considered prudent steps to take to ensure an orderly transition by end-2021 and are intended to supplement existing timelines/milestones from industry working groups and regulators. However, this does not constitute regulatory advice or affect any transition expectations set by individual regulators, which may require firms to move faster in some instances.


(14/10/2020) EBA – Final Draft RTS on the prudential treatment of software assets
After the consultation paper issued in June 2019, the European Banking Authority (EBA) has published the Final draft Regulatory Technical Standards (RTS) on the prudential treatment of software assets which specifies the application of the exemption to the deduction of intangible assets from CET 1 and the materiality of the negative effects on the value which do not cause prudential concerns. In this sense, the EBA aimed at achieving an appropriate balance between the need to maintain a certain margin of conservatism/prudence in the treatment of software for prudential purposes, and the acknowledgment of the relevance of software assets from a business and economic perspective, in a context of increasing digital environment.


(08/10/2020) EIOPA - Guidelines on ICT security and governance
The European Insurance and Occupational Pensions Authority (EIOPA) has published Guidelines on ICT security and governance with the aim of ensuring a consistent management approach in the sector. Specifically, these document specify through 25 guidelines the expectations of EIOPA on aspects such as governance and strategy, ICT and security risk management framework, information security policy, access control, ICT security monitoring, ICT operations management, security incident and continuity management, and the outsourcing of ICT systems and services.

Mortgage Risk

(30/09/2020) PRA – Consultation Paper 14/20 on Internal Ratings Based UK mortgage risk weights: Managing deficiencies in model risk capture.
The PRA has published the Consultation Paper 14/20 on Internal Ratings Based UK mortgage risk weights and managing deficiencies in model risk capture with the aim to address the prudential risks stemming from inappropriately low IRB UK mortgage risk weights. An additional benefit from these proposals would be a narrowing of differentials between IRB and standardised approach (SA) UK mortgage risk weights, and a limit on future divergence. The PRA considers that this would support competition between firms on the different approaches.

Expected Credit Losses

(30/09/2020) Fed/FDIC/OCC – Regulatory Capital Rule on Revised Transition of the Current Expected Credit Losses Methodology for Allowances.
The Fed, FDIC and OCC have published the Regulatory Capital Rule on Revised Transition of the Current Expected Credit Losses Methodology for Allowances that delays the estimated impact on regulatory capital stemming from the implementation of ASU on Measurement of Credit Losses on Financial Instruments.



Outras publicaçoes


Accounting Standars

(29/10/2020) FASB – FASB issues proposal to clarify scope of recent reference rate reform guidance
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) that would clarify the scope of the FASB’s recent reference rate reform guidance. Stakeholders are asked to review and provide input on the proposed ASU by November 2020. The amendments in this proposed ASU would clarify that certain optional expedients and exceptions for contract modifications and hedge accounting apply to contracts that are affected by the discounting transition.
(20/10/2020) FASB – FASB proposes three targeted improvements to the leases standard
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) intended to improve three areas of the leases guidance. The amendments in the proposed ASU address the following issues: i) Sales-Type Leases with Variable Lease Payments; ii) Option to Remeasure Lease Liability; and iii) The Modifications Reducing the Scope of a Lease Contract. Stakeholders are encouraged to review and provide comments on the proposed changes by December 4, 2020.

Supervisory Guidance

(29/10/2020) Fed – Agencies propose regulation on the role of supervisory guidance
The OCC, Fed, FDIC, NCUA, and CFPB (the Agencies) are inviting comment on a proposed rule that would modify the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the Agencies on 2018. The proposed rule is intended to clarify technical aspects, and confirm that the Agencies will continue to follow and respect the limits of administrative law in carrying out their supervisory responsibilities. The proposal would also clarify that the 2018 Statement, as amended, is binding on the Agencies.

Market Abuse

(29/10/2020) ESMA –  ESMA submits two Draft Technical Standards under the revised market abuse regulation to the european commission
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the Final Report on the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets (SME GMs). These amendments focused on liquidity contracts and insider lists for SME GMs. This final report and draft RTS and ITS largely reflect the original proposals included in the consultation paper focused on the RTS on Liquidity Contracts and the ITS on Insider Lists.

Financial Information and Disclosure

(29/10/2020) IFRS – The IFRS Foundation proposes changes to the IFRS Taxonomy 2020 to support high-quality tagging of primary financial statements
The IFRS Foundation has published the IFRS Taxonomy 2020. The proposed changes aim to support the high-quality tagging of information presented in primary financial statements and include: i) new elements reflecting common reporting practice, for example new line items for disclosures related to earnings per share and the transition to new IFRS Standards; and ii) new and amended labels to clarify the accounting meaning and intended use of some existing elements.
(28/10/2020) FSB – 2020 Status Report: Task Force on Climate-related Financial Disclosures
The Task Force on Climate-related Financial Disclosures (TCFD) has published its Annual Report on TCFD-aligned disclosures by firms. The latest status report finds that disclosure of climate-related financial information aligned with the TCFD recommendations has steadily increased since the recommendations were published in 2017. However, the report highlights the continuing need for progress in improving levels of TCFD-aligned disclosures given the urgent demand for consistency and comparability in reporting. The report also provides a ‘roadmap’ for preparers through highlighting insights from expert users on which information is most useful for decision making.

Derivatives Use

(28/10/2020) SEC – SEC Adopts Modernized Regulatory Framework for Derivatives Use by Registered Funds and Business Development Companies
The Securities and Exchange Commission (SEC) has voted to enhance the regulatory framework for derivatives use by registered investment companies, including mutual funds (other than money market funds), exchange-traded funds (ETFs) and closed-end funds. The new rule and rule amendments will provide a modernized, comprehensive approach to the regulation of these funds’ derivatives use that addresses investor protection concerns and reflects developments over the past decades.


(28/10/2020) Fed/FDIC/OCC – Treatment of Certain Emergency Facilities in the Regulatory Capital Rule and the Liquidity Coverage Ratio Rule
The OCC, the Fed, and the FDIC are adopting as final the revisions to the regulatory capital rule and the liquidity coverage ratio (LCR) rule made under three interim final rules published in the Federal Register on the last months. The Agencies are adopting these interim final rules as final with no changes. Under this final rule, banking organizations may continue to neutralize the regulatory capital effects of participating in the Money Market Mutual Fund Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF).


(26/10/2020) ESMA – ESMA sets out final position on share trading obligation
The ESMA has released a public statement that clarifies the application of the EU’s trading obligation for shares (STO) following the end of the UK’s transition from the EU on 31 December 2020. The statement outlines that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue in UK pound sterling (GBP) by EU investment firms will not be subject to the EU STO, since based on EU-wide data, regards that such trading by EU investments firms occurs on a non-systematic, ad-hoc, irregular and infrequent basis.
(21/10/2020) PRA/FCA – Letter from the PRA and FCA ‘Final preparations for the end of the transition period’
The PRA and the Financial Conduct Authority (FCA) have prepared a letter outlining final preparations for end of the transition period which began when the UK left the EU on 31 January 2020. This letter sets out key areas requiring final preparations, including: i) contingency planning and continuity of cross-border business in respect of EU liabilities; ii) saving provision; iii) data protection; iv) EEA bank account closures; v) EEA passporting firms; vi) and the temporary Permissions Regime (TPR) firms’ submission timeline.
(13/10/2020) EIOPA – EIOPA calls on insurance sector to complete preparations for the end of the UK transition period
The EIOPA has urged the insurance sector to finalise preparations and implement suitable and realistic contingency plans in advance of the end of the UK transition period on 31 December 2020. In particular, EIOPA expects (re)insurance undertakings to have measures in place to prevent insurance activity without authorisation and ensure service continuity of cross-border business, as specified in the EIOPA Opinion issued in 2017, in order to minimise the detriment to policyholders and beneficiaries. EIOPA also reminds insurance undertakings and insurance intermediaries of their duty to inform customers about the possible impact of the withdrawal of the UK from the EU on insurance contracts. EIOPA will continue to monitor the preparations of the sector and in particular the development and implementation of contingency plans


(23/10/2020) ESMA – ESMA consults on standards for CCP activities and model amendments
The ESMA has launched a consultation on draft RTS related to changes to central counterparties’ (CCPs) activities and models. Specifically, the RTS relate to the conditions for a CCP to add new additional services or activities to its business, that are not already covered by the initial authorisation. ESMA seeks input to its draft RTS regarding: i) the conditions under which additional services or activities require an extension of authorisation and the corresponding college consultation procedure; ii) the conditions under which changes to the models and parameters are significant and therefore require the such authorization; and iii) the corresponding college consultation procedure.
(23/10/2020) ESMA – ESMA consults on CCP supervisory reviews and evaluation processes
The ESMA has launched a consultation on guidelines addressing the consistency of supervisory reviews and evaluation processes of CCPs under Article 21 of EMIR. The consultation paper seeks input from all interested stakeholders on draft guidelines aimed at clarifying common procedures and methodologies for the supervisory review and evaluation process of CCPs by their competent authorities. The review and evaluation processes should be conducted in a manner that is appropriate to the size, structure and internal organisation of CCPs, as well as to the nature, scope and complexity of their activities.

Funds Transfer

(23/10/2020) Fed – Agencies invite comment on proposed rule under Bank Secrecy Act
The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board have invited comment on a proposed rule that would amend the recordkeeping and travel rule regulations under the Bank Secrecy Act. Under the current regulations on this matter, financial institutions must collect, retain, and transmit certain information related to funds transfers and transmittals of funds over $3,000. The proposed rule lowers the applicable threshold from $3,000 to $250 for international transactions. The threshold for domestic transactions remains unchanged at $3,000.

Climate change

(21/10/2020) Council of the EU – Just transition towards climate neutrality - Council agrees its position on new public sector loan facility
Member states' EU ambassadors have agreed the Council’s of the EU position on a new public sector loan facility to be created under the Just Transition Mechanism to support public sector investment in the regions that are most affected in the transition towards a climate neutral economy due to their carbon-intensive economies and lesser capacity to deal with the challenges of the transition. In its position, the Council suggests some limited changes to the Commission's proposal presented in May. Most notably, the Council specifies that the facility should not support activities excluded from the scope of support under the Just Transition Fund. The Council's position agreed will guide the presidency in negotiations with the European Parliament (EP).

AI Regulation

(21/10/2020) EP– Parliament leads the way on first set of EU rules for Artificial Intelligence / AI rules: what the European Parliament wants
The EP has adopted three proposals outlining how the EU can best regulate Artificial Intelligence (AI) while boosting innovation, ethical standards and trust in technology. The first proposal urges the EC to present a new legal framework outlining the ethical principles and legal obligations to be followed when developing, deploying and using artificial intelligence, robotics and related technologies in the EU. The second proposal calls for a future-oriented civil liability framework, making those operating high-risk AI strictly liable for any resulting damage. Finally, the last proposal makes clear that EU global leadership in AI requires an effective intellectual property rights system (IPR).
(01/10/2020) EP– Making Artificial Intelligence ethical, safe and innovative
Members of the European Parliament (MEPs) have approved proposals to address long-term opportunities and legal challenges posed by artificial intelligence (AI) in the area of ethics, civil liability and intellectual property. These proposal regard to the three different reports adopted by The Legal Affairs Committee on specific issues linked to the increased development and use of artificial intelligence systems. The Commission is expected to put forward a legislative proposal on the matter in early 2021. It is requested: i) to present a new legal framework outlining the ethical principles for AI; ii) a future-oriented civil liability framework to be adapted, making those operating high-risk AI strictly liable if there is damage caused iii) an impact assessment on the matter of intellectual property rights (IPRs).That is because the key issue of protecting in the context of artificial intelligence has so far not been addressed by the EU Commission.

Own Funds

(21/10/2020) EBA – EBA issues Opinion to address possible infection risk stemming from legacy instruments
The European Banking Authority (EBA) has issued an Opinion to clarify the prudential treatment of the so-called “legacy instruments” in view of the end of the grandfathering period on 31 December 2021. In its Opinion, the EBA proposes policy options to address the infection risk when created by such instruments. The EBA’s recommendations aim at ensuring a high quality of capital for EU institutions and a consistent application of rules and practices across the EU.


(20/10/2020) FDIC – The FDIC Approves Interim Final Rule to Provide Temporary Relief from Part 363 Audit and Reporting Requirements
The Federal Deposit Insurance Corporation (FDIC) has issued an interim final rule (IFR) to provide relief for such insured depository institutions (IDIs) that, absent regulatory action, would be required to incur substantial costs on a temporary basis. The FDIC’s IFR would allow IDIs that have experienced growth to determine whether they are subject to the requirements of the FDIC’s regulations for fiscal years ending in 2021 based on the consolidated total assets as of December 31, 2019. Such IDIs, whose asset growth may be temporary but significant, would be otherwise required to develop processes and systems to comply with the annual independent audits and reporting requirements of Part 363 on a potentially short-term basis.


(19/10/2020) FSB –  FSB encourages use of cyber incident response and recovery toolkit
The Financial Stability Board (FSB) has published a toolkit of practices for financial institutions’ cyber incident response and recovery. The FSB encourages authorities and organisations to use the toolkit to enhance their cyber incident response and recovery activities. A significant cyber incident, if not properly contained, could seriously disrupt the financial system, including critical financial infrastructure, leading to broader financial stability implications. The toolkit includes 49 practices for effective cyber incident response and recovery across seven components: i) governance; ii) planning and preparation, iii) analysis; iv) mitigation; v) restoration and recovery; vi) coordination and communication; and vii) improvement.


(14/10/2020) EBA – EBA consults on the revision of the Guidelines on major incident reporting under PSD2
The EBA has launched a public consultation to propose revising the Guidelines on major incident reporting under the Payment Service Directive (PSD2). The proposal aims at optimising and simplifying the reporting process, capturing additional relevant security incidents, reducing the number of operational incidents that will be reported, and improving the meaningfulness of the incident reports received. The revision of the Guidelines also intends to decrease the reporting burden on payment service providers (PSPs).


(13/10/2020) FSB – FSB publishes high-level recommendations for regulation, supervision and oversight of “global stablecoin” arrangements
The Financial Stability Board (FSB) has published the final version of its high-level recommendations for the regulation, supervision and oversight of global stablecoin (GSC) arrangements following an earlier public consultation. The so-called stablecoins are a specific category of crypto-assets which have the potential to enhance the efficiency of the provision of financial services, but may also generate risks to financial stability, particularly if they are adopted at a significant scale. The report states that GSC arrangements are expected to adhere to all applicable regulatory standards and to address risks to financial stability before commencing operation, and to adapt to new regulatory requirements as necessary. The FSB has agreed on 10 high-level recommendations that promote coordinated, effective and proportionate to risk regulation, supervision and oversight of GSC both at the domestic and international level.


(12/10/2020) IAIS – Public Consultation: Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector
The International Association of Insurance Supervisors (IAIS) has released a Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector to support supervisors in their efforts to integrate climate-related risks into supervisory frameworks. The draft Application Paper provides background and guidance on how the IAIS supervisory material can be used to manage the challenges and opportunities arising from climate-related risks. Application Papers do not establish standards or expectations, but instead provide additional guidance to assist implementation and provide examples of good practice.
(12/10/2020) PRA – Credit risk: The approach to overseas Internal Ratings Based (IRB) models
The Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) which sets out the proposals to approach in respect of firms’ use of overseas Internal Ratings Based (IRB) credit risk models built to non-UK regulatory requirements, in the calculation of UK group consolidated capital requirements. The proposals are relevant to UK banks, building societies and PRA-designated UK investment firms. For overseas IRB models built to non-UK requirements that are not currently used for UK consolidated capital requirements, the proposed implementation date for the changes resulting from this CP would be Thursday 1 July 2021.
 (06/10/2020) PRA – Market risk: Calculation of risks not in value at risk, and stressed value at risk
The Prudential Regulation Authority (PRA) has published a Consultation Paper (CP) which sets out the proposals to update its expectations regarding: i) the measurement of risks not in value at risk (RNIV); and (ii) the meaning of ‘period of significant financial stress relevant to the institution’s portfolio’ for sVaR calculation. The CP is relevant to all firms to which CRD IV applies. The PRA proposes that this changes would take effect from the publication of the final policy.
(05/10/2020) EBA – EBA saw that NPL ratios remained stable in Q2-2020 although early signals of asset quality deterioration in banks’ balance sheets start to appear
The European Banking Authority (EBA) has published its quarterly Risk Dashboard from Q2 2020 summarising the main risks and vulnerabilities in the EU banking sector. Whereas capital ratios held up well, there are indications that the crisis starts to have an impact on asset quality. The CET1 ratio increased on a fully loaded basis by 30bps to 14.7. The rise of the capital ratios was supported by a contraction in risk weighted assets (RWAs), which was due to regulatory measures like the amendments in the SME support factor. The leverage ratio slightly contracted, from 5.2% in Q1 to 5.1%, on a fully loaded basis, driven by an increase in total assets. Non-performing loans (NPLs) stopped have moved slightly up in the last quarter. However, due to the increase in total loans and advances, the NPL ratio remained roughly stable. Return on equity (RoE) declined further to 0.5% from 1.3% in Q1.
(02/10/2020) EBA – Final Guidelines on the appropriate subsets of sectoral exposures in the application of a systemic risk buffer
The European Banking Authority (EBA) has launched the Final Guidelines on the appropriate subsets of sectoral exposures in the application of a systemic risk buffer (SyRB) with the aim to set a common framework to harmonise the design of the appropriate subsets of sectoral exposures to the application of an SyRB, facilitating a common approach throughout the EU, but also supporting reciprocation of the SyRB measures between Member States. These guidelines are meant to support relevant authorities in defining the specific subsets of sectoral exposures to which the SyRB may be applied.

Good governance code

(12/10/2020) CNMV – Circular que modifica los modelos de informe anual de gobierno corporativo y de remuneraciones de consejeros de las cotizadas
The Comisión Nacional del Mercado de Valores (CNMV) has published the Circular 1/2020 amending Circulars which establish the models for the annual corporate governance report and the models for the annual report on the remuneration of directors of listed companies, among others. The changes introduced in the annual corporate governance report model mainly affect the part in which companies have to indicate the degree of compliance with the corporate governance recommendations, which have been adapted to the modifications introduced in the Code.


(12/10/2020) EBA – EBA supports harmonisation of creditworthiness assessment for consumer credit across the EU
The EBA has responded to the EC’s consultation on the proposed new consumer agenda where it called for harmonization of the creditworthiness assessment process for consumer lending across the EU. The EBA response focuses on the revision of the Consumer Credit Directive (CCD) and builds on the recent EBA Guidelines on loan origination and monitoring. In its response the EBA calls for: i) the introduction of binding principles on responsible lending such as an obligation to take into account target consumer interests, objectives and characteristics when designing credit products; and ii) the harmonisation of the creditworthiness assessment across the EU, including the introduction of standards for the data and creditworthiness assessment process.

Product oversight and governance

(08/10/2020) EIOPA – EIOPA’s approach to the supervision of product oversight and governance
The EIOPA has outlined its approach to the supervision of product oversight and governance (POG) requirements. This should support insurance manufacturers and distributors when implementing their own POG policies as well as to facilitate their engagement with national supervisors. The key objective of the supervision of POG is to ensure consumer-centric approaches are implemented in practice, as well as to provide clarity for insurance manufacturers and distributors on what to expect from the supervisory approach to POG requirements. This covers product approval, distribution, as well as monitoring and review processes.

Privileged Information

(08/10/2020) CNMV – La CNMV publica criterios relativos a la utilización de redes sociales para difundir información privilegiada
The Comisión Nacional del Mercado de Valores (CNMV) has published a statement of criteria for the case of listed companies and other issuers of securities or financial instruments traded using social networks to disseminate privileged information. The requirements set out by the CNMV are that: i) the disclosed information is complete, objective and clear, without it being necessary to resort to sources additional to the original message for its complete understanding, ii) the message clearly contains the indication "Privileged Information" and is separated from any promotional or marketing communication, iii) the issuer (full business name) on which the information is based and the communicator are clearly identified, iv) it is produced through a social network of very wide distribution and from accounts with very numerous follow ups, v) it is communicated in a formal and precise manner and that no information is added or qualified in responses or conversations that are essential for the understanding of the information.

Leverage Ratio

(02/10/2020) BdE – El Banco de España determina que se dan circunstancias excepcionales para la exclusión temporal de determinadas exposiciones en la ratio de apalancamiento
The Executive Board of the Banco de España (BdE) has determined the existence of exceptional macroeconomic circumstances, as referred to in Article 500b of Regulation 575/2013 (CRR), which justify the exclusion of certain exposures to the Eurosystem central banks by less significant Spanish credit institutions from the total exposure (denominator) of the leverage ratio. In particular, they may exclude: i) coins and banknotes which are legal tender in the jurisdiction of the central bank; and ii) assets representing claims on the central bank, including its reserves. In respect of the latter assets, the exclusion may only cover exposures which the European Central Bank has identified as being relevant for the purposes of monetary policy. Less significant Spanish credit institutions will be able to make use of this exclusion until 27 June 2021.

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