Skip to main content

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


Misconduct risk

(24/04/2018) FSB – Report on Strengthening Governance Frameworks to Mitigate Misconduct Risk: A Toolkit for Firms and Supervisors
The FSB has published a Report on strengthening governance frameworks to mitigate misconduct risk, developing a list of 19 tools, addressed to firms and supervisors, that can be used to tackle the causes and consequences of misconduct and to address three overarching issues identified, namely: i) mitigating cultural drivers of misconduct, ii) strengthening individual responsibility and accountability, and iii) addressing the ‘rolling bad apples’ phenomenon.


(23/04/2018) EBA – Consultation Paper on Draft Guidelines on the STS criteria for non-ABCP securitisation / Consultation Paper on Draft Guidelines on the STS criteria for ABCP securitisation
The EBA has published a Consultation Paper (CP) on Draft Guidelines (GL) on simple, transparent and standardised (STS) criteria for non asset-backed commercial paper (ABCP) securitisation; and a CP GL on STS criteria for ABCP securitisation, which will provide a harmonised interpretation of the criteria for the securitisation to be eligible as STS. In particular, these documents clarify and ensure common understanding of all the STS criteria, including those related to the expertise of the originator and servicer, the underwriting of standards, exposures in default and credit impaired debtors, and predominant reliance on the sale of assets.

Exposures to be associated with high risk

(18/04/2018) EBA – Consultation Paper on Draft Guidelines on specification of types of exposures to be associated with high risk under Article 128 of the CRR
The EBA has published a Consultation Paper (CP) on Guidelines (GL) on specification of types of exposures to be associated with high risk under Article 128 of the CRR aiming to clarify the criteria for identifying investments in venture capital firms and private equity as particularly high risk exposures, and to specify which other types of exposures should be considered as high risk and under which circumstances.

Resolution plans

(17/04/2018) EBA – Final ITS on the provision of information for the purpose of resolution plans / Annex I – Templates / Annex II – Instructions
The EBA has published, following the consultation launched in October 2017, the Final ITS on the information which institutions must provide to resolution authorities (RAs) for the purpose of drawing up and implementing resolution plans, which aims at achieving three objectives: i) clarifying the scope of the reporting framework; ii) specifying the minimum procedural and technical reporting requirements; and iii) updating the templates.

Expected credit losses

(17/04/2018) Fed/OCC/FDIC – Proposed Rulemaking on Regulatory Capital Rules: implementation and transition of the CECL methodology
The Fed, the OCC and the FDIC have published a Proposed Rulemaking on Regulatory Capital Rules: implementation and transition of the current expected credit losses (CECL) methodology for allowances and related adjustments to the regulatory capital rules, in order to improve consistency between the capital rules and U.S. Generally Accepted Accounting Principles (U.S. GAAP). In particular, the proposed rule includes revisions to the capital rules to reflect the change in U.S. GAAP; the CECL transition provision; additional requirements for advanced approaches banking organizations; and disclosure and regulatory reporting.


(16/04/2018) BdE – Consulta Pública previa a la elaboración del Proyecto de Circular por la que se modifica la Circular 4/2017 a entidades de crédito, sobre normas de información financiera pública y reservada, y modelos de estados financieros
The BdE has launched a Public consultation prior to the preparation of the Draft Circular amending Circular 4/2017, aiming at establishing certain amendments on provisions set out regarding IFRS 16. Furthermore, the Draft Circular will enable the introduction of enhancements that will facilitate the reporting of financial statements.

Leverage ratio y TLAC

(13/04/2018) Fed/OCC – Proposed Rulemaking on amendments to the regulatory capital, enhanced Supplementary Leverage Ratio Standards for US G-SIBs and certain of their subsidiary IDIs, and to the TLAC requirements for US G-SIBs
The Fed and the OCC have published a Proposed Rulemaking on amendments to the Regulatory Capital, the eSLR standards for US G-SIBs and certain of their subsidiary IDIs, and TLAC requirements for US G-SIBs, that would further tailor LR requirements to the business activities and risk profiles of the largest domestic firms. In particular, this Proposal would tailor the current calibration of the eSLR standards applicable to G-SIBs and their Fed or OCC regulated IDI subsidiaries, and introduce relevant changes to the TLAC rule.

Capital and stress test

(12/04/2018) Fed – Proposal for a Rulemaking on amendments to the Regulatory Capital, Capital Plan and Stress Test Rules
The Fed has published a Proposal for a Rulemaking on amendments to the Regulatory Capital, Capital Plan and Stress Test Rules, that covers the integration of certain elements of the Fed’s capital regime (e.g. new stress buffer requirements), changes to CCAR, and changes to capital plan rule procedures.


(03/04/2018) ECB – Draft Guide to internal models – General topics chapter
The ECB has now published a Draft Guide to internal models, which covers the update of the first chapter of the Guide to the TRIM, for consultation. In particular, this first chapter is devoted to general topics and contains principles for the following non-model-specific topics: i) overarching principles for internal models, ii) roll-out and permanent partial use, iii) internal governance, iv) internal validation, v) internal audit, vi) model use, vii) management of changes to the IRB approach, and viii) third-party involvement.



Outras publicaçoes

Unique Product Identifier (UPI)

(26/04/2018) FSB – Second consultation document on governance arrangements for the unique product identifier (UPI)
The FSB has published a second consultation document on governance arrangements for a global Unique Product Identifier (UPI), which is a key harmonised identifier designed to facilitate effective aggregation of transaction reports about OTC derivatives markets. In particular, this document covers aspects on fees models and cost recovery, intellectual property, standardisation, competition among UPI Service Providers and arrangements for a UPI Reference Data Library.

Good practices for audit

(24/04/2018) IOSCO – Consultation Report on Good Practices for Audit Committees in Supporting Audit Quality
The International Organization of Securities Commissions (IOSCO) has published a consultation report on good practices for audit committees in supporting audit quality, which is intended to assist audit committees of issuers of listed securities in promoting and supporting audit quality. In particular, this consultation report proposes good practices regarding the features that an audit committee should have to be more effective in its role, including delineating the qualifications and experience that audit committee members should possess; as well as those that the audit committees may consider when, among others, recommending the appointment of an auditor, assessing potential and continuing auditors, assessing the audit fees or auditor independence.


(23/04/2018) BCBS – Fourteenth progress report on adoption of the Basel regulatory framework
The BCBS has published a new progress report on the adoption of the Basel regulatory framework as part of the Committee's Regulatory Consistency Assessment Programme (RCAP), focusing on the status of adoption of Basel III standards, to ensure they are transformed into national law or regulation according to the internationally agreed timeframes.

EIOPA supervisory convergence plan 2018-2019

(23/04/2018) EIOPA – Supervisory convergence plan for 2018-2019
The EIOPA has published its Supervisory Convergence Plan for 2018-2019 for the insurance sector, focusing on the implementation of Solvency II and conduct of business supervision, with the objective of protecting policyholders and beneficiaries. In this regard, the EIOPA has defined three priority areas: i) the implementation of the common supervisory culture; ii) addressing the risks to the internal market and to the level playing field which may lead to supervisory arbitrage; and iii) the supervision of emerging risks.

Solvency II in UK

(20/04/2018) PRA – Consultation Paper 10/18 on Solvency II: Updates to internal model output reporting
The Prudential Regulation Authority (PRA) has published the consultation paper (CP) 10/18 in which it proposes to amend life, counterparty and non-life templates and the associated instructions in the Supervisory Statements (SS) on regulatory reporting and internal model outputs, and on own risk and solvency assessment (ORSA) and the ultimate time horizon for non-life firms.
(20/04/2018) PRA – Consultation Paper 11/18 on Solvency II: Changes to reporting format
The PRA has published the CP 11/18 in which it proposes changes to the file type and reporting format for a number of regular insurance reporting submissions in order to align with Solvency II Quantitative Reporting Templates and international data standards. In particular, this CP amends the reporting format for National Specific Templates (NSTs); internal models outputs (IMO); market risk sensitivities (MRS); and standard formula reporting for firms with an approved internal model (model drift).

Standards of conduct in USA

(18/04/2018) SEC – Proposed Rule S7-07-18 on Regulation Best Interest
The Securities and Exchange Commission (SEC) has published a Proposed Rule on ‘Regulation Best Interest’ with the aim of establishing a standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. In particular, the proposed standard of conduct is to act in the best interest of the retail customer at the time a recommendation is made without placing the financial or other interest of the broker-dealer or natural person who is an associated person making the recommendation ahead of the interest of the retail customer.
(18/04/2018) SEC – Proposed Rule S7-09-18 on Proposed Commission Interpretation Regarding Standard of Conduct for Investment Advisers; Request for Comment on Enhancing Investment Adviser Regulation
The SEC has published a Proposed Rule on the Commission’s interpretation regarding the standard of conduct for investment advisers under the Investment Advisers Act. Additionally, the SEC has also launched a public consultation on licensing and continuing education requirements for personnel of SEC-registered investment advisers; delivery of account statements to clients with investment advisory accounts; and financial responsibility requirements for SEC-registered investment advisers.

Consumer protection in USA

(18/04/2018) SEC – Proposed Rule S7-08-18 on Form CRS Relationship Summary; Amendments to Form ADV; Required Disclosures in Retail Communications and Restrictions on the use of Certain Names or Titles
The SEC has published a Proposed Rule with amendments on the acts related to the investment advisers and securities exchanges acts, to require registered investment advisers and registered broker-dealers to provide a brief relationship summary to retail investors to inform them about the relationships and services the firm offers, the standard of conduct and the fees and costs associated with those services, specified conflicts of interest, and whether the firm and its financial professionals currently have reportable legal or disciplinary events.

Financial sector risks

(12/04/2018) ESAs – Report on Risks and Vulnerabilities in the EU Financial Sector
The European Supervisory Authorities (ESAs) have published a report for the second half of 2017 on the risks that could be potential sources of instability. In particular, the report identifies risks related to: i) valuations and repricing of risk premia, ii) UK’s decision to withdraw from the EU, iii) cyber security, and iv) climate change. Further, in light of the addressed risks, the ESAs advise some policy actions by European and national competent authorities as well as financial institutions.

Solvency II in UK

(11/04/2018) PRA – Consultation Paper (CP) 9/18 on Solvency II: Internal models – modelling of the volatility adjustment
The Prudential Regulation Authority (PRA) has published the Consultation Paper (CP) 9/18 on Solvency II, which sets out its proposal to consider applications from internal model firms that include a dynamic volatility adjustment (DVA). In particular, this CP covers the PRA’s expectations of what firms should consider in their internal model and model change applications regarding, among other aspects, the approval to apply the DVA, the EIOPA’s methodology to the calculation of technical provisions (TPs) or the Own Risk and Solvency Assessment (ORSA).

Stress test

(10/04/2018) IOSCO/CPMI – Framework for supervisory stress testing of central counterparties (CCPs)
The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) have published the framework for supervisory stress testing of central counterparties (CCPs). In particular, the supervisory stress testing framework is designed to support tests conducted by one or more authorities that examine the potential macro-level impact of a common stress event affecting multiple CCPs.

List of correlated currencies

(10/04/2018) EBA – Updated ITS on Closely Correlated Currencies / Annex - List of Closely Correlated Currencies 2017
The EBA has published the updated the list of closely correlated currencies that was originally published in December 2013 and updated in October 2016. The list is part of the ITS that were drafted for the purposes of calculating the capital requirements for foreign-exchange risk according to the standardised rules.


(10/04/2018) EBA – Report on Benchmarking of Remuneration Practices at the European Union Level and Data on High Earners
The EBA has published its Report on benchmarking of remuneration practices in EU banks for the financial years 2015 and 2016 and high earners data for 2016. In particular, this Report shows that in 2016, the number of high earners in EU banks receiving a remuneration of more than 1M € decreased by 10.6%. In addition, for high earners, the average ratio between the variable and fixed remuneration continued to decrease in the last two years.

Risk dashboard 4Q17

(05/04/2018) EBA – Risk Dashboard Q4 2017
The EBA has published a periodical update of its Risk Dashboard and parameters summarising the main risks and vulnerabilities in the EU banking sector by a set of Risk Indicators in 4Q17. The main findings identified are, among others aspects, a positive progress for European banks, that have strengthened their capital ratios; however, risks remain heightened on sustainable profitability. Further, following the ESRB recommendation on commercial real estate markets, the EBA’s Risk Dashboard has provided additional data on the aggregated real estate exposures referred to real estate activities and the construction sector.

Commercial real estate in USA

(02/04/2018) Fed – Final Rule to exempt commercial real estate transactions of $500,000 or less from appraisal requirements
The Fed has published a Final Rule to amend agencies’ regulations requiring appraisals of real estate for certain transactions. This Final Rule increases the threshold level at or below which appraisals are no required for commercial real estate transactions from $250,000 to $500,000. For commercial real estate transactions exempted from the appraisal requirement as a result of the revised threshold, regulated institutions must obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices.


(29/03/2018) BCBS – Report on frameworks for early supervisory intervention
The BCBS has published a Report on frameworks for early supervisory intervention, which presents a range-of-practice study on how supervisors around the world have adopted frameworks, processes, and tools to support early supervisory intervention. In particular, this Report finds that early supervisory actions taken by supervisors depend not only on the expert judgment of supervisors but also to a large extent on an organisational infrastructure that sets in place, among other aspects, the reinforcement through both vertical and horizontal risk assessments.

Branch authorisation and supervision in UK

(28/03/2018) PRA – Policy Statement 3/18. International banks: the PRA’s approach to branch authorisation and supervision / Policy Statement 4/18. International insurers: the PRA’s approach to branch authorisation and supervision
The Prudential Regulation Authority (PRA) has published the Policy Statements (PS) 3/18 and 4/18 that provide feedback on responses to Consultation Papers (CP) 29/17 and 30/17 on the PRA’s general approach to branch authorization and supervision for international banks and international insurers, respectively. In particular, these PSs are relevant to all PRA-authorised banks and international investment firms which are operating in UK and through a branch or are looking to apply for PRA authorisation in the future; as well as all existing and prospective insurance firms carrying out regulated activities, in the UK that are not able to benefit from passporting rights.

Credit institutions and FinTech licensing

(23/03/2018) ECB – Guide to assessments of licence applications / Guide to assessments of FinTech credit institution licence applications
The ECB has published two Guides on the application process and licensing requirements for banks in general and for FinTech credit institutions, intended to support common supervisory practices and to increase transparency. In particular the Guide to assessments of licence applications, explains the general application process and the assessment requirements regarding governance, risk management, capital etc.; whereas the Guide to assessments of FinTech credit institution licence applications explains aspects of the supervisory assessment of licence applications that are particularly relevant to the specific nature of banks with FinTech business models.

© GMS Management Solutions, S.L., 2018. Todos os direitos reservados. A informação contida nesta publicação tem caráter geral e não constitui opinião profissional e nem serviço de assessoramento de nenhuma espécie. Os dados utilizados nesta publicação proveem de fontes de informação públicas. A GMS Management Solutions, S.L. não assume responsabilidade alguma sobre a veracidade ou correção de tais dados.