Financial Services Regulation and Compliance - Banking Aug 2021

DOMESTIC

Appointment of New Director of Consumer Protection

On 25 August 2021, the CBI announced the appointment of Colm Kincaid as the new Director of Consumer Protection. Colm Kincaid is currently the Director of Securities Markets Supervision and previously acted as Head of the Central Bank's Consumer Protection Division. This appointment will take effect from 1 October 2021.

EUROPEAN

2021 EU and ECB Stress Tests

The EBA published the outcome for banks that participated in the 2021 EBA EU-wide stress test. For the first time, the ECB has also published high-level information on the outcome of the parallel Single Supervisory Mechanism stress test of banks directly supervised by the ECB but which were not included in EBA EU wide stress test. The exercises were conducted in cooperation with competent authorities (including the Central Bank of Ireland), the European Commission (EC) and the European Systemic Risk Board (ESRB).

The findings of the stress test will inform the 2021 Supervisory Review and Evaluation Process for banks, which is conducted by Joint Supervisory Teams made up of staff at the European Central Bank and the Central Bank of Ireland.

EBA publishes amended technical standards on resolution planning reporting

On 3 August 2021, the EBA published draft implementing standards (ITS), which amend the ITS on the provision of information for the purpose of resolution plans. The amendments have the objective to re-align the standards with the provisions of the Bank Recovery and Resolution Directive. The amendments are set to apply from 31 December 2021.

ECB and US Securities and Exchange Commission sign a memorandum on security-based swap entities

On 16 August 2021 the ECB and the SEC signed a memorandum of understanding in order to prepare for the registration of ECB supervised entities as security based swap dealer or major security-based swap participants in the United States. This is the first MOU between the SEC and ECB. The agreement allows for an improvement in supervisory cooperation of cross-border over the counter derivative markets.

For more information on these topics please contact any member of A&L Goodbody's Financial Regulation team.

Date published: 7 September 2021