EBA has opened a formal investigation into possible breaches by the Estonian and Danish financial services regulators of EU law in connection with the links of Danske Bank and, in particular, its Estonian branch, with money laundering. The investigation follows a request from the European Commission, pointing out the duties of home and host state […]
EIOPA has published a framework that sets out what drives conduct risk and how to assess it throughout a product life cycle. It looks at: business model and management risks manufacturing risks delivery risks and product management risks EIOPA hopes the framework will support national supervisors in identifying conduct and consumer protection risks early and […]
The Commission has published a fact sheet on legislative changes that will give customers from non-Euro Member States access to cheaper intra-EU euro payments. The new Cross-Border Payments Regulation, that will take effect from 15 December 2019, will significantly reduce the price of these transactions and will also bring greater transparency on currency conversion charges […]
Insurance Europe and EFAMA are calling for an extension to the date on which PRIIPs KIDS must be produced for multi-option products. Currently, where a UCITS KIID has been produced for underlying funds, insurers and asset managers can produce a generic PRIIPs KID for the overall product, backed up with the specific KIIDs. But they are allowed […]
The European Parliament has approved new rules to prohibit high charges on cross-currency payments within the EU. The new rules will mean that charges for cross-border payments in the single euro payments area (SEPA) will be aligned with charges for corresponding national payments in the national currency of the Member State in which the payment […]
Treasury has made a statutory instrument making necessary changes to the MLRs consequent on a hard Brexit. The instrument took effect on 13 February and will take effect on exit day. Among other things, the changes: remove references to any EU authority; amend references to EU legislation to state either that the reference is to […]
On 13 February 2019, a new ‘pan-European pension product’ (PEPP) moved a step closer as EU ambassadors endorsed the agreement on a proposed PEPP reached between EU institutions late last year. As a new class of personal pension scheme, it is intended to provide greater choice for consumers saving for retirement and to boost the […]
The Commission has published a fact sheet on its new list of high-risk third countries for the purposes of MLD4. The new list contains 12 jurisdictions from the FATF list: the Bahamas, Botswana, North Korea, Ethiopia, Ghana, Iran, Pakistan, Sri Lanka, Syria, Trinidad and Tobago, Tunisia and the Yemen, and 11 additional jurisdictions: Afghanistan, American […]
ESMA has published a supervisory briefing aimed at helping supervisors dealing with non-EU branches of EU firms. It highlights how the supervisors should ensure that the non-EU branch can comply with the requirements of EU legislation, and understand how the EU firm can manage the branch. While not overtly aimed at UK firms, the briefing links […]
After nearly 2 years of negotiation, the European Parliament and Member States have agreed a targeted reform of EMIR. The Commission wanted to provide simpler and more proportionate rules, and the changes will exempt the smallest financial counterparties from the clearing obligation, and will create streamlined reporting requirements. It also maintains the current extension period […]
ESMA has created a new web-page on Brexit, setting out how it is preparing for it. Its latest agreement is a MoU with BoE for recognition of CCPs and the Central Securities Depository. It aims to recognise all UK CCPs as third-country CCPs in a timely manner now the Commission has made equivalence decisions on […]
As part of the preparation for a ‘no-deal’ Brexit, the FCA has agreed MoUs with ESMA and with EU and NCAs, covering supervision, enforcement and information exchange, including in relation to credit rating agencies and trade repositories.
ESMA has published its Regulatory Work Programme for 2019, setting out ESMA’s Single Rulebook work. The matters it is working on for the forthcoming year include: Post-trading RTS under EMIR; RTS relating to registration requirements under the European Social Entrepreneurship Funds Regulation and the European Venture Capital Funds Regulation; and A report to the Commission on […]
The European Commission has adopted delegated regulations under the EuSEF Regulation (346/2013) and the EuVECA Regulation (345/2013). These Regulations respectively introduced measures to allow venture capital funds to market their funds across the EU using a single set of rules. They also made provision for delegated regulations to be developed to specify requirements such as […]
The Commission has published the final form of RTS under MLD4 aimed at better and more consistent measures in approaching ML/TF risk where credit or financial institutions have a presence in a third country whose laws do not permit group-wide policies. The RTS set the ideal minimum standards groups should attain, and how they should […]
FCA has provided some further guidance to help firms filling in the NPPR forms.
At the World Economic Forum in Davos, the Swiss and UK governments signed a deal to allow both countries to trade freely within the insurance sector post-Brexit. The agreement will come into force when the current EU-Swiss insurance agreement ceases to apply to the UK. The agreement will replicate the effects of the existing EU-Swiss […]
On 25 January 2019 EIOPA published findings of its peer review, which examined how national competent authorities (NCAs) assess the propriety of administrative, management or supervisory body (AMSB) members and qualifying shareholders. The review was initiated following a number of cross-border cases indicating a lack of harmonisation with regards to the propriety assessment across the […]
Ireland and Luxembourg have both made announcements designed to give comfort to their funds that use UK based portfolio managers: The Deputy Governor of the Bank of Ireland said in a speech that it was making good progress in its preparations for a hard Brexit. These will include ensuring that consumers can continue to be […]
CMA has published its administrative timetable for implementation of the investment consultancy and fiduciary management market remedies. There will be: Consultation on the draft Order in February; Notification to the EU of any proposals that would be super-equivalent to MiFID 2 in April; and the statutory deadline for implementing the remedial action in June.
A set of oral evidence given to the Treasury Committee includes statements from FCA that: it is now content on how to interpret the mortgage affordability test compliantly with the MCD and now plans to consult on changing it from an absolute test to a relative test; it will be carrying out perimeter work on SME lending […]
We are delighted that Jonny Williams has joined the financial services regulatory team at Womble Bond Dickinson UK. More information on Jonny and his appointment can be found here.
The European Commission has published a report showing how the AIFMD has significantly contributed to creating an internal market for AIFs. It says most of its provisions have achieved their intended objectives, although there are some areas that require further analysis. The Commission is due to present a report on the functioning of the legislation […]
PRA is proposing changes to its Supervisory Statement on credit risk mitigation, to clarify how financial collateral is eligible as funded credit protection under the CRR. The CRR sets criteria for recognising collateral as eligible for CRM, which include that “the credit quality of the obligor and the value of the [financial] collateral shall not […]
ESMA and EBA have published papers on ICOs and crypto-assets. The ESMA paper clarifies which crypto-assets currently qualify as financial instruments and provides its views on gaps and risks. The paper identifies several of these: where assets do not fall within the scope of MiFID financial instruments, there are substantial investor risks. ESMA says that […]
The EU Council has confirmed its position on the compromise proposals on a package of changes to the CRR/CRD4 , comprising a Regulation and a Directive, to allow prudential and supervisory requirements to be proportionate to the risk and business profile of regulated firms while ensuring financial stability. The new measures would divide investment firms into: […]
At the end of last year, the the Treasury published draft regulations making provision for contractual certainty for firms currently passporting into the UK in the event of a ‘hard’ Brexit. Following this, the FCA has published CP19/02 on Brexit and contractual continuity. This consultation paper is aimed at such incoming firms. It consults on […]
The ESAs have published a joint report on regulatory sandboxes and innovation hubs. The report shows that 24 EEA Member States have developed hubs but only 5 have regulatory sandboxes. As a result of the study the ESAs have recommended some statements of best practice for national authorities to follow in designing and operating their […]
FCA has opened the notification window for passporting-in firms. Firms will need to have notified FCA of their intention to seek full UK authorisation to carry on services in the UK before exit day in the event of a hard Brexit. FCA has opened the window from 7 January to 28 March, Its website includes a guide […]
FCA’s latest Policy Development Update highlights a number of publications due before the end of Q1 2019: a policy statement on general standards and communication rules for payment services and emoney providers; consultation and discussion on the investment platforms market study remedies; policy statement on 2019/20 fees and levies; consultation on recovering the costs of […]
ESMA has updated its FAQs on MiFID 2 and MiFIR in respect of: transparency; and commodity derivatives. The updated questions cover, among other things, publication of request for market data transactions and the application of the “price multiplier” field in electricity contract reporting.
The Commission Implementing Regulation on the equivalence of the Swiss regulatory framework for stock exchanges for the purposes of MiFID 2 has been published in the OJEU and applies from 1 January 2019. The SIX Swiss Exchange AG and BX Swiss AG are considered equivalent to regulated markets.
The Extraterritorial US Legislation (Sanctions against Cuba, Iran and Libya) Protection of Trading Interests)(Amendment) Order 2018 will take effect on 1 February 2019. It updates a 1996 order to reflect updates to the EU Blocking Regulation – which makes it an offence for EU companies and individuals to comply with US sanctions imposed on Cuba, Iran […]
EIOPA has published an Opinion on the supervision of cross-border non-life insurance where the risk is of a long term nature. In the Opinion, EIOPA notes that this type of insurance is often more uncertain than the majority of non-life business, requiring both knowledge of the local market and actuarial skills for the calculation of […]
ESMA is to renew the current restrictions on the marketing, distribution or sale of CFDs to retail clients for a further three months from February 2019.
Following complaints by banks that AML rules are not effectively and consistently supervised, the Council has agreed to give EBA greater powers over supervision, including allowing it to perform risk assessments on competent authorities and addressing decisions directly to individual banks as a last resort. The proposals must now be agreed with the EP.
The EBA has issued a press release that urges firms with customers that may be affected by Brexit to be more proactive in communicating with their customers about how they may be affected. In particular customers should be told about any actions that firms have had to take as part of contingency planning that could […]
The latest edition of Market Watch outlines FCA’s views on industry implementation of MAR. FCA stresses the importance of industry participants properly calibrating their risk assessments to the markets and asset classes they operate in and showing it is responsive to changes. It notes the importance of strong judgment in market abuse compliance and emphasises […]
We have written an article for Financial Regulation International on financial crime prevention developments in 2018.
EIOPA has published its report on its evaluation of the structure of insurance intermediaries markets in Europe in accordance with IDD requirements. The report notes a very wide diversity of local distribution channels and differences between nationally adopted definitions. It also found divergence in registration and reporting requirements. Generally, the lack of homogeneity makes it […]
The EBA has published its Opinion on how eIDAS certificates and be used under the SCA and CSC RTS under PSD2. The Opinion: clarifies that it is the ASPSPs that should choose whether a Qualified certificate for electronic seals (QSealC) or a qualified certificate for web authentication (QWAC) should be used for identification purposes; suggests […]
FCA is consulting on permanent rules to restrict the marketing, distribution and sale of CFDs and CFD-like options to retail consumers. The proposals are similar to the ESMA temporary measures, but FCA wants also to cover closely substitutable products and are proposing some different leverage limits. FCA feels the action is necessary because of constant […]
The European Commission has launched a review of the Distance Marketing Directive (DMD) to assess whether it is relevant, effective, efficient, and in line with other EU legislation. The review follows an announcement by the Commission in its 2019 work programme, that it would carry out an evaluation of the DMD in line with the better regulation principles. […]
ESMA has published the advice it received from the Securities and Markets Stakeholder Group on amending the PRIIPs KID. The group fully supports the principle of the KID but is disappointed that there are proposals for change so soon after firms spend significant resource to implement the original requirements and also that the consultation period […]
The European Parliament and the Council of the European Union have reached a provisional political agreement on the banking package of reforms that will result in CRD V/ CRR II. Proposed measures include more risk-sensitive capital requirements, in particular in the areas of market risk, counterparty credit risk and for exposure to central counterparties, and […]
MEPs in ECON have voted through the proposals for changes to the rules on cross-border investment fund distribution. As part of the vote, they stipulated that marketing communications should be clearly identified as such and should include a detailed note of risks, investors’ rights and redress mechanisms. On pre-marketing, ECON defined the key point as […]
ECB has published its expectations on financial market infrastructures in terms of cyber resilience oversight. Its expectations are based on CPMI/IOSCO guidance and is aimed at providing the FMIs with clear steps on how to operationalise and enhance the guidance as well as providing supervisors with a clear remit for engaging with FMIs and assessing […]
As part of the preparation for a ‘hard’ Brexit, the Treasury has published a Policy Note that accompanies a draft Bill covering in-flight financial services legislation, currently progressing through Parliament. The Policy Note comments that in scope of the Bill are pieces of EU legislation agreed or in negotiation at the point of exit, with implementation […]
On 22 November 2018, DExEU published the Draft Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union (“Draft Declaration“). The Draft Declaration puts forward proposals for the future working relationship between the EU and the UK, including a new framework for the financial services market.
On 22 November 2018, Treasury announced it was developing a draft SI for MAR. It proposes that the SI will address: the scope of the regulation; transaction reporting; notification requirements; transfer of functions; and supervisory cooperation and information sharing Treasury also published the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019; a […]
FCA has published additional proposals on how it will deal with a hard Brexit. The consultation focuses on: more changes to the Temporary Permissions regime; reflecting the new Credit Rating Agency and Trade Repository Regime in the Handbook and FCA’s approach to guidance and forms Key elements of the consultation include: new “cross-cutting” issues that […]
In readiness for the UK’s departure from the European Union, Treasury has published further draft statutory instruments including: Financial Services (Distance Marketing) (Amendment) (EU Exit) Regulations 2019: amending the Financial Services (Distance Marketing) Regulations 2004 by removing references to EU/EEA bodies, territories and instruments and replacing the references to the European Consumer Credit Information Form […]
EIOPA Chairman, Gabriel Bernardino, opened their 8th Annual Conference today in Frankfurt with his speech on insurance and pensions: securing the future, which is also the theme of this year’s conference. His speech also looked back at EIOPA’s achievements in the last year and discussed their priorities for 2019. The one day conference will look at […]
FCA is consulting on policy proposals for its proposed regulatory fees and levies for 2019/2020. Among the proposed changes is a plan to streamline the process of setting consumer credit fees by exemption community finance organisations and credit unions. The other main element of the paper discusses how FCA will raise fees from credit rating agencies […]
The ECB has published non-binding guidance for banks on its expectations regarding internal capital liquidity adequacy assessment processes. The guides will be applied from 1 January 2019. These guides updated previous guidance from January 2016, and indicate an intensification of the ECB’s supervisory assessments and an increase in the role of ICAAP and ILAAP in […]
ESMA has updated its FAQs on the Market Abuse Regulation, adding new questions on trading restrictions for persons discharging managerial responsibilities.
ESMA has updated its supervisory briefing for regulators on the suitability requirements under MiFID 2. The briefing covers: when a suitability assessment is needed; information to clients on the assessment; getting information from clients; arrangements necessary to understand products; arrangements necessary to understand the suitability of an investment; suitability report; staff qualifications; and record keeping.
The ESAs are consulting on proposed amendments to the PRIIPs KID. The consultation follows the ESAs’ letter to the Commission on developing guidance on information on investment funds. It also noted the need to make targeted amendments to the PRIIPs delegated Regulation to apply the PRIIPs KID requirements appropriately to UCITS and relevant non-UCITS funds, […]
The PRA has issued a direction that confirms the process, including timings, for notifications by incoming EEA firms that wish to continue operating in the UK after Brexit (in the event of no applicable transitional agreement being in place).
EBA has published the results of its 2018 EU-wide stress tests. This year’s test involved 48 banks from 15 countries and generally shows increased resilience and capacity to withstand the shocks the exercise tested. The exercise did not have a defined pass/fail threshold but rather sought to give supervisors a tool to assess banks’ ability […]
The European Banking Authority (EBA) has published its work programme, setting out its main objectives, priorities and deliverables for 2019. The EBA’s 5 strategic areas for 2019 include to: lead the Basel III implementation in the EU; understand the risks and opportunities arising from financial innovation; collect, disseminate and analyse banking data; ensure a smooth relocation of the EBA […]
The FPC met on 3 October. At the meeting, it continued to assess the risks Brexit presents to the UK financial services sector, noting there had been considerable progress in the UK to address the risks, but not much in the rest of the EU, such that companies no longer have time to mitigate all […]
Treasury has enabled a regime to implement the EU Regulation on financial sanctions against persons, entities and bodies involved in proliferation and use of chemical weapons. There are not any designated persons on the list as yet.
The EU has adopted a Directive on criminal sanctions for money laundering. The Directive: sets minimum requirements for Member States’ laws on defining criminal offences and sanctions in relation to money laundering; imposes a maximum 4 years’ imprisonment with the possibility for additional civil and administrative sanctions; introduces the possibility of holding legal entities liable […]
Treasury has published some new draft statutory instruments to be made under the EU (Withdrawal) Act, or announced plans to make them, and also updated existing drafts. New or updated documents include Regulations on : plans for the Solvency II and Insurance measures Bank Recovery and Resolution Credit Rating Agencies (FCA has also published an […]
As heralded at the end of last year, the FCA has now published two consultation papers that make provision for operations in the event of a ‘hard’ Brexit next March. The first consultation sets out changes to the FCA’s Handbook and to those EU Binding Technical Standards, which, it is proposed, would be incorporated directly […]
AFME has published guidance on financial analysts’ interaction with representatives of private companies and their financial advisers under the revised rules in COBS 12.2.21 which took effect in July. The change stemmed from the MiFID Org Reg, which states that financial analysts should not engage in activities other than the preparation of investment research where […]
ESMA has updated its FAQs on MiFID 2 and MiFIR on market structures and transparency. New questions look at: how derivatives are classified for transparency purposes amending an existing question on the default liquidity status of bonds the scope of the MiFIR pre-trade transparency waiver market making activities and incentives in stressed trading consitions bulk […]
ESMA has updated its AIFMD FAQs to include questions on how notification requirements apply to AIFMs managing umbrella AIFs on a cross-border basis.
ESMA has published an update to its Q&As on MiFID II and MiFIR, answering questions relating to investor protection and intermediaries. The answers address: best execution: reporting for firms using a venue’s RFQ system to agree a trade; and investment advice on an independent basis: use of a ‘look-through’ approach. EMSA has also formally withdrawn […]
The LMA’s recent bulletin, which was published on 2 October 2018, provided the Lloyd’s community and its members with: (i) new model clauses for EEA and non-EEA risks placed with Lloyd’s Brussels; (ii) suggested wording for “Brexit affected policies”; and (iii) treaty exclusion wording for outwards reinsurance placed with Lloyd’s Brussels. New model clauses The […]
Steven Maijoor has spoken on the state of implementation of MiFID 2 and preparing for Brexit. He focussed on the impact of MiFID 2 on non-EU trading venues – in particular looking at the impact of the trading obligation and on secondary markets and transparency. He looked also at the role and increase in market […]
ESMA has updated its FAQs on: commodity derivatives. Changes address the ancillary activity test, and position limits and reporting; and MAR. Changes clarify delayed disclosure of inside information. It has also published a number of documents tracking compliance of Member States with MAR, including on the delay in disclosure of inside information and on […]
ESMA has published its 2019 work programme. As ever, its top priority is supervisory convergence. It will be working particularly on prospectuses, investment funds and MiFID 2 as well as cross-cutting supervisory themes. Of course, all activities will consider Brexit. It also plans to work on improvement of data quality and risk monitoring and further […]
ESMA has written to the European Commission on various issues which are relevant in the context of Brexit but also to third-countries generally. There has already been discussion on the MiFID 2/MiFIR requirements on trading venues, and this letter now addresses: how MiFIR treats third country firms providing services and activities to ECPs and per […]
ESMA has confirmed the further extension of the restriction on marketing, distributing and selling CFDs to retail clients, for another three months. Alongside the extension it has updated its FAQs, particularly to clarify how the measures apply to rolling spot forex.
MEPs from ECON have backed the Commission’s proposal for a proportionate regime for smaller, non-systemic investment firms. The proposals suggest that firms’ whose total average monthly assets over a 12 month period exceed €30 bn should be subject to the current capital requirements for banks, but that smaller firms can either be regulated at that […]
The EP has published draft reports on the Commission’s proposals relating to fund marketing. The key concern of the rapporteur, Wolf Klinz, is that while it is a good idea to make pre-marketing to professional investors easier, reverse solicitation should be prevented. As a result, he says that, within 18 months of a pre-marketing, investors […]
The Treasury is not planning to include EEA market operators in the proposed arrangements enabling incoming firms and businesses to continue to operate immediately after Brexit. Accordingly if EEA market operators are no longer able to rely on MiFID II passporting rights (eg because a transitional deal is not agreed), they may need to have […]
European Parliament resolution on the relationships between the EU and third countries concerning financial services regulation and supervision
The European Parliament has voted in plenary to adopt a resolution on regulatory and supervisory relationships between EU and third countries. In addition, it published a provisional edition of the resolution. In summary, the resolution contains recommendations relating to the equivalence framework in financial services legislation, including that: equivalence decisions should be objective, proportionate, and risk-sensitive, while […]
The FCA has held its annual public meeting, at which it reviews the year past, talks about key priorities for the year ahead and takes questions from the public. Charles Randell, who was chairing his first Annual Public Meeting, opened the meeting by: noting that the demands of Brexit preparation meant that they were forced […]
The Joint Committee of the European Supervisory Authorities (ESAs) published its latest report on the risks and vulnerabilities in the EU financial system (JC 2018 34). The autumn report highlights the following risks as potential sources of instability: abrupt yield increases could generate substantive asset price volatility and lead to losses across asset classes; repricing of risk […]
Treasury has published further drafts of Brexit-related statutory instruments: the EEA Passport Rights (Amendment, etc, and Transitional Provisions)(EU Exit) Regulations 2018 address the necessary amendments to legislation to repeal passport rights under single market directives consequent on Brexit and legislates for the temporary permissions regime for those who will lose any passports; the draft Payments […]
The joint committee of ESAs has published the results of its monitoring exercise on automation in financial advice. The ESAs found that automation is growing but that there are still only a limited number of firms and customers involved. Moreover, the risks many had identified with the practice have not materialised, not least because most […]
The Committee on Economic and Monetary Affairs has published a report on relationships between the EU and third countries on financial services regulation and supervision. The report calls for a Resolution requiring the Commission to review how current equivalence decision procedures work, to provide greater and clearer transparency, and says there is a clear move […]
ESMA has confirmed the ban on binary options will remain in place for a further three months. The current ban, which prohibits marketing, distribution or sale of binary options to retail clients, expires on 2 October. ESMA has reviewed the specific features of certain binary options which make them less risky and as a result […]
Treasury has published guidance for the banking, insurance and other financial services sectors on the impact of what it still describes as an “unlikely” no-deal Brexit scenario. It stresses that increased preparations towards a no-deal were always likely to be necessary the closer Brexit becomes and that accelerating the plans does not mean the Government […]
The European Commission has adopted a Delegated Regulation adding Pakistan to the list of high-risk third countries under MLD4. Member States will be bound to require application of EDD when dealing with any persons from Pakistan. The requirement will take effect 20 days after it is published in the Official Journal.
The European Central Bank (ECB) has published the latest edition of its Supervision Letter. The August edition includes a recording of an interview with Ed Sibley, Deputy Governor of the Central Bank of Ireland and ECB Supervisory Board member, discussing the importance of all forms of diversity to the governance, culture and risk profile of banks. In […]
The FCA has published a Dear CEO letter on cross border booking arrangements. In its letter, the FCA acknowledges that, in order to deal with the UK’s withdrawal from the EU, firms have put in place contingency plans which when executed will impact current business models, legal entity strategies and booking arrangements. The FCA appreciates the […]
The European Insurance and Occupational Pensions Authority (EIOPA) has announced that it has become a member of the Sustainable Insurance Forum (SIF). The SIF is a network of insurance supervisors and regulators from around the world working together on sustainability challenges facing the insurance sector. In July 2018, the SIF, together with the International Association […]
ESMA has responded to some queries EIOPA raised with it on the definition of AIF and leverage in the AIFMD. EIOPA had asked: whether AIFs that use certain borrowing arrangements and derivative instruments under the Solvency II Delegated Regulation considered leveraged for AIFMD purposes. ESMA points out that the AIFMD has no formal definition of […]
The ECB has published a draft Regulation amending the Money Market Statistical Reporting (MMSR) Regulation. Since July 2016, the ECB has used the MMSR Regulation to collect data on the euro money market. In addition, detailed data has been reported by large euro area banks on transactions denominated in euro in the unsecured, secured, foreign exchange […]
FCA has added its own views on selling high-risk speculative investments to retail clients. It fully supports ESMA’s measures and notes that ESMA has also recognised the risks of products similar to CFDs. However, it is concerned firms will try to get around the ESMA product intervention restrictions by selling to retail investors products that […]
ESMA has updated its FAQs on the use of its temporary product intervention measures in respect of CFDs and binary options. New questions: state that turbo certificates are not within the scope of the CFD decision as they have different product features to CFDs, including that they are transferable securities for MiFID purposes and are […]
The PRA has today published its consultation paper (CP) 17/18 on the definition of default. The CP follows the European Banking Authority’s (EBA) Opinion on the implementation of the regulatory review of internal rating based (IRB) models. Background The EBA put together a list of regulatory products for the IRB framework review, with the “aim […]