Grant Thornton’s "The Financial Services Insider" is a Quarterly Newsletter designed to help you navigate the constantly changing regulatory landscape within which your business operates.
"The Financial Services Insider" covers the main regulatory developments in the Financial Services sector, published by the EU and Greek competent authorities the previous quarter, in order to help you remain up-to-date with the most significant regulatory updates affecting your organization.
The most important highlights of the 4th quarter of 2022
The 4th quarter of 2022 was marked by several regulatory developments in various areas such as AML, ESG, Risk Management, Insurance and Capital Markets.
Anti-Money Laundering (AML)
EBA published guidelines on remote customer onboarding and consults on new guidelines to tackle de-risking.
Capital markets
EBA published an updated report on total loss-absorbing capacity and minimum requirement for own funds and eligible liabilities while FSB published a report on liquidity in core government bond markets. ESMA published a consultation on standards for benchmark administrator applications and updated guidelines on stress tests for MMF. Furthermore, ESAs published joint advice to the EC on the review of the securitisation prudential framework and ECB published the LSI supervision report 2022.
ESG
ECB set deadline for EU banks to deal with climate risks and published a report on good practices for climate stress testing. FSB published recommendations for supervisory and regulatory approaches to climate-related risks and calls for continued progress on disclosures, while EC and CEB signed agreement to mobilise €500 million in financing for social investments.
Fintech
FSB published a proposed framework for the international regulation of crypto-asset activities while CPMI and IOSCO published a report related to the monitoring of implementation of the PFMI. Furthermore, DSA, EU's landmark rules for online platforms, entered into force.
Insurance
ISSB made key announcements towards the implementation of climate-related disclosure standards in 2023, while FSB endorsed an improved framework for the assessment and mitigation of systemic risk in the insurance sector and discontinues annual identification of G-SIIs. Also, EIOPA’s first IORPs climate stress test shows material exposure to transition risks.
MIFID II
ACER and ESMA enhanced cooperation to strengthen oversight of energy and energy derivatives markets. Moreover, ESMA i) issued a consultation on rules for passporting for Investment Firms, ii) published Annual Report on Waivers and Deferrals, iii) provided guidance for supervision of cross-border activities of investment firms and iv) provides guidance to applicants under the DLT pilot regime.
Risk Management
ECB published i) its Financial Stability Review which shows risks increasing as economic and financial conditions worsen, ii) the update of the supervisory priorities for 2023–2025 and iii) an overview of the key observations from the annual horizontal analysis of IT and cyber risk.
Other
EC endorsed positive preliminary assessment of Greece's request for nearly €3.6 billion under the RRF and raised €7.05 billion for SURE and MFA programmes in its last syndicated transaction of 2022. Also, EU institutions agreed on joint priorities for 2023 and 2024.
