Listed issuers must focus on new IFRS standards in 2017 annual financial reports

07 November 2017
Knowledge Base

The European Securities and Markets Authority (ESMA) published the priorities to be considered by listed companies, and their auditors, when preparing and auditing their 2017 financial statements. These priorities are set out in the annual Public Statement on European Common Enforcement Priorities (Statement), through which ESMA promotes the consistent application of the International Financial Reporting Standards (IFRS).
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Nomination Jay Powell as Chairman of the Federal Reserve Board

06 November 2017

Statement by Federal Reserve Board Chair Janet L. Yellen: I congratulate my colleague Jay Powell on his nomination to be Chairman of the Federal Reserve Board. Jay’s long and distinguished career has been marked by dedicated public service and seriousness of purpose. I am confident in his deep commitment to carrying out the vital public mission of the Federal Reserve. I am committed to working with him to ensure a smooth transition.

From 21 November Polish will be added as the sixt language!

03 November 2017

With effect from Tuesday 21 November Polish will be added to the Risk & Compliance Platform Europe as the sixth language. At the end of 2014 we started a platform with the languages Dutch, French and English. In the meantime, the German is added and since the beginning of February 2017 the Italian language went live. Important to know is that the sites are managed by different editors, so the articles are unique for each site. In Poland, we work together with Krzysztof Loga-Sowinski, a practicing lawyer. He will operate as a Content Director from Warsaw for our Risk & Compliance Platform Europe. Continue reading…

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Consultations launched by the EBA to strengthen the Pillar 2 framework

01 November 2017

The European Banking Authority (EBA) in accordance with its Pillar 2 Roadmap launched a public consultation to review three guidelines aimed at further enhancing institutions’ risk management and supervisory convergence in the supervisory review and examination process (SREP). The revisions focus on stress testing, particularly its use in setting Pillar 2 capital guidance (P2G), as well as interest rate risk in the banking book (IRRBB). The consultations on all three guidelines run until 31 January 2018.
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EBA announces final timeline for the 2018 EU-wide stress test

31 October 2017

The Board of Supervisors of the European Banking Authority (EBA) agreed in its meeting held on 24-25 October 2017 on the final timeline of the 2018 EU-wide stress test. The exercise is expected to be launched at the beginning of 2018 and the results to be published by 2 November 2018. The EBA, in co-operation with Competent Authorities, is now in the process of finalising the methodology and templates with the objective of sharing them with participating banks ahead of the launch.
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EBA consults on requirements for home-host cooperation under PSD2

30 October 2017

The European Banking Authority (EBA) launched a public consultation on draft regulatory technical standards (RTS) specifying the framework for cooperation and the exchange of information between competent authorities under the revised Payment Services Directive (PSD2). The RTS also clarify the type of information as well as the templates to be used by payment institutions when reporting to the competent authorities of the host Member States on the payment business activities carried out in their territories. The consultation runs until 5 January 2018.
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Data protection through regulation

28 October 2017
Knowledge Base

The aim of the  General Data Protection Regulation (GDPR) is to protect all EU citizens from privacy and data breaches in an increasingly data-driven world that is vastly different from the time in which the 1995 directive was established. Although the key principles of data privacy still hold true to the previous directive, many changes have been proposed to the regulatory policies. Thies changes are approved bij the European Parlement on 14 april 2016 and will be directly application in all members states enforced. The enforcement date is 25 May 2018 for all organization. Organizations who are in non-compliance on this date will face heavenly fines.
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