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Pathfinder - Deloitte monthly regulatory update - March 2014


Anti-money laundering (AML)

Adoption by the European Parliament of:

  • The proposal for a Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing;
  • The proposal for a Regulation on information accompanying transfers of funds

European Parliament 11/03/2014

The main improvements to the existing regulatory framework are:

  • Broadening scope to cover the gambling sector;
  • Thresholds for traders in goods (reduced thresholds for traders in high value goods from EUR 15 000 to EUR 7 500 for cash transactions);
  • Introduction of a set of minimum principle-based rules to strengthen administrative sanctions;
  • Reinforcement of the requirement regarding the collecting and reporting of statistical data;
  • Introduction of provisions in the Directive to clarify the interaction between AML/CTF and data protection requirements;
  • Inclusion of tax crimes in the scope;
  • Availability of beneficial owner information;
  • Identification of Beneficial Owner (clarification of the 25% threshold);
  • Introduction of new rules clarifying home and host supervisory responsibilities for AML;
  • Introduction of new requirements for domestic PEPs/PEPs working in international organisations, with risk-sensitive measures to be applied.

No indicative implementation date is available at this stage.

Banks – Supervisory reporting

CSSF Circular 14/586: Amendment to CSSF Circular 13/570 concerning the supervisory reporting requirements applicable to credit institutions as from 2014 – Commission de Surveillance du Secteur Financier 13/03/2014 (French only at this stage)

This Circular announces the upcoming entry into force of the implementing technical standards on supervisory reporting from EBA which still have to be adopted by the European Commission as an European Regulation. For further background information, please refer to our Regulatory News Alert of 7 August 2013: CRD IV / CRR - ITS on supervisory reporting. The CSSF draft version of reporting requirements for credit institutions is already available on the CSSF website.

Banks – VISA procedure

Update of the document "Summary of the other documents to be submitted to the CSSF" – Commission de Surveillance du Secteur Financier 05/03/2014 (French only at this stage)

Summary of the other documents to be submitted to the CSSF (documents to be submitted to the CSSF in the context of the legal publication of accounts and ad hoc reports) and marked-up version – Commission de Surveillance du Secteur Financier 05/03/2014 (French only at this stage)

The CSSF has updated its guidelines regarding the applicable procedure in the context of the publication of annual accounts. Requirements introduced by the CSSF Circular 12/552 on central administration, internal governance and risk management have been added, banks shall address to the CSSF its annual declaration of compliance to CSSF Circular 12/552, with the summary reports of compliance, internal audit and risk management.

Deposit Guarantee Scheme (DGS)

Adoption by the European Council of the draft Directive on Deposit Guarantee Scheme – European Council 03/03/2014

On 3 March 2014, the European Council adopted the draft Directive aiming to harmonise and improve EU rules on DGS. Key improvements to Directive 94/19/EC are:

  • All banks are required to join a DGS so that all their covered deposits are protected (eligible deposits of up to €100 000);
  • DGSs are required to be supervised on an ongoing basis and to perform regular stress tests of their
  • Depositors will no longer have to submit an application for repayment if their deposits become unavailable, the determination of their eligibility for repayment is further simplified and harmonised;
  • The time limit for paying out depositors in the event of bank deposits becoming unavailable will be reduced from the current 20 working days to seven working days by 2024.

The Member States will have one year after entry into force to implement within national law.

European Market and Infrastructure Regulation (EMIR)

Update of ESMA questions and answers 2014/297: Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) – European Securities and Markets Authority 20/03/2014

This update concerns the following areas:

  • Intragroup transactions;
  • Notional amounts;
  • Risk Mitigation techniques for OTC derivative contracts not cleared by a central counterparty (CCP);
  • Segregation and portability (CCP questions);
  • Reporting of outstanding positions following the entry into force of EMIR (Backloading);
  • Reporting to trade repositories (TRs): Buy/Sell indicator for swaps;
  • Reporting to TRs: Underlying field;
  • Reporting to TRs: Field 15 for NFC;
  • Reporting to TRs: MIC codes;
  • Reporting to TRs: Exchange rate.

Discover the other topics of this newsletter in the attached PDF.

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