Which regulatory developments should financial service providers currently keep an eye on? And what do the regulatory changes mean for business practice? Our experts explain in the "Horizonte" magazine. In the November 2023 issue, we look at the consequences of serious distortions on the banking market, the strategic priorities of the EU financial supervisory authorities for 2024 and ESG reporting, among other things.
The topics in a compact overview:
- Impact of the banking turmoil in 2023
The Basel Committee on Banking Supervision has taken stock of the regulatory impact of the turmoil in the spring. The report contains an assessment of the causes, the supervisory responses and the initial lessons learnt. The committee also comments on follow-up work that is fully in line with the supervisor's ambition to fully and consistently implement the Basel III standards as soon as possible.
- Strategic priorities of the EU supervisory authorities 2024
The EU supervisory authorities for financial services have published their priorities and work programmes as well as further measures for 2024. These highlight common focus areas, including sustainable finance, digital operational resilience and digitalisation of the financial sector. The publications provide financial service providers with important information on their focus topics and priorities for standard-setting and supervision.
- Sustainable finances
The EU Commission has published a package of measures to build on and strengthen the existing EU framework for sustainable finance in order to promote the additional financial flows needed for sustainable investment. According to the EU, the package addresses issues such as misalignment, complexity and gaps in regulation as well as "reducing the administrative burden" for companies.
- ESG reporting for insurers
What does the EU's Corporate Sustainability Reporting Directive (CSRD) mean for the insurance sector? This article deals with this question, as the CSRD poses major challenges not only for European insurance companies, but potentially also for their subsidiaries based outside the EU. It may also have an impact on certain groups of companies headquartered outside the EU to which a European insurance company belongs. The result: new complexity in reporting.
- Regulatory reporting on interest rate risks in the banking book
The European Banking Authority has published a finalised package on the future regulatory reporting requirements for interest rate risk in the banking book (IRRBB). The standard comprises the Implementing Technical Standard (ITS), the proposed reporting forms and a description of the relevant data fields. Depending on the size of the institution and QIS participation, there are different requirements for the reporting obligations and initial reporting dates.
Download the entire issue here.
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Thilo Kasprowicz
Partner, Advisory
KPMG AG Wirtschaftsprüfungsgesellschaft
