Joint Committee Public consultation
|
|
- Natalie Russell
- 5 years ago
- Views:
Transcription
1 Joint Committee Public consultation Session I: Risk and Reward section KID (art 5 &6 RTS) Public Hearing: KID for PRIIPs 09/12/2015 Hannie de Cloe-Vos, AFM Barbara Antonides, AFM 1
2 Outline 1. Presentation of the Risk and Reward Work Stream (RRWS) 2. Legislative framework: What are the risks and what could I get in Return? section 3. Market Risk Measure 4. Credit Risk Measure 5. Summary Risk indicator 6. Presentation of the SRI 7. Performance scenarios. 8. Presentation of the Performance scenarios 2
3 Presentation of the Risk and Reward work stream RRWS to feed into the PRIIPs Subgroup on the different risk and reward disclosure aspects of the PRIIPs Regulation Chair: AFM 9 members (ACPR, AMF, BaFIN, BdP, CNMV, CONSOB, FCA (UK), FSMA, MNB (central bank of Hungary) + EIOPA) Contact point: Hannie De Cloe-Vos Hannie.decloe-vos@afm.nl Barbara Antonides Barbara.Antonides@afm.nl 3
4 What are the risks and what could I get in return? Under Article 8.3 (d) of the PRIIPs Regulation, shall be disclosed: On Risk a brief description of the risk-reward profile comprising the following elements: (i) a summary risk indicator, supplemented by a narrative explanation of that indicator, its main limitations and a narrative explanation of the risks which are materially relevant to the PRIIP and which are not adequately captured by the summary risk indicator; (ii) the possible maximum loss of invested capital, including, information on: whether the retail investor can lose all invested capital, or whether the retail investor bears the risk of incurring additional financial commitments or obligations, including contingent liabilities in addition to the capital invested in the PRIIP, and where applicable, whether the PRIIP includes capital protection against market risk, and the details of its cover and limitations, in particular with respect to the timing of when it applies; On Performance (iii) appropriate performance scenarios, and the assumptions made to produce them; (iv) information on conditions for returns to retail investors or built-in performance caps; (v) a statement that the tax legislation of the retail investor's home Member State may have an impact on the actual payout; 4
5 Article 5 on the Summary Risk Indicator (SRI) - SRI based on assessment of market and credit risk Annex II - Review and revision Annex II Part 4 - Liquidity risk explained in a narrative Annex II Part 5 and Annex III - Presentation SRI on a numerical scale (1-7) and SRI related narratives Annex III - Warning with respect to SRI and the recommended holding period (RHP) Annex III - Exit penalties or long disinvestment notice periods Internal reference in KID 5
6 Market Risk Measure (MRM): Errata where N is equal to the number of days of the Recommended holding period. Further the 97,5% VaR is used, which is the 2,5% percentile of the return distribution and not the 2,5% VaR. 7 december 2015 Consultation Paper PRIIPs Pagi na 6
7 Market risk measure - Category I Capital guarantee (5 yr), contingent liabilities, derivatives - Category II Linear pay-off profile PRIIPs - Category III Non-linear pay-off profile PRIIPs - Category IV Factors non observable from market data (insurance) - Category V Insufficient market data available The MRM is dependent of the type of PRIIP and is determined because of that either qualitatively or quantitatively. 7
8 Market risk measure Quantitative criteria Products with linear pay-off structures (for example UCITS, AIFs); 97,5% VaR Cornish Fisher expansion 5 years of historical data Products with non-linear pay-off 97,5% VaR Bootstrapping 8
9 Credit Risk Measure (CRM) Credit risk is only determined when relevant. Where not relevant credit quality step 0. Credit Risk assessment is based on: External rating of the de PRIIP External rating of the relevant obligor(s) Default credit assessment: credit quality step Based on the external rating, default credit assessment and possible mitigating factor follows in the credit quality step. Translated into a credit risk class (1 tot 6) Treatment of liquidity risk - Criteria illiquidity in Part 5 (paragraph 76) - Additional warning within the SRI picture 7 december 2015 Consultation Paper PRIIPs Pagi na 9
10 Aggregation of market and credit risk in SRI 1 0
11 SRI Presentation Narratives to be included below Additional warning 1 1
12 Article 6 on the Performance Scenarios - Performance scenarios in the KID: unfavourable, moderate and favourable Annex IV and guidelines - At the recommended holding period and for certain holding periods in between, when appropriate Annex IV and V (illiquid PRIIPs) - Insurance related event Annex IV - Format of presentation Annex V 1 2
13 Performance Scenarios Presentation 1 3
14 Questions 1 4
Risk section KID (Annex II & III) COM Workshop: KID for PRIIPs 11/07/2016 Vanessa Casano, AMF Hannie de Cloe-Vos, AFM Barbara Antonides, AFM
Risk section KID (Annex II & III) COM Workshop: KID for PRIIPs 11/07/2016 Vanessa Casano, AMF Hannie de Cloe-Vos, AFM Barbara Antonides, AFM 2016 1 Outline 1. Categorisation 2. Market risk Measure i. MRM
More informationJoint Committee Public consultation on PRIIPs KID Section II: Cost section of the KID
Joint Committee Public consultation on PRIIPs KID Section II: Cost section of the KID Emmanuel Doumas ESMA / Chair of the Cost Work Stream 9 December 2015 1 Outline 1. Presentation of the Cost Work Stream
More informationPRIIPS Last Challenges. UNDERSTANDING THE IMPACTS OF THE PRIIPS RTS By Mario MANTRISI
PRIIPS Last Challenges UNDERSTANDING THE IMPACTS OF THE PRIIPS RTS By Mario MANTRISI 6 October, 2016 KNEIP 2016 All rights reserved 2016 KNEIP - All rights reserved 1 MULTI OPTION PRODUCTS (MOPs) DATA
More informationANNEXES. to the COMMISSION DELEGATED REGULATION (EU) /...
EUROPEAN COMMISSION Brussels, 8.3.2017 C(2017) 1473 final ANNEXES 1 to 7 ANNEXES to the COMMISSION DELEGATED REGULATION (EU) /... of XXX supplementing Regulation (EU) No 1286/2014 of the European Parliament
More informationPRIIPs Flow diagram for the risk and reward calculations in the PRIIPs KID 1. Introduction
JC-2017-49 16 August 2017 PRIIPs Flow diagram for the risk and reward calculations in the PRIIPs KID 1. Introduction The diagrams below set out the calculation steps for the Summary Risk Indicator (market
More informationWhat does PRIIPs mean? PRIIPs stands for packaged retail and insurance-based investment products. PRIIPs come in two forms:
Memorandum PRIIPs Regulation Frequently Asked Questions 2 October 2017 When does the PRIIPs Regulation take effect? The PRIIPs Regulation 1 will apply from 1 January 2018. What does PRIIPs mean? PRIIPs
More informationQuestion 1 Would you see merit in the ESAs clarifying further the criteria set out in Recital 18 mentioned above by way of guidelines?
Set up in 1990, the Czech Banking Association (CBA) is the voice of the Czech banking sector. The CBA represents the interests of 37 banks operating in the Czech Republic: large and small, wholesale and
More informationPRIIPs RTS: methodology for the presentation of risks and performance scenario LUCA GIORDANO CONSOB
PRIIPs RTS: methodology for the presentation of risks and performance scenario LUCA GIORDANO CONSOB ASSOCTU I Nuovi Regolamenti PRIIPs. Gli standard tecnici in vigore dal 1 Gennaio 2018 Roma, 24 novembre
More informationPRIIPs The way forward May KIDFactory
PRIIPs The way forward May 2017 KIDFactory Agenda Introduction: The PRIIPs framework PRIIPS: Impact PRIIPS New RTS: What has changed? PRIIPS Challenge: Deeper dive on the Risk, Performance and Cost section
More informationEFAMA s comments on the ESAs Joint Consultation Paper PRIIPs Key Information Document [JC ]
EFAMA s comments on the ESAs Joint Consultation Paper PRIIPs Key Information Document [JC 2015 073] Introductory comments After having looked extensively at the Level-2 work done by the ESAs, we come to
More informationQuestions and answers (Q&A) on the PRIIPs KID
JC 2017 49 20 November 2017 Questions and answers (Q&A) on the PRIIPs KID (Commission Delegated Regulation (EU) 2017/653) Table of Contents Acronyms and definitions used... 3 General topics [Last update
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 8.3.2017 C(2017) 1473 final COMMISSION DELEGATED REGULATION (EU) /... of 8.3.2017 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council
More informationCOMMISSION DELEGATED REGULATION (EU) /... of
EUROPEAN COMMISSION Brussels, 30.6.2016 C(2016) 3999 final COMMISSION DELEGATED REGULATION (EU) /... of 30.6.2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council
More informationCall for Input: PRIIPs Regulation initial experiences with the new requirements. July 2018
Call for Input: PRIIPs Regulation initial experiences with the new requirements July 2018 How to respond Contents We are asking for responses to this Call for Input by 28 September 2018. You can send them
More informationGeneral Comments and Replies to Questions
BANKING STAKEHOLDER GROUP CONSULTATION OF THE ESA S JOINT COMMITTEE JC/2015/073 ON PRIIPS KEY INFORMATION DOCUMENTS General Comments and Replies to Questions BY THE EBA BANKING STAKEHOLDER GROUP London,
More informationOpenfunds Fields (sorted by OF-ID)
Openfunds Fields (sorted by OF-ID) Status: Version: Version 1.23 (Including fields of this and all preceding versions.) Date: 2018-05-03 Notice: FINAL IMPORTANT NOTICE: ---------------------------------------------------
More informationEBF_018538H. EBF reply to the Consultation Paper on PRIIPs Key Information Documents
EBF reply to the Consultation Paper on PRIIPs Key Information Documents 10 November 2015 Date: 10 November 2015 Responding to this paper The European Securities and Markets Authority (ESMA) invites responses
More informationKID, an operational challenge 10 October 2016
KID, an operational challenge 10 October 2016 Agenda Coordination between Solvency II, MiFID and IDD How to deliver KID in time? Impacts for the Insurance industry How to adapt your process for PRIIPs
More informationRegulation of the Financial Market Authority (FMA) concerning the Key Investor Information Document (KID Regulation) Part 1 Scope.
Regulation of the Financial Market Authority (FMA) concerning the Key Investor Information Document (KID Regulation) On the basis of article 134 para 4 Investmentfondsgesetz 2011 (Investment Fund Act 2011),
More informationMiFID II Academy: Information and reporting to clients. Floortje Nagelkerke 21 November 2017
MiFID II Academy: Information and reporting to clients Floortje Nagelkerke 21 November 2017 The countdown to MiFID II / MiFIR implementation as of 8:30am this morning 42 DAYS 15 Hours 30 Minutes But if
More information[IStockphoto]/Thinkstock. AfiKID. Key Information Document (KID) Calculation and reporting system The PRIIPs Regulation
[IStockphoto]/Thinkstock AfiKID Key Information Document (KID) Calculation and reporting system Foreword The Regulation on key information documents for packaged retail and insurance-based investment products
More informationInsurance Europe concerns over the ESAs PRIIPs final draft RTS. COB-PRI Date: 18 May 2016
Technical Paper Insurance Europe concerns over the ESAs PRIIPs final draft RTS Our reference: Referring to: Related documents: Contact persons: COB-PRI-16-039 Date: 18 May 2016 Joint Committee Final Draft
More information13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice
@KLGates 13 December 2017 EU Global Distribution Update: Distribution and Registration Regulations, Exemptions and Market Practice Moderator: Andrew Massey, Partner, K&L Gates LLP London Dr. Christian
More informationArticle 6.3 of PRIIPs Regulation. 2. Articles 12 and 15 of draft RTS.
Joint Consultation Paper on the PRIIPs Key information document First elements of an impact study on the French insurance market and proposal for a modular approach The outcome of PRIIPs regulation 1286/2014
More informationProduct Ordinary shares of nominal value in Blue Star Capital PLC ( the Company )
Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the
More informationopenfunds MiFID II and PRIIPs adaption Version ;
openfunds MiFID II and PRIIPs adaption Version 2017-06-28; Three new deliveries by manufacturers: 1.PRIIPs KID / 2.(C)EPT* / 3. EMT** *(C) EPT = European PRIIPs template (C for optional comfort ) / **
More informationThe Investment Association PRIIPs Technical Discussion Paper 2015 draft response 17 August 2015
The Investment Association PRIIPs Technical Discussion Paper 2015 draft response 17 August 2015 General comments We recognise this TDP deals with specific technical issues and the first DP garnered views
More informationPRIIPs RTS provisions that require clarification at Level 3. COB-PRI Date: 6 April 2017
Position Paper PRIIPs provisions that require clarification at Level 3 Our reference: Referring to: COB-PRI-17-027 Date: 6 April 2017 Level 3 measures (Q&As by the European Supervisory Authorities (ESAs)
More informationKey Information Document
Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the
More informationInsurance Europe response to the ESA s joint consultation paper concerning amendments to the PRIIPs KID.
Position Paper Insurance Europe response to the ESA s joint consultation paper concerning amendments to the PRIIPs KID Our reference: Referring to: Contact person: Pages: 6 COB-PRI-18-075 European Supervisory
More informationTechnical Discussion Paper
23 June 2015 JC DP 2015 01 Technical Discussion Paper Risk, Performance Scenarios and Cost Disclosures In Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs)
More informationKey Information Document
Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the
More informationAIFMD - Risk Management and the related reporting challenges Where do we stand?
Business Unit AIFMD - Risk Management and the related reporting challenges Where do we stand? Strictly Private and Confidential 22 April 2015 Agenda Page 1 Risk Management under AIFMD Rules or principles?
More informationRegulatory Developments in Europe
Regulatory Developments in Europe International Actuarial Association Actuarial Association of Turkey Regional Conference 10 November 2017 İstanbul Vasilis Aggelou FHAS Presentation Topics Solvency II
More informationKey Information Document
Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the
More informationDirection. 5. In the table below, underlining indicates new text and striking through indicates deleted text.
Direction To: Host Capital Ltd (the firm ) Ref: 2778279 Of: 73 New Bond Street London W1S 1RS Date: 30 June 2016 Handbook Versions as in force at the date of this Direction Power 1. This Direction is given
More informationInvestor Protection. Working Group Meeting
Investor Protection Working Group Meeting 24.11.2016 Target Market Update Complex/Non-Complex Classification Product Intervention Leveraged Instrument Page 2 Target Market Assessment Update on the working
More informationCOMMITTEE OF EUROPEAN SECURITIES REGULATORS FEEDBACK STATEMENT. Date: 20 December 2010 Ref.: CESR/
COMMITTEE OF EUROPEAN SECURITIES REGULATORS Date: 20 December 2010 Ref.: CESR/10-1396 FEEDBACK STATEMENT CESR s level 3 guidelines on the selection and presentation of performance scenarios in the Key
More informationEFAMA S EVIDENCE ON THE PRIIP KID S SHORTCOMINGS
EFAMA S EVIDENCE ON THE PRIIP KID S SHORTCOMINGS Executive Summary The disclosures made in the PRIIP KIDs (Packaged Retail Investment and Insurance Products Key Information Document) are causing serious
More informationThe Markets in Financial Instruments Directive (MiFID II) and its impact on LGPS investments
The Markets in Financial Instruments Directive (MiFID II) and its impact on LGPS investments Why be concerned? 1. It is our understanding that under MiFID II local authorities will be defaulted to retail
More informationBETTER FINANCE RESPONSE
Date: 27 November 2018 Ref.: European Supervisory Authorities (ESAs) Joint Consultation Paper concerning amendments to the PRIIPs KID Draft Amendments to Commission Delegated Regulation (EU) 2017/653 of
More informationThe European Parliament and the Council will be informed about this mandate.
Ref. Ares(2017)5008790-13/10/2017 REQUEST TO THE EUROPEAN SUPERVISORY AUTHORITIES TO REPORT ON THE COST AND PAST PERFORMANCE OF THE MAIN CATEGORIES OF RETAIL INVESTMENT, INSURANCE AND PENSION PRODUCTS
More informationMeaningful Disclosure of Costs and Charges Summary Paper
February 2015 Meaningful Disclosure of Costs and Charges Summary Paper Page 0 of 13 OVERVIEW This technical position paper builds on The Investment Association s work over the past three years, which has
More informationProduct Governance Arrangements. Inez De Meuleneere & Hugo Verschaetse Compliance Day 7 June 2016
Product Governance Arrangements under MiFID II and IDD Inez De Meuleneere & Hugo Verschaetse Overview Aim of POG-Arrangements, their legal basis and scope of application Who are manufacturers and distributors
More informationApproach to Implementation for MiFID II Costs & Charges Disclosures
12 September 2017 1 Introduction... 4 2 Scope of Guide... 5 2.1 What this Guide covers:... 5 2.2 What this Guide does not cover:... 5 3 Scope of MiFID II and Costs & Charges... 6 3.1 Scope of MiFID II...
More informationOFI RISK ARB ABSOLU FULL PROSPECTUS (updated 22/03/2018)
FULL PROSPECTUS (updated 22/03/2018) Limited Liability Company with an Executive Board with capital of 42,000,000 euros Paris Trade & Companies Register B 384 940 342 - Principal Activity Code 6630 Z Intra-Community
More informationOFI RISK ARB ABSOLU FULL PROSPECTUS (updated 03/10/2017)
FULL PROSPECTUS (updated 03/10/2017) Limited Liability Company with an Executive Board with capital of EUR 42,000,000 Paris Trade & Companies Register B 384 940 342 - Principal Activity Code 6630 Z Intra-Community
More informationDraft. COMMISSION REGULATION (EU) No /..
EN EN EN EUROPEAN COMMISSION Brussels, xxx C(2010) XXX final D009283/02 Draft COMMISSION REGULATION (EU) No /.. of [ ] implementing Directive 2009/65/EC of the European Parliament and of the Council as
More informationPRA Solvency II update James Orr. 29 April 2015
PRA Solvency II update James Orr 29 April 2015 Agenda 1. 2015 Update 2. What is standard formula? 3. Internal models 4. Matching adjustment 5. ORSA 6. System of governance 7. Regulatory reporting 1. 2015
More information23% Fixed Return Bond
CAPITAL AT RISK 23% Fixed Return Bond Financial Broker Training Guide - Fixed Return of 23% (3.833% per annum) - Soft Capital Protection - Investment in International Equity Indices - Access to Capital
More informationESCB Sovereign Debt Sustainability Analysis: a methodological framework
ECB-UNRESTRICTED ESCB Sovereign Debt Sustainability Analysis: a methodological framework Cristina Checherita-Westphal ECB, Fiscal Policies Division ESM workshop on Debt sustainability: current practice
More informationEIOPABoS17/ October 2017
EIOPABoS17/204 11 October 2017 Final Report on Guidelines under the Insurance Distribution Directive on Insurancebased investment products that incorporate a structure which makes it difficult for the
More informationAppendix KII Regulation
Appendix 1EU EU COMMISSION REGULATION (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions
More informationHow do product disclosure and distribution rules differ across retail investments?
How do product disclosure and distribution rules differ across retail investments? January 2008 The European Commission recently questioned whether the fragmented regulatory landscape leads to high variations
More informationRegulatory Capital Disclosures Report. For the Quarterly Period Ended March 31, 2014
REGULATORY CAPITAL DISCLOSURES REPORT For the quarterly period ended March 31, 2014 Table of Contents Page Part I Overview 1 Morgan Stanley... 1 Part II Market Risk Capital Disclosures 1 Risk-based Capital
More informationING Client Classification Policy
ING Client Classification Policy 1 1. Introduction This Client Classification Policy (Policy) applies to all entities of ING Bank N.V. (ING Bank), (including ING Bank N.V. Hungary Branch based in the European
More informationMarket Risk Capital Disclosures Report. For the Quarterly Period Ended June 30, 2014
MARKET RISK CAPITAL DISCLOSURES REPORT For the quarterly period ended June 30, 2014 Table of Contents Page Part I Overview 1 Morgan Stanley... 1 Part II Market Risk Capital Disclosures 1 Risk-based Capital
More informationPosition AMF Recommendation Guide to the organisation of the risk management system within asset management companies DOC
Position AMF Recommendation Guide to the organisation of the management system within asset management companies DOC-2014-06 References: Articles 313-1 to 313-7, 313-53-2 to 313-58, 313-60, 313-62 to 313-71,
More informationBrexit and Financial Services: The Final Countdown
Brexit and Financial Services: The Final Countdown Grania Baird and Kya Fear 05 November 2018 With less than five months before the UK leaves the EU there is no final consensus on a withdrawal agreement,
More informationLink between Pillar 1 and Pillar 2
Link between Pillar 1 and Pillar 2 XXIV International Seminar on Insurance and Surety, November 2014, Mexico City Olaf Ermert, BaFin Link between Pillar 1 and Pillar 2 Content Introduction Own Risk and
More informationConsultation paper on technical issues relating to Key Information Document (KID) disclosures for UCITS
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref.: CESR/09-047 Consultation paper on technical issues relating to Key Information Document (KID) disclosures for UCITS March 2009 11-13 avenue de Friedland
More informationMiFID 2 COSTS AND CHARGES
MiFID 2 COSTS AND CHARGES Implementation Guide Information on costs and charges are a major aspect of MiFID 2, first because the provisions of MiFID 2, and the measures of Level 2 in particular, constitute
More informationClients Classification Policy
Clients Classification Policy Contents Introduction... 1 Section 1. Retail Clients... 1 Section 2. Professional Clients... 1 A. Per se professional clients:... 2 B. Elective professional clients... 4 B1.
More informationTarget Market Assessment
Target arket Assessment European ifid Template (ET) Completion Guidance Based n 2017 08 03 European Working Group IFID Template V 1.0 - ET V1.0 andatory/ptional/ AI Guidance To Completion Example SICAV
More informationRegulator Assessment: Qualifying Regulatory Provisions
Regulator Assessment: Qualifying Regulatory Provisions Title of proposal: Strengthening the alignment between risk and reward remuneration rules for banking sector (Policy statement in PS15/16; consultation
More informationDiscussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) [JC/DP/2014/02]
Discussion Paper on Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs) [JC/DP/2014/02] 1.7 Interaction with other EU legislation [p. 15] 1. Do you have any views
More information1. Legal instrument on EU level: Regulation as legal instrument (not a Directive): support for EP-ECON amendment 9 related to Recital 13.
PEPP Proposal by COM and amendments by Council and EP Committees (ECON, IMCO and EMPL): Support and criticism from consumer s perspective (by Christian Gülich, deadline: 24 April 2018) Main selected issues:
More informationBrussels, XXX [ ](2016) XXX draft. ANNEXES 1 to 4 ANNEXES
EUROPEAN COMMISSION Brussels, XXX (2016) XXX draft ANNEXES 1 to 4 ANNEXES to the supplementing Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories of the European
More informationANNEXES. to the. COMMISSION DELEGATED REGULATION (EU) No.../...
EUROPEAN COMMISSION Brussels, 4.10.2016 C(2016) 6329 final ANNEXES 1 to 4 ANNEXES to the COMMISSION DELEGATED REGULATION (EU) No.../... supplementing Regulation (EU) No 648/2012 on OTC derivatives, central
More informationAIFMD Implementation Fund Marketing
European Private Equity AND Venture Capital Association AIFMD Implementation Fund Marketing A closer look at marketing under national placement rules across Europe Edition December 0 EVCA Public Affairs
More informationAIFMD Investment Funds Briefing
Page 1 AIFMD Investment Funds Briefing 25 March 2013 Are you AIFMD ready? The Alternative Investment Fund Managers Directive (AIFMD) is due to be transposed into UK law on 22 July 2013. It heralds a period
More informationBasel Committee on Banking Supervision. Basel III counterparty credit risk - Frequently asked questions
Basel Committee on Banking Supervision Basel III counterparty credit risk - Frequently asked questions November 2011 Copies of publications are available from: Bank for International Settlements Communications
More information12 June Errata to the Technical Specifications for the Preparatory Phase
12 June 2014 Errata to the Technical Specifications for the Preparatory Phase Version of 30 April 2014 Reference Wording in Technical Specifications Corrected Wording 1 TS (II) - 1.2.2.1 The adjustment
More informationBenchmark. Base salary 2012 Base salary 2013 Base salary 2014
Remuneration Annual Report 2014 57 s remuneration policy is prepared in accordance with the Dutch Corporate Governance Code and was adopted at the General Meeting of Shareholders on April 17, 2013. Remuneration
More informationReport on the IOSCO Survey on Retail OTC Leveraged Products
Report on the IOSCO Survey on Retail OTC Leveraged Products Final Report The Board OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS FR14/2016 DECEMBER 2016 Copies of publications are available
More informationMarket Risk Disclosures For the Quarter Ended March 31, 2013
Market Risk Disclosures For the Quarter Ended March 31, 2013 Contents Overview... 3 Trading Risk Management... 4 VaR... 4 Backtesting... 6 Total Trading Revenue... 6 Stressed VaR... 7 Incremental Risk
More information(4) NCAs detected only limited examples of non-compliance with the ESMA product intervention measure, which mainly related to the risk warnings.
L 272/62 EUROPEAN SECURITIES AND MARKETS AUTHORITY DECISION (EU) 2018/1636 of 23 October 2018 renewing and amending the temporary restriction in Decision (EU) 2018/796 on the marketing, distribution or
More informationQuality of Execution 2017 Annual Report
Quality of Execution 2017 Annual Report Report Date 30 th April 2018 This report is provided in respect of Boussard & Gavaudan Investment Management LLP registered in England and Wales with registration
More informationFinancial planning handbook
Financial planning handbook This financial planning handbook sets out the framework for completing financial plans for sixth form colleges and other further education colleges for 2016 to 2018. April 2016
More information7th Annual Cross-Border Distribution Conference - European Convention Centre Luxembourg
12 February 2019 ESMA34-45-634 Keynote Address 7th Annual Cross-Border Distribution Conference - European Convention Centre Luxembourg Verena Ross Executive Director European Securities and Markets Authority
More informationJC September Joint Committee Report on the results of the monitoring exercise on automation in financial advice
JC 2018-29 5 September 2018 Joint Committee Report on the results of the monitoring exercise on automation in financial advice 1 CONTENTS List of acronyms 3 Management summary 4 Background 5 Section A
More informationUNESPA response to the EC consultation on PRIPs
UNESPA response to the EC consultation on PRIPs UNESPA (Association of Spanish Insurers and Reinsurers) appreciates the opportunity to analyze and comment on the EC consultation on legislative steps for
More informationReport Supervisory Measures and Penalties under Articles 4, 9, 10 and 11 of EMIR
Report Supervisory Measures and Penalties under Articles 4, 9, 10 and 11 of EMIR 13 June 2018 ESMA70-151-1400 Acronyms Countries: AT BE BU CY CZ DK DE EE EL ES FI FR HR HU IE IS IT LI LT LU LV MT Austria
More informationUK Action Plan to reduce reliance on CRA Ratings
13.01.14 UK Action Plan to reduce reliance on CRA Ratings The UK strongly supports the implementation of the Financial Stability Board s (FSB) Principles to Reduce Reliance on CRA Ratings, and the roadmap
More informationI N F O R M A T I O N. regarding the financial instruments subject to the investment services carried out by Deltastock and the risks involved
I N F O R M A T I O N regarding the financial instruments subject to the investment services carried out by Deltastock and the risks involved I. GENERAL PROVISIONS 1. This Information regarding the financial
More informationBasel Committee on Banking Supervision. Liquidity coverage ratio disclosure standards
Basel Committee on Banking Supervision Liquidity coverage ratio disclosure standards January 2014 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2014.
More informationAn introduction to EISs and SEISs - Part 2
An introduction to EISs and SEISs - Part 2 An introduction to EISs and SEISs - Part 2 Introduction Part I of our two-part series on the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment
More informationGuidelines compliance table
Guidelines compliance table ESMA/2016/675 4 October 2017 Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) The following competent authities* intend to with ESMA Guidelines on sound
More informationRegulatory Consultation Paper Round-up
Regulatory Consultation Paper Round-up Both the PRA and EIOPA have issued consultation papers in Q4 2017 - some of the changes may have a significant impact for firms if they are implemented as currently
More informationUBS Saudi Arabia (A SAUDI JOINT STOCK COMPANY) Pillar III Disclosure As of 31 December 2014
UBS Saudi Arabia King Fahad Road Tatweer Towers Tower 4, 9 th Floor PO Box 75724 Riyadh 11588 Kingdom of Saudi Arabia Tel. +966 (0) 11 203 8000 www.ubs.com UBS Saudi Arabia (A SAUDI JOINT STOCK COMPANY)
More information1. Introduction Process for determining the solvency need The basis for capital management Risk identification...
Contents Page 1. Introduction... 3 2. Process for determining the solvency need... 4 2.1 The basis for capital management... 4 2.2 Risk identification... 4 2.3 Danske Bank s internal assessment of its
More informationSTANDARD CHARTERED BANK - SRI LANKA BRANCH NOTES TO THE FINANCIAL STATEMENTS. 1. Risk Management. 1.1 Risk governance
1. Risk Management 1.1 Risk governance Overall accountability for risk management is held by the Court of Standard Chartered Bank (the Court) which comprises the group executive directors and other senior
More informationTechnical Annex I Information provided by the other supervisory authorities to the group supervisor
Technical Annexes Technical Annex I Information provided by the other supervisory authorities to the group supervisor 1. Material extracted from the solvency and financial condition report of the insurance
More informationGuidelines compliance table
Guidelines compliance table ESMA35-43-1076 7 August 2018 Guidelines on MiFID II product governance requirements (ESMA35-43-620) The following competent authities* intend to with ESMA Guidelines on product
More informationLiquidity Coverage Ratio Disclosure. Bank AlBilad Liquidity Coverage Ratio Disclosure Dec 31, 2015
Bank AlBilad Liquidity Coverage Ratio Disclosure Dec 31, 2015 1 I. LIQUIDITY COVERAGE RATIO (LCR): QUANTITATIVE DISCLOSURE Date: 31 Dec 2015 LCR Common Disclosure Template (In SR 000`s) Total UNWEIGHTED
More informationThe importance of Risk Management under AIFMD. Nordic Capital Markets Forum
The importance of Risk Management under AIFMD Nordic Capital Markets Forum Marc Van de Gucht 7 May 2015 Back to. Risk Management under AIFMD 2 Back to The past: Birth of Risk Management (50ies) Evolution:
More informationPreparing for PRIIPs. September 2016
Preparing for PRIIPs September 2016 Brussels / Du sseldorf / Hamburg / London / Manchester / Milan / Munich / Paris / Rome / Shanghai / Silicon Valley / fieldfisher.com Preparing for PRIIPs After a lengthy
More informationReference texts: Articles I and I of the AMF General Regulation
AMF Instruction DOC-2008-04 Application of business conduct rules to marketing of units or shares in UCITS or AIFs by asset management companies, management companies or managers Reference texts: Articles
More informationWe referred to ICP 20 which deals with public disclosures and is therefore directly comparable to the SFCR.
Solvency Assessment and Management: Steering Committee Position Paper 52 1 (v 4) Solvency Financial Condition Report and Report to Supervisor Detailed Requirements - Risk Profile EXECUTIVE SUMMARY 1. INTRODUCTION
More informationKey Information Document
Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the
More information