Central Bank readies panel for inquiries into rogue bankers
At last year's Compliance Ireland Enforcement Seminar, a senior member fo the Central Bank's Enforcement Directorate announced their expectation that 2014 would be 'The Year Of The Inquiry'. While this hasn't yet come to pass, it came an important step closer this month when the Central Bank announced a panel of 13 persons to staff Inquiries. The members include judges, lawyers, former regulators and Central Bank staff.
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The Central Bank of Ireland steps up Consumer Protection enforcement
The Central Bank of Ireland have announced that it has entered into settlement agreements with three Insurance Intermediaries: Seamus McGrath t/a Seamus McGrath Financial Services (17 October 2014), E. Tarrant & Sons (Car Sales) Limited (16 October 2014) and Anthony Henneberry t/a Anthonny Henneberry Financial Services (14 March 2014). The settlement agreements were brought as all three parties failed to hold Professional Indemnity Insurance (“PII”) for a period of time, bringing the total number sanctions by the Central Bank of Ireland related to non-holding of PII to twelve.
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Two new CRD IV Regulations published
On 30 October 2014, the EU Official Journal published two new Commission Delegated Regulations supplementing the CRD IV Directive. These Delegated Regulations (known as "Level 2") are the European equivalent of secondary legislation filling in technical aspects best left for seperate consideration when drafting the main Directive. These Regulations will affect credit institutions and MiFID firms (other than those still under the scope of the CRD III Directive).
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Three new CRR Regulations and another CRD IV Regulation adopted by EU Commission
As if the excitement of two new CRD IV-derived Regulations weren't enough (see other article in this Section) the European Commission has adopted three Delegated Acts under the Capital Requirements Regulation (CRR) and one under the Fourth Capital Requirements Directive. These implementing measures now go forward for publication in the EU Official Journal.
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Member State compliance with ESMA Guidelines on remuneration policies and practices under MiFID
ESMA has published a table which sets out Member States' compliance with the ESMA Guidelines on remuneration policies and practices under the Markets in Financial Instruments Directive (MiFID). The table shows that Germany does not currently comply fully with the Guidelines as it excludes from their scope of application remuneration agreed within collective agreements. I'm just saying, is all.
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EBA publishes report into CRD Remuneration Policy avoidance practices
On 15 October 2014, the European Banking Authority (EBA) published the findings of its investigation regarding discretionary remuneration practices across the EU banking sector. The EBA had harboured well-founded suspicions that some banks were interpreting the concept of allowances in a broad and sometimes creative fashion. The report shows that some institutions have definitely classified so-called ‘role-based' allowances as not being variable remuneration subject to restriction. A side effect of this classification as fixed component of remuneration would be proportionately to lift the amount of the bonus cap which is limited to 100% of the fixed element.
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EBA publishes 2014 bank stress test results
The European Banking Authority has published the results of its 2014 EU-wide stress tests. Three Irish banks were tested - AIB, Bank of Ireland and Permanent TSB. AIB and Bank of Ireland both passed the tests although Permanent TSB became one of only 24 banks Europe-wide to fail the tests.
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Solvency II: EU Commission adopts Level 2 measures
On 10 October the European Commission adopted a delegated Regulation (provisional version) under Solvency II . The adoption of the Regulation finalises the Level 2 text for Solvency II and is accompanied by: - Annexes 1 to 21,
- Annex 22 (Part 1, Part 2, Part 3 & Part 4),
- Annex 23 (Part 1 & Part 2),
- Annex 24 (Part 1, Part 2 & Part 3),
- Annex 25 (Part 1 & Part 2),
- Annex 26,
- An impact Assessment report(provisional version),
- An executive summary of the Impact Assessment (provisional version), and
- An FAQ on the Solvency II Level 2 measures.
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