MIL Publishing Engine 1

Source: Government of the Netherlands

News item | 06-10-2023 | 15:45

Eventful migration year

2022 was an eventful migration year. The focus was on addressing the most acute challenges in the refugee crisis. This was tackled diligently by implementing agencies, municipalities, provinces, security regions and other stakeholders.

Migration involves much more than the asylum domain and the intake of displaced Ukrainians. The State of Migration therefore addresses various migration flows, including asylum, family, labour and study.

About the State of Migration

Migration is the subject of much debate and developments are proceeding rapidly. This makes accurate information about migration essential. The State of Migration provides this information, for a balanced debate and policy substantiation. Figures are used to illustrate who enters the Netherlands and how many people leave. In addition, figures on the integration of migrants into society are presented, for example on housing and civic integration. The developments in the Netherlands are not isolated. Accordingly, the international and European perspective is also outlined.

The State of Migration is a co-production of the Ministries of Justice and Security, Internal Affairs, Foreign Affairs, and Social Affairs and Employment.

Source: European Banking Authority

The EBA announces timing for publication of 2023 EU-wide transparency exercise and Risk Assessment Report

14 November 2023

Source: European Banking Authority

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs). The amendments reflect the outcome of a monitoring exercise on the adequacy of existing mappings, and the deregistration of three credit rating agencies (CRAs).

In the amended ITS published today the ESAs are proposing to change the credit quality step (CQS) allocation for four ECAIs, and to introduce new or amended credit rating scales for seven ECAIs. Further, the amended ITS no longer contain mapping tables for the three ECAIs, whose licenses have been revoked since the previous amendment. The ESAs have published individual draft mapping reports illustrating how the methodology was applied to produce the amended mappings in line with the Capital Requirements Regulation (CRR) mandate.

Background

The implementing technical standards on ECAIs aim to ensure that EU-based financial institutions may only use external credit assessments for the calculation of their capital requirements when these are issued or endorsed by recognized institutions. To this end, the ESAs developed an approach to map credit assessments to the credit quality steps as defined in EU regulations for banking (CRR) and insurance (Solvency II Directive).

The amended ITS continue delivering on the mandate assigned to the Joint Committee of the ESAs to monitor the adequacy of existing ECAIs mappings. The ITS are part of the EU Single Rulebook for banking and insurance aimed at creating a safe and sound regulatory framework consistently applicable across the European Union (EU).

Legal Basis

The proposed revised draft ITSs have been developed according to Article 136 (1) and (3) of Regulation 575/2013 (Capital Requirements Regulation) and of Article 109 (a) of Directive 2009/138/EC (Solvency II Directive), which state that revised draft ITS shall be submitted by the ESAs, where necessary.

Source: European Banking Authority

Source: European Banking Authority

Source: European Banking Authority

Source: European Banking Authority

Source: European Banking Authority

The European Banking Authority (EBA) today a launched two consultations on draft Regulatory Technical Standards (RTS) on own funds requirements and stress testing of issuers under the Markets in Crypto-Assets Regulation (MiCAR) which form part of the prudential package of MiCAR products. The first RTS specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and e-money tokens. The second RTS specify the procedure and timeframe to adjust its own funds requirements for issuers of significant asset-referenced tokens or of e-money tokens.  These consultations, together with other consultations papers published today, form part of the third batch of MiCAR policy products. The consultations run until 8 February 2024.

The draft RTS on the adjustment of own funds requirements and design of stress testing programmes for issuers specify: i) the criteria for the assessment of  ‘higher degree of risk’, ii)  the procedure for competent authorities to determine the period of time considered appropriate for issuers to increase the own funds amount to the higher own funds requirements and the measures to be taken to ensure the timely compliance thereof and iii) a minimum set of requirements to issuers for the design and implementation of their stress-testing programmes.

The mentioned requirements apply to issuers of asset-reference tokens (ARTs) subject to own funds requirements as well as to electronic money institutions issuing e-money tokens (EMTs) that are significant under MiCAR and can be expanded to e-money institutions issuing EMTs that are not significant if the competent authority of the home Member State requires it.

While other draft RTS specify the procedure and timeframe for issuers to adjust their own funds requirements to 3% of the average amount of the reserve assets when their ARTs are classified as ‘significant’ ARTs.

Consultation process

Comments on the consultation paper can be sent by clicking on the “send your comments” button on the EBA’s consultation page. The deadline for the submission of comments is 8 February 2024. 

These consultation papers form part of the prudential package of MiCAR products, for which the EBA will hold a hybrid public hearing on 30 January from 10:00 to 16:00 CET. The EBA invites interested stakeholders to register using this link by 23 January 2024 at 16:00 CET. The dial-in details will be communicated to those who have registered to virtually attend the meeting.

All received contributions will be published following the end of the consultation, unless requested otherwise. 

Legal basis

The EBA has developed these draft RTSs in accordance with Article 35(6) of Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) and in close cooperation with the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), which mandates the Authority to further specify the procedure and timeframe for issuers to adjust to higher own funds requirements, the criteria for requiring a higher amount of own funds and develop the minimum requirements for the design of stress testing programmes and in accordance with Article 45(7)(c) of MiCAR and in close cooperation with the European Securities and Markets Authority (ESMA), which mandates the Authority to specify the procedure and timeframe for an issuer of a ‘significant’ token to adjust the amount of its own funds.

Background

MiCAR establishes a regime for the regulation and supervision of crypto-asset issuance and crypto-asset service provision in the European Union (EU). It came into force on 29 June 2023, and the provisions relating to ARTs will be applicable from 30 June 2024.

Among the activities within the scope of MiCAR are the activities of offering to the public or seeking admission to trading of ARTs and EMTs and issuing such tokens. Supervision tasks are conferred on the EBA for ARTs and EMTs that are determined by the EBA to be significant. Additionally, the EBA is mandated to develop 17 technical standards and guidelines under MiCAR to further specify the requirements for ARTs and EMTs, and an additional 3 mandates jointly with ESMA (and, in one case, also with EIOPA).

Source: European Banking Authority

Source: European Banking Authority

EBA releases the technical package for phase 3 of its 3.3 reporting framework

30 October 2023