European Central Bank Definition

GLOSSARY

What does European Central Bank mean?

The European Central Bank (ecb) is responsible for setting monetary policy (interest rates) within the euro zone. It was established in June 1998 as an essential part of the adoption of a single European currency.

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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

The EU’s Single Supervisory Mechanism

Background to the Single Supervisory MechanismFollowing the 2008 financial crisis, there was increasing anxiety within the EU as to potential risks to the integrity of the single currency and the internal banking services market. To address these concerns and to ensure greater financial stability and promote economic recovery, the EU is in the process of developing a European Banking Union, which is underpinned by a single regulatory rulebook for financial services. This is intended to promote the integration of banking supervision within the EU. Central to the Banking Union is the Single Supervisory Mechanism (SSM) (established by Council Regulation (EU) 1024/2013 (SSM Regulation)), which was supplemented by the SSM Framework Regulation (Regulation (EU) 468/2014). The SSM is designed to ensure that supervision of credit institutions is coherent, effective and consistent with the functioning of the internal market for financial services and the free movement of capital.Application and scopeThe SSM Regulation applies to credit institutions established within a eurozone Member State. Additionally, a Member State which is not in the eurozone...

In–house lawyer essentials: key issues in securitisation transaction

In–house lawyer essentials: key issues in securitisation transaction A bank or financial institution may undertake multiple roles in a securitisation transaction. The extent of an in-house counsel’s involvement in that transaction will be dictated by those roles and by the nature and the complexity of the particular transaction. This Practice Note focuses predominately on ‘true sale’ securitisations (issued under Regulation S of the Securities Act of 1933, as amended) where there is a third-party originator and the bank is acting in an ‘agency’ capacity. It sets out those points to consider which are in addition to or different from those to consider in a Vanilla bond issuance (see Practice Note:Tips and traps for in-house lawyers—key issues in issuing syndicated vanilla bonds issuances). Additional considerations apply for other types of securitisation or where the assets are originated or bought by the bank or an affiliate of the bank prior to being securitised. General points to consider What role(s) is the bank being appointed to undertake? The first point...

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Ireland—Distribution agreement—non-exclusive—long form

Ireland—Distribution agreement—non-exclusive—long form This Agreement is made on [date] Parties 1 [insert name of Manufacturer] [of OR a company incorporated and registered in Ireland with company number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 Parties Check that the parties named in the contract are correct. If there is more than one company in a corporate group, check that the company entering into the contract is the appropriate group entity. [insert name of Distributor] [of OR a company incorporated and registered in Ireland with company number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background This section (which may also be known as the ‘recitals’) should be used to briefly summarise the agreement and explain relevant background information. It should not contain substantive or operative provisions, and should be clear whether or not it is intended to be legally binding....

Ireland—Loan agreement and charge—individuals

The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2) etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. A legal estate or interest in land may only be created or conveyed by a deed. It must be clear from the face of the document that it is intended to be a deed. For guidance on execution of a deed by an individual see, Practice Note: Ireland—Executing simple contracts and deeds. For an execution clause (testimonium) and signature blocks, suitable for use where execution as a deed by an individual is required, see Precedent: Ireland—Execution clause—individual—deed. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement and...

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Under the final European Banking Authority (EBA) Fraud Reporting Guidelines issued in 2018, all firms should submit fraud report information to both home Member State regulators and host Member State regulators (per Guideline 5.3 and 5.4). However, how should firms submit this fraud information to their host state regulator: in the form set out in Appendix 1 to the EBA Guidelines?

Under the final European Banking Authority (EBA) Fraud Reporting Guidelines issued in 2018, all firms should submit fraud report information to both home Member State regulators and host Member State regulators (per Guideline 5.3 and 5.4). However, how should firms submit this fraud information to their host state regulator: in the form set out in Appendix 1 to the EBA Guidelines? See Practice Note: EU regulation of payment services—essentials and Transposition table for UK implementation of the Revised Payment Services Directive. You will note that Article 96(6) of Directive 2015/2366/EC, Payment Services Directive 2 (PSD2), requires payment service providers (PSPs) to provide, at least on an annual basis, statistical data on fraud relating to different means of payment to their competent authorities. On 18 July 2018, the European Banking authority (EBA) published final guidelines on fraud data reporting following a consultation paper published on 2 August 2017. The EBA Banking Stakeholder Group responded to the EBA’s consultation on 9 November 2017. The guidelines consist of two...

Can a company suspend or cancel a dividend in the light of the coronavirus (COVID-19) pandemic?

Can a company suspend or cancel a dividend in the light of the coronavirus (COVID-19) pandemic? As a result of the coronavirus (COVID-19) pandemic, over the coming weeks and months an increasing number of UK companies are expected to seek to preserve their cash by suspending and/or cancelling dividends. This Q&A considers the relevant law, guidance and practice. For information on dividends generally, see Practice Notes: Dividends—the legal framework and Distributions. For further details of the rules and guidance that apply to a listed company or an AIM company proposing to pay a dividend, see Practice Note: Dividends—listed and AIM companies. Declaration of dividends It is usual for a company's articles of association to provide that: • its directors may recommend a final dividend (ie one to be paid after the financial year to which the profits being distributed relate), which is then declared by the approval of the shareholders, usually by ordinary resolution, the amount declared not exceeding the amount recommended by the directors, and...

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ECB plans to enhance methodology for assessing O-SIIs capital buffers

The European Central Bank (ECB) has issued a statement announcing its plans to enhance its floor methodology for assessing capital buffers for Other Systemically Important Institutions (O-SIIs) to incorporate a banking union perspective, considering the systemic importance of O-SIIs for the entire banking union. This addition to the existing national perspective aims to promote consistency in the loss-absorption capacity of O-SIIs and contribute to financial stability within the banking union. The enhanced methodology will be phased in from 1 January 2025, with full implementation by 1 January 2028.

Financial Services—other developments (20/12/2024)

A round-up of other developments, which have not been covered in full by the ��˾��ҹ�� Financial Services practical guidance team but may nevertheless be of interest.

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