Jonathan Hill

Solvency II: rethinking infrastructure investments

On 1 April 2016, the European Commission’s Delegated Regulation (EU) 2016/467 relating to Solvency II – the European risk-based capital regime – was published into the Official Journal of the EU.  This covers the new risk charges imposed on insurers’ equity and debt investment in infrastructure projects. Based on advice from the European Insurance and

EC adopts US CCP equivalence

The only recently-acknowledged elephant of EU-US CCP lack of equivalence is one step closer to leaving the room. The European Commission has today granted the CFTC status as an equivalent regulatory regime for CCPs. The determination will be effected by a legally-binding implementing act in accordance with Article 25(6) EMIR. The decision follows the 10 […]

The RegTech ecosystem: in depth analysis (part 3 of 3)

In our two previous articles, we mentioned that, despite the technology existing to enable ‘good regulatory practice’, the market has failed to overcome the four main barriers.  Why? In short, while we have a strong chorus of support from the side-lines, the regulators are only just now beginning to take on the job of making

It’s official! MiFID II is delayed

After months of rumour and speculation, The European Commission has today finally spoken out on the delay of MiFID II.  The Commission has announced a 1-year extension to the implementation, making the new deadline 3 January 2018. In justifying their decision, The Commission cites “the complex technical infrastructure that needs to be set up for

ESMA makes time to introduce left hand to right

In a rather last-minute bid for consistency among its own flagship pieces of legislation, ESMA has informed the EC that the final draft MiFIR RTS on exchange-traded derivatives will be delayed pending a re-write of its EMIR counterpart. Steven Maijoor writes to Jonathan Hill, his opposite number at the EC, “In the interest of preserving […]

Brave New World for Banks? No

Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, delivered the keynote speech to the 2015 European Banking Federation Conference. Entitled “A Brave New World for Banks”, having enumerated the diverse challenges that European banks face imminently and the longer-term demographic doom, Commissioner Hill concludes: “I cannot promise you a Brave […]

EU CCP Capital “zombieline” staggers on

The EC has announced its adoption of an implementing act to extend the transitional period for the application of the CRR to CCPs by a further six months. The Capital Requirements Regulation mandates levels of capital that must be held by EU banking groups against their exposure to central counterparties. The EC had already extended […]

EMIR- the sequel

The EC has published a speech by Jonathan Hill, its financial markets chief, introducing the public hearing of the EMIR review, as previewed here. Lord Hill took the opportunity to indicate a number of new milestones on the long and winding road of EMIR implementation- summarised below: The Commission has finalised its discussions with ESMA […]

EU-US CCP stalemate still unresolved

The EU-US standoff over CCP equivalence looks set to continue despite the personal intervention of CFTC Chairman Timothy Massad. Following his two day visit to Brussels this week, armed with charts and calculations, the joint “progress” statement by Chairman Massad and EC Financial Chief Jonathan Hill is notable more for its minimalism than substantive content. […]