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Understanding Risk Management and Compliance, What is Different After Monday, November 25, 2013 [NOOK Book]

Overview

We have major developments in the European Union.

1. The European Central Bank (ECB) will be responsible for the supervision of all 6000 banks of the euro area!

2. A deal struck paves the way for the full introduction of the Solvency II regulatory regime by 2016!

We will ...

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Understanding Risk Management and Compliance, What is Different After Monday, November 25, 2013

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Overview

We have major developments in the European Union.

1. The European Central Bank (ECB) will be responsible for the supervision of all 6000 banks of the euro area!

2. A deal struck paves the way for the full introduction of the Solvency II regulatory regime by 2016!

We will start with the first.

Commissioner Barnier said:

"We have written regulatory history. This is a momentous step: the start of a new era for the supervision of Eurozone banks.

The European Central Bank will soon take on vast new powers."

This is true (and scary):

Within the SSM, the European Central Bank (ECB) will be responsible for the supervision of all 6000 banks of the euro area.

Non-euro area Member States may decide to join the SSM by establishing a close cooperation between their competent authorities and the ECB.

The SSM is the first leg of the Banking Union in the EU.

The second leg is the single resolution mechanism and the single rule book for bank resolution tools and deposit guarantees.

The ECB will directly supervise banks having assets of more than EUR 30 billion or constituting at least 20% of their home country's GDP or which have requested or received direct public financial assistance from the EFSF (European Financial Stability Facility) or the ESM.

The ECB will monitor the supervision by national supervisors of less significant banks. The ECB may at any moment decide to directly supervise one or more of these credit institutions to ensure consistent application of high supervisory standards.

The work of national supervisors is integrated into the SSM: for instance, the ECB will send instructions to national supervisors, and national supervisors have a duty to notify the ECB of supervisory decisions of material consequence.

It is expected that the ECB will directly supervise around 130 credit institutions, representing almost 85% of total banking assets in the euro area.
These credit institutions will be identified according to criteria to determine their significance.

In each participating country, at least the three most significant credit institutions will be subject to direct supervision by the ECB, irrespective of their absolute size.

All other credit institutions in the participating countries, around 6,000 in the euro area alone, will continue to be supervised by the national competent authorities.

The ECB can decide at any time to exercise direct supervision of any one of these credit institutions in order to ensure consistent application of high supervisory standards.

Read more at Number 6 below.

In number 2 below, we can find more about the second major development, the Omnibus II directive, which leads to the final rules for the Solvency II directive.

Trilogue represents informal tripartite meetings attended by representatives of the co-legislators - the European Parliament, the Council of the EU and the European Commission.

Omnibus II is a draft Directive proposed by the Commission in 2011 intended to adapt the Solvency II Directive implementing measures to the new architecture introduced in the Lisbon Treaty (2009) and the new financial supervision measures introduced in Regulation 1094/2010 establishing the European Insurance and Occupational Pensions Authority.

Long-term guarantees (LTG) are included in insurance products, usually life insurance and some kinds of health insurance, and offer a guaranteed return or pay-out to the policyholder over a fixed period of time.

This requires insurers to invest the premiums in assets which provide a return to the insurer sufficient to meet those guarantees.

LTG package is a package of measures aimed to facilitate the provision of insurance products with long-term guarantees under Solvency II.

The European Insurance and Occupational Pensions Authority (EIOPA) was established on 1 January 2011 as a result of the reforms to the structure of supervision of the financial sector in the European Union.

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Product Details

Meet the Author

George Lekatis is the General Manager of Compliance LLC, a leading provider of risk and compliance training and executive coaching in 36 countries.George has more than 17,000 hours experience as a professional speaker and seminar leader. He has worked for more than 18 years as a management consultant and educator and has demonstrated exceptional presentation and communication skills.George is the president of the Basel ii Compliance Professionals Association (BCPA, basel-ii-association.com), the largest association of Basel ii professionals in the world, and the Basel iii Compliance Professionals Association (BiiiCPA, basel-iii-association.com), the largest association of Basel iii professionals in the world.George is also president of the Sarbanes Oxley Compliance Professionals Association (SOXCPA, sarbanes-oxley-association.com), the largest Association of Sarbanes Oxley professionals in the worldGeorge is an expert witness, qualified to investigate and testify about risk and compliance management standards, policies, procedures, best practices, due care and due diligence.
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