Significant events in 2014 : banking regulation

JANUARY

The prudential requirements emerging from European CRD IV/CRR texts take effect.

FEBRUARY

The order of 20 February 2014 completes the transposition of the CRD IV Directive into French law.

MARCH

The FBF welcomes the European agreement on the Single Resolution Mechanism (SRM).

APRIL

The European Parliament adopts eight laws involving the banking sector on 15 April 2014.

MAY

The FBF reiterates its opposition to the proposed European financial transactions tax (FTT).

JUNE

The Directive establishing a pan-European framework for banking recovery and resolution (BRRD) is published as well as legislations reforming Markets in Financial Instruments Directive (MiFID II / MiFIR) and Market Abuse Directive.

JULY

• In a letter to the European Commission, the FBF requests that contributions to the Single Resolution Fund (SRF) be set up in a fair manner.
• The OECD publishes the new global standard on the Automatic Exchange of Information between jurisdictions.
• The French, German, Belgian and Japanese banking associations alert the Basel Committee on the necessity to preserve the banks’ capacity to grant fixed rate mortgages.

SEPTEMBER

• Adoption of the law approving the agreement between France and the United States enforcing US tax law FATCA.
• The decree of 9 September 2014 identifies the transactions likely to be housed in subsidiaries through the implementation of the Banking Act of July 2013.
• In a letter to the Government, the FBF draws attention to the new constraints of the FSB proposal for total loss-absorbing capacity (TLAC).

OCTOBER

The results of the comprehensive assessment conducted by the ECB and the EBA demonstrate the soundness of French banks.

NOVEMBER

The ECB assumes its new role as supervisor of European banks as part of the Single Supervisory Mechanism (SSM).