European System of Financial Supervision

The EBA publishes final guidance on the overall recovery capacity in recovery planning

Retrieved on:

Wednesday, July 19, 2023

European System of Financial Supervision, ESFS, Article, European Banking Authority, Article 16, EBA, ORC, European, Regulation, Guideline, Authority, Risk management, Medical device

19 July 2023

Key Points:

19 July 2023
The European Banking Authority (EBA) today published its final Guidelines on the overall recovery capacity (ORC) in recovery planning.
The objective of the ORC is to provide a summary of the overall capability of the institution to restore its financial position after a significant deterioration by implementing suitable recovery options.
The assessment by competent authorities of an institution’s overall recovery capacity allows to understand to what extent an institution would be able to recover from a range of potential crisis situations.
The first one addressed to institutions, aims at providing guidance on the relevant steps to set-up a reliable ORC framework.

ESMA fines S&P €1.11 million for failures related to the premature release of credit ratings to the public

Retrieved on:

Friday, March 24, 2023

S&P, Board, Cras, Disclosure, Article, European Securities and Markets Authority, ERP, EUR, European System of Financial Supervision, Compliance, Case Law of the Boards of Appeal of the European Patent Office, Risk management, Property management, Bookkeeping, ESMA

ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market.

Key Points:

ESMA found that S&P published credit ratings before the concerned securities were issued by the rated entities and announced to the market.
In particular, ESMA found that between 5 June 2019 and 8 September 2021, S&P released solicited credit ratings regarding six issuers prematurely, i.e.
Infringements related to transparency obligations
ESMA found that, between 2019 and 2021, in six instances, S&P removed, without providing explanations, credit ratings from its public platforms.
Consequently, ESMA fined S&P EUR 210,000 for failing to disclose on a non-selective basis and in a timely manner decisions to discontinue credit ratings.

argenx announces full exercise of underwriters’ option to purchase additional ADSs

Retrieved on:

Tuesday, March 29, 2022

The contents of this announcement include statements that are, or may be deemed to be, forward-looking statements.

Key Points:

The contents of this announcement include statements that are, or may be deemed to be, forward-looking statements.
Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements.
argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
Any person who is not a relevant person should not act or rely on this communication or any of its contents.

argenx announces closing of global offering

Retrieved on:

Monday, March 28, 2022

No public offering will be made and no one has taken any action that would, or is intended to, permit a public offering in any country or jurisdiction, other than the United States, where any such action is required, including in the European Economic Area.

Key Points:

No public offering will be made and no one has taken any action that would, or is intended to, permit a public offering in any country or jurisdiction, other than the United States, where any such action is required, including in the European Economic Area.
In the European Economic Area, the offering to which this press release relates will only be available to, and will be engaged in only with, qualified investors within the meaning of the Prospectus Regulation.
No action has been or will be taken to offer the ordinary shares to a retail investor established in the European Economic Area as part of the global offering.
Save as required by law or regulation, neither the Stabilization Manager nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions under the offering.

argenx raises $700 million in gross proceeds in a global offering

Retrieved on:

Thursday, March 24, 2022

These forward-looking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, anticipates, expects, intends, may, will, or should, and include statements argenx makes concerning the anticipated total gross proceeds and closing of the proposed offering.

Key Points:

These forward-looking statements can be identified by the use of forward-looking terminology, including the terms believes, estimates, anticipates, expects, intends, may, will, or should, and include statements argenx makes concerning the anticipated total gross proceeds and closing of the proposed offering.
By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance.
Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements.
No action has been or will be taken to offer the ordinary shares to a retail investor established in the European Economic Area as part of the global offering.

argenx announces launch of proposed global offering

Retrieved on:

Tuesday, March 22, 2022

Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements.

Key Points:

Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements.
argenx undertakes no obligation to publicly update or revise the information in this press release, including any forward-looking statements, except as may be required by law.
No action has been or will be taken to offer the ordinary shares to a retail investor established in the European Economic Area as part of the global offering.
Save as required by law or regulation, neither the Stabilization Manager nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions under the offering.

The European Commission, ECB Banking Supervision, EBA and ESMA encourage market participants to cease all LIBOR settings.

Retrieved on:

Thursday, June 24, 2021

Finance, European Union, Money, Agencies of the European Union, Eurozone, Banking, Libor, European Banking Authority, European Securities and Markets Authority, European Central Bank, European System of Financial Supervision, Libor scandal

The European Commission, ECB Banking Supervision, EBA and ESMA encourage market participants to cease all LIBOR settings.

Key Points:

The European Commission, ECB Banking Supervision, EBA and ESMA encourage market participants to cease all LIBOR settings.
The European Commission, the European Central Bank in its banking supervisory capacity (ECB Banking Supervision), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today issued a joint statement in which they strongly encourage market participants to use the time remaining until the cessation or loss of representativeness of USD LIBOR, GBP LIBOR, JPY LIBOR, CHF LIBOR and EUR LIBOR to substantially reduce their exposures to these rates.
The statement also encourages market participants to cease using the 35 LIBOR settings, including USD LIBOR, as a reference rate in new contracts as soon as practicable and by 31 December 2021 at the latest.
The European Commission, ESMA, ECB Banking Supervision and the EBA will monitor the situation and LIBOR exposures closely.

ESAs publish amended technical standards on the mapping of ECAIs

Retrieved on:

Friday, June 11, 2021

European System of Financial Supervision, European Insurance and Occupational Pensions Authority, Finance, Credit rating agencies, CQS, Cras, Money, Government, Dagong Europe Credit Rating

10 June 2021

Key Points:

10 June 2021
Joint Committee

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional CRAs have been recognised and a number of CRAs have ben de-registered.
The ITS have therefore, been amended to reflect the allocation of appropriate risk weights to the newly established ECAIs, and to remove the reference to the de-registered ECAIs.
In particular, the ESAs propose to change the Credit Quality Step (CQS) allocation for two ECAIs, and to introduce new credit rating scales for nine ECAIs.

ESAs publish amended technical standards on the mapping of ECAIs

Retrieved on:

Friday, June 11, 2021

European System of Financial Supervision, European Insurance and Occupational Pensions Authority, Finance, Credit rating agencies, CQS, Cras, Money, Government, Dagong Europe Credit Rating

10 June 2021

Key Points:

10 June 2021
Joint Committee

The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional CRAs have been recognised and a number of CRAs have ben de-registered.
The ITS have therefore, been amended to reflect the allocation of appropriate risk weights to the newly established ECAIs, and to remove the reference to the de-registered ECAIs.
In particular, the ESAs propose to change the Credit Quality Step (CQS) allocation for two ECAIs, and to introduce new credit rating scales for nine ECAIs.

ESAs publish amended technical standards on the mapping of ECAIs

Retrieved on:

Thursday, June 10, 2021

European Insurance and Occupational Pensions Authority, European Union, Insurance regulation, European System of Financial Supervision, Credit rating agencies, Finance, Cras, CQS, Money, Government, Dagong Europe Credit Rating

10 June 2021

Key Points:

10 June 2021
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published today two amended Implementing Technical Standards (ITS) on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs).
Since the adoption in 2019 of the ITS on the mapping of credit assessments of ECAIs, two additional CRAs have been recognised and a number of CRAs have ben de-registered.
The ITS have therefore, been amended to reflect the allocation of appropriate risk weights to the newly established ECAIs, and to remove the reference to the de-registered ECAIs.
In particular, the ESAs propose to change the Credit Quality Step (CQS) allocation for two ECAIs, and to introduce new credit rating scales for nine ECAIs.