Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Global | Publication | September 2015
Welcome to our latest Financial Services Newsflash, our alert service that details the latest information and news on areas affecting:
and all other significant news relevant to the financial services sector. In particular, we cover recent European and national legislative proceedings as well as key regulatory developments.
As of 1 October 2015 European branches of EU credit institutions (EU-Branches) providing harmonised activities under the so-called European Passport shall no longer be subject to host-state supervision relating to liquidity coverage requirements.
This means that EU-Branches will no longer have to comply with the national liquidity regimes of their respective host-state, i.e. in Germany with Sec. 11 of the German Banking Act (Kreditwesengesetz – KWG) and the corresponding Liquidity Regulation (Liquiditätsverordnung – LiqV). Instead, they shall be covered by the liquidity coverage rules applicable to the credit institution as a whole, i.e. at the head office level in the respective home Member State.
This is due to the fact that the EU Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 will apply as of 1 October 2015.
The corresponding changes in the KWG have not yet been implemented, but are already subject of on-going legislative proceedings (Draft of the Act on Resolution Mechanisms – Abwicklungsmechanismusgesetz). However, it is reported that the competent German supervisory authority (the BaFin) will not require compliance with the German host-state liquidity requirements as of 1 October 2015.
The Financial Services Team will keep you updated on further developments and is happy to assist you in the course of the implementation of the new requirements.
Publication
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