ESMA issues regarding extending the transitional period for the use of non-EU credit ratings, the endorsement of the Australian CRA regime and the adoption of four regulatory technical standards in the field of credit rating agencies.

8^th December, 2011 - The European Banking Authority (EBA) today published a formal Recommendation, and the final figures, related to banks’ recapitalisation needs. These measures form part of a broader European package, agreed by the European Council on 26 October and confirmed during the ECOFIN Council on 30 November, to address the current situation in the EU by restoring stability and confidence in the markets.

OTP Bank Plc. was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Hungarian Financial Supervisory Authority, the European Central Bank (ECB), the European Commission (EC) and the European Systemic Risk Board (ESRB).

The European Banking Authority (EBA) today agreed to adopt a benchmark of Core Tier 1 (CT1) against which to assess banks in the 2011 EU-wide stress test.  The CT1 benchmark will be set at 5% of risk weighted assets.

Frankfurt, 23 March, 2011 – The European Insurance and Occupational Pensions Authority (EIOPA) launched today the second Europe-wide stress test for the insurance sector. The stress test is conducted in cooperation with the respective national supervisory authorities and will be carried out until end of May, based on 2010 financial results. EIOPA expects to publish the aggregated results of this exercise in July 2011. The test is targeted towards the European insurance sector and will include a minimum of 50% of insurance companies per country measured by gross premium income. The Swiss Financial Market Authority (Finma) has decided to join the stress test in addition to member states of the European Union and European Economic Area (EEA). 

18 March 2011

The European Banking Authority (EBA) today published documents explaining the scenarios and methodology for its 2011 EU-wide stress test, which will be applied on a wide sample of European banks covering over 60% of total EU banking assets.

Frankfurt, 14 March, 2011 – The European Insurance and Occupational Pensions Authority (EIOPA) today announced the results of the fifth Quantitative Impact Study (QIS5). EIOPA ran QIS5 to assess the practicability, implications and impact of specified approaches to (re)insurers’ valuation of assets and liabilities as well as capital setting under Solvency II, the new insurance directive that becomes effective on 1 January 2013. Under Solvency II capital requirements will be determined on the basis of the risk profile of insurance companies and the way companies manage such risks.

The European Insurance and Occupational Pensions Authority (EIOPA) today announced the members of its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group as well as the Occupational Pensions Stakeholder Group. These groups each include 30 members and are established to facilitate EIOPA’s consultation with stakeholders in Europe on issues such as regulatory and implementing technical standards in addition to the guidelines and recommendations that apply to the insurance and occupational pensions industry. Members of the stakeholder groups can submit opinions and advice to EIOPA on any issue related to its task. Furthermore, the stakeholder groups are expected to notify EIOPA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the different European member states.

The second Board of Supervisors Meeting of the European Insurance and Occupational Pensions Authority (EIOPA) was hosted on Friday by the Hungarian Financial Supervisory Authority within the framework of the Hungarian EU Presidency. The EIOPA’s Board of Supervisors consists of the heads of national authorities in the 27 EU Member States responsible for the supervision of insurers and occupational pension funds.

Frankfurt, 28 February, 2011 – The European Insurance and Occupational Pensions Authority (EIOPA) has selected Carlos Montalvo, 38, to become the Authorities’ first Executive Director. Mr. Montalvo was elected by EIOPA’s Board of Supervisors on Friday. His nomination follows a pre-selection of the European Commission and is subject to confirmation by the European Parliament. The Executive Director is an independent representative who presides over the day-to-day management of EIOPA. He will serve a term of five years, renewable once.