February Newsletter - Issue 56/2020
Identifies supervisory technology, pensions and cyber underwriting as new supervisory convergence priorities
12 February 2020
The European Insurance and Occupational Pensions Authority ("EIOPA") has published its supervisory convergence plan for 2020. The Supervisory Convergence Plan for 2020 sets out priorities and activities for the coming year, building on previous years’ work while incorporating new priorities to reflect new trends and emerging risks. For more information please press here.
Consults on Guidelines on the appropriate subsets of exposures in the application of the systemic risk buffer
12 February 2020
The European Banking Authority ("EBA") launched a consultation on draft Guidelines on the appropriate subsets of sectoral exposures to which competent or designated authorities may apply a systemic risk buffer ("SyRB") in accordance with the Capital Requirements Directive ("CRD"). These Guidelines aim at setting a common framework to harmonise the design of the appropriate subsets of sectoral exposures to which a systemic risk buffer may be applied, thus facilitating a common approach throughout the EU. The consultation runs until 12 May 2020.  For more information please press here.
Other Alerts
Issues opinion on measures to address macroprudential risk following notification by De Nederlandsche Bank ("DNB")
10 February 2020
The EBA published an opinion following the notification by the Central Bank of the Netherlands ("De Nederlandsche Bank" – "DNB") of its intention to modify capital requirements in order to address an increase in macroprudential risk. Based on the evidence submitted by the DNB, the EBA does not object to the adoption of the proposed measure, which is based on Article 458 (2) of the Capital Requirements Regulation ("CRR"). This new measure aims at enhancing the resilience of the Dutch banking sector to a potential severe downturn in the residential real estate market against the background of sustained price increases in real estate over the past few years. For more information please press here.
Market News
Swiss National Bank is stuck between appeasing Trump and protecting its currency
14 February 2020
"The Swiss National Bank is in a bind about how to rein in the franc’s unwanted strength without being labeled a currency manipulator by the U.S. Policy makers, who’ve resorted to tactics including massive foreign exchange interventions over the years, now have a new complication. SNB President Thomas Jordan has to balance the need to protect the economy with the risk of trouble with the U.S. Treasury, which has put Switzerland on a watch list." For more information please press here.
U.S. business group sees China keeping purchase commitments despite coronavirus
13 February 2020
"The head of an American business lobbying group said on Thursday he was confident that China will still meet its “Phase 1” trade deal commitments to massively increase purchases of U.S. goods and services despite the coronavirus crisis." For more information please press here.
Financial Times
Sterling gains as traders look ahead to Sunak’s first Budget
13 February 2020
"Investors are expecting a bigger fiscal stimulus from Boris Johnson ally." For more information please press here.
Bloomberg Professional
LIBOR transition hits hurdle after SOFR-linked bond sales slump
12 February 2020
"The biggest issuers of bonds tied to the benchmark tapped to replace U.S. dollar LIBOR are suddenly pulling back. That’s a potential blow to efforts by regulators to wean America’s financial system off a much-maligned reference rate. The Federal Home Loan Banks, which have priced about $170 billion of debt tied to the Secured Overnight Financing Rate since its inception in 2018, have virtually turned off the spigot in recent months. They’ve sold roughly $13 billion of SOFR-linked notes since the start of November, down from more than $70 billion over the preceding three months, according to data compiled by Bloomberg." For more information please press here.
Zombie crypto coins beat bitcoin during this year’s resurgence
12 February 2020
"The bursting of the crypto bubble was supposed to be the end for thousands of coins that sprung up in the wake of Bitcoin’s staggering success. But guess what digital tokens are outperforming the original as it surges more than 40% to $10,000 this year -- coins like Einsteinium and Kick that were written off long ago. Those coins, along with dozens more that are rallying, have more than doubled since December." For more information please press here.
Regulatory Reporting Solutions
Treppides Regulatory Reporting offers extensive reporting solutions under EMIR, MIFID, CRD IV, FATCA, CRS, REMIT towards MiFID II / MiFIR and CRS in all EU/ESMA jurisdictions like Cyprus (CySEC) and UK (FCA) and soon will also comply with foreign jurisdictions such as ASIC DTR. 

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