EBA欧洲银行-Report-on-OFIs_64页_1mb

EBA Report Summary: Other Financial Intermediaries and Regulatory Perimeter Issues

Core Content

This EBA report focuses on the prudential treatment of Other Financial Intermediaries (OFIs) and the regulatory perimeter in the European Union. It addresses the legal and supervisory challenges related to the classification of entities that engage in credit intermediation activities but are not covered by the CRDIV/CRR prudential framework. The report also examines the definition of 'financial institution' and 'ancillary services undertaking', as well as the mutual recognition of activities under Annex I of the CRDIV.

Main Objectives

• To monitor and assess the regulatory perimeter of entities engaging in credit intermediation activities outside the traditional banking system.
• To evaluate the prudential treatment of non-bank financial intermediaries.
• To provide clarity on the application of the CRDIV/CRR definitions and consolidation rules.
• To consider the implications of FinTech and crowdfunding on the regulatory framework.

Key Findings and Conclusions

1. Article 2(5) CRDIV Exclusions

• Article 2(5) CRDIV excludes entities that pursue public policy objectives, such as central banks and post office giro institutions.
• A total of 41 entities in 20 Member States are currently excluded from the scope of the CRDIV/CRR.
• The EBA concludes that Article 2(5) remains valid and requires minor amendments to reflect the omission of two entities and the addition of one.
• The European Commission's proposal for amending CRDIV includes these changes, but the EBA does not comment on it directly.

2. Article 9(2) CRDIV Exclusions

• Article 9(2) CRDIV allows certain non-credit institutions to accept deposits or other repayable funds from the public, provided they are subject to regulatory controls.
• Four Member States (DK, IE, IT, NL) expressly rely on Article 9(2) CRDIV for specific OFIs.
• The EBA warns that due to the lack of a harmonised definition of 'deposits', 'other repayable funds', and 'the public', the relevance and application of Article 9(2) may vary across the EU.
• No comprehensive quantitative estimate of the number of entities affected by Article 9(2) could be provided due to inconsistent national interpretations.

3. Prudential Treatment of OFIs

• The prudential treatment of OFIs varies significantly across Member States.
• No EU-level regulatory intervention is currently required, but continuous monitoring is necessary if the activity of OFIs continues to grow.
• Key sectors covered include:
  • Consumer and corporate lenders (factoring, leasing, credit, microcredit, guarantees, mortgages, savings institutions, etc.)
  • Securitisation vehicles
  • Crowdfunding platforms
  • Credit unions and mutuals

4. Definitions and Consolidation Issues

• The terms 'financial institution' and 'ancillary services undertaking' in Article 4(1) CRR are prone to inconsistent interpretation.
• This may lead to inconsistent prudential consolidation across the EU.
• The EBA urges clarification of these definitions to ensure a consistent regulatory perimeter.

5. Annex I to CRDIV: Activities Subject to Mutual Recognition

• The list of activities in Annex I to the CRDIV is outdated and may require updating to remain fit for purpose.
• The EBA notes the need for a more up-to-date and harmonised list to ensure proper supervision and mutual recognition of financial activities across the EU.

Main Observations

• Article 2(5) CRDIV is used to exclude entities based on public policy objectives and scale.
• Article 9(2) CRDIV is used in some Member States to allow non-bank entities to accept public funds, but national interpretations are inconsistent.
• OFIs exhibit a wide range of prudential regimes, with some being subject to similar regimes as credit institutions, others to bespoke regimes, and some to no regime.
• Crowdfunding and FinTech present new challenges to the regulatory perimeter and require further analysis.
• Consolidation rules may be applied inconsistently due to unclear definitions in the CRR.

Next Steps

• The EBA will continue monitoring the regulatory perimeter in conjunction with the ESRB as part of the annual shadow banking monitoring.
• The report has informed the EBA Opinion on OFIs dated 09/11/2017.
• The EBA is prepared to undertake further work on the issues raised in this report and the associated opinion.

Structure of the Report

1. Part 1: Observations on entities excluded from the scope of CRDIV/CRR under Article 2(5).
2. Part 2: Observations on entities excluded from the application of Article 9(1) CRDIV.
3. Part 3: Prudential treatment of OFIs not subject to EU prudential frameworks.
4. Part 4: Consolidation issues related to definitions of 'financial institution' and 'ancillary services undertaking'.
5. Part 5: General considerations on Annex I to the CRDIV regarding mutual recognition of activities.

Key Entities and Activities Covered

• Consumer and corporate lenders: Factoring, leasing, retail/microcredit, guarantees, mortgage lenders, savings institutions, other lenders.
• Securitisation vehicles: SPVs used for securitisation.
• Crowdfunding platforms: Including lending-based crowdfunding.
• Credit unions and mutuals: Their prudential treatment and applicability of Article 2(5) and 9(2) CRDIV.

Methodology

• The report is based on an OFI survey conducted in December 2016 and follow-up queries.
• The survey collected responses from all Member States and one EEA state (NO).
• The EBA used this data to assess the regulatory perimeter, prudential treatment, and consolidation issues.

Policy Context

• The FSB and ESRB have been conducting annual shadow banking monitoring.
• The European Commission has proposed amendments to the CRDIV and CRR to address regulatory perimeter issues.
• The EBA's role is to ensure the stability and effectiveness of the financial system by monitoring and assessing the prudential treatment of non-bank financial intermediaries.