2017年-EBA欧洲银行管理局_Report_on_OFIs_64页_1mb

EBA Report Summary: Other Financial Intermediaries and Regulatory Perimeter Issues

Core Content

This EBA report focuses on the regulatory perimeter of other financial intermediaries (OFIs) and their prudential treatment under the Capital Requirements Directive (CRDIV) and Regulation (CRR). It aims to provide a comprehensive analysis of the current legal and supervisory frameworks, including the implications of Article 2(5) and Article 9(2) of the CRDIV, and the need for clarity in definitions of 'financial institution' and 'ancillary services undertaking'.

Main Objectives

• To assess the prudential treatment of OFIs that carry out credit intermediation activities.
• To evaluate the regulatory perimeter and identify entities that are excluded from the scope of the CRDIV/CRR.
• To provide insights into the interpretation of key terms in the CRDIV/CRR and their impact on prudential consolidation.
• To consider the implications of the activities subject to mutual recognition under Annex I of the CRDIV.

Key Findings

Article 2(5) CRDIV Exclusions

• Article 2(5) CRDIV excludes entities pursuing public policy objectives, such as central banks and post office giro institutions.
• The EBA observes that the list of excluded entities requires minor amendments, including the omission of two and the addition of one.
• Most Member States do not see a need for changes to the list of excluded entities, while some have indicated that the list is currently under review.

Article 9(2) CRDIV Reliance

• Article 9(2) CRDIV allows certain non-credit institution entities to accept deposits or other repayable funds from the public, provided they are subject to appropriate regulations.
• Four Member States (DK, IE, IT, NL) explicitly rely on Article 9(2) for specific OFIs.
• The EBA concludes that a harmonised definition of 'deposits' and 'other repayable funds' is lacking, which leads to inconsistent application across the EU.

Prudential Treatment of OFIs

• OFIs that carry out credit intermediation activities but are not subject to prudential frameworks vary significantly in their treatment across Member States.
• The EBA notes that no regulatory intervention is required at the EU level at this stage, but further monitoring is needed if such activities grow.
• There is a risk of inconsistent prudential consolidation due to the ambiguity in the definitions of 'financial institution' and 'ancillary services undertaking'.

Crowdfunding and Other Entities

• Crowdfunding (CF) platforms are considered in the report, with some Member States reporting credit intermediation activities facilitated by these platforms.
• The EBA highlights the need to update the list of activities in Annex I of the CRDIV to reflect current practices.

Main Conclusions

• Article 2(5) CRDIV remains valid and may require minor amendments.
• Article 9(2) CRDIV is relevant in the regulatory systems of Member States, and any amendments should be based on a thorough impact assessment.
• The prudential treatment of OFIs varies across Member States, and the lack of a harmonised definition of key terms leads to regulatory inconsistencies.
• The report underscores the importance of clarifying definitions to ensure a consistent and effective prudential framework across the EU.

Recommendations

• Clarify the definitions of 'financial institution' and 'ancillary services undertaking' to avoid inconsistent interpretations.
• Update the list of activities in Annex I of the CRDIV to reflect the evolving financial landscape, including FinTech and crowdfunding.
• Continue monitoring the regulatory perimeter, especially in light of FinTech developments and shadow banking activities.

Next Steps

• The findings of this report have informed the EBA Opinion on the prudential treatment of OFIs and regulatory perimeter issues.
• The EBA will continue to monitor and analyze the regulatory perimeter in conjunction with the ESRB as part of the annual shadow banking monitoring exercises.
• Further work may be undertaken based on the insights from this report and the evolving financial sector landscape.

Key Entities and Activities

• Factoring: Entities involved in buying and selling accounts receivable.
• Leasing: Entities providing lease financing.
• Consumer Credit/Retail Credit/Microcredit: Entities offering credit to individuals or SMEs.
• Guarantee Providers: Entities providing guarantees for loans.
• Mortgage Lenders: Entities providing mortgage financing.
• Savings Institutions: Entities that accept deposits and offer savings products.
• Securitisation Vehicles: Entities involved in securitisation processes.
• Crowdfunding Platforms: Entities facilitating fundraising activities.
• Credit Unions and Mutuals: Entities operating under a mutual structure, often with a focus on community finance.

Regulatory Challenges

• Lack of Harmonisation: Definitions such as 'deposits', 'other repayable funds', and 'from the public' are not clearly defined in the CRDIV/CRR, leading to divergent interpretations.
• Consolidation Risks: Inconsistent application of prudential rules may lead to regulatory consolidation issues.
• Need for Clarity: The report highlights the need for clarity in the definitions of 'financial institution' and 'ancillary services undertaking' to ensure a consistent regulatory perimeter.

Conclusion

The report provides a detailed analysis of the regulatory perimeter for OFIs, highlighting the importance of harmonisation and clarity in definitions. It concludes that while the current framework is functional, further refinements and monitoring are necessary to ensure its effectiveness in the evolving financial landscape.