At the end of July, AMAFI sent the European Banking Authority (EBA) a position paper (AMAFI / 17-54) on the new prudential regime for investment firms. It was responding to a presentation made by EBA at a public hearing in late July at which the authority described 58 recommendations that it was proposing to send to the European Commission. EBA had asked participants to provide feedback before finalising the recommendations.
AMAFI voiced strong support for EBA’s amendments to the version of the regime proposed on 4 November 2016, not least become some of the changes were inspired by AMAFI’s own feedback to the initial document (AMAFI / 17-09). AMAFI also hailed EBA’s determination to forge a broad consensus on the revised prudential regime for investment firms which, within the general framework of the Capital Requirements Regulation (CRR), is better tailored to the peculiarities of European firms. However, AMAFI stressed that the regime should apply to all EU investment firms and that a level playing field with credit institutions had to be maintained.