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Freezing injunctions—real risk of dissipation of assets

Freezing injunctions—real risk of dissipation of assets The requirement of real risk An applicant for a freezing injunction must satisfy a number of requirements before the court will grant the relief sought. Those requirements are discussed in detail in Practice Note: Freezing injunctions—guiding principles, but in summary the applicant must show: • a ‘good arguable case’ • the existence of assets against which a freezing injunction could bite • a real risk that those assets will be dissipated so as to defeat a judgment entered against the defendant, and • that it is just and convenient to grant a freezing injunction This Practice Note provides guidance on the requirement of a real risk of dissipation of assets. Real risk—meaning and scope If the court has found that it has jurisdiction over the substantive cause of action and there is a good and arguable case against the defendant, it will go on to consider whether there is a 'real risk' that a judgment obtained by the claimant will...

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EBA updates implementation of the IRB roadmap and publishes IRB validation handbook

The European Banking Authority (EBA) has updated its roadmap for the implementation of internal ratings based (IRB) model requirements to limit compliance costs for institutions. The EBA has also published its final supervisory handbook for the validation of IRB rating systems to clarify the role of the validation function as part of corporate governance.

ECB publishes results of its Targeted Review of Internal Models

The European Central Bank (ECB) has published the results of its Targeted Review of Internal Models (TRIM). The ECB launched the TRIM project in 2016 in close co-operation with the national competent authorities that are part of the Single Supervisory Mechanism (SSM). The review aimed to ensure that internal models typically used by significant institutions (SIs) to determine some of their risk-weighted assets (RWAs) for credit, market and counterparty credit risks, comply with the rules and provide different outcomes only when the underlying risks are different. By ensuring internal models are reliable and their outcomes are comparable, TRIM aimed to contribute to a level playing field in European banking.