Westpac Banking Corporation London Branch & Westpac Europe Limited Regulatory Disclosures
Westpac Europe Limited is a company registered in England (number 05660023) and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
This Disclosure section of the Westpac website contains the relevant disclosures and a detailed description of the key regulatory information that Westpac Europe Limited ("WEL") provides to interested parties within the disclosure framework under the EU Capital Directive IV & the EU Capital Requirements Regulation Part 8.
The Capital Requirements Directive IV (CRD IV) & Capital Requirements Regulation (CRR) created a revised regulatory capital framework across Europe, based on the provisions of the Basel III Capital Accord. The framework comprises three "Pillars".
Pillar 1 establishes rules for the calculation of minimum capital for credit, market, operational risk and leverage (capital adequacy requirements).
Pillar 2 is an internal discipline to evaluate the adequacy of the regulatory capital requirement under Pillar 1 and other non Pillar 1 risks. This pillar requires the PRA to undertake a supervisory review to assess the robustness of the regulated entity's internal assessment (risk management and supervision).
Pillar 3 complements the other pillars and affects market discipline through public disclosure. Expanded disclosure about capital and risk enables interested parties to better understand the risk profile of individual banks and companies and to make comparisons (market discipline). The aim of Pillar 3 is to publish a set of disclosures which allow market participants to assess key information on the capital condition, risk exposures and risk assessment process.
As a regulated company, WEL is required to disclose certain aspects of regulatory information and certain details of internal processes relating to the structure and operations in place to measure and report risks. As part of this disclosure, details of the capital structure and regulatory capital requirements are required. The disclosures in the document below complement the work already undertaken by the firm in its assessment of capital requirements under the Internal Capital Adequacy Assessment Process (ICAAP).
MiFID II and the accompanying Regulation on Markets in Financial Instruments and Amending Regulation (“MiFIR”, collectively referred to as MiFID II) came into effect on 3rd January 2018. The new legislation seeks to provide a European-wide legislative framework for regulating the operation of financial markets in the EU and UK. MiFID II transforms the investor protection and organisational framework of financial services firms operating in the EU. MiFIR modifies and expands the framework of trading venues and structures in which financial instruments are traded. MIFIR also focuses on the operation of those trading venues and structures, their processes, systems and governance. At the same time MiFID II significantly increases the level of transparency achieved across EU markets and participants.
To meet these objectives, MiFID II places a range of information provision and disclosure requirements on Westpac Banking Corporation London Branch and Westpac Europe Limited. This section of the website contains the applicable policy and data disclosures to satisfy MiFID II obligations:
RTS 28 – Securities Financing Transactions
RTS 28 – Non Securities Financing Transactions
RTS 28_Table 2 (Non SFT)_Westpac Banking Corporation (London Branch)_Commodity derivatives
RTS 28_Table 2 (Non SFT)_Westpac Banking Corporation (London Branch)_Credit derivatives
RTS 28_Table 2 (Non SFT)_Westpac Banking Corporation (London Branch)_Debt instruments
RTS 28_Table 2 (Non SFT)_Westpac Banking Corporation (London Branch)_FX derivatives
RTS 28_Table 2 (Non SFT)_Westpac Banking Corporation (London Branch)_Interest rate derivatives
RTS 28_Table 2 (Non SFT)_Westpac Europe Limited_Commodity derivatives
RTS 28_Table 2 (Non SFT)_Westpac Europe Limited_Credit derivatives
RTS 28_Table 2 (Non SFT)_Westpac Europe Limited_Debt instruments
RTS 28_Table 2 (Non SFT)_Westpac Europe Limited_FX currency derivatives