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Our weekly email gives a brief summary of the event (who, where, what) so it can be read in five minutes. Graham Bishop selects the news and views that financial institutions and risk managers need to monitor, going far beyond "Brussels" as he includes any events in the Member States and in other G20 countries, such as the US and Japan, that are likely to influence legislative action in the EU. 

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Welcome to Graham Bishop's weekly selection of key news and views on European financial services regulation

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Asset Management

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Financial Services Policy

European Council/Parliament

Graham's Articles, Comments & Speeches

Graham Bishop

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Articles from 26 June 2014 - 03 July 2014







EBA supports capital treatment of covered bonds, but calls for additional eligibility criteria
The EBA expressed support for the current approach laid down in the CRR and recommends additional criteria to qualify for preferential treatment. It also calls for clarifications on current disclosure requirements and provides advice on the preferential treatment of some specific cover assets.  View Article

EBA publishes guidelines on funding plans of credit institutions
The European Banking Authority published its final Guidelines on harmonised definitions and templates for funding plans of credit institutions. These Guidelines aim to harmonise reporting of funding plans across the EU.  View Article

EBA: Consultation on technical standards on countercyclical buffer disclosure
The EBA launched a consultation on its draft RTS on disclosure of information related to the countercyclical capital buffer. These RTS will be part of the EU Single Rulebook aimed at enhancing regulatory harmonisation in the banking sector.  View Article

EBA publishes guidelines on disclosure of encumbered and unencumbered assets
The EBA published its final Guidelines on disclosure of encumbered and unencumbered assets. They are the first step towards a harmonised disclosure framework of asset encumbrance in the EU and have been drafted in accordance with Recommendation D of the European Systemic Risk Board (ESRB).  View Article

EPC new poll on Regulation
The European Payments Council has launched a new poll on the regulatory initiatives with the greatest impact on the European payments market   View Article








ESMA publishes retail investor guide to MiFID II
The European Securities and Markets Authority published a short guide for retail investors explaining the impact of the changes to be made in investor protection under the MiFID II reform.  View Article

AIMA launches OTC derivatives clearing guidelines
The Alternative Investment Management Association, the global hedge fund industry association, has launched OTC derivatives clearing guidelines for asset managers.  View Article

FCA: EMIR reporting advice for Clearing Member firms
Authorised or recognised CCPs under European Market Infrastructure Regulation (EMIR) are required to calculate hypothetical capital information. This information must be supplied by CCPs to their clearing members as well as to the competent authority of the clearing member.  View Article

AMF: Consultation on new shorter transaction settlement deadline
AMF has launched a consultation on amendments to Books III and V of its General Regulation. This is to allow the Paris marketplace to shorten the settlement cycle of securities to two business days after trading in anticipation of a European-level harmonisation.  View Article

Financial Times: Europe calls on US to recognise overseas clearing rules
European markets authorities have called on their US counterparts to recognise equivalent standards for overseas clearing houses and head off a transatlantic regulatory turf war that threatens to fragment the derivatives market.  View Article








EIOPA: Consultation on the use of the Legal Entity Identifier
The European Insurance and Occupational Pensions Authority has invited market participants and all the other interested parties to provide their feedback on its draft Guidelines related to the use of the Legal Entity Identifier (LEI).  View Article




Asset Management




EIOPA: new report on occupational pensions issues
EIOPA has published a new report on occupational pension schemes and how it can protect members. It identifies four areas for action: Governance of schemes; European convergence; Information to pension scheme members; and Financial literacy of members.  View Article

Consob and Banca d’Italia: Consultation on hedge-fund directive
Consob and Banca d’Italia have submitted for public consultation a document on changes to their regulations to enact AIFMD.  View Article

Hedgeweek: Jersey sees strong private placement uptake in run up to end of AIFMD transition
With less than one month to go until the transitional phase of the EU Alternative Investment Fund Managers Directive (AIFMD) comes to an end, Jersey is seeing a strong take-up in its private placement route into Europe.  View Article




Corporate Governance/Accounting




IASB/Patricia McConnell: New hedge accounting model will improve investor understanding of risk management
Patricia McConnell, a member of the IASB, provides her perspectives on the new hedge accounting requirements. Banks and similar financial institutions will be more affected by the outcome of the IASB’s dynamic risk management (macro-hedging) project which is currently underway.  View Article

Deloitte: Fourth Global IFRS Banking Survey of 54 major banking groups
Deloitte has issued its 'Fourth Global IFRS Banking Survey — Ready to Land'. The report has feedback on recent accounting and regulatory changes from major banking groups (including 14 global systemically important financial institutions).  View Article

FEE: Briefing Papers on the audit reform
FEE has prepared the two Briefing Papers relevant to the new European audit legislation: Public Oversight of the Audit Profession: Enhancing Credibility and Supporting Cooperation; and Provision of Non-Audit-Services to Public Interest Entity statutory audit clients.  View Article

EFRAG and the National Standard Setters invitation to public consultation on lessee accounting
EFRAG and the National Standard Setters are consulting constituents on the two approaches for lessees. They are also interested in examples of contracts or transactions that would qualify as leases under the proposals.   View Article

EFRAG’s draft comment letter to the IASB on a portfolio revaluation approach to macro hedging
EFRAG has published its draft comment letter in response to the IASB Discussion Paper on Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging. EFRAG would welcome additional contact with constituents in advance of receiving formal responses to its comment letter.  View Article




Financial Services Policy




BIS Annual Report, 2013/2014
A new policy compass is needed to help the global economy step out of the shadow of the Great Financial Crisis, the new BIS Annual Report states. This will involve adjustments to the current policy mix and to policy frameworks with the aim of restoring sustainable and balanced economic growth.  View Article




European Council/Parliament




European Council June 26/27: Extracts from the Conclusions
These extracts cover statements relevant to economic matters and financial markets  View Article

European Council June 26/27: Summary of Conclusions
The Conclusions include: the nomination of Jean Claude Juncker for Commission presidency; a strategic policy direction for the EU (annex I); and addressing the 'British question'/ position of eurozone-out countries  View Article

European Council: Priorities of the upcoming Presidencies (IT, LV, LU)
The primary objective of the Italian, Latvian and Luxembourgish Presidencies will be the same: to overcome the current economic and financial crisis in Europe and the eurozone.  View Article




Grahams Articles, Comments & Speeches




Financial World: Prepare to be MiFID (Graham Bishop article)
In his July article, Graham Bishop discusses EU moves to change the way investment research is bought.  View Article




Graham Bishop




Cameron at Ypres: Shooting Britain in the foot while the EU reforms?
Prime Minster Cameron has lost the first round of his widely-ridiculed tactic to force the rest of Europe to enact his definition of “reform”. So the massed ranks of the commentariat have concluded that this has taken Britain a significant step closer to “Brexit”.  View Article




Think Tanks/EP groups




ECFR/Dullien: How to complete Europe’s Banking Union
The current form of the proposed banking agreement is not sufficient to provide a proper framework to deal with new systemic crisis, nor will it level the playing field between banks in different eurozone countries, argues Sebastian Dullien.   View Article





Future Events



Graham Bishop is pleased to support some not-for-profit conferences, and to highlight forthcoming public hearings on key financial services issues.







2 July 2014: SUERF/Central Bank of Iceland: Post-Crisis Recovery and the Reconstruction of the Financial Sector, Reykjavik. (Further information)

2 July 2014:ECA briefing on  EU Audit: European banking supervision taking shape - EBA and its changing context, Brussels (Further information)

4 July 2014: 'This time it's different... is it? Post EP election meeting, European Parliament Office, London. (Further information)

7 July 2014:IASB/EFRAG/EFFAS Joint outreach event: Reflecting dynamic risk management through macro hedge accounting, Brussels. (Further information)

8 July 2014:EBF: IFRS at Crossroads,Brussels (Further information)

8 July 2014: CFS: Risk taking in the European economy, Frankfurt (Further information)

8-9 July 2014: Paris EUROPLACE International Financial Forum, Paris. (Further information)

17 July 2014: FEE Public Sector Roundtable "Shaping European public sector accounting: A conceptual framework - an imperative?", Brussels.

(Further information)

17 July 2014:EBA Management Board Meeting, London. (Further information)

19 July 2014:EFRAG/EFFAS/ABAF/ACIIA/IASB 'Investors and advisers what role can you play in ensuring quality financial reporting?' (Further information)

18-19 September:ECIIA/CEE: Experience the flavours of Audit, Budapest (Further information)

1 October 2014: ICMA and bwf 7th Annual Capital Markets Conference, Frankfurt(Further information)

3 October 2014: EDHEC-Risk: International Economic Integration and Financial Imbalances in the European Monetary Union, London. (Further information)

9-10 October 2014:Leaseurope Annual Convention, Barcelona. (Further information)

15 October 2014:ECB: Towards the Banking Union. Opportunities and challenges for statistics, Frankfurt. (Further information)

5 November 2014:CFS: Risk - The Global Perspective, Frankfurt. (Further information)

14 November 2014:SUERF: Challenges in Securities Markets Regulation: Investor Protection and Corporate Governance. (Further information)

17-18 November 2014: BIS/World Bank: Fifth Joint Public Investors Conference, Basel. (Further information)

18 November 2014:QED: Structural reform of the banking sector, Brussels (Further information)







7 July 2014:ESMA hearing on MiFID II - Markets issues, Paris. (Further information)

8 July 2014:ESMA hearing on MiFID II - Investor protection issues, Paris. (Further information)

8 July 2014: ESMA hearing on MiFID II - Commodity derivatives, Paris. (Further information)

15  July 2014:EBA hearing on AMA operational risk, London. (Further information)

8 September 2014:EBA hearing on the uses of the IRB approach, London. (Further information)

8 September 2014:EBA hearing on counter cyclical buffers, London. (Further information)



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