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09 May 2013

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Graham Bishop’s Articles and Speeches Financial Services Month in Brussels - Report About this email

Articles from 02 May 2013 - 09 May 2013

Banking

Bank accounts: Commission acts to make bank accounts cheaper, more transparent and accessible to all [Proposal]
The European Commission published its proposal for a Directive on the transparency and comparability of payment account fees, payment account switching and access to a basic payment account.  View Article
EBF: Europe's banks show serious concern over proposal for EU bank account Directive
EBF believes that the evidence and added value to justify the proposed package is questionable. Moreover, it appears that some proposals are totally disproportionate to the actual needs.  View Article
EBF letter to Commissioner Barnier on forthcoming European Commission initiative on bank accounts
The evidence to justify the need for value added, subsidiarity and proportionality of a binding EU legislative initiative in the area of access to bank accounts, fee transparency and switching remains questionable. This is even more the case when trying to demonstrate the need to cover cross-borders aspects.  View Article
EACB: Access to basic bank accounts is positive for financial inclusion but should not come at the detriment of proximity...
...and decentralised networks such as co-operative banks. The European Association of Co-operative Banks is concerned that the Commission proposal for the Directive on bank accounts will be counterproductive and lead to less diversity, less proximity and less supply of banking services.   View Article
Mortgage credit: Council confirms agreement with EP
The Permanent Representatives Committee today approved a compromise text agreed with the EP on 22 April on legislation aimed at creating a genuine internal market for mortgage credit, with a high degree of consumer protection.  View Article
Eurogroup/Dijsselbloem: Blueprint for a deep and genuine EMU - "There is still a long way to go"
Dijsselbloem said that swift completion of the discussions on the Bank Recovery & Resolution Directive was essential, and that it was a priority to establish the SRM to ensure the timely and orderly resolution of failed institutions.  View Article
Bank of Ireland/Honohan: Banking Union challenges
In his speech, Honohan focused on the banking pillar, i.e. Banking Union, challenges. "We need Banking Union to transform the financial system from a source of risk and instability to a source of growth and support to the real economy", he said.  View Article
BFM: German cabinet approves SSM bill
The German cabinet approved a Single Supervisory Mechanism bill by Finance Minister Schäuble on Wednesday, paving the way for the partial transfer of banking supervision in the eurozone to the ECB.  View Article
ECB/Mersch: The euro and the ECB – Perspectives and challenges ahead
Mersch began his speech with a tribute to the founding fathers – and founding mother – on the Executive Board of the ECB: "They have set us on the right course. The ECB, for its part, has delivered on what it has been asked to do."  View Article
Erkki Liikanen: Banking structure and monetary policy – What have we learned in the last 20 years?
How is today's perspective on monetary policy different from what prevailed 20 years ago? 20 years ago, the world of today was being formed in many ways. In the sphere of banking regulation, a new era was beginning.  View Article
CFS/Issing: A new paradigm for monetary policy?
Issing gave a keynote speech at the Conference, "Twenty Years of Transition – Experiences and Challenges", held at the Central Bank of Slovakia in Bratislava.  View Article
EPC: If you have not migrated to SEPA yet – act now!
Organisations that have not yet started migration should act immediately in order to be compliant before February 2014. Whilst good progress has been achieved by the corporate sector preparing for the transition, the focus should now be on joining forces to assist SMEs.  View Article
Benink & Huizinga: Banish the threat from Europe's zombie banks
Europe has postponed the recapitalisation of its banking sector far too long, write Benink and Huizinga for the FT. The danger is that economic stagnation will continue for a long period, putting Europe on a course towards Japanese-style inertia and the proliferation of zombie banks.  View Article

Securities

ISDA/O'Connor: OTC derivatives - Ensuring safe, efficient markets that support economic growth
In 2009, the G20 committed to increase regulatory transparency and reducing credit risk. Three years on, the industry is delivering, with progress made in increasing usage of central clearing facilities and in nearly universal centralised trade reporting by dealers.   View Article
German banks set standard framework for clearing OTC derivatives
A legal framework for the standardised clearing of OTC derivatives has been established in Germany with the approval of standardised documentation by the German Banking Industry Committee, the Deutsche Kreditwirtschaft.  View Article
Bundesbank: Repo funding and internal capital markets in the financial crisis
This discussion paper examines to what extent the bank-internal fund management of German multinational banks was affected by the run on repo markets which accelerated the development and worldwide transmission of the crisis.  View Article
SEC proposes rules for cross-border security-based swap activities
The Securities and Exchange Commission voted unanimously to propose rules and interpretive guidance for parties to cross-border security-based swap transactions.  View Article

Insurance

Risk.net: Insurers bolster inflation protection
Insurers are scaling up their inflation hedging activity in response to growing concerns over the threat of rising prices. Companies are increasing their allocations to ILBs and other physical hedge assets as well as ramping up their purchases of inflation swaps, according to bankers and analysts.  View Article
CRE: Captives owners need to up ahead of SII - Swiss Re
Solvency II is pushing captive insurance company owners into a harsher new world where they will face greater scrutiny and tougher questions, according to Roy Baumann from the Strategic Solutions team of Swiss Re Corporate Solutions.  View Article
Risk.net: UK regulator right to retain flexibility to force changes on internal models
The UK's prudential regulator is sensible to maintain the flexibility to force companies to adjust their internal models and increase capital buffers in response to developing risks, even at the risk of a legal challenge in European courts, according to regulatory experts.  View Article
Moody's: Stable outlook for UK General Insurance, despite challenging operating conditions
The stable outlook is primarily driven by Moody's Investors Service's expectation that rate increases and meaningful expense reductions will mitigate the adverse effects of the challenging macro-economic environment and tough market conditions.   View Article
Airmic: Can insurance adapt to stay relevant?
Airmic's recent activities have the aim of making commercial insurance relevant in a rapidly changing business world, according to chief executive John Hurrell. His comments came as the association put the final touches to a range of initiatives to be unveiled at next month's annual conference.  View Article
Risk.net: US insurers target European CRE debt
American insurers are increasing their investment in UK and European commercial real estate debt, as domestic insurers struggle to meet burgeoning demand. Large US groups have been quick to fill the void left by European banks' withdrawal from long-term financing.  View Article

Asset Management

Insurance Europe Position Paper on the proposal on the acquisition and preservation of pension rights
Increasing the possibility for worker mobility should be achieved in a way that does not inadvertently undermine the development of pension systems in EU Member States.  View Article
IPE: EIOPA estimates for pension rights cuts too high, says Dutch regulator
The Dutch pensions regulator (DNB), commenting on the potential impact of the holistic balance sheet on the country's schemes, has argued that EIOPA's estimates for rights cuts are "too high".  View Article
OECD: Draft high-level principles of long-term investment financing by institutional investors
The principles are designed to assist OECD, G20 and other interested countries to facilitate long-term investment by institutional investors, particularly among those institutions that typically have long duration liabilities and consequently can consider investments over a long period.  View Article
IOSCO publishes principles for CIS valuation
IOSCO published the final report on Principles for the Valuation of Collective Investment Schemes, containing a list of Principles intended to serve as a basis for both industry practitioners and regulators to assess the quality of regulation and industry practices regarding the valuation of CIS.  View Article
Hedgeweek: Hedge Fund OPG provides blueprint for institutional-quality infrastructure using 'co-sourcing'
A white paper produced by the Hedge Fund Operational Peer Group, a group of hedge fund CFOs and COOs and service providers, provides a blueprint for managers to think about when working with service providers.   View Article

Corporate Governance/Accounting

EFRAG: Is there a need for specific financial reporting for long-term investing activities business models?
EFRAG is launching a public consultation on long-term investing activities business models. The public consultation closes on 25 June, 2013.  View Article
FASB: Deferral of certain disclosures for non-public employee benefit plans
The FASB issued a proposal to defer indefinitely the effective date for certain disclosures about investments held by a non-public employee benefit plan in the plan sponsor's own equity securities. The comment period ends on May 31, 2013.  View Article
IFAC: IAASB's April meeting highlights and decisions
IAASB discussed issues related to auditor reporting, ISA implementation monitoring, assurance engagements other than audits or reviews of historical financial information, disclosures and auditor responsibilities relating to other information.  View Article
ACCA welcomes proposed FRC move to give shareholders more information about the audit
ACCA has responded to the FRC consultation on a revision to International Standard on Auditing (UK and Ireland) 700, 'The auditor's report on financial statements'.   View Article
UK QCA revised Corporate Governance Code emphasises how good governance helps to deliver growth
On 1 May 2013, The Quoted Companies Alliance launched its revised Corporate Governance Code for Small and Mid-Size Quoted Companies (QCA Code) at the London Stock Exchange.  View Article
FT: Insurers - Fair value
The IASB will shortly release a new draft standard on how to handle insurance contracts. At present, there is little international consistency and the new rules have been years in the making.  View Article
FASB: PCC votes to expose proposed alternatives within US GAAP for private companies
The PCC voted to move forward with proposed alternatives within US GAAP designed to improve financial reporting for private companies. The PCC's approved exposure of the proposals is the first step in a process toward endorsement by the FASB.  View Article

Financial Services Policy

Spring 2013 forecast: The EU economy – Slowly recovering from a protracted recession
The EU economy is projected to return to growth in the second half of 2013. Annual GDP is forecast to contract by 0.1 per cent in the EU and 0.4 per cent in the euro area this year. (Includes link to VP Rehn speech and Bruegel analysis.)  View Article
MEPs consider extending KIID to shares, bonds and bank accounts
MEPs are considering forcing firms selling ordinary shares, bonds or bank accounts to use the key investor information document, in a major expansion of the PRIPs Directive.  View Article
EuropeanIssuers: KID/PRIPs - New disclosures for shares and bonds
EuropeanIssuers is very concerned about extending the scope of proposed regulation on a new KID for investment products to shares and bonds, as it fears that the extension would greatly hinder the ability of companies to raise finance from regulated markets and MTFs.  View Article
PRA/Bailey: The new approach to financial regulation
In his speech, Bailey gave several reasons as to why he believed the reform of financial regulation was an important step forward. He then went on to talk about developing bank resolution and the too-big-to-fail issue.  View Article
S&D: EU governments urged to deliver on tax evasion and FTT
S&D Euro MPs voiced concerns about Member States taking a step back on their plans both to introduce a financial transaction tax and to combat tax evasion. The exchange took place during a hearing with Commissioner Algirdas Šemeta in the EP.  View Article
Irish Times: Tobin tax opposed in Germany
German firms have joined opposition to the introduction of a tax on financial transactions in Europe, warning of severe damage to businesses in the eurozone's largest economy.  View Article
Ben Wright: The FTT's future hinges on Germany's election campaign
As with most things in Europe, Germany is central to the future of the FTT, says Wright in this FN article. While Germany is among the countries pushing for the levy, the proposal stands a chance. Were Germany to pull out, the remaining nine countries would almost certainly lose the will to press on.  View Article
CEPS/Lannoo: The EU should tax in harmony
Rather than expending unnecessary negative energy on the blunt and indiscriminate financial transaction tax, this commentary argues that the EU should give priority to its tax base harmonisation project.   View Article

Financial Services Month in Brussels - Report

April 2013 Financial Services Month in Brussels - Graham Bishop's personal overview
Key components of the repair of the euro fell into place in April. Attention is now beginning to swing to the Eighth Parliament. Only after the final ratifications of the SSM and EBA are put into force can the ECB Supervisory Board be created and the technical details filled in.  View Article





© Graham Bishop

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