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11 July 2013

This week in "Brussels"
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Articles from 04 July 2013 - 11 July 2013

Banking

Commission proposes Single Resolution Mechanism for the Banking Union [Proposal]
The mechanism would complement the Single Supervisory Mechanism (SSM) which, once operational in late 2014, will see the ECB directly supervise banks in the euro area and in other Member States which decide to join the Banking Union.  View Article
Commissioner Barnier: Excerpts from the press conference on the Single Resolution Mechanism
Barnier elaborated on the Commission's plans for an SRM, to be controlled centrally by the European Commission under Article 114 of the TFEU. Although current problems identified can be treated within this framework, Barnier said he wouldn't exclude Treaty change at a later stage.  View Article
SRM for the Banking Union: EPP Group considers proposal indispensable to avoid taxpayers paying for bailouts
EPP Group spokesman Jean-Paul Gauzès MEP welcomed the Commission's proposal on the setting-up of a mechanism to sort out the fate of banks facing difficulties within the eurozone.  View Article
S&D Euro MPs back an ambitious and efficient bank resolution mechanism
S&D Euro MPs urged EU governments to address this issue swiftly so that the Banking Union could be operational next year.  View Article
ALDE: European Parliament must fully support Commission proposal on single banking resolution
ALDE president Guy Verhofstadt contradicted Schäuble on the urgency of the SRM, saying that Schäuble's legal insistence on Treaty changes must not be allowed to slow down the rapid agreement and implementation of this framework.  View Article
EBF: Single Resolution Mechanism - One step further to the Banking Union
Europe's banks welcomed the announcement by the European Commission of a Single Resolution Mechanism as a complement to the Single Supervisory Mechanism (SSM) within the project of the Banking Union.  View Article
WSJ: European Commission set to propose itself as single authority for winding down eurozone banks
The European Commission is proposing itself as the single authority for winding down banks in the eurozone, a step that will set the European Union's executive on a collision course with the bloc's most powerful member, Germany.  View Article
FT: Berlin rejects Brussels' attempt at grabbing power to shut banks
Germany has attacked the European Commission for overstepping its legal powers with a proposal to make itself the top authority for winding up eurozone banks, setting the stage for a bruising political fight over the next leg of Europe's Banking Union.   View Article
German press round-up: Who will make the decisions on Europe's ailing banks?
EU Commissioner Michel Barnier presented his plans for a Single Resolution Mechanism on Wednesday. Some Member States, particularly Germany and France, are protesting that the plans give the Commission unwarranted additional power.  View Article
ALDE: Single banking resolution mechanism essential to restore stability
ALDE President Guy Verhofstadt said: "We expect the Commission to live up to expectations by presenting a single unified resolution system built upon the community method which will contribute to the stabilisation of the banking sector".  View Article
A comprehensive EU response to the financial crisis - A strong financial framework for Europe and a Banking Union for the eurozone
This memo sets out what has been done to create a robust financial framework for all 28 Member States and what is being done on top of that in the Banking Union specifically for countries which share the euro, although the Banking Union is also open to all non-euro EU Member States who want to join.  View Article
Commissioner Barnier: Banking Union – and beyond
"Banking Union marks the starting point of a new ambition for Europe, one that consists of finally building the economic equivalent of monetary union."  View Article
ECB/Asmussen: Building Banking Union
Speaking at the Atlantic Council, Asmussen discussed a key issue for the euro area that also has a strong transatlantic dimension: Banking Union.  View Article
State aid: Commission adapts crisis rules for banks
The main changes are aimed at improving the restructuring process and the level playing field between banks. In particular, banks will be required to work out a sound plan for their restructuring or orderly winding down before they can receive recapitalisations or asset protection measures.  View Article
Basel Committee consults on capital requirements for banks' equity investments in funds
BCBS published a set of proposals that would revise the prudential treatment of banks' equity investments in funds. Comments on the proposals should be submitted by 4 October, 2013.  View Article
Basel Committee initiates discussion on balancing risk sensitivity, simplicity and comparability within the Basel capital standards
BCBS released a Discussion Paper on the balance between risk sensitivity, simplicity and comparability within the Basel capital standards. Comments should be submitted by 11 October, 2013.  View Article
Basel Committee issues report on the regulatory consistency of RWAs in the banking book
BCBS has published its first report on the regulatory consistency of risk-weighted assets (RWAs) for credit risk in the banking book.   View Article
EBA launches new Single Rulebook Q&A tool
This new online "Single Rulebook Q&A" tool will allow institutions, supervisors and other stakeholders to submit their questions on the CRD IV package, on the related Technical Standards developed by the EBA and adopted by the European Commission, as well as on the EBA Guidelines.  View Article
EBF: European banks' mixed reaction to US implementation of Basel III
EBF notes with satisfaction the implementation of Basel III by the United States. “It is a positive move in the right direction”, said Guido Ravoet, Chief Executive of the EBF.   View Article
Deutsche Bank: Common principles for management remuneration
In a joint position paper, five leading financial institutions have committed themselves to ethical principles in the remuneration of management. The core aim is to make remuneration systems open and transparent and to eliminate false incentives.   View Article
EACT/Raeburn: And we thought the CVA exemption was safe…..part II
Writing on the EACT blog, Raeburn says the real risk for the CVA exemption must be that the central bank community seeks to impose a purist implementation of Basel III. Watch for signs of fire and not just smoke.  View Article
ECON Committee: Low interest rates will drive recovery, Draghi tells MEPs
The reasons for the ECB's low long-term interest rate announcement last week, ways to boost lending to small firms, and efforts to reduce the fragmentation of financial markets in the EU were among the issues debated between ECB President Mario Draghi and ECON Committee MEPs.  View Article
ECB/Draghi: Introductory statement at the ECON Committee Hearing
Draghi addressed the economic and monetary developments in the eurozone, financial fragmentation and SME financing, and the Banking Union. (Includes link to full text of the hearing.)  View Article
ECB/Draghi: Introductory statement to the press conference on eurozone recovery
Draghi said the Governing Council welcomed the setting-out of a number of steps towards the completion of the Banking Union as being moves in the right direction, but also urged that they be implemented swiftly.  View Article
Sharon Bowles MEP: Reaction to ECB President's press conference on eurozone recovery
"Today's blunt statement is a clear indication that Europe probably needs more time and effort to come back to growth, which remains our overriding objective."  View Article
Bruegel/Daluiso & Papadia: Can the European Central Bank control interest rates?
The short answer is a hesitant yes, bordering with a timid no.  View Article
Deutsche Bank: ECB's Draghi - Spirits I have cited
Mr Draghi took the hint from Bernanke and Carney and waved goodbye to the famous "we never pre-commit" mantra. Forward guidance may have been the lesser evil for the 'less-dovish' council members, but does it set the ECB on a slippery slope?  View Article
Wolfgang Münchau: Forward guidance only works if you do it right
Writing for the FT, Münchau comments that Mario Draghi's statement implies the ECB is even more pessimistic about the eurozone than he is.  View Article
EBF: Final TWG response to the first user consultation on ISO 20022 strategy for T2
EBF issued the final TWG response to the first user consultation on ISO 20022 strategy for Target2. The TWG agrees with all five key issues of the proposal.  View Article
EBF supports EU call to CFTC for substituted compliance
EBF called for a system of mutual recognition to be adopted during the next G20 Summit in September in Russia and urged the US and the EU to take a step forward in that direction.  View Article
EBA consults on draft technical standards on prudent valuation
The objective of this consultation is to determine prudent values that can achieve an appropriate degree of certainty while taking into account the dynamic nature of trading book positions. Comments to this consultation can be sent by 8 October, 2013.  View Article
EBA consults on draft ITS on supervisory disclosure
EBA launched a consultation on draft ITS which specify the format, structure, contents list and annual publication date of the supervisory information to be disclosed by competent authorities in the banking sector. Comments to this consultation can be sent to the EBA by 9 October, 2013.   View Article
EBA consults on draft TS on information exchange between home and host competent authorities
The public consultations relate to: 1) how competent authorities collaborate and exchange information regarding institutions operating through branches; and 2) the freedom of provision of services in EU Member States other than that in which head offices are situated. Deadline: 8 October, 2013.  View Article
EBA consults on draft TS in relation to credit valuation adjustment risk
The consultation aims to specify further how a proxy spread should be determined for the calculation of own funds requirements, and to provide additional details on a limited number of smaller portfolios. Comments can be sent to the EBA by 25 September, 2013.  View Article
CEPS/Gros: Principles for European Deposit Guarantee Schemes
In a Briefing Paper for ECON's Monetary Dialogue, Gros writes that what is needed is common funding against systemic shocks, which should be properly priced, by using the excessive imbalances procedure and borrowing principles from the re-insurance industry.  View Article
CEPR/Sibert: Deposit Guarantee Schemes
This note, written for ECON's Monetary Dialogue, examines the position of insured and uninsured bank deposit-holders in Europe in light of the recent EFTA court ruling and events in Cyprus.  View Article
Charles Wyplosz: A European Deposit Guarantee Scheme?
In this Briefing Paper for ECON's Monetary Dialogue, Wyplosz writes that as the ECB must lie at the heart of deposit guarantees, this in turn creates the need to adopt clear rules of engagement, including sharing rules to meet potential residual costs or profits.  View Article
Eijffinger, CentER and EBC, Tilburg University and CEPR: Deposit Guarantee Schemes
In a note prepared for ECON's Monetary Dialogue, the authors make recommendations for a common Deposit Guarantee System, a system in which the national Deposit Guarantee Schemes (DGS) are combined into one homogenous pan-European Deposit Guarantee System.  View Article
EPC and Cards Stakeholders Group launch public consultation on security requirements for remote payments
EPC together with the CSG issued a document on security requirements for remote payments for public consultation. All interested parties are invited to provide feedback by 4 August, 2013.  View Article
UK Government publishes response to PCBS report, 'Changing banking for good'
This marks the next step in the government's plan to move the UK banking sector from rescue to recovery, and to build a banking sector that underpins a strong, safe and successful banking system that supports the economy.  View Article
TheCityUK comments on the Government's response to the PCBS report
Chief executive Chris Cummings commented: "The steps now being taken by the Government will help ensure confidence is restored and maintain the UK's competitiveness".   View Article
BBA to hand over administration of Libor to NYSE Euronext Rate Administration Ltd
The BBA's board has voted unanimously to approve the transfer of the administration of Libor to NYSE Euronext Rates Administration Ltd, the bidder recommended by the Hogg Tendering Advisory Committee.   View Article
Nordic FIs & Covered: Swedish authorities reject banking separation in Liikanen submission
Proposals that include the possible break-up of universal banks into separate retail and investment banking entities were rejected by the Swedish authorities in their response to the Liikanen Report on Tuesday.  View Article
WSBI asks policymakers to plan putting an end to low interest rates as soon as the situation permits
From a macro-economic point of view, an unusually low interest rate level policy has been desirable in response to the financial crisis because debt ratios were no longer sustainable and led to a loss of confidence in the financial system and the real economy.   View Article

Securities

ESMA launches consultation on implementation of new CRA Regulation
ESMA has published a Discussion Paper dealing with the implementation of the CRA III Regulation, which entered into force on 20 June, 2013. The Discussion Paper is open for comments until 10 October, 2013.  View Article
ESMA publishes protocol on the operation of notifications of MiFID Article 41
This protocol has been created to ensure effective cooperation between Competent Authorities (CAs) with respect to their obligations under Article 41 of MiFID (suspension and removal of instruments from trading).   View Article
ESMA consults on information regarding acquisitions and increases in holdings under MiFID
ESMA published Draft RTS on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID). Comments should reach EMSA by 9 September, 2013.  View Article
FN: Data providers caught in regulatory speed trap
The regulatory spotlight has fallen on relationships between market infrastructure providers and high-frequency trading firms – a growing and influential tranche of the former's client base.  View Article
FT: Banks warn of risk at clearing houses
Fast-expanding clearing houses on both sides of the Atlantic are posing a growing risk to the stability of the financial system, some of the world's top bankers have warned.  View Article
FT: CME chief defends clearing houses’ growing role
The head of the world's largest exchanges operator, CME Group, has rejected calls from global banks that the growing reliance on clearing houses is posing a new challenge to the stability of the financial system.  View Article
FCA statement on temporary prohibition in short selling
The FCA notified that it would temporarily restrict short selling under Article 23(1) of Regulation (EU) No 236/2012 of the EP and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps.  View Article
SIFMA submits cost estimates to SEC on fiduciary rulemaking
SIFMA released its response to a data request by the Securities and Exchange Commission (SEC) to help inform the agency's cost-benefit analysis of a uniform fiduciary standard for broker-dealers and investment advisers under Section 913 of the Dodd-Frank Act.  View Article
GFMA: EU's FTT risks damaging international trade and investment through increases in the costs of foreign exchange transactions
According to the latest figures from the GFMA's Global FX Division (GFXD), the FTT would typically increase transaction costs for users of the foreign exchange market by between 300 and 700 per cent in the case of corporates, and between 700 and 1,500 per cent for pension fund managers.  View Article

Insurance

Insurance Insight: Solvency II interim rules could worsen market fragmentation
Despite EIOPA's proposed guidelines for interim measures, surveyed Member States are showing a strong preference for a second quick fix Directive, postponing the full implementation of Solvency II towards as late as 2017.   View Article
Risk.net: Reinsurers question separation of systemic risk designations
Reinsurers have called on policy-makers to explain why they will be left off a list of global systemically important insurers (G-SIIs) to be published this month.  View Article
BaFin: Advantages and risks of transferring insurance risks to the capital markets
This article provides an overview of the advantages as well as risks of catastrophe bonds and other instruments of alternative risk transfer (ART).  View Article
CRE: Second leading insurer removes basis clauses from UK contracts
ACE has followed in the footsteps of AXA and promised to remove basis clauses from UK contracts. It remains to be seen whether other leading insurers will follow suit, but Airmic says its campaign to abolish basis clauses is winning market support.  View Article
UK Parliament: TSC publishes letters on insurance premiums
The Treasury Committee has published a series of letters between the Chairman of the Committee, Andrew Tyrie MP, the Chief Executive of the Financial Conduct Authority, Martin Wheatley, and the Director General of the ABI, Otto Thoresen.  View Article
Risk.net: Prudential Financial SIFI appeal 'futile'
US insurer Prudential Financial's attempt to challenge its status as a non-bank systemically important financial institution (SIFI) will ultimately prove ineffectual, claim lawyers.  View Article

Asset Management

EIOPA publishes the first EU assessment of the financial situation of pension funds
EIOPA published its final report on the Quantitative Impact Study (QIS) on Institutions for Occupational Retirement Provision (IORPs). The QIS confirmed the need for further technical work, which EIOPA is fully committed to undertake.   View Article
NAPF: EIOPA finalises cost of threat of Solvency II-type rules
The European pensions authority has confirmed that Solvency II-type proposals would increase UK pension fund deficits by around £150 billion to at least £450 billion.  View Article
EPP: No more loss of pension rights in the EU
Europeans should no longer lose supplementary pension rights when they work abroad. The Employment Committee in the European Parliament confirmed its position on the Directive improving the acquisition and preservation of supplementary pension rights.  View Article
Joint statement on IORP II Governance and Transparency measures
The group of employer, worker and industry representatives, which includes Pensions Europe and Business Europe, responded jointly to the declaration on 23 May by Michel Barnier, European commissioner for internal market and services.  View Article
Towers Watson: General governance and fit and proper requirements for IORPs
EIOPA's advice identifies that parts of the existing 2003 IORP Directive address some of the key governance functions. However, EIOPA considers that – with certain adjustments - article 41 of the Solvency Directive should also apply to IORPs.  View Article
Towers Watson: Internal control system and internal audit function for IORPs
Towers Watson reviews the advice that EIOPA provided to the Commission on both the internal control system and internal audit function for IORPs.  View Article
IPE: Ireland should back further pensions levy 'under no circumstances'
The Irish government has been told that under no circumstances should it introduce a new pensions levy to help secure benefits in the instance of company insolvency.  View Article
EFAMA publishes Annual Asset Management Report
This report focuses on the value of assets professionally managed in Europe, with a distinction between investment funds and discretionary mandate assets, across both the retail and institutional landscape.  View Article
"Bonus caps not rolled out to fund managers" - Sharon Bowles MEP comments on UCITS V vote
Voting to remove the proposed bonus cap for fund managers, Ms Bowles said: "I have always maintained that banks have a monopoly on liquidity and lending, both of which are ultimately provided at public expense. For this reason I do not think it is appropriate to roll out the same bonus cap across all financial services legislation."  View Article
IMA response on UCITS V vote
The IMA notes the results of the vote in the European Parliament on UCITS V and believes that investors are well served by the outcome, which delivers strong alignment between the interests of clients and those of asset managers.  View Article
FT: EU bonus cap hits bank-owned asset managers
This article claims that bank-owned asset management groups will be put at a "significant disadvantage" to independent and insurance-owned fund houses under new, divergent remuneration rules in Europe.  View Article
ESMA: EU translations now available for the Guidelines on sound remuneration policies under the AIFMD
As long as the national regimes referred to in Article 42 of the AIFMD continue to be in force, non-EU AIFMs which market to professional investors units or shares of AIFs in Member States without a passport will only be subject to Section XIII of these guidelines.  View Article
BVI's response to ESMA consultation concerning guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD
The German Investment Funds Association says it is necessary that AIFMs are provided with practical guidance for establishing and handling of reporting systems in accordance with the Level 2 requirements.  View Article
Luxembourg Parliament adopts law implementing AIFMD
Marc Saluzzi, Chairman of ALFI, commented: "With the legislative process now complete, the regulated alternative investment fund industry in Luxembourg is ready to take off".  View Article
Hedgeweek: Guernsey now accepting AIFMD applications
Fiona Le Poidevin, Chief Executive of Guernsey Finance, writes that Guernsey is now accepting applications under new domestic AIFMD marketing rules and therefore it is a case of 'business as usual' for Guernsey's investment fund community.  View Article
Deloitte: Investment platform market to consolidate as fees start to fall
According to Deloitte, increased competition and reduced margins will force investment platforms to consolidate.  View Article
EDHEC: Institutional investors will not provide long-term financing to the real economy without access to genuinely long-term instruments
Policy-makers and regulators should support the use of existing long-term instruments, as well as the creation of new ones that better respond to investors' needs, e.g. inflation-linked infrastructure debt.  View Article

Corporate Governance/Accounting

IASB: Submission to EU consultation on long-term financing
The IASB has submitted a response to the EC's consultation on long-term financing, addressing those questions that seek feedback on financial reporting matters.  View Article
EFRAG: Comment letter on the IASB ED Financial Instruments (Expected Credit Losses)
EFRAG has issued its comment letter in response to the IASB's ED Financial Instruments: Expected Credit Losses (ED/2013/3).  View Article
EBF: Comment letter on the IASB ED Financial Instruments (Expected Credit Losses)
EBF has issued its comment letter in response to the IASB's ED Financial Instruments: Expected Credit Losses (ED/2013/3). The EBF is supportive of the objective to achieve a sound expected loss provisioning approach. The EBF supports the IASB in developing a principle-based model.  View Article
Deloitte: Comment letter on the IASB ED Financial Instruments (Expected Credit Losses)
Deloitte has issued its comment letter in response to the IASB's ED Financial Instruments: Expected Credit Losses (ED/2013/3).   View Article
EFRAG: Draft comment letter on the IASB's revised ED Leases
EFRAG issued its Draft Comment Letter on the IASB's revised Exposure Draft Leases (ED/2013/06). Comments on the letter are invited by 6 September, 2013.  View Article
EFRAG/National Standard-Setters publish two Bulletins in relation to the revision of the IFRS Conceptual Framework
EFRAG and the National Standard-Setters of France, Germany, Italy and the UK have published two further Bulletins to promote discussion, and to ensure that European views are influential in the debate on the IFRS Conceptual Framework. Comments are invited by 30 September, 2013.  View Article
FASB issues standard deferring some disclosures for non-public employee benefit plans
The FASB published a new Accounting Standards Update that defers indefinitely certain disclosures about investments held by non-public employee benefit plans in their plan sponsors' own non-public equity securities.   View Article
FRC: Advice on conducting effective audit tenders
The FRC has published practical suggestions to help companies undertake an effective process when they put their audit contracts out to tender.  View Article
PRA and FCA welcome Internal Audit guidance
The regulatory authorities welcomed the publication, by the Chartered Institute of Internal Auditors, of the guidance, "Effective Internal Audit in the Financial Services Sector".  View Article
FT: US lawmakers block "auditor rotation"
US lawmakers have overwhelmingly voted against a controversial proposal that would have forced companies to switch accountants every few years.  View Article

Financial Services Policy

Insurance Europe: Further adjustments needed to FTT proposal
In order to limit the impact of the FTT proposal on pension products, Insurance Europe believes that all the transactions relating to long-term pension products should be excluded from the FTT regime. Further significant amendments are also required.  View Article
Brookings/Baily & Elliott: It's time for the US and Europe to cooperate on financial services reform
The United States should use the upcoming negotiations with Europe on a Transatlantic Trade and Investment Pact (TTIP) to push cooperation forward on key financial reforms.   View Article
EPP: Recognition of professional qualifications - More efficient, simpler and faster procedures
On 9 July, Members of the EP's IMCO Committee approved almost unanimously the political agreement on the revision of the Directive on the recognition of professional qualifications in Europe.  View Article
FCA consults on distribution of retail investments: Referrals to discretionary investment managers and adviser complaints reporting (RDR)
The FCA is consulting on some aspects of how to apply rules from its Retail Distribution Review. Comments are requested by 4 October, 2013.  View Article
John Nugée: Fiduciary trust - Foreword to ICMA's Quarterly Report Q3 2013
Finance is an industry which relies on two qualities above all else: the financial soundness of its institutions, and the confidence of society in the ethical standards of those working in it, what one might call fiduciary trust.  View Article

European Council/Parliament

Main results of the ECOFIN Council
Amongst other things, the Council adopted the country-specific recommendations, adopted a decision allowing Latvia to join the euro as from 1 January 2014, and approved an increase of the 2013 EU budget by €7.3 billion. (Includes link to VP Rehn's remarks.)  View Article
ECOFIN Council: Lithuanian Presidency Work Programme
The Council took note of the presentation by the Lithuanian presidency of a work programme on economic and financial matters for the duration of its term of office, which runs from July to December 2013. (Includes link to Lithuanian Presidency priorities as presented in EP committees.)  View Article
ECOFIN Council Work Programme during the Lithuanian Presidency
The Presidency foresees two important workstreams in the field of financial services: further development of the Banking Union; and progress on other important legislative dossiers, e.g. better regulated markets in financial instruments and a more efficient European insurance market.  View Article
ECOFIN Council concludes this year's coordination of economic & fiscal policies during the European Semester
The Council formally adopted the European Semester package, including country-specific recommendations, following endorsement by the June European Council.  View Article
ECOFIN Council issues country-specific recommendations on economic and employment policies
The Council issued recommendations to 23 Member States on the economic and employment policies set out in their national reform programmes, and opinions on their fiscal policies, as presented in their stability/convergence programmes.  View Article
ECOFIN Council results on Economic Governance - Two-pack
The Council endorsed, without discussion, two documents relating to the implementation of the "two-pack" of economic governance regulations regarding draft budgetary plans.  View Article
Eurogroup statement: Progress on Greece; Other EU developments
The Eurogroup welcomed the staff level agreement reached between the Greek authorities and the Troika, and the progress made in implementing the required fiscal and structural reforms. Other topics covered: Banking Union, ESM, SSM, SRM, the IMF's recent consultation, Portugal.   View Article

International/G20

2013 Article IV Consultation with the Euro Area Concluding Statement of IMF Mission
The IMF says that important actions at both the national and euro-wide levels have tackled the immediate threats to the single currency evident at this time last year.  View Article
IMF: Emerging market slowdown adds to global economy pains
The global economy is growing more slowly than expected, with risks to that growth increasing especially in emerging markets, says the IMF in an update to its World Economic Outlook (WEO).  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Single Resolution Mechanism (SRM) - Commission proposal rejected by Germany but not the end of the world
The Commission proposal - as expected - placed itself as the final decision-maker of when to put a bank into resolution.  View Article





© Graham Bishop

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