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11 June 2015

This week in "Brussels"
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Asset Management Corporate Governance/Accounting International/G20
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  Articles from 04 June 2015 - 11 June 2015

  Banking
 
 
Electronic payment services: Council confirms agreement with EP on updated rules
The revised directive adapts existing rules to emerging and innovative payment services, including internet and mobile payments. It has the aim of ensuring a more secure environment for payments, in particular for those using remote channels.   View Article
ECB Yves Mersch: Getting the balance right - innovation, trust and regulation in retail payments
Mersch focuses on digitalisation of the retail payments industry and the resulting users’ changing expectations, and makes some suggestions on the responses needed from the industry and the regulators.  View Article
BIS / Liikanen: Enhancing reliability and efficiency of future payments - five criteria
Speech by Mr Erkki Liikanen, Governor of the Bank of Finland, presenting five criteria which should serve as guiding principles when assessing the present payment systems and the future developments.  View Article
Risk Magazine / David Rowe: Geeks at the gates
Hampered by increasingly complex regulations, as well as the cost and inertia of inefficient legacy systems, banks are facing growing competition from innovative non-bank organizations.   View Article
European Commission extends transitional period for capital requirements for banks' exposures to CCPs
The EC has adopted an implementing act that will extend the transitional period for capital requirements for EU banking groups’ exposures to central counterparties under the CRR. The CRR introduced a capital requirement for the exposures of EU banks and their subsidiaries to a CCP.  View Article
Basel Committee consults on interest rate risk in the banking book
The BCBS has issued a consultative document on the risk management, capital treatment and supervision of interest rate risk in the banking book (IRRBB), which replaces the Basel Committee's 2004 Principles for the management and supervision of interest rate risk.  View Article
Fitch: Restoring trust in Basel IRB models will take time
Greater comparability in capital requirements across EU banks is likely to take time, Fitch Ratings says. Meanwhile, doubts surrounding internal ratings-based (IRB) models are likely to continue to undermine trust in regulatory capital ratios.   View Article
EBA issues technical advice to the Commission on contributions to the Single Resolution Fund
The European Banking Authority provided its technical advice to the European Commission on the criteria and principles that will be used to determine the uniform level of contributions by banks in the participating EU Member States to the Single Resolution Fund.  View Article
EBA publishes final draft standards on assessment methodologies to use Advanced Measurement Approaches for operational risk
These European Banking Authoritys’ RTS are part of the overall review of internal models undertaken by the EBA and are part of the Authority's efforts to harmonise practices for the approval of internal models in the area of credit, market and operational risk models across the EU banking sector.   View Article
EBA consults on passport notifications for mortgage credit intermediaries
The Guidelines will ensure that information about credit intermediaries that carry out business in one or more Member States is exchanged consistently between the national authorities of the home and host Member States respectively.   View Article
EBF response to EBA consultation on RTS on detailed records of financial contracts
The European Banking Federation provides its general comments and answers to specific questions on European Banking Authority’s Regulatory Technical Standards.  View Article
Bank of England: CRD IV - Liquidity
This policy statement (PS) sets out the PRA’s final rules and supervisory statement and provides feedback on responses to the proposals in CP27/14 to accommodate the European Commission’s delegated act with regard to the liquidity coverage requirement (LCR) for credit institutions.  View Article
BoE: Banking sector interconnectedness: what is it, how can we measure it and why does it matter?
This article explains the different ways in which banks can be interconnected, discusses how this can be measured and explores the implications for financial stability.  View Article
ACCA: Is an end to late payment on the cards?
Policymakers involved in SME financing need to rethink how they manage and regulate trade credit and late payment, says ACCA in the final instalment of its three part research into late payment called Ending Late Payment.  View Article
 
  Securities
 
 
European Commission's Hill: Next Steps to Build a Capital Markets Union
The conference's main topics where: increasing access to finance, promoting simple and transparent securitisations, creating more opportunities for investors, and encouraging cross-border investment.  View Article
BIS / Knot: How Capital Markets Union can bolster Monetary Union
CMU can deliver great improvements such as diversifying financing for SMEs, deeping harmonization in insolvency laws across countries, increasing the efficacy of monetary policy... but there are possible negative consequences as well.  View Article
FCA: Capital Markets Union – a regulator’s perspective
Highlights of David Lawton's speech were those parts of CMU where regulation will be an important element, recognising the macroeconomic context, investor protection and competition.  View Article
European Commission publishes responses to securitisation consultation
The Commission received 120 responses, indicating the great level of interest in this issue from many different stakeholders.   View Article
British Influence: Capital Markets Union
Capital markets offer diversified mechanisms for linking potential investors with those seeking types of finance other than direct bank lending. As this paper explains, the CMU initiative seeks to extend their flexibility, range and availability to those seeking finance.  View Article
CEPS: Building a Capital Markets Union… or designing a financial system for the euro area?
Financial integration of the countries in EMU must receive top priority in a process that the rest of the European Union may then subsequently join.  View Article
IOSCO publishes good practices on reducing reliance on CRAs in Asset Management
The report provides a set of good practices for reducing over-reliance on external credit ratings in the asset management industry.  View Article
ESMA issues Q1 risk dashboard for securities markets
ESMA issued its second Risk Dashboard 2015 for the EU's securities markets, covering the first quarter of 2015: EU systemic stress remained at previous levels.   View Article
ESAs consult on margin requirements for non-ce‎ntrally cleared derivatives
The ESAs launched a second consultation on draft RTS outlining the framework of EMIR, after an intense engagement with other authorities and the industry stakeholders in order to identify all the operation issues that may arise from the implementation of such framework.  View Article
ESMA: Verena Ross delivers keynote speech at IDX 2015
Her keynote address focused on EMIR and MiFID II, arguing that there are plenty of important reforms that are essential for the orderly functioning and the safety of derivatives markets.  View Article
 
  Insurance
 
 
European Commission adopts a first package of third country equivalence decisions under Solvency II
After receiving equivalence, EU insurers can use local rules to report on their operations in third countries, while third country insurers are able to operate in the EU without complying with all EU rules.  View Article
EIOPA: update on the relevant risk-free interest rate term structures, of the symmetric adjustment for Solvency II and risk dashboard
European Insurance and Occupational Pensions Authority published update of the technical information on the relevant risk free interest rate term structures including answers to FAQs. It also published update of the symmetric adjustment of the equity capital charge for Solvency II and risk dashboard  View Article
BoE: The prudential regulation of insurers under Solvency II
This article examines the business model of an insurer, gives a condensed history of insurance regulation to date and draws out the key features and benefits of the new legislation.  View Article
 
  Asset Management
 
 
ESMA is seeking information on the impact of the Best Practice Principles
ESMA published a Call for Evidence on the Impact of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis (BPP).  View Article
EFAMA’s comments on the EBA’s Consultation Paper on Draft Guidelines on sound remuneration policies
In its response to the EBA’s consultation paper, EFAMA highlighted the fact that bank‐owned asset management companies may in the present circumstances have to comply with four overlapping pieces of EU legislation on remuneration.  View Article
ALFI responds to EBA consultation on Draft CRD IV Remuneration Guidelines
Issues addressed by ALFI in its response to the EBA consultation relate particularly to the definition of staff, remuneration policies and group context, proportionality, and equivalence of remuneration rules for CRD IV, AIFMD and UCITS.  View Article
Pension funds granted further two-year exemption from central clearing requirements
The European Commission adopted a Delegated Act, extending transitional relief from central clearing requirements for Pension Scheme Arrangements until 16 August 2017.  View Article
 
  Corporate Governance/Accounting
 
 
IASB: IFRS Foundation publishes detailed analysis of IFRS country profiles
The IFRS Foundation has published an updated version of the ‘Snapshot’ Financial Reporting Standards for the World Economy. It provides a more detailed analysis and an overview of the 140 jurisdiction IFRS profiles assessing the progress of IFRS as the global standard for financial reporting.  View Article
ECIIA: Bank remuneration monitoring must be clear
According to the ECIIA, the EBA’s proposals on how the remuneration policies of banks are to be monitored need greater clarity if they are to be effective.  View Article
FEE: The possible impact of TTIP on European professional accountants and auditors
FEE Information Paper explores how TTIP could be relevant for the accounting and audit profession. It addresses three relevant subjects that have come up in the negotiations between the EU and USA.  View Article
IFAC supports US Treasury Secretary Lew's call for important policy decisions on public sector finances
The IFAC agrees with a speech given by US Treasury Secretary Jack Lew in which he urged institutions—such as the IMF, EC, and ECB—to act, for example saying “there need to be some policy decisions implemented in Greece.”  View Article
Deloitte commented on the classification of liabilities
Deloitte has published its comment letter to the IASB on proposed amendments to IAS 1, ED/2015/1 'Classification of Liabilities'. Deloitte believes that the IASB should consider this issue more fully as part of the Disclosure initiative.  View Article
 
  International/G20
 
 
CEPS: This time it’s different - Turbo-charging regulatory cooperation in TTIP
TTIP regulatory cooperation will be significant, but not ambitious, while political and legal limits on cooperation in both the EU and the US minimise the concerns.   View Article
 

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