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27 June 2013

This week in "Brussels"
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Articles from 20 June 2013 - 27 June 2013

Banking

Breakthrough brokered by Irish Presidency on Bank Recovery and Resolution
The agreement at the end of Ireland's Presidency of the ECOFIN Council sees "bail-out" replaced with "bail-in". It also sets out effective resolution rules that will help to avoid, or weather better, any future banking crises.  View Article
Council agrees position on bank resolution
The Council set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms. It called on the presidency to start negotiations with the EP with the aim of adopting the directive at first reading before the end of the year.  View Article
EPP/Hökmark: Bank Recovery Directive - Breakthrough to protect taxpayers in case of systemic crisis
Rapporteur Gunnar Hökmark welcomed the breakthrough and said he looked forward to joint negotiations being initiated quickly, in order to get a new framework in place as soon as possible.  View Article
Reuters: Europe strikes deal to push cost of bank failure on investors
The European Union agreed to force investors and wealthy savers to share the costs of future bank failures, moving closer to drawing a line under years of taxpayer-funded bailouts that have prompted public outrage.  View Article
EU Council proposal highlights future direction of RRD
On 20 June 2013, the Presidency of the Council of the EU published a note on the current "state of play" with respect to the Recovery and Resolution Directive (RRD), together with a compromise RRD proposal.  View Article
Statement by Commissioner Barnier following the meeting of finance ministers on banking resolution
"Eventually, an agreement should be found at EU27 level: this is an important component to complement the architecture of an integrated financial system."  View Article
Lithuanian Presidency: ECOFIN should pave way to start negotiations with EP on BRR proposal
Lithuanian finance minister Rimantas Šadžius urged EU finance ministers to agree as soon as possible on the legislative proposal on banking recovery and resolution. Minister Šadžius will chair the ECOFIN meetings after Lithuania takes over the Presidency of the EU Council on July 1.  View Article
EBF: Comments on current discussions in European Council on BRRD ahead of the 21 June ECOFIN meeting
EBF provided advice on the most difficult policy choices, referred to by the Irish Presidency as "The Resolution Triangle". A thorough economic impact assessment and affordability study should be conducted to assess the most appropriate size of the resolution fund.  View Article
EPP/Hökmark: ECOFIN failure risks severe delay in Bank Recovery Directive
Rapporteur Gunnar Hökmark MEP said: "I regret that Finance Ministers were unable to reach a common position on the Bank Recovery and Resolution Directive. Unless they find a solution quickly, we will run the risk of a severe delay for the entire procedure."  View Article
SZ: Bundesbank chief urges strict balance sheet test for European banks
Jens Weidmann called for a comprehensive revision of balance sheets of European financial institutions. He said he believed it was absolutely necessary to be able to close banks down.  View Article
WSJ: ECB Liikanen - Resolution authority needs clear, narrow mandate
The ECB's mandate to resolve failing banks, under the bloc's proposed banking union, must be kept narrow to ensure the institution's new responsibility is credible, ECB governing council member Erkki Liikanen said.  View Article
FT: EU fails to agree on bank bailout rules
EU finance ministers failed to reach a deal on new rules for bailing out European banks, forcing them to reconvene next week for a make-or-break session ahead of a summit that was supposed to set the course for a future EU "banking union".  View Article
Martin Sandbu: Flexibility decided by states is a wrong move for Europe's banks
Uncertainty about losses will be made worse when a lender goes bust, writes Sandbu in this FT article.  View Article
Council adopts new bank capital requirements
The Council adopted a Directive and a Regulation amending the EU's rules on capital requirements for banks and investment firms (the CRD IV package). The new rules will apply from 1 January, 2014.  View Article
Basel Committee releases proposals for international leverage ratio and associated disclosure requirements
BCBS published its Revised Basel III Leverage Ratio Framework and Disclosure Requirements for consultation. Comments on this consultative report should be submitted by 20 September, 2013.  View Article
Basel Committee concludes assessment of Basel III capital regulations in Switzerland
BCBS published a report assessing the regulations that implement the Basel capital framework in Switzerland.  View Article
Sharon Bowles MEP: Speech on banking regulation and CRD
"What I have learned from wrestling with the derivatives legislation... is that we cannot establish a level playing field just through rules, not only because of the usual complaints on differing accounting standards particularly in the US, but also because of the difference in models and market conditions."  View Article
Eurogroup agrees the main features of a direct bank recapitalisation instrument
After meticulous preparation, the Eurogroup has agreed upon the main features of the ESM's direct bank recapitalisation instrument. The Eurogroup also endorsed the Council recommendations to the euro area Member States made under the European Semester.  View Article
ESM direct bank recapitalisation instrument: Main features of the operational framework and way forward
The Eurogroup has worked intensively on the operational framework of the future ESM direct recapitalisation instrument. The main features of the instrument are now agreed, with a view to having the instrument operational once an effective SSM is established.  View Article
EBF welcomes clarification on ESM application
"First and foremost, the solution lies in effective supervision combined with efficient crisis management and reliable resolution mechanism for banks which are in trouble", said Chief Executive Guido Ravoet.  View Article
FT: Eurozone bailout fund given power to 'directly recapitalise' banks
Eurozone finance ministers agreed to give their €500 billion bailout fund the power to pump cash directly into teetering banks on Thursday night, but only after national governments share the burden by first making their own capital investment.  View Article
Mixed response in Germany to new ESM instrument
The Eurogroup agreement to recapitalise ailing banks with direct capital injections from the ESM has given rise to differing reactions in Germany.  View Article
Irish Times: French confirm to Creighton support for EU retroactive recapitalisation of banks
Minister of State for European Affairs Lucinda Creighton obtained reaffirmation of French support for direct and retroactive EU recapitalisation of banks.   View Article
EBA consults on draft ITS on closely correlated currencies and on appropriately diversified indices
EBA published two consultation papers on draft ITS on: 1) closely correlated currencies; and 2) appropriately diversified indices. Both consultations run until 8 September, 2013.  View Article
EBA: The joint Board of Appeal of the ESAs publishes its decision
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published its decision in an appeal brought by an Estonian company against a decision of the EBA.  View Article
Bundesbank/Lautenschläger: From supervision to resolution - a German perspective
In Ms Lautenschläger's view, there is no avoiding changes to primary law over the medium to long term. Although the SSM and a restructuring/resolution mechanism should be launched first, work on primary law amendments should start 'right away'.  View Article
BoF/Hakkarainen: Minimise the use of public money through the banking union
In his speech, the Deputy Governor of the Bank of Finland talked about the kick-off of the single supervisory system in 2014.  View Article
FT Progress Report: European Union's move to banking union
Peter Spiegel outlines how many of the main elements of the EU's path to banking union have either been watered down or delayed.  View Article
ECB Working Paper: Convergence in European retail payments
Financial integration in some segments of the financial markets started to deteriorate during the recent period of economic turmoil in Europe. This paper examines whether this phenomenon also holds true for the European retail payments market.   View Article
EPC publishes version 2.0 of the 'Clarification Paper: SEPA Credit Transfer and SEPA Direct Debit'
The European Payments Council published version 2.0 of its clarification paper, including a few updates to the original paper which was published in January 2013.  View Article
EPC invites stakeholders to develop jointly minimum requirements for 'BIC from IBAN derivation' solutions for cross-border SEPA transactions
All interested parties are encouraged to indicate by 9 August whether they are interested in participating in a workshop on 24 September, 2013.  View Article
Sharon Bowles MEP: Responsible banking and finance – The way forward
Ms Bowles shared her thoughts on the UK Parliamentary Committee on Banking Reform's recent report, noting interlinkages with European legislation.  View Article
BoE: Financial Stability Report, June 2013
Since the previous Report, prices of risky assets rose and balance sheets across the financial system strengthened. Recently, asset prices have fallen and financial markets have been volatile, reflecting shifting expectations of the path of monetary policy in some of the major advanced economies.   View Article
BoE/Miles: Central bank asset purchases and financial markets
In his speech Miles considered the evidence on the impact of central bank asset purchases, assessed whether they are causing distortions in the financial markets, and offered some thoughts on how the exceptional setting of monetary policy seen today in the UK might ultimately be normalised.  View Article
PRA completes capital shortfall exercise with major UK banks and building societies
The PRA has now concluded its work with the eight major UK banks and building societies in relation to the FPC's recommendation. The eight firms are: Barclays, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide, Royal Bank of Scotland, Santander UK and Standard Chartered.  View Article
BBA/Browne: Restoring trust in UK banks is key to ensuring London's global competitiveness
Following the financial crisis and the Libor scandal, the City was seen as out of control. Britain's global reputation for probity and integrity took a hit, much to the delight of some competitors. Regaining trust is an absolute priority.  View Article
SUERF Study 2013/3: States, Banks and the Financing of the Economy - Fiscal Policy and Sovereign Risk Perspectives
All the papers in this publication discuss from different angles the complex interrelations between states and financial systems, which have developed in recent years with economic, financial and sovereign debt crises.  View Article
SUERF Study 2013/2: States, Banks and the Financing of the Economy - Fiscal Policy and Sovereign Risk Perspectives
On 5-6 September 2012, SUERF held its 30th Colloquium, "States, Banks, and the Financing of the Economy", at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium.  View Article

Securities

Irish Presidency secures agreement to tackle insider dealing and market abuse
Welcoming the agreement, Irish Minister for Finance, Michael Noonan TD, said: "These new measures will ensure better protection for investors and consumers and will ultimately provide for greater stability in financial markets".  View Article
Council confirms agreement with EP on market abuse regulation
The Permanent Representatives Committee approved today, on behalf of the Council, a compromise reached with the EP on a draft regulation aimed at tackling insider dealing and market manipulation on securities markets.  View Article
EBF comments on ESMA Draft RTS on specific situations that require the publication of a supplement to the prospectus
EBF believes that the mandate to develop RTS should be exercised restrictively and in the interests of investor protection.   View Article
IOSCO publishes Principles for the Regulation of Exchange Traded Funds
The Board of the International Organisation of Securities Commissions published the final report on Principles for the Regulation of Exchange Traded Funds, containing nine important principles intended to guide the regulation of ETFs and foster industry best practices in relation to these products.  View Article
FT: Bond market sell-off causes stress in $2 trillion ETF industry
A wave of selling caused many exchange-traded funds to tumble below the value of their underlying assets, as a bond market sell-off caused stress in the $2 trillion ETF industry.  View Article
Michel Barnier: US can't go it alone on derivatives
In an article for Bloomberg, Barnier writes that the EU and the US have developed separate regulatory regimes for derivatives, aimed at protecting against a repeat of the 2008 crisis. "The next challenge", he says, "is to use those reforms as the foundation for a single, global framework".  View Article
ISDA publishes year-end 2012 Market Analysis: Portfolio compression and central clearing continue to impact size of OTC derivatives market
This analysis underscores the significant impact that portfolio compression and central clearing have had on the size of the OTC derivatives market in recent years.  View Article
ISDA 2013 Margin Survey results: $3.70 trillion of collateral in circulation in non-cleared OTC derivatives market
Collateralisation, the increase in clearing, and the effectiveness of netting and portfolio compression all work towards the same goal – reducing counterparty risk.   View Article
Speech by CFTC Commissioner Mark P Wetjen before the FIA/FOA
Speaking before the Futures Industry Association and Futures & Options Association International Derivatives Expo, Wetjen discussed the cross-border treatment of derivatives. (Includes link to SIFMA response.)  View Article
FSMA publishes its 2012 annual report
The Financial Services and Markets Authority (FSMA) has published its annual report for 2012. The annual report describes the activities and initiatives carried out in the past year and reports on the current state of affairs after the first two years of operation.  View Article
Sharon Bowles MEP: Speech on securitisation to AFME Conference
The ECON chair gave a wider overview of the current legislative mandate and offered her personal perspective.  View Article
Reuters: Coeuré - ECB holds €50 billion in SME-tied assets
ECB Executive Board member Benoît Coeuré said that the European Central Bank has €50 billion in asset-backed securities based on loans to small and mid-sized firms and could take on more in the right conditions.  View Article
German banking industry welcomes Council compromise on MiFID
The Deutsche Kreditwirtschaft (DK) welcomed the Council compromise on the Markets in Financial Instruments Directive, saying it was 'of great importance' to the German financial centre.  View Article
TheTradeNews: MiFID II by Christmas while dark concerns grow
A pre-summer start to trialogues will result in a completed MiFID II text by year's end, but buy-side concerns about dark pools remain.  View Article
AmCham EU's position on money market funds
AmCham EU expressed concern that if EU and US governments fail to develop a framework that will allow MMFs to invest in a wide range of money market instruments, there is a real risk that liquidity issues for sovereigns will be exacerbated.  View Article
Meeting of the Financial Stability Board in Basel
At its meeting, the Financial Stability Board (FSB) discussed vulnerabilities affecting the global financial system and progress in authorities' work to strengthen global financial regulation.  View Article
Commission approves acquisition of NYSE Euronext by InterContinental Exchange
The European Commission has cleared under the EU Merger Regulation the proposed acquisition of NYSE Euronext ("NYX") by the InterContinental Exchange ("ICE"). NYX and ICE operate exchanges providing trading and clearing services, particularly in the field of derivatives.   View Article

Insurance

EIOPA/Montalvo on global/cross-border regulation and supervision
In an interview for "Insurance Claims Management, Europe 2013", EIOPA's executive director discussed the collaboration with the World Bank and how the initiative would benefit the European insurance industry.  View Article
Insurance Europe's 5th International Conference: "Stability and security - Insuring our futures"
Around 350 delegates from around the world gathered for a full day of debate on the insurance industry's role in the global economy and how to safeguard it. (Includes link to keynote speeches, panel debates and video clips.)  View Article
Reuters: US regulators see no need for enhanced insurer capital
Insurers should not be forced to hold extra capital just because of their size because the extra cost would simply be passed on to consumers, US regulators said.  View Article
Risk.net: Regulators clash over global capital standard for insurers
Regulators are locked in a dispute on a proposed global capital standard currently in discussion within the International Association of Insurance Supervisors (IAIS).  View Article
Risk.net: NAIC warns against Federal Insurance Office (FIO) 'mission creep'
The FIO has no place in the supervision of insurance companies and is potentially overstepping the bounds of the Dodd-Frank Act in its role as international spokesman for the domestic industry, warned the chief executive of the National Association of Insurance Commissioners.  View Article
EIOPA: Risk Dashboard – June 2013
EIOPA publishes a Risk Dashboard on a quarterly basis, in accordance with its obligations under the EIOPA Regulation and following a framework determined in cooperation with the other ESAs, the ESRB and the ECB.   View Article
Risk.net: Long-term guarantee measures must be flexible – Balz
Measures for regulating long-term guaranteed products under Solvency II must allow firms and supervisors a degree of flexibility, insists Burkhard Balz MEP, the rapporteur for Omnibus II.  View Article
Risk.net: LTGA proposals set to stoke divisions between insurers and lawmakers
The results of the long-term guarantees impact assessment are unlikely to end the division between the insurance industry and policy-makers over the amount capital insurers must hold against products with investment guarantees under Solvency II.  View Article
Risk.net: EIOPA 'politically naïve' to scrap national vetoes on long-term guarantees package
Proposals to apply Solvency II's long-term guarantees package to cross-border businesses will make political agreement on the recommendations harder to achieve, experts say.  View Article
Risk.net: Solvency II volatility balancer 'will fail to immunise insurers'
A proposal to introduce a 'volatility balancer' to protect insurers against market volatility will not effectively immunise companies against short-term changes in asset prices, according to experts.  View Article
Risk.net: German insurers turn to CPPI and volatility control to back new guaranteed policies
German life insurers are turning to innovative constant proportion portfolio insurance (CPPI) and volatility control mechanisms to underpin a new range of long-term guaranteed products.  View Article
Risk.net: PRA reserves right to review internal models after Icas+ approval
UK insurance companies entering Icas+ are wrong to assume they will get a final stamp of approval of their Solvency II internal model at this stage, according to a senior official at the Prudential Regulation Authority.  View Article
Insurance Europe's response to EC consultation: Effects of regulation on long-term investment must be assessed
Insurance Europe welcomed the recognition in the EC Green Paper that regulatory and framework changes — including changes in prudential regulation, accounting rules and tax law — could threaten insurers' ability to continue providing long-term funding to the economy.  View Article
Insurance Europe: FTT proposal requires significant amendments
Insurance Europe has set out its opposition to the FTT, saying it would harm the European economy, disrupt the EU single market and have a negative effect on insurers and their customers. The rationale for the inclusion of insurers should be reconsidered.  View Article
Clear Path Analysis: Insurance Claims Management, Europe 2013
In this second annual report, relevant managers discuss the growing challenges insurance companies currently face, as they seek profitability from their retail and business insurance propositions, whilst managing the onset of new regulation that will fundamentally change their policy-setting rules.  View Article
Freshfields: Insurance and reinsurance News - Update on the new regulatory regime
The multinational law firm gives an update on the first three months of the UK's new regulatory regime as it affects the insurance sector. The report highlights some of the most important trends that have become apparent or have continued to develop over this period.   View Article

Asset Management

European Commission: New funds to make long-term investment easier [Proposal]
The Commission proposed a new investment fund framework designed for investors who want to put money into companies and projects long term. These private European Long-Term Investment Funds (ELTIFs) would only invest in businesses that need money to be committed to them for long periods of time.  View Article
ACCA calls for more long-term focus in planning and investment
ACCA welcomes the publication by the Commission of its new European Long-Term Investment Funds (ELTIFs) framework. This initiative is consistent with the proposals in the recent Green Paper on Long-Term Finance to increase the amount of non-bank finance available to businesses across the Union.  View Article
EBF: Europe's banks committed to long-term financing
In its response to the Commission's Green Paper on the Long-term Financing of the European Economy, EBF highlighted that the role of banks as an intermediary between lenders and borrowers is an essential economic function.  View Article
Commission welcomes Council agreement on pension portability to facilitate EU worker mobility
Commissioner Andor welcomed the agreement on a general approach on the Commission's proposal for a Directive on improving the portability of supplementary pension rights.  View Article
Reuters: Pension funds may see the silver lining on the interest rate cloud
The global markets quake suggests little positive in a rising interest rate environment but the flip side is significant relief for pension funds that may itself provide a stabilising mechanism into the bargain.  View Article
IPE: PFA Pension considers challenging Danish regulator
The Danish pensions provider may go head-to-head with the financial regulator over an official order to stop it using collective bonus provisions to fund commercial discounts.  View Article
IPE: Collective DC in UK would require 'radical' legislative changes
Launching a collective defined contribution (CDC) system in the UK would only be possible with "radical" legislative change unless employers can be convinced to take on risk voluntarily, a senior consultant at Towers Watson has suggested.  View Article
IPE: Experts call for 'combi-contract' in Dutch Pensions Act
A combi-contract consists of a guaranteed basic pension with a conditional top-up depending on investment returns.  View Article
IPE: Pension fund for Dutch watchdog offloads Spanish, Italian bonds
The €1.2 billion pension fund of supervisor De Nederlandsche Bank (DNB) has offloaded its Spanish and Italian government bonds in favour of German and Dutch government paper and emerging markets bonds to decrease its risk profile and improve its interest hedge.  View Article
IMA: Investors are engaging on issues beyond governance
Institutional investors continue to give priority to issues surrounding corporate strategy and objectives when engaging with investee companies, according to IMA's latest report on adherence to the FRC's Stewardship Code by asset owners, asset managers and service providers.  View Article
Hedgeweek: Are US hedge funds more attractive? A tale of two markets
Defining the market with a view to analysing competition provides those from the European side of the pond eager to make their mark in the hedge fund industry with a striking starting point: this is a global industry in which the top performers worldwide are managed from the US.  View Article
Hedgeweek: US institutional investors favouring alternative mutual funds over hedge funds
US institutional investor interest is turning to alternative mutual funds and away from hedge funds.  View Article

Corporate Governance/Accounting

Commission publishes call for tender to take stock of and to assess the effects of using IFRS in the EU
The Commission published a call for tender, '10 years after the take-off: Taking stock of and assessing the effects of using international financial reporting standards (IFRSs) in the EU'. The deadline for receipt of tenders or requests to participate is 13 September, 2013.  View Article
FASB proposes improvements to financial reporting of going concern uncertainties
The FASB issued a proposal intended to improve disclosures of uncertainties related to an organisation's ability to continue as a going concern. Comments on proposed ASU, 'Presentation of Financial Statements (Topic 205)', are expected by September 24, 2013.  View Article
FRC thought leadership on disclosures to improve financial reporting receives broad support
The FRC issued feedback on its discussion paper, 'Thinking about disclosures in a broader context'. Overall, respondents welcomed the FRC's initiative and noted that the Paper is a valuable contribution to the disclosure debate. The responses indicated broad support for a disclosure framework.  View Article
AmCham EU expresses deep concern over the possible extension of tax reporting
AmCham EU is concerned that, following the disputed Council conclusions of 22 May, the EP might try to extend country-by-country reporting through the Non-Financial Reporting Directive and the work of the JURI Committee.   View Article
IASB: Revised proposals for the accounting for Insurance Contracts
The IASB published for public comment a revised Exposure Draft of proposals for the accounting for Insurance Contracts. The revised Exposure Draft is available for comment until 25 October, 2013.   View Article
EFRAG: Invitation to participate in field-testing the proposed new accounting for Insurance Contracts
EFRAG and National Standard-Setters ANC, ASCG, FRC and the OIC, in coordination with IASB staff, are performing a field test in order to evaluate how the IASB's new proposals for insurance contracts would affect European companies applying IFRS. Deadline for questionnaires is 11 October, 2013.  View Article
Insurance Europe: IASB Insurance Contract proposals are welcome starting point
Insurance Europe welcomed the publication by the IASB of its revised Exposure Draft containing proposals on measurement and presentation of insurance contracts.   View Article
FRC welcomes IASB's ED on Insurance Contract accounting
The FRC welcomed the publication by the IASB of its revised Exposure Draft (ED) containing proposals on measurement and presentation of insurance contracts. The FRC will comment on the ED in line with the IASB's timetable by 25 October, 2013.  View Article
KPMG: New accounting proposals would result in a new world for insurance
KPMG welcomed the publication by the IASB of its revised Exposure Draft (ED) containing proposals on measurement and presentation of insurance contracts.   View Article
FT: Insurance accounting – Confusion to complexity
Commenting on the IASB's revised Exposure Draft of proposals for the accounting for Insurance Contracts, the FT says there is no doubt that new standards for insurance accounting are needed.  View Article
FEE comments on EFRAG Bulletins: Prudence, Uncertainty, Reliability of Financial Information
FEE supports EFRAG's initiative to stimulate debate on key issues related to the IASB Conceptual Framework and to ensure that the European views are influential in this debate.  View Article
FEE comments on external audits of banks
FEE issued comments to the Basel Committee on the BIS Consultative Document on External Audits of Banks. FEE welcomes the consultation which is aimed at further improving audit quality and enhancing the effectiveness of prudential supervision.  View Article
FEE comments on financial instruments (expected credit losses)
FEE issued its comments on EFRAG's Draft Comment Letter on IASB ED Financial Instruments: Expected Credit Losses. FEE also provided its comments to Hans Hoogervorst, Chairman of the IASB.  View Article
EFRAG final letter on rate regulation
EFRAG issued a letter to the IASB regarding its request for information on rate regulation.  View Article
FRC statement following publication of the Parliamentary Commission on Banking Standards' Final Report
The PCBS's report focuses on banks, however the FRC's remit is wider than this. If the FRC concludes that the report raises governance issues relevant to all companies that are not adequately addressed by the existing Code and guidance, it will bring forward proposals to address them.  View Article
ECIIA: Draft comment on EBA consultation recovery plan
The ECIIA commented on EBA's Consultation Paper, "Draft Regulatory Technical Standards on the content of recovery plans under the draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms".  View Article

Financial Services Policy

Another step forward for consumer protection under Irish Presidency
The Irish Presidency has agreed a common position within the Council on new rules to ensure better information for consumers in the European Union about their investments.  View Article
Council sets out its position on transparency rules for investment products
The Permanent Representatives Committee agreed, on behalf of the Council, its position on a draft regulation aimed at improving market transparency for retail investors. It called on the Presidency to start negotiations with the EP, with the aim of adopting the regulation at first reading.  View Article
FCA consumer panel warns against early demise of KIDs
Vice chair Kay Blair urged European regulators at the joint ESAs' Consumer Protection Day conference in Paris not to let a lack of clarity over the purpose of KIDs lead to the disappearance of the document.  View Article
Commission demands that five Member States implement key EU rules against tax evasion
The Commission has sent Reasoned Opinions to Belgium, Greece, Finland (Province of Åland), Italy and Poland asking them to notify the transposition of the Directive on Administrative Cooperation into national law.  View Article
Financial Transactions Tax to be delayed at least six months
A plan by 11 European Union countries to slap a tax on financial transactions will be delayed by at least six months, as participating governments fail to agree on key aspects of the new levy.  View Article
FN: Italians to delay derivatives FTT
Italian lawmakers are to delay the introduction of a financial transaction tax on derivatives and high-frequency trades by at least two months, reflecting growing uncertainty over the tax which is being closely watched ahead of a proposed transaction tax across 11 European Union countries next year.  View Article
European Council: Agreement on the review of the Professional Qualifications Directive
The Committee of Permanent Representatives today endorsed the agreement reached on 12 June between the Irish Presidency of the Council and the European Parliament representatives for the review of the Professional Qualifications Directive.  View Article

European Council/Parliament

Main results of the ECOFIN Council
The ECOFIN Council took steps regarding i.a. the Excessive Deficit Procedure, the European Semester and EFSM loans. VP Rehn said the Country-Specific Recommendations should be followed not because the Commission/ECOFIN said so, but because they represent 'a blueprint for recovery'.  View Article
ECOFIN Council agrees measures to combat VAT fraud
The Council reached political agreement on a package of measures aimed at enabling Member States to combat VAT fraud better. (Includes link to Commissioner Šemeta speech.)  View Article
ECOFIN Council results: Combating tax fraud - Automatic exchange of information
The Council held a brief exchange of views. It called on the working group to start technical work on the proposal to amend Directive 2011/16/EU on administrative cooperation in the field of direct taxation, by extending the scope for the mandatory automatic exchange of information.  View Article
ECOFIN Council: Country-specific recommendations on economic and fiscal policies
The Council approved draft recommendations to 23 Member States on the economic policies set out in their national reform programmes, as well as draft opinions on each Member State's fiscal policies, as presented in their stability/convergence programmes.  View Article
Work Programme for the Eurogroup for the second half of 2013
The Eurogroup should continue to play a key role in providing the necessary solutions to the macro-economic and financial challenges the euro area is facing. A large part of the work programme for the second half of 2013 will be directly related to these challenges.  View Article

International/G20

BIS 83rd Annual Report: Making the most of borrowed time - Repair and reform the only way to growth
Only a forceful programme of repair and reform will return economies to strong and sustainable real growth, writes the Bank for International Settlements in its 83rd Annual Report.  View Article
Brookings/Baily & Elliott: Financial services in the new trade negotiations with Europe
An important question is whether and to what extent financial services will be included in the TTIP treaty. Ideally, an ambitious effort will be undertaken in this area to put transatlantic coordination of key financial reforms back on track.  View Article

Graham Bishop’s Articles and Speeches

Graham Bishop: BRRD: Council agrees its Common Position for negotiations with Parliament – Implications for the financial system
The principle is now settled: banking is a risky activity and [nearly all] creditors must be braced for the consequences when things go wrong, rather than taxpayers.  View Article
Graham Bishop: ESM 'Direct Recap' Agreement – Big step to help Banking Union, but no dustbin for bust banks/duff legacy assets
Yesterday's agreement by the Eurogroup is a historic step forward to a comprehensive banking union in the fullness of time. But the conditionality carefully avoids an easy escape route from the consequences of past bad banking and supervision.   View Article
Graham Bishop's Blog: 90th 'Brussels for Breakfast' monthly meeting
This was held in the British Bankers' Association offices for the first time this morning with another great turnout of more than 80 leading City experts on 'Europe'.  View Article





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