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09 July 2015

This week in "Brussels"
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Asset Management Corporate Governance/Accounting International/G20
Graham's Articles, Comments & Speeches   About this email

  Articles from 02 July 2015 - 09 July 2015

  Banking
 
 
EBA defines functioning of EU banking resolution colleges
The European Banking Authority published its Final draft RTSs that specify the operational functioning of the resolution colleges established for those groups that operate on a cross-border basis in the European Economic Area.   View Article
EBA issues final standards on processes for notifying that a banking institution is failing
The European Banking Authority’s RTS aims at harmonising at EU level the process and content of notifications, as well as the notice of suspension, to be followed when a banking institutions operating in the EU is failing or likely to fail.  View Article
EBA publishes final technical standards to ensure effective resolution under the BRRD
The European Banking Authority published its final draft RTS on the Minimum Requirement for Own Funds and Eligible Liabilities, and on the contractual recognition of bail-in.  View Article
EBA publishes technical standards on independent valuers
The European Banking Authority’s RTS sets out the general criteria against which valuers should be assessed to determine whether they comply with the legal requirement of independence for the purposes of performing valuation tasks under the Bank Recovery and Resolution Directive (BRRD).  View Article
BCBS: Report on the impact and accountability of banking supervision
The report presents a range-of-practice study on how supervisors around the world define and evaluate the impact of their policies and actions, manage against that impact and then account for it to their external stakeholders.  View Article
BIS: FSI Survey - Basel II, 2.5 and III Implementation
The FSI published the results of its 2015 survey by disclosing the information received from 98 non-BCBS/non-EU jurisdictions.  View Article
BIS / Caruana: The role of the CPMI as part of the Basel Process
The General Manager of the Bank for International Settlements compliments the Committee on Payments and Market Infrastructures on fundamental accomplishment and highlights three snapshots from the Committee's history.  View Article
EBA supports the proposed amendments to RTS specifying the derogations for currencies with constraints on the availability of liquid assets
In particular, the European Banking Authority agrees with removing from its RTS the minimum 15% haircut to the value of the collateral posted by an institution with a central bank in order to obtain a credit line.   View Article
EBA consults on conditions for capital requirements for mortgage exposures
The proposed RTSs illustrate the conditions, as well as financial stability considerations, that would ensure a harmonised approach in setting higher risk weights and higher minimum loss given default values.   View Article
Bank of England: PRA announces changes to depositor and policyholder protection
For the majority of depositors currently covered by the Financial Services Compensation, the existing level of deposit protection (£85,000) will be maintained for six months before changing to £75,000 after 31 December 2015.  View Article
 
  Securities
 
 
EBA publishes its report on qualifying securitisation
The publication follows the public hearing held previously and sets out the detailed advice provided by the EBA to the European Commission.  View Article
ESMA report proposes to include ETDs in EMIR's interoperability arrangements for CCPs
ESMA issued its final report on interoperability arrangements between EU-based clearing houses required under EMIR and related Guidelines and Recommendations.   View Article
FSB invites feedback on Peer Review on implementation of the FSB policy framework for shadow banking entities
The FSB launched a peer review on the implementation of its policy framework for financial stability risks posed by non-bank financial entities other than money market funds.  View Article
ECB: Results of SESFOD Survey 2015
European Central Bank's survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets shows a tightening of price terms offered to hedge funds, investment funds, pension plans and other institutional investment pools.  View Article
ECB / Constâncio: Strengthening macroprudential policy in Europe
Macroprudential policy must prevent large fluctuations, and european regulators need a broader toolkit and should develop stress tests to tackle possible systemic risks coming from the shadow banking sector.  View Article
ESMA agrees to renewal of short selling ban by Greek HCMC
ESMA issued its official opinion agreeing to a renewal, for a period of seven days, of the emergency short selling prohibition originally imposed by the Hellenic Capital Market Commission under the Short Selling Regulation on Monday 29 June.  View Article
 
  Insurance
 
 
EIOPA publishes Set 2 of Solvency II Technical Standards and Guidelines
European Insurance and Occupational Pensions Authority’s set covers different areas from all three Solvency II pillars: quantitative basis; qualitative requirements; reporting and disclosure.   View Article
EIOPA delivers technical advice on product intervention powers regarding insurance-based investment products
The PRIIPs Regulation foresees that national supervisors and EIOPA have the power to prohibit or restrict the marketing or distribution of certain insurance-based investment products or a type of financial activity or practice of a (re)insurer.  View Article
EIOPA consults on infrastructure investment risk categories
The European Insurance and Occupational Pensions Authority (EIOPA) published a Consultation Paper on its advice to the European Commission (EC) on the identification and calibration of infrastructure investment risk categories.  View Article
 
  Asset Management
 
 
EIOPA consults on a Pan-European Personal Pension product
EIOPA published a Consultation Paper on the creation of a standardised pan-European Personal Pension Product. EIOPA intends to submit its final advice to the European Commission at the beginning of 2016.  View Article
The ESAs consult on the prudential assessment of acquisitions and increases of qualifying holdings
EBA, EIOPA and ESMA jointly reviewed and updated the non-binding guidelines for the prudential assessment of acquisitions of qualifying holdings which had been developed in 2008 by the former three EU financial Committees.   View Article
EIOPA highlights measures to facilitate the transfer of pension rights
EIOPA identifies the main impediments to cross-border and national transfers as well as a number of good practices to overcome these. This would create more transparency in the interest of consumers and facilitate the internal market for supplementary pension rights.   View Article
New MFA paper examines changes since passing of Dodd-Frank Act
The Managed Funds Association has released a new position paper detailing the changes financial markets have undergone since the passage of the Dodd-Frank Act, as well as the expanded role alternative investments now play.  View Article
PEGCC: Wyatt - The SEC’s current views on private equity
SEC's Wyatt delivered a speech reflecting on progress in the past year as well as identifying likely areas of scrutiny the private equity industry will face in the future.  View Article
Hedgeweek: A new era for hedge funds?
Criticism against the lack of hedge funds outperformance climaxed in 2014. Hedge funds have underperformed traditional asset classes since the financial crisis. Despite its outstanding track record over recent decades, the industry has come under rising pressure.  View Article
 
  Corporate Governance/Accounting
 
 
BIS: Revised principles on corporate governance for banks issued by the Basel Committee
The revised guidance stresses the importance of risk governance as part of a bank's overall corporate governance framework and promotes the value of strong boards and board committees together with effective control functions.   View Article
IFAC: IAESB´s consultation paper on guiding principles for implementing a learning outcomes approach
The IAESB encourages professional accountancy organizations and individuals with experience in applying learning outcomes in professional education programs to comment.  View Article
EFRAG document for public consultation on the Conceptual Framework for Financial Reporting
The view presented considers that the Conceptual Framework would fail to meet European expectations as it lacks guidance, in particular on how to select a measurement and how to report performance, including what should be reported in profit or loss and when.   View Article
EFRAG commented on the IASB's ED Effective Date of IFRS 15
EFRAG has published its final comment letter in response to the IASB Exposure Draft Effective Date of IFRS 15 (Proposed amendments to IFRS 15). EFRAG supports the proposal of the Exposure Draft.  View Article
IIA: Ten imperatives for internal audit
The Institute of Internal Auditors Research Foundation (IIARF) unveils 'Driving Success in a Changing World: 10 Imperatives for Internal Audit'. Imperatives are founded on the fact that internal auditors will need to develop new skills, improve stakeholder relationships, and lean on new technology.  View Article
 
  International/G20
 
 
European Parliament: TTIP - ease access to US market, protect EU standards, reform dispute settlement
An EU-US trade deal must open up US market access for EU firms, but must not undermine EU standards. To settle trade-related investor-state disputes, a new justice system should replace private arbitration under the Investor-State Dispute Settlement (ISDS) system.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
The Hellenes are heading for Hades - the votes of 4m cannot bind 250m voters
The twists and turns of Tsipras become ever more bizarre. “Brussels” has become used to the Athenians arriving with various “Trojan horse” proposals.  View Article
Greek-style democracy: 4m vote each Greek elector a [€20,000] present from the other 250m euro area electors. Culture change needed!
Greek voters may not have realised the political price they are demanding from the euro area. It is far too high a price for the euro area to pay. It should not pay.  View Article
ESMA: Advisers on your life savings should be “knowledgeable and competent” – shock horror!
Capital Market Union (CMU) is designed to encourage citizens to hold a larger share of their savings in the form of securities – thus also encouraging them to take greater risks in return for the possibility of greater returns than those on `guaranteed’ bank deposits.  View Article
Deepening EMU – Round-up of Key Events – June 2015
Greece and European institutions broke the negotiations off and Greek PM Tsipras called for a referendum with results that may cause a political tsunami in the EU. The European Commission presented the Five President's Report, and the European Council and Parliament updated the PSD2.  View Article
 

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