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16 July 2015

This week in "Brussels"
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  Articles from 09 July 2015 - 16 July 2015

  Banking
 
 
EC: Possible impact of the CRR and CRD IV on bank financing of the economy
The public consultation will enable the European Commission to obtain stakeholders’ views and evidence on the potential impact of Capital Requirements Regulation (CRR) and Directive (CRD IV) on bank lending to the economy.  View Article
ECB: Results of the July 2015 euro area bank lending survey
Euro area banks reported a continued net easing of credit standards on loans to enterprises and households for house purchase, and that additional liquidity from the TLTROs continues to be used for granting loans.  View Article
ECB: Network linkages to predict bank distress
Building on the literature on systemic risk and financial contagion, the paper introduces estimated network linkages into an early-warning model to predict bank distress among European banks.  View Article
EPC: Outcomes following the ERPB’s meeting
The European Payment Council's blog provides an update on outcomes following the Euro Retail Payments Board’s third meeting: instant payments in euros, person-to-person (P2P) mobile payments, technical standards related to payment cards and e-invoicing payment issues.  View Article
BCBS: Progress report on the implementation of principles for effective supervisory colleges
This progress report sets out the detailed findings, based on the monitoring initiatives undertaken by the Basel Committee, and highlights challenges faced by supervisors in running effective supervisory colleges as well as the practical approaches taken to address them.  View Article
EBA updates on upcoming transparency exercise and on key features of 2016 EU-wide stress test
The European Banking Authority published a tentative sample of banks taking part in the 2015 transparency exercise, together with the draft templates illustrating the type of data that will be disclosed. The EBA also released the key features and a tentative calendar of the 2016 EU-wide stress test.  View Article
EBA streamlines intra-group financial support for banking institutions
The European Banking Authority’s technical standards and guidelines specify the conditions under which one entity of a banking group can provide support to another entity of the same group in financial difficulties.   View Article
EBA publishes final product oversight and governance requirements for manufacturers and distributors of retail banking products
The European Banking Authority’s Guidelines set out requirements for manufacturers and distributors when designing and bringing to market mortgages, personal loans, deposits, payment accounts, payment services and electronic money.   View Article
Bank of England: Bank liabilities survey, Credit conditions survey, Credit condition review
The aim of the liabilities survey is to improve understanding of the role of lenders' liabilities and capital in driving credit and monetary conditions. The credit survey is an input to assessments of economic conditions. The review sets out the assessment of the latest trends.  View Article
ECB: Capital regulation in a macroeconomic model with three layers of default
The basic model incorporates optimizing financial intermediaries who allocate their scarce wealth (inside equity) together with funds raised from saving households across two lending activities, mortgage lending to borrowing households and corporate lending to borrowing firms.  View Article
Bank of England: Implementing a UK leverage ratio framework
First consultation paper sets out how the PRA proposes to implement the Financial Policy Committee’s Direction and Recommendation on a UK leverage ratio framework. PRA statement on housing tools sets out the PRA’s intended implementation approach to FPC Directions on housing tools.  View Article
 
  Securities
 
 
ISDA publishes EMIR classification letter
The International Swaps and Derivatives Association has published a new classification letter that will enable counterparties to notify each other of their status for clearing and other regulatory requirements under EMIR.  View Article
CPMI and IOSCO begin first Level 3 PFMI Principles assessment
The Committee on Payments and Market Infrastructures and IOSCO announced that they have started the first Level 3 assessment of the implementation of the principles for financial market infrastructures, the international standards for financial market infrastructures.  View Article
BIS / Noyer: Views on the Capital Markets Union project
Three major pre-requisites have to be met for the CMU to succeed: a clearly defined framework focused on a limited set of operational deliverables; the right articulation between market-based financing and bank financing; and the necessity to ensure financial stability in the long run.  View Article
CEPS: Keep capital markets union simple
A first step in any new legislative plan should be to set a clear objective, based on a thorough analysis of the reasons for the persistent differences in markets and a prioritisation of initiatives aimed at reaching more integration.  View Article
 
  Insurance
 
 
EIOPA calls for high quality public disclosure under Solvency II
The purpose of the publication by EIOPA is to stress the importance of high quality public information and the relevant use of external audit services in relation to Solvency II public disclosures.  View Article
EIOPA seeks input to its Solvency II risk free interest rate coding
The European Insurance and Occupational Pensions Authority has kicked off an exercise to challenge the "beta"-version of its risk free interest rate (RFR) coding used in the current preparatory phase.   View Article
Fitch: Solvency II proposal may boost infrastructure investment
The latest proposals on capital charges for European insurance companies could encourage further investment in infrastructure assets, which insurers see as a good match for their long-term liabilities, Fitch Ratings says.   View Article
Fitch finalizes new insurance notching criteria
Fitch Ratings has finalized new notching criteria to be used for insurance industry ratings globally. The new notching criteria can be found in report titled 'Insurance Rating Methodology'.  View Article
 
  Asset Management
 
 
EIOPA 2015 Market development report on occupational pensions and cross-border IORPs
A report by EIOPA found that while the number of active schemes increased by one to 76, the number of authorised cross-border funds increased by two over the last year.  View Article
EFAMA’s comments on ESMA’s Consultation Paper Draft guidelines for the assessment of knowledge and competence
EFAMA agrees that staff with experience of five years or more may be considered to possess the appropriate knowledge and competence. This understanding should be fixed in the guidelines and should not be subject to the discretion of each NCA or another national body identified in the Member State.  View Article
ALFI offers guidance for due diligence information packs
With a view to simplify and facilitate initial and ongoing due diligence reviews, an ALFI working group was created to consider whether the different approaches taken to due diligence on delegates by the boards of Luxembourg funds, management companies, and AIFMs could be more consistent.  View Article
 
  Corporate Governance/Accounting
 
 
BCBS: Corporate governance principles for banks
Effective corporate governance is critical to the proper functioning of the banking sector. While there is no single approach to good corporate governance, the Basel Committee's revised principles provide a framework to achieve robust and transparent risk management.  View Article
EFRAG: Bulletin on profit or loss versus OCI
EFRAG has published a Bulletin to contribute to the discussion on what items should be reported in profit or loss and what items should be reported as other comprehensive income.   View Article
ACCA: Systemic underinvestment is dragging down business’ finance functions
According to the findings of new research by KPMG and the ACCA, the average business' planning, budgeting and forecasting processes are failing to meet the strategic and operational needs which they are designed to support.  View Article
IFAC: IAESB framework enhances clarity of standards
The IAESB has published its revised Framework for International Education Standards for Professional Accountants and Aspiring Professional Accountants, which sets out the concepts that underlie its International Education Standards.   View Article
 
  Financial Services Policy
 
 
FSB publishes an interim report on Progress in Reforming Major Interest Rate Benchmarks
The FSB issued an interim progress report on reforms to existing major interest rate benchmarks and in the development and introduction of alternative near risk-free interest rate benchmarks.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
112th Brussels for Breakfast
Main topics included: Grexit, BRRD, Five Presidents Report, Instant Payments, Target2 and “29th Regime”.  View Article
 
  CPD/Education and Learning
 
 
Brussels for Brunch Webcast July 2015
The Main topics included: Grexit, BRRD, Five Presidents Report, Instant Payments, Target2 and “29th Regime”.  View Article
Brussels for Brunch Workbook July 2015
This is the workbook that accompanies the July 2015 Brussels for Brunch Webcast   View Article
 

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