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21 January 2016

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
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  Articles from 14 January 2016 - 21 January 2016

  Banking
 
 
EBF Response to EBA consultation on RTS on criteria for a preferential treatment in cross-border intragroup financial support under LCR
Despite advances of the single market and single rulebook in the EU and Banking Union, banking groups with an EU parent institution still have to suffer an additional burden regarding their intragroup liquidity facilities compared to institutions operating only within a single national jurisdiction.  View Article
European Parliament: First-ever EU-wide cyber-security rules backed by Internal Market Committee
Firms supplying essential services, e.g. for energy, transport, banking and health, or digital ones, such as search engines and cloud computing, will have to take action to improve their ability to withstand cyber-attacks under new rules approved by Internal Market MEPs.  View Article
AIMA: Basel III fundamentally changes how asset managers are connected to the financial system
‘Accessing the Financial Power Grid: Hedge fund financing challenges under Basel III and beyond’, highlights a lack of consensus around the meaning of a number of prime brokerage terms, such as “reconciliation”, “collateral management” and “collateral optimisation”.  View Article
Financial Times: Basel rules to cost banks €40m-€120m each, says study
Global banks will have to spend between €40m and €120m each to implement global regulators’ latest rules on trading book capital, a new study from consultants Oliver Wyman claims.  View Article
Reuters: ECB plans to order banks to tackle bad loans, sources say
The ECB plans to tell euro zone banks how to better manage bad loans, banking officials said, in an effort to resolve an issue that is curbing the region's economic recovery.  View Article
City AM: Time to give challengers a fair chance - Top City regulator urged to increase competition among banks
The PRA is being urged to “do whatever is required” to increase competition in the banking sector by reducing entry barriers for challenger banks.  View Article
ECB's Mersch: Growth potential and competition – what lies ahead for card payments?
Speech by ECB's Yves Mersch in which he highlights three areas critical to the realisation of the SEPA for cards: standardisation, interoperability and security. Mersch also talks about innovation and how it will impact cards.  View Article
Bank of England: Financial services compensation scheme – Management expenses levy limit 2016/17
This PRA and FCA consultation paper sets out the proposed management expenses levy limit (MELL) for the FSCS for 2016/17. The MELL consulted on is £72.7million.  View Article
Bank of England: New Bank Start-up Unit launched by the financial regulators
The PRA and FCA have launched the New Bank Start-up Unit. The Unit is a joint initiative from the UK’s financial regulators giving information and support to newly authorised banks and those thinking of becoming a new bank in the United Kingdom.  View Article
Reuters: Fed helped ECB with swaps after Trichet 'personal appeal'
The Federal Reserve's decision to reopen currency swap lines to the European Central Bank as part of a campaign to calm markets roiled by Greece's debt crisis came after a “personal appeal” from the ECB chief to his Fed counterpart, transcripts from an emergency Fed meeting on 2010 show.  View Article
 
  Securities
 
 
BCBS: Minimum capital requirements for market risk
The purpose of the revised market risk framework is to ensure that the standardised and internal model approaches to market risk deliver credible capital outcomes and promote consistent implementation of the standards across jurisdictions.  View Article
GFMA, IIF and ISDA statement on the Fundamental Review of the Trading Book Framework issued by the BCBS
The three associations are concerned that the rules may have a negative effect on banks’ capital markets activities and reduce market liquidity.  View Article
ECB: Results of the December 2015 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
Less favourable credit terms are being offered to counterparties across the entire spectrum of securities financing and OTC derivatives transaction types. Liquidity and functioning of markets has deteriorated for many types of euro-denominated collateral.  View Article
ESMA Chair discusses impact of interest rates on securities markets
ESMA Chair Steven Maijoor delivered a speech to the Asian Financial Forum (AFF) on financial markets and the new normal monetary policy.  View Article
 
  Insurance
 
 
Financial Times: Insurers commit $1bn to tech start-ups
Some of the world’s biggest insurers have committed more than $1bn to investing in technology start-ups as the industry attempts to play catch-up with other parts of the financial services sector and boost profitability.   View Article
 
  Asset Management
 
 
ESMA publishes letter from European Commission on AIFMD passport
The EC has asked ESMA to complete its assessment of the regimes of the USA, Hong Kong, Singapore, Japan, Canada, Isle of Man, Cayman Islands, Bermuda and Australia by 30 June 2016.  View Article
 
  Corporate Governance/Accounting
 
 
FEE comments on IASB's ED "Applying IFRS 9 Financial Instruments with IFRS 4 Insurance contracts"
FEE strongly supports an international solution for issues relating to this misalignment. In its response, FEE proposes some refinements to IASB's proposed approach that FEE considers as necessary to ensure that final standard would address those issues.   View Article
FEE responds to ESMA's consultation on the European Single Electronic Format
FEE has responded to the ESMA consultation on the regulatory technical standards for European Single Electronic Format (ESEF). FEE thinks the reporting should be in line with IFRS taxonomy requirements.   View Article
FEE: The impact of the audit reform on audit committees in Europe
FEE briefing paper highlights the developing role of the audit committees in Europe and provides an overview of the related changes to corporate governance best practice. The paper also provides for a number of FEE recommendations.   View Article
IFAC: IPSASB´s ED 59, Amendments to IPSAS 25, Employee Benefits
The IPSASB released for comment ED 59, Amendments to IPSAS 25, Employee Benefits.   View Article
IASB issues narrow-scope amendments to IAS 12 Income Taxes
The IASB issued amendments to IAS 12 Income Taxes. The amendments, Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to IAS 12), clarify how to account for deferred tax assets related to debt instruments measured at fair value  View Article
IFAC: IAESB´s guidance on implementing a learning outcomes approach for professional accounting education
The IAESB has produced guidance material to support the implementation of a learning outcomes approach.   View Article
EFRAG’s response to the 2015 IASB Agenda Consultation
EFRAG has published its final comment letter in response to the Request for Views of August 2015 IASB Agenda Consultation discussing the main priorities for the IASB’s work plan.  View Article
ACCA: The launch of the EC public consultation on Non-Financial Reporting guidelines
ACCA welcomes the publication of the long-awaited EC’s Consultation on the non-binding guidelines on methodology for reporting non-financial information. However ACCA also hopes that these guidelines will be ready before the end of the transposition period of the related NFR Directive.  View Article
 
  Financial Services Policy
 
 
ECON: Report on stocktaking and challenges of the EU Financial Services Regulation
Impact and the way forward towards a more efficient and effective EU framework for Financial Regulation and a Capital Markets Union.  View Article
EIOPA sets out its strategic approach to risk-based and preventive conduct of business supervision
The document outlines EIOPA's strategic approach as well as the tools it proposes to use to implement this framework.  View Article
ICMA responds to European Commission’s Call for Evidence on cumulative impact of regulation
The response focuses principally on the issue of market liquidity within the context of rules affecting the ability of the economy to finance itself and grow.  View Article
CBI/PwC Financial Services Survey – December 2015
The final quarter of 2015 has seen financial services firms focus on the development of new products and services, in response to the emergence of FinTech. There are however still huge concerns around IT resilience and cyber threats.  View Article
EU-Japan High Level Meeting on Financial Issues
Officials from the European Commission, European Securities and Markets Authority and JFSA discussed the recent reforms of the financial sector in the EU and in Japan, including on banks, insurance, benchmarks, derivatives, accounting and investment funds and firms.   View Article
 

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