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27 October 2016

This week in "Brussels"
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  Articles from 20 October 2016 - 27 October 2016

  Banking
 
 
EBA calls for a simplified and more harmonised large exposures regime
The EBA published its response to the EC's call for advice on the review of the large exposures framework laid down in the CRR. This report will support the Commission in its review of the large exposures framework as part of the overall CRR review.  View Article
BCBS: Eleventh progress report on adoption of the Basel regulatory framework
This updated Progress report on adoption of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel III standards as of end-September 2016.  View Article
EBF: The implementation of the Basel Committee’s standards on interest rate risk in the banking book into EU legislation
EBF understands that EBA plans to revise its current Guidelines, in particular the SOT calculation as well as the public disclosure requirements. The impact of the proposed changes to the outlier test on European banks’ business models has given rise to concern and may need to be carefully analysed.  View Article
EBA recommends that only investment firms identified as GSIIs and OSIIs be subject to the full CRDIV/CRR
The EBA responded to the European Commission's call for technical advice on the criteria to identify the class of investment firms for which the prudential regime laid down in the CRD and CRR is applicable.   View Article
EBA consults on technical standards on MREL reporting by Resolution Authorities
The EBA launched a public consultation on draft ITS on the procedures and templates which Resolution Authorities should use when informing the EBA of the MREL that have been set for each institution under their jurisdiction.   View Article
EBF response to EBA consultation paper on guidelines on connected clients
The principals described in these guidelines will significantly change the ones currently used by banks. Although some changes to current procedures may be required concerning the equity stake and control criteria, significant efforts will be needed on the “economic dependency” topic.  View Article
EPC’s response to the EBA’s consultation on Regulatory Technical Standards
The EPC made publicly available the response to the European Banking Authority on draft RTS on strong customer authentication and common and secure communication under the revised Payment Services Directive (PSD2).  View Article
ANEC's Wilson: The consumers’ perspective on the SEPA Instant Credit Transfer Scheme
In this interview, George Wilson outlines his general opinion on the scheme, explains how European consumers could benefit from pan-European instant credit transfers, and talks about how the scheme could evolve in the future.  View Article
Eleventh Meeting of the Financial Stability Board Regional Consultative Group for Europe
The group discussed current global and regional vulnerabilities. In particular, they considered the impact of low interest rates on asset prices and bank profitability in Europe.  View Article
BBA: Three reasons to see banking results in context
Taken together, this week's publication of Q3 results for three high street banks are likely to continue to show that the effects of the referendum vote are still unclear but that banks are operating in a very challenging environment.  View Article
 
  Securities
 
 
Harmonisation of critical OTC derivatives data elements (other than UTI and UPI) – second batch - Consultative report issued by CPMI-IOSCO
The report responds to the G20’s agreement in 2009 that all OTC derivatives contracts would be reported to TRs, as part of the G20’s commitment to reforming OTC derivatives markets with the aim of improving transparency, mitigating systemic risk and preventing market abuse.  View Article
Verena Ross: Regulatory and supervisory developments, the challenges ahead – a European perspective
ESMA Executive Director's speech covered recent regulatory and supervisory developments in the EU and the challenges ahead, focusing on issues such as MiFID II, Capital Markets Union, PRIIPs, CFDs and data quality.  View Article
ESMA issues Q&As on the implementation of MAR
ESMA issued a set of Questions and Answers regarding the implementation of the Market Abuse Regulation.  View Article
EPRS: The case for a European public credit rating agency
It is unclear whether new attempts will be made to create an alternative rating agency, but there are still ways to reduce the hold of the ‘Big Three’ on the ratings market, including by putting more weight on internal ratings, as well as by relying on third-party assessment.  View Article
 
  Insurance
 
 
Insurance Europe: Protectionist (re)insurance restrictions create barriers to economic growth and can increase concentration risk
Protectionist policies against foreign (re)insurers by jurisdictions can create concentration risks in their economies and restrict the development of their (re)insurance markets, according to Insurance Europe.  View Article
EIOPA: The Steering Committee of the EU-U.S. Insurance Project defines priority areas for the coming year
The Steering Committee of the EU-U.S. Insurance Project hold a Public Forum to address the challenges of increased globalization of the insurance market and to define the areas of work for the coming year.  View Article
Bank of England: Solvency II: Reporting of National Specific Templates
In this consultation paper (CP), the Prudential Regulation Authority (PRA) proposes changes to National Specific Template (NSTs) file type and reporting format and presents a number of reporting clarifications and technical corrections relating to the accompanying NST LOG files.   View Article
Bank of England: Solvency II: Monitoring model drift and standard formula SCR reporting for firms with an approved internal model
This supervisory statement sets out the PRA’s expectations of firms with an approved internal model, and provides further information on the PRA’s approach to monitoring model drift and the reporting of standard formula Solvency Capital Requirement (SCR) information.   View Article
 
  Asset Management
 
 
EFAMA: In July, net sales of UCITS get strong recovery from the UK referendum drop
The European Fund and Asset Management Association has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for July 2016.   View Article
Investment & Pensions Europe: Brexit could derail cross-border pensions, resurrect HBS, experts warn
The UK’s vote to leave the European Union (EU) has complicated the pan-European pensions debate, delegates heard at a recent institutional-investment summit for Austria, Germany and Switzerland.  View Article
EIOPA publishes its peer review on the statement of investment policy principles for IORPs
The EIOPA published the Peer Review of the Statement of Investment Policy Principles (SIPP) for Institutions for Occupational Retirement Provisions launched in July 2015 with the vast majority of the National Competent Authorities (NCAs) participating in the exercise.  View Article
ALFI's response to the EU Commission consultation “Review of the EU macroprudential framework”
Bearing in mind that almost all questions ask for feedback from stakeholders on the existing ESRB / ECB system which is targeted to banks, ALFI has focused in its response on question 2 regarding a potential expansion of the macroprudential framework beyond banking.   View Article
AIMA/CAIA study: Adding leverage to a fund does not always increase risk
The AIMA/CAIA study suggests that there is no direct relationship between hedge fund leverage and the volatility and downside risk of fund performance.  View Article
KPMG/AIMA/MFA survey finds innovation to play critical role in managing hedge funds
Hedge fund managers are innovating and increasing their investment in technology to create new competitive advantages and to address regulatory and operational issues, according to a new study by KPMG International, AIMA and MFA.  View Article
 
  Corporate Governance/Accounting
 
 
EBF´s response to EBA on the implementation of the expected credit losses model
In EBF´s opinion, the scope of application of the guidelines is considered clear and appropriate. Also the date of application of the guidelines of 1 January 2018 is appropriate, assuming that IFRS 9 application date in the EU will be the same.  View Article
FEE´s response to EBA on the implementation of the expected credit losses model
In FEE´s response to the EBA, FEE is concerned that the scope of application of the proposed guidelines is wider than the scope of the Guidelines issued by the Basel Committee on Banking Supervision on the same topic  View Article
BBA: Transaction reporting and trade publication for MiFID II firms
Mark Kelly, Director of Professional Services, Abide Financial, wrote that the biggest priority for operations desks is meeting trade and transaction reporting requirements. Clients are confused by differences between transaction reporting (T+1) and trade reporting via an APA (T0) under MiFID II.  View Article
FRC: Discussion paper on improvements to cash flow statement
The FRC has published a discussion paper on improvements to the statement of cash flows. Companies that prepare their financial statements in accordance with IFRS are required to follow the IAS 7, which is now more than 20 years old and needs modernisation.  View Article
FRC: Financial reporting quality is generally good but companies have room for improvement
According to the FRC’s Annual Review of Corporate Reporting, the introduction of the strategic report has also improved the quality of narrative reporting. Most companies, particularly larger public companies, report in compliance with the accounting framework.  View Article
 

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