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20 April 2017

This week in "Brussels"
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  Articles from 06 April 2017 - 20 April 2017

  Banking
 
 
EBA outlines roadmap of its plan to update 2017-2018 SREP
The roadmap explains the multi-stage approach the EBA intends to follow in updating the EU SREP framework in 2017-2018 and beyond, and summarises the ongoing policy initiatives affecting Pillar 2/SREP that will need to be reflected in the revised EBA guidelines on Pillar 2 topics.  View Article
Bloomberg: European banks may face $128 billion capital gap as Basel bites
European banks may have to plug a capital shortfall of 120 billion euros if new regulations drawn up by regulators including the Basel Committee on Banking Supervision come into force as they stand, according to McKinsey & Co.  View Article
Financial Times: Bank of England tells City to prepare better for ‘no-deal’ Brexit
The Bank of England is concerned the City is not doing enough to plan for a “no-deal” Brexit and has set a July deadline for all financial services companies — including European ones — to get their houses in order.  View Article
City A.M.: UK banks seeking post-Brexit licence in Europe face six month wait
UK banks that want to shift operations to the continent after Brexit will encounter a six-month waiting period before receiving their operating licence.  View Article
Bruegel: EBA relocation should support a long-term ‘twin peaks’ vision
As the Commission launches a review of European financial supervision, authors argue that Europe needs to move towards a twin peaks model – dividing supervision of prudential and conduct-of-business issues. But this is a long-term vision, and will require institution building.   View Article
BIS: Central banks face common challenges in providing liquidity assistance - report
A new report sets out principles for central banks to consider when providing liquidity assistance in times of stress, especially to large global institutions with operations that reach beyond national borders.  View Article
The FCA publishes its Mission and Business Plan
The Financial Conduct Authority (FCA) has published its Mission, which gives firms and consumers greater clarity about how the FCA prioritises its interventions in financial markets.  View Article
EBA finds German waiver on covered bonds justified
The EBA published an Opinion addressed to the BaFin following the Competent Authority's notification of its intention to introduce a partial waiver which specifies the conditions for the eligibility of covered bonds in relation to risk weight preferential treatment.   View Article
EBA finds Polish waiver on covered bonds justified
The EBA published an Opinion addressed to the Polish FSA following the Competent Authority's notification of its intention to introduce a partial waiver which specifies the conditions for the eligibility of covered bonds in relation to risk weight preferential treatment.   View Article
EBA finds supervisory authorities have implemented robust IT systems and processes for supervisory reporting
The European Banking Authority published a report on the peer review carried out on its ITS on supervisory reporting aimed at assessing how supervisory authorities have ensured its consistent and comprehensive implementation.   View Article
Mark Carney: Building the infrastructure to realise Fintech’s promise
In this speech, the Bank of England Governor announced that applications to the Accelerator are now open again and gave details of the types of technologies there is interest in.  View Article
Financial Times: Tax evasion issue continues to haunt Swiss banking
Swiss private banks have spent much of the past decade trying to rid themselves of lucrative accounts used to avoid taxes. But news of an international tax probe at Credit Suisse last month showed that Switzerland has further to go before it can escape the shadow of its image as a tax haven.  View Article
British Bankers Association: Refining the capital framework to help challenger banks
Fintech is already transforming the way that banks do business across retail and wholesale markets, with banks committed to promoting innovation in the interests of their customers. However, translating potential into sustained high performance isn’t necessarily simple.  View Article
Financial Times: Lloyds says ‘Hello’ to facial recognition banking
Customers of Lloyds Banking Group will soon be able to use fingerprint and facial recognition to log into their bank account after the lender became the first financial services provider in the UK to strike a deal with technology group Microsoft to tighten banking security.  View Article
The Telegraph: Regulating Bitcoin: how new frameworks could be a catalyst for cryptocurrencies
Japan introduced legislation to protect users from being ever stung by a collapse again, while also making Bitcoin exchanges comply with anti-money laundering regulations and officially authorising it as a normal payment method.  View Article
 
  Securities
 
 
ESMA publishes response to Capital Markets Union Mid-Term Review
ESMA published its response to the European Commission’s Consultation Paper on the Capital Markets Union Mid-Term Review.  View Article
Steven Maijoor delivers keynote at CMU Mid-Term Review
Topics of focus included the progress made on supervisory convergence; the need for stronger supervisory convergence powers; and ESMA's work to address the risk of regulatory arbitrage linked to the UK's exit from the EU.  View Article
Commission public consultation on the conflict of laws rules for third party effects of transactions in securities and claims
The purpose of this public consultation is to gather stakeholders’ views on the practical problems and types of risks caused by the current state of harmonisation of the conflict of laws rules on third party effects of transactions in securities and claims.  View Article
ESMA issues final guidelines regarding circuit breakers under MiFID II
ESMA issued the final report on the guidelines regarding the calibration of circuit breakers and the publication of the trading halts under the Markets in Financial Instruments Directive.  View Article
MiFID II – ECON Letter to Commission on SIs operating broker crossing networks
The European Parliament and the Commission exchanged a letter regarding MiFID and SIs operating broker crossing networks.  View Article
City A.M.: What’s wrong with MiFID II?
The focus of MiFID II has expanded to include non-equity products and will enforce conduct and client suitability rules on intermediaries. MiFID II recognises new types of trading facilities, codifies product governance, and will require unprecedented levels of data recording.  View Article
ESMA clarifies CCPs’ portfolio margining under EMIR
ESMA issued an opinion regarding the implementation of portfolio margining requirements for central counterparties under the European Market Infrastructure Regulation.  View Article
ESMA promotes common approach to rules supporting the use of smaller CRAs
ESMA has issued a Supervisory Briefing to national SCAs regarding the application of Articles 8(c) and (d) of the CRA Regulation, to assist them with their supervision and enforcement of these provisions and promote supervisory convergence through adoption of a common supervisory approach.  View Article
Benoît Cœuré: Central clearing: reaping the benefits, controlling the risks
This article takes stock of the latest achievements in this area and outlines future priorities,concerning the finalisation of the CCP work plan, interactions between requirements for central counterparties and those for banks, greater granularity of central counterparty supervision and oversight.  View Article
 
  Insurance
 
 
EFAMA: PRIIPs: a good framework which suffers from flawed technical implementation measures
On 12 April, the Key Information Document for Packaged Retail and Insurance-based Investment products Level-2 implementing measures was published in the Official Journal of the European Union, marking the end of a long and complicated legislative debate.   View Article
Insurance Europe: PRIIPs: European Commission and ESAs must provide further clarity on RTS in level 3
While welcoming the recent adoption and publication of the revised Regulatory Technical Standards (RTS) for the Packaged Retail Investment and Insurance Products (PRIIPs) Regulation, the European insurance industry believes that several clarifications are required in the Level 3 measures.  View Article
Fitch: International insurance regulation progressing slowly
Fitch Ratings says that the development of international regulation for insurance is continuing with several consultations in progress. However, significant barriers to implementation of the new standards remain.  View Article
Fitch Ratings: White Paper on lack of comparability of A.M. Best’s ‘A-‘ IFS Ratings to those of Fitch
This white paper was prepared by Fitch Ratings to help users of Insurer Financial Strength (IFS) ratings, including insurance brokers and reinsurance security teams, put the ratings of the main credit rating agencies (CRAs) into better perspective.   View Article
Investment & Pensions Europe: France publishes FRPS rules for insurer pension funds
The French government has published rules formalising the creation of a new type of pension fund in France, known as “fonds de retraite professionelle supplémentaire” (FRPS).  View Article
Commercial Risk Europe: Blockchain provides new opportunities for insurance industry
The opportunities and risks for engaging in blockchain and distributed ledger technology projects in the insurance sector have been highlighted in a new report.  View Article
 
  Asset Management
 
 
ESMA: Notification frameworks and home-host responsibilities under UCITS and AIFMD
The European Securities Market Authority (ESMA) published a report on its 2016 thematic study on the operation of home and host responsibilities under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS).  View Article
ESMA publishes updated AIFMD and UCITS Q&As
ESMA published updated questions and answers documents on the application of the Alternative Investment Fund Managers Directive and the Undertakings for the Collective Investment in Transferable Securities Directive.  View Article
Investment & Pensions Europe: Germany’s ABA criticises EIOPA pan-European DC survey
Germany’s occupational pensions association has strongly criticised a survey carried out by the European Insurance and Occupational Pensions Authority (EIOPA) on a proposed pan-European occupational defined contribution (DC) framework.  View Article
Investment & Pensions Europe: EC offering grant for pilot stage of pension tracking service
The European Commission is taking applications for providers interested in setting up a European tracking service for pensions.  View Article
Investment & Pensions Europe: UK regulator flags stability risk of 'very large' asset managers
The failure or “disorderly wind-down” of one or several large asset managers could pose a financial stability risk to the UK’s system, the Financial Conduct Authority (FCA) has warned.  View Article
Investment & Pensions Europe: Pension fund payments to active managers up 70% in six years
Pension schemes are paying their active investment managers up to 70% more than six years ago even though average fee rates have dropped for most asset classes, according to consultancy LCP.  View Article
Investment & Pensions Europe: Belgian regulator targets more transparency for DC members
The Belgian regulator is seeking to improve the information that pension institutions make available to members in defined contribution (DC) plans about how their pensions are built.  View Article
 
  Corporate Governance/Accounting
 
 
BCBS: Frequently asked questions on changes to lease accounting
The Basel Committee issued responses to Frequently Asked Questions related to the changes to lease accounting promulgated by the International Accounting Standards Board and the Financial Accounting Standards Board.   View Article
EFRAG commented on IASB ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle
EFRAG has published its comment letter and its feedback statement in response to the IASB's ED/2017/1 Annual Improvements to IFRS Standards 2015-2017 Cycle.  View Article
EFRAG: Endorsement Advice on Annual Improvements to IFRS Standards 2014-2016 Cycle
EFRAG has completed its due process regarding Annual Improvements to IFRS Standards 2014-2016 Cycle and has submitted its Endorsement Advice Letter to the EC.  View Article
EBA issues amended technical standards on supervisory reporting for EU institutions
The EBA published its final draft ITS amending the European Commission's Implementing Regulation (EU) No 680/2014 on supervisory reporting so as to keep reporting requirements in line with changes in the regulatory framework and with the evolving needs for Supervisory Authorities' risk assessments.   View Article
IFAC: IPSASB launches consultation on heritage reporting
The IPSASB has released for comment a consultation paper on financial reporting for heritage in the public sector.  View Article
ESMA reports on EU accounting enforcement in 2016
The ESMA has published its annual report on the enforcement and regulatory activities of accounting enforcers within the EU in 2016. In addition, the report also outlines ESMA’s activities for 2017 in the area of corporate reporting following its Supervisory Convergence Work Programme.  View Article
EFRAG: Endorsement Advice on IFRIC 22 Foreign Currency Transactions and Advance Consideration
EFRAG has completed its due process regarding IFRIC 22 Foreign Currency Transactions and Advance Consideration and has submitted its Endorsement Advice Letter to the EC.  View Article
EFRAG: Endorsement Advice on transfers of investment property
EFRAG has completed its due process regarding Transfers of Investment Property (Amendments to IAS 40) and has submitted its Endorsement Advice Letter to the EC.  View Article
ACCA: Policymakers must return to the principles of business law as they navigate Brexit
As UK policymakers begin to detach laws and regulations from those of the EU, ACCA has published guidance on the key principles on which business law must be based.  View Article
 
  Financial Services Policy
 
 
BIS: Global repo markets in transition post-crisis, regulatory changes and central bank stimulus: CGFS report
A new report by the Committee on the Global Financial System analyses the changes in the availability and cost of repo financing, a key market for short-term funding, and how these changes affect the ability of repurchasing agreements to support the financial system.  View Article
FSB consults on framework for post-implementation evaluation of the effects of the G20 financial regulatory reforms
The framework will guide analyses of whether the G20 core financial reforms are achieving their intended outcomes, and help to identify any material unintended consequences that may have to be addressed, without compromising on the objectives of the reforms.   View Article
 
  International/G20
 
 
Financial Times: Global institutions mount joint defence of trade benefits
A rare joint defence of the benefits of global trade has been mounted by the heads of the International Monetary Fund, World Bank and World Trade Organisation as concerns grow about Donald Trump’s plans for the world economy.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
129th Brussels for Breakfast – Notes
PM May finally triggered Article 50 of the UK's intention to leave the EU. Her letter repeatedly asked for running the talks on the exit terms in parallel with those on the future trade deal - but the EU Council and Parliament made clear that the negotiations will be sequential.  View Article
 
  Friends Services
 
 
129th Brussels for Breakfast – Notes
PM May finally triggered Article 50 of the UK's intention to leave the EU. Her letter repeatedly asked for running the talks on the exit terms in parallel with those on the future trade deal - but the EU Council and Parliament made clear that the negotiations will be sequential.  View Article
 
  Financial
 
 
Eurogroup statement on common principles to promote investment
The Eurogroup acknowledges the importance of EU-level initiatives, which are of specific relevance for the euro area, inter alia the Investment Plan, further deepening the Single Market and building a fully-fledged Capital Markets Union.  View Article
 
  Economic
 
 
Remarks by J.Dijsselbloem following the Eurogroup meeting
The Eurogroup President briefed the press on the topics discussed during the meeting: Greece, Cyprus, the banking union progress and investment in the euro-area.  View Article
 
  Structured CPD: Workbook Brussels4Brunch
 
 
21st Brussels for Brunch: Workbook April 2017
This is the monthly Brussels for Breakfast Roundup that accompanies the Brussels for Brunch Webinar   View Article
 

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