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28 March 2019

This week in "Brussels"
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  Articles from 21 March 2019 - 28 March 2019

  Banking Union
 
 
European Council: Non-performing loans: Council adopts position on secondary markets for bad loans
The EU is encouraging the development of secondary markets for non-performing loans (NPLs), which would allow banks more easily to manage or sell bad loans. EU Ambassadors approved the Council's position on a proposed directive which harmonises rules for how non-credit institutions can buy credit agreements from banks. The aim of the new rules is to reduce existing banks’ stocks of NPLs and prevent their accumulation in the future.  View Article
Basel Committee publishes follow-up reports on Basel III implementation assessments
The Basel Committee on Banking Supervision has published overviews of follow-up actions taken or planned by member jurisdictions as of end-2018 to address deviations from the Basel standards identified as part of the Committee's Regulatory Consistency Assessment Programme (RCAP).   View Article
EBF: Banks support fight against financial fraud & crime
The European Banking Federation takes note of the detailed and comprehensive European Parliament’s Report on financial crimes, tax evasion and tax avoidance. On this occasion, the EBF would like to reiterate its full support to the fight against tax fraud and financial crime.  View Article
European Council: European Central Bank: appointment of Philip R. Lane to the executive board
The European Council appointed Mr Philip R. Lane as a member of the executive board of the European Central Bank for a non-renewable term of 8 years.  View Article
EBA updates methodological guidance on risk indicators and analysis tools
This guidance, which describes how risk indicators are computed in EBA publications, allows competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments.   View Article
FCA to introduce UK Benchmarks Register
FCA continues to plan for a range of outcomes in relation to Brexit, including the UK leaving the EU without an implementation period. To prepare for this scenario, FCA has developed a new UK Benchmarks Register.   View Article
BIS: Carolyn Rogers appointed as the next Secretary General of the Basel Committee
The Basel Committee on Banking Supervision announced the appointment of Carolyn Rogers as its next Secretary General for an initial term of three years. Ms Rogers will also serve as the Chair of the Committee's Policy Development Group.  View Article
BIS: The future of money and payments
Speech by BIS General Manager Agustín Carstens, in which he shares some thoughts on how technological innovation may affect the monetary system. He is particularly interested in the implications for central bank money and what so called central bank digital currencies would mean for citizens.  View Article
 
  Capital Markets Union
 
 
ECB: Transparency requirements of EU Securitisation Regulation to be incorporated into Eurosystem collateral framework
The ECB has decided that the loan-level data reporting requirements of the Eurosystem collateral framework will converge towards the disclosure requirements and registration process for securitisation repositories specified in the Securitisation Regulation. The ECB has taken this decision with a view to promoting efficiency and standardisation in the securitisation market.  View Article
IOSCO publishes first annual work program to enhance the efficacy of its work
The Board of the International Organization of Securities Commissions published its first annual work program, to enhance the effectiveness of IOSCO and the impact of its policy work on global securities markets.  View Article
Statement on technical adjustments to financial services contingency measures to reflect the Decision of the European Council of 22 March
To reflect the decision of the European Council on 22 March, taken in agreement with the United Kingdom, to extend the period under Article 50 (3) TEU , the Commission will ensure that the equivalence decisions adopted on 19 December 2018 in relation to UK CCPs and CSDs reflect this extension.  View Article
ECB withdraws initiative on conferral of powers in relation to central counterparties (CCPs)
Governing Council withdraws recommendation to amend Article 22 of the Statute of the ESCB and the ECB. Draft amended text of Article 22 discussed by EU legislators no longer meets, in the Governing Council’s unanimous view, objectives that informed ECB’s recommendation. Withdrawal will not prevent adoption of amended EMIR regulation.  View Article
ESMA writes to European Commission on MiFID II/MiFIR Review reports
ESMA has written to the European Commission regarding its contribution to a range of MiFID II/MiFIR Review reports, setting out ESMA’s proposed timetable for their delivery.   View Article
ESMA updates its Q&As on MiFID II and MiFIR commodity derivatives topics
These Q&As provide clarification on issues related to the MiFID II/MiFIR regime for commodity derivatives, including on position limits, position reporting and ancillary activity.  View Article
AFME response to the consultation of the German Federal Ministry of Finance with regard to MiFID2/R
AFME’s overall assessment is that MiFID 2/R has been costly to implement for all segments of the financial sector and remains so on an ongoing basis.  View Article
ESMA adds new venues to register of derivatives to be traded on-venue under MiFIR
ESMA updated the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation.  View Article
ESMA to renew restrictions on CFDs for a further three months from 1 May 2019
ESMA agreed to renew the restrictions on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients, in effect since 1 August, from 1 May 2019 for a further three-month period.  View Article
Notice of ESMA’s Product Intervention Renewal Decision in relation to binary options
On 22 March 2019, the European Securities and Markets Authority adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to renew the prohibition on the marketing, distribution or sale of binary options to retail clients.  View Article
Binary options and CFDs: the Autorité des Marchés Financiers consultation on proposed measures to prohibit and restrict marketing
In anticipation of the handover from the European Securities and Markets Authority, the AMF wishes to gather the opinions of all interested parties regarding intervention measures at the national level, in pursuit of the same objective: to protect investors from the risks posed by these products.  View Article
ESMA publishes the first Q&As relating to the Prospectus Regulation
ESMA published a new document containing nine Q&As relating to Regulation (EU) 2017/1129 (Prospectus Regulation).  View Article
 
  Asset Management
 
 
EFAMA: A global 5.7 percent decrease across worldwide investment fund assets in final quarter of 2018
The European Fund and Asset Management Association (EFAMA) has published its latest International quarterly statistical release describing the trends in worldwide investment fund industry in the fourth quarter of 2018.  View Article
EIOPA determines principles for transparent, timely and clear information provision on pensions
In the context of the implementation of the IORP II Directive, the European Insurance and Occupational Pensions Authority published a second "Report on Other Information to be provided to Prospective and Current Members: Guidance and Principles based on Current Practices".  View Article
Investment & Pensions Europe: EIOPA industry levy scrapped from EU regulatory review
EU pension funds will not be directly tapped for money for the bloc’s pension supervisor under changes to the European financial supervision system agreed by EU lawmakers.  View Article
 
  Corporate Governance/Accounting
 
 
ECA examines EU oversight of state aid to banks
The ECA is conducting an audit of EU monitoring of public support granted to the financial sector over recent years. In particular, the auditors will examine how the European Commission ensures that aid remains exceptional and limited to what is strictly necessary.   View Article
FRC publishes draft Plan and Budget 2019/20
The FRC publishes its draft Plan and Budget 2019/20 which sets out its priorities for the year and the resources it will need.   View Article
Accountancy Europe/ECIIA response to the Commission consultation on the update of the non-binding guidelines on non-financial reporting
Accountancy Europe and ECIIA have responded to the EC targeted consultation on the update of the non-binding guidelines on non-financial reporting.  View Article
IASB: Disclosure Initiative—Principles of Disclosure
The IFRS Foundation has published a document summarising work by the IASB on the Disclosure Initiative—Principles of Disclosure research project.  View Article
Accountancy Europe: Becoming multi-skilled professionals to address an avalanche of new data
Thomas Thoomse Smith, Project Director at the FRC Lab views the digitalised future as having an increasing variety and quantity of data. This will be much more than the financial information that many of today’s auditors and accountants can handle.   View Article
 
  Financial Services Policy
 
 
Financial supervision: Council presidency and Parliament reach provisional deal on supervisory framework for European financial institutions
The EU will soon have in place an improved supervisory framework for European financial institutions, including strengthened supervisory powers for the European Banking Authority in the area of anti-money laundering and terrorist financing.  View Article
Sustainable Finance: High-Level Conference takes global cooperation on sustainable finance to the next stage
The European Commission hosted a high-level conference on a global approach to sustainable finance.  View Article
ESMA publishes taxonomy files to facilitate implementation of the ESEF regulation
ESMA publishes taxonomy files to facilitate implementation of the requirements set out by the draft RTS on ESEF.  View Article
AFME comments on Taxonomy Regulation
AFME consider that the identification of sustainable economic activities and their degree of sustainability is a significant positive step in an orderly transition towards a low-carbon and climate resilient economy, to which AFME is fully committed.  View Article
ESMA responds to EC consultation on update of reporting guidelines to reflect climate-related disclosures
ESMA takes the opportunity to make some recommendations on how the Guidelines can be further developed to promote higher quality disclosures.  View Article
FSB: Feedback on the effects of financial regulatory reforms on SME financing
The FSB invited feedback on the effects of financial regulatory reforms on SME financing.   View Article
ESMA TRV: Political uncertainty amid growth slowdown weighs on market sentiment
EU financial markets are increasingly nervous, reflected in rising volatility, the European Securities and Markets Authority said in its latest Trends, Risks, and Vulnerabilities Report.  View Article
 
  Political
 
 
Deutsche Welle: Germany establishes parliamentary assembly with France
The 100-member Franco-German assembly has met for its first biannual summit in Paris. The body is designed to implement the new so-called Aachen treaty and make proposals concerning Franco-German relations.  View Article
Project Syndicate: The Ambition Europe Needs
The Europe of 2019 is electing nationalist and populist parties that are actively undermining the Europe of the 1950s' effort to ensure peace and freedom, underpinned by liberal democratic systems and values. This is not a status quo anyone – especially not Germany – should be defending.  View Article
POLITICO: Liberals launch election campaign but play by their own rules
The ALDE party nominated ‘Team Europe,’ including Margarethe Vestager and Guy Verhofstadt.  View Article
EurActiv: Europe’s democratic challenge: in search of government
Europe is about democracy. We cherish democracy in our national institutions by ensuring a healthy separation of powers, by fighting for free and fair elections, and by combining the rule of the majority with the protection of the minority, write Louis Drounau and Andrew Duff.  View Article
 
  Financial
 
 
InvestEU: EU ambassadors confirm common understanding reached with Parliament
EU ambassadors confirmed the common understanding reached by the Romanian Presidency and the European Parliament on InvestEU, which will bring together under one programme 14 different financial instruments currently available to support investment in the EU.  View Article
 
  Economic
 
 
European Council conclusions, 21-22 March 2019
The European Council (Art. 50) on 21 March 2019 adopted conclusions on Brexit. The following day, leaders adopted conclusions on jobs, growth and competitiveness, climate change, external relations, as well as securing free and fair elections and fighting disinformation.  View Article
Report by President Donald Tusk to the European Parliament on March European Council meetings
The Spring European Council discussed the economic situation in Europe in light of increasing global competition. On Brexit, Tusk reaffirmed his support for a long extension of the Brexit transition, warning lawmakers not to betray "the increasing majority of people who want to remain in the EU."  View Article
EU to facilitate cross-border mobility of companies
Member states' ambassadors sitting in the Council's Permanent Representatives' committee endorsed a deal reached with the European Parliament on 13 March on a draft directive that facilitates EU companies' cross-border conversions, mergers and divisions.  View Article
European Commission: Quarterly Report on the Euro Area
QREA Volume 17 N. 4 (2018) focusing on the euro area covers sovereign bond dynamics, completing the Capital Markets Union and its impact on economic resilience, as well as developments in the labour income share.  View Article
IMF: Corporate taxation in the global economy
IMF head Christine Lagarde highlights three reasons why a new approach to international corporate taxation is urgent.  View Article
CEPS: Systemic rivalry and balancing interests: Chinese investment meets EU law on the Belt and Road
This paper concludes that, while a more realistic and assertive European approach towards Chinese market behaviour is welcome, the EU should take China up on its pledge to embolden the BRI with ‘soft connectivity’, rather than risk mutual harm by adopting too protectionist a stance.  View Article
 

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