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20 June 2019

This week in "Brussels"
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Banking Union Capital Markets Union Insurance
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  Articles from 13 June 2019 - 20 June 2019

  Banking Union
 
 
EBA updates data on Deposit Guarantee Schemes across the EU
The EBA published 2018 data relating to two key concepts in the Deposit Guarantee Schemes Directive (DGSD): available financial means, and covered deposits. The EBA publishes this data on a yearly basis to enhance the transparency and public accountability of deposit guarantee schemes (DGSs) across the EU to the benefit of depositors, markets, policymakers, DGSs and Members States.  View Article
ECB: Common minimum standards for data revisions as agreed between the ECB, EIOPA, National Central Banks and National Competent Authorities
The purpose of this document is to define common minimum standards for revisions transmitted by NCBs to the ECB and by NCAs to EIOPA. It is the responsibility of NCBs and NCAs to communicate at national level to ensure these minimum common standards are complied with.  View Article
ECB: Sabine Lautenschläger: Transformation of the retail and wholesale payments landscape in Europe
Sabine Lautenschläger, Member of the Executive Board of the European Central Bank, focuses on instant payments as the new challenge currently facing payment stakeholders in Europe.  View Article
BIS: Sabine Mauderer: Scaling up green finance - the role of central banks
Speech by Dr Sabine Mauderer, Member of the Executive Board of the Deutsche Bundesbank (DB), in which she focuses on the Green Finance activities of the international Central Banks and Supervisors Network on Greening the Financial System (NGFS), Bundesbank's activities on Green Finance and current German political initiatives on Green Finance.  View Article
 
  Capital Markets Union
 
 
ISDA: Implementation of margin requirements and market fragmentation
This paper highlights the main areas of difference in the implementation of margin requirements for non-cleared derivatives across jurisdictions, and makes recommendations on how to resolve them.  View Article
ECMI - Sustainability in practice: ratings, research and proprietary models
This policy brief focuses on the role of credit rating agencies (CRAs) and sustainability ratings providers (SRPs) as an essential part of the financial ecosystem.  View Article
ESMA publishes 2018 annual report
The report reviews its achievements against its 2018 priorities and objectives in meeting its mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union.  View Article
 
  Insurance
 
 
Bank of England: Insurance stress test 2019
Following the request for technical input in a letter to firms on 11 April 2019, the PRA has launched its biennial insurance stress test and is asking the largest regulated life and general insurers to provide information about the impact of a range of stress tests on their business.   View Article
IAIS embarks on a new strategic direction in approving its 2020-2024 strategic plan and financial outlook
It describes a watershed moment for the Association: while the IAIS maintains its core functions of developing global standards, supporting implementation and contributing to global financial stability, the period ahead will see a change in emphasis toward applying these functions in ways that help our Members proactively respond to a rapidly changing global environment driven by technological innovation, shifts in consumer behaviour and societal challenges.  View Article
EIOPA publishes its 2018 Annual report
The European Insurance and Occupational Pensions Authority (EIOPA) published its 2018 Annual Report, setting out its activities and achievements of the past year.  View Article
 
  Asset Management
 
 
Capital markets union: Council adopts new rules facilitating access to pension products and investment funds
The Council adopted a regulation providing greater choice for people who wish to save for their retirement and expanding the market for personal pensions through the creation of a "pan-European pension product" (PEPPs) and a package of measures aimed at removing existing barriers to the cross-border distribution of investment funds.  View Article
 
  Corporate Governance/Accounting
 
 
Accountancy Europe: 10 ideas to make corporate governance a driver of a sustainable economy
Accountancy Europe has published a paper that proposes ten ideas to boards, policymakers and regulators undertake the necessary changes to make corporate governance a driver of a sustainable economy.  View Article
EFRAG: Draft comment letter on proposed amendments to the IFRS Foundation Due Process Handbook
EFRAG has published its draft comment letter in response to the IFRS Foundation's Exposure Draft Proposed amendments to the IFRS Foundation Due Process Handbook and seeks constituents' views on the proposals.   View Article
Commission publishes guidelines to improve how firms report climate-related information
These guidelines will provide companies with practical recommendations on how to better report the impact that their activities are having on the climate as well as the impact of climate change on their business.  View Article
ECA: EU reporting on sustainability and UN development goals still lacking
Despite the EU's commitment to sustainability and the United Nations' Sustainable Development Goals (SDGs), the EC does not report on or monitor how the EU budget and policies contribute to sustainable development and achieving the SDGs, according to a new review by the ECA.  View Article
 
  Financial Services Policy
 
 
IOSCO urges authorities to use existing standards to address cyber risk
The report examines how IOSCO member jurisdictions apply three internationally recognized cyber standards which are termed the Core Standards in the report.  View Article
 
  Political
 
 
Delegated and implementing acts: EU adopts a significant number of legislative acts to the Lisbon Treaty
The Council adopted a regulation aligning 64 legislative acts which refer to the so-called 'regulatory procedure with scrutiny' with the Lisbon Treaty.  View Article
 
  Economic
 
 
Main results - Eurogroup
The Eurogroup agreed on a term sheet on the future budgetary instrument for competitiveness and convergence and reached a broad agreement on revising the ESM treaty text. Ministers also briefly discussed Italy's budget plans.  View Article
Paul Goldschmidt: European Union: the Eurogroup disappoints!
The renewal of the European Parliament and of the heads of its Institutions must lead to bold (out of the box) new initiatives, writes Goldschmidt.  View Article
BusinessEurope: EU finance ministers must achieve breakthrough on EMU completion
BusinessEurope published its Spring Economic Outlook 2019. While EU finance ministers met in Luxembourg last week, BusinessEurope is underlining the importance of completing the Economic and Monetary Union (EMU) and strengthening long-term economic growth.  View Article
ECB: The international role of the euro
This 18th annual review of the international role of the euro published by the ECB presents an overview of developments in the use of the euro by non-euro area residents.   View Article
Barriers to trade: as protectionism rises, EU continues opening up export markets for European firms
Commission's report confirms the continuous rise in barriers encountered by European companies in foreign markets. 123 such barriers have been eliminated since the beginning of the current Commission mandate, allowing for more than €6 billion extra exports in 2018.  View Article
Main results - Economic and Financial Affairs Council
The Council discussed the "Clean Planet for all" communication by the European Commission, the 2019 country specific recommendations. Ministers closed the excessive deficit procedure for Spain. They also took stock of the state of play on the financial transaction tax and the banking union.  View Article
Annual inflation down to 1.2% in the euro area
The euro area annual inflation rate was 1.2% in May 2019, down from 1.7% in April 2019. European Union annual inflation was 1.6% in May 2019, down from 1.9% in April 2019.   View Article
Euro area international trade in goods surplus €15.7 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in April 2019 was €192.9 billion, an increase of 5.2% compared with April 2018 (€183.4 bn).   View Article
 

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