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04 October 2012

This week in "Brussels"
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Articles from 27 September 2012 - 04 October 2012

Banking

Commissioner Michel Barnier's reaction to the Basel Committee's preliminary "Regulatory Consistency Assessment"
BCBS has been carrying out a preliminary assessment of the consistency of the Council's general approach on the Capital Requirements Directive IV (CRD IV) with the so-called Basel III agreement on internationally agreed capital standards. The outcome of its work so far has been published today.  View Article
Implementation of capital standards: Assessment reports published by Basel Committee
The Basel Committee on Banking Supervision has today published three reports assessing the rules that will implement Basel III in the European Union, Japan and the United States.  View Article
High-level Expert Group on reforming the structure of the EU banking sector presents its report
The Commission has today received the report prepared by the High-level Expert Group on reforming the structure of the EU banking sector. The Group, chaired by Erkki Liikanen, presented the main findings to Michel Barnier, Commissioner for internal market and services.  View Article
EBF: Liikanen recommendations may weaken banks' ability to fund the real economy
The European Banking Federation (EBF) comments on the report published today by the Liikanen High Level Expert Group (HLEG) on structural reform measures for the European banking sector.  View Article
EFBS welcomes the safeguard measures proposed in the Liikanen Group report
The European Federation of Building Societies welcomes the report of the Liikanen Group which suggests that a safeguard mechanism be adopted to protect savers from the consequences of bad speculations.  View Article
AFME comments on Liikanen High-level Expert Group's recommendations
Simon Lewis, AFME's CEO, said: "AFME supports the regulatory reform programme and the authorities' aim of restoring confidence in the European financial system. But we do not believe that further changes to the structure of the banking industry will contribute to Europe's economic growth."  View Article
S&D: The EU should look into the separation of banking activities
S&D Euro MPs today urged the European Commission to "study seriously" the separation of banking activities as part of the overall discussion on the banking union.  View Article
Andrew Haldane: We should go further unbundling banks
Structural reforms to banks are high on the agenda, with the Liikanen Group's call for European banks to separate retail from trading activities. For some, such calls are a cause for concern. Yet for investors, the concern should be that they do not go far enough, writes Haldane in this FT article.   View Article
Reuters: Europe focused on union rather than breaking up banks
Experts submitting their report to the Commission this week may recommend that European banks should separate retail banking from their riskier investment arms to make them safer and soften the impact of financial crises. (Includes quote from Graham Bishop.)  View Article
New ECB report examines the costs of making payments in the European Union
A new report released by the ECB analyses the social and private costs of making retail payments in 13 European countries and discovers that they are substantial, amounting to around €45 billion. If extrapolated to cover the 27 Member States of the EU, these costs would be around €130 billion.  View Article
ECB publishes the results of the Euro Money Market Survey 2012
The European Central Bank published the results of the "Euro Money Market Survey 2012", which highlights the main developments in the euro money market in the second quarter of 2012, comparing them with the second quarter of 2011.  View Article
Bundesbank/Weidmann: "There is no point in trying to dress up the facts"
In an interview with Neue Zürcher Zeitung, Bundesbank President Dr Jens Weidmann explained why he was the only member of the ECB Governing Council to vote against the new bond purchase programme, and gave his views on banking union.  View Article
Interview with BaFin President Dr Elke König: Banking union - "The timetable is more than ambitious"
Dr König said she shared the Commission's view that a strong and efficient banking supervision in Europe is needed, but that involving the ECB in banking supervision raised many highly complex questions which should be answered first.  View Article
EBA publishes results of the Basel III monitoring exercise as of 31 December 2011
The European Banking Authority (EBA) published its second report of the Basel III monitoring exercise which presents the aggregate results on capital, risk-weighted assets (RWAs), leverage and liquidity ratios in EU Member States.  View Article
EBA publishes final report on recapitalisation of European banks and paves way for the transition to CRD IV framework
EBA chair Andrea Enria said that with this recapitalisation exercise and a number of other EU-driven remedial actions, more than €200 billion had been injected into the European banking system.  View Article
EBA adopts draft technical standards on Capital Requirements for CCPs
The European Banking Authority (EBA) adopted the draft technical standards on capital requirements for Central Counterparties (CCPs) under the EMIR Regulation. The draft standards will now be sent to the European Commission for their adoption. The EBA also adopted an Opinion on the same topic.  View Article
EBF response to the EBA consultation on draft regulatory technical standards on credit risk adjustments
The EBF provides its proposals to the European Banking Authority consultative document on draft regulatory technical standards (RTS) on the specification of the calculation of specific and general credit risk adjustments according to article 105(4) of the draft capital requirements regulation (CRR).  View Article
FSA/Wheatley: Pushing the reset button on Libor - 10-point plan published
Wheatley said the button on Libor needed to be reset to achieve the following: get back to what the reference rate is supposed to do; restore integrity to a globally important benchmark; and make sure a position is reached where individuals act with integrity.  View Article
Bundesbank: German banks successfully complete EU-wide recapitalisation exercise
According to the joint press release from the Deutsche Bundesbank and the Federal Financial Supervisory Authority, after deduction of the "sovereign capital buffer", all 12 German institutions in the sample achieved the minimum core tier 1 capital ratio of 9 per cent as at 30 June, 2012.  View Article
Statistics on payment, clearing and settlement systems in the CPSS countries
This is an annual publication that provides data on payments and payment, clearing and settlement systems in the Committee on Payment and Settlement Systems countries.   View Article

Securities

ESMA publishes 2013 work programme
This work programme describes the goals and deliverables planned for ESMA in its third year of operation. 2013 will be marked by a major increase of the work of ESMA, given a number of new responsibilities that are in the process or have been given to the organisation by the co-legislators.  View Article
ESMA defines standards for derivatives and CCPs
The European Securities and Markets Authority (ESMA) has published its technical standards on the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which set out the specific details of how EMIR's requirements are to be implemented.  View Article
ICMA AMIC and ERC submit comments on margin requirements for non-centrally-cleared derivatives
The ICMA AMIC and the ICMA ERC have both submitted comments to BCBS and IOSCO in relation to their joint consultative paper on "Margin requirements for non-centrally-cleared derivatives".  View Article
ISDA response to BCBS and IOSCO consultative document on Margin Requirements for Non-centrally-cleared Derivatives
ISDA is supportive of the study's three main aims, namely creating systemic resiliency, promotion of central clearing, and the preservation of market and collateral liquidity.   View Article
AFG comments on BCBS/IOSCO's consultation paper on margin requirements for non-centrally-cleared derivatives
The Association Française de la Gestion financière is concerned that the proposal for payment of initial margin will be extremely complex, and difficult and costly to implement.  View Article
ESMA publishes MiFID translations
ESMA published the official translations of the "Guidelines on certain aspects of the MiFID compliance function requirements".  View Article
Sharon Bowles MEP supports Committee position on EU financial market reforms
Sharon Bowles MEP has given her support to the reports on MiFID and MiFIR voted on in the ECON Committee, saying that while they may not yet be perfect, it is a good step forward in the cleaning up of financial trading, and a boost for investor protection.   View Article
EPP/Ferber: MiFID - European Parliament wants safer financial markets
"With the MiFID we can create crisis-proof financial markets with an efficient supervisory structure. Untransparent technical procedures that can quickly become systemic risks must be ruled out", said Rapporteur Ferber.  View Article
ICMA submits comments on recovery and resolution of financial market infrastructures
The ICMA has submitted comments to the CPSS and IOSCO, in relation to the bail-in aspect of their joint consultative report on Recovery and Resolution of Financial Market Infrastructures.  View Article
EuropeanIssuers Market Abuse compromise amendments
EuropeanIssuers has sent comments on the compromise amendments to the proposals on insider dealing and market manipulation to MEPs on the European Parliament's ECON Committee. The comments express concerns about lack of clarity, timescales and feasibility of some of the proposals.  View Article
IMA: Platform rules still lack clarity and unit rebates lack transparency
In its response to the FSA's consultation paper, "Payments to platform service providers and cash rebates from providers to customers", the IMA has asked for clarity about what can be paid to platforms and expresses concern about the FSA's proposed approach to cash rebates for investors.  View Article
FSA consults on enhancing the effectiveness of the Listing Regime and feedback on CP12/2
The regulator is also consulting on proposed amendments to the Listing Rules relating to the implementation of the Alternative Investment Fund Managers Directive (AIFMD).   View Article
Asset International: CFTC reveals key rule-making milestone
The margin required for uncleared swaps in the US will be revealed early next year, according to a new Dodd-Frank Act implementation timeline released by the Commodity Futures Trading Commission (CFTC).  View Article

Insurance

EIOPA Work Programme 2012
Many of the processes and procedures have to be refined or adapted to the growing organisation and new responsibilities. Part of the investments and growth in staff is dedicated to strengthening the organisation to fulfil its role as a European Agency.  View Article
EIOPA Risk Dashboard - September 2012
The European Insurance and Occupational Pensions Authority published its Risk Dashboard for September 2012, assessing the main systemic risks and vulnerabilities faced by the European insurance industry over the coming quarters.  View Article
ECB: Euro area insurance corporations and pension funds - second quarter 2012
The European Central Bank published its regular statistical report linked to insurance corporations and pension funds for the second quarter of 2012.  View Article
EFAMA comments on the European Commission proposal for a Directive on insurance mediation
The European Fund and Asset Management Association (EFAMA) fully supports the policy objectives the Commission seeks to achieve with the overall PRIPs initiative, and feels committed to make a constructive contribution to the legislative debate.  View Article
Letter from Jonathan Faull, Director General Internal Market and Services, to Gabriel Bernardino, Chair of EIOPA
Mr Faull asked EIOPA to examine whether the calibration and design of capital requirements for investments in certain assets under the envisaged Solvency II regime would necessitate any adjustment or reduction, without jeopardising the prudential nature of the regime.  View Article
Risk.net: Solvency II and operational risk
Introducing Solvency II will be one of the biggest operational challenges for insurers in recent history – but it could also give them a chance to improve their op risk management radically  View Article
FT: Regulators ease insurer surcharge fears
Regulators trying to prevent a repeat of the failure of insurer AIG are minded to slap capital surcharges on the non-traditional business of global insurers, according to participants in a private meeting between industry and policy-makers.  View Article
Insurance Insight: UK non-life insurance sector remains stable
Fitch Ratings has maintained a stable outlook on the UK non-life insurance sector, even as fundamental indicators remain weak. The stable outlook indicates that the vast majority of UK non-life insurers' ratings are likely to be affirmed over the next 12-24 months.  View Article
Insurance Insight: EU and US seek to harmonise insurance regulation
Regulators from the EU will meet with their US counterparts this month in a bid to increase understanding and enhance cooperation between the two regimes on insurance regulation.  View Article

Asset Management

Draft Technical Specifications: QIS of EIOPA's Advice on the Review of the IORP Directive
This document contains the draft technical specifications for the quantitative impact study (QIS) of the European Insurance and Occupational Pensions Authority's advice to the European Commission on the Review of the IORP Directive to be submitted to the European Commission for its consideration.  View Article
IPE: EIOPA submits QIS technical standards for revised IORP Directive
EIOPA has submitted its draft technical specifications on the launch of the quantitative impact study (QIS) for the revised IORP Directive to the European Commission, after it received 117 responses from across Europe to its consultation process.  View Article
IPE: ECB welcomes reporting requirements under revised IORP Directive
Future reporting requirements for pension funds – similar to those developed under Solvency II for insurance companies – could contribute "significantly" to the information required by the European System of Central Banks (ESCB) under a 'steady-state approach', the European Central Bank has said.  View Article
IPE: EIOPA's QIS technical specifications reveal tensions with Brussels
UK pensions experts claim that the draft technical standards published by the EIOPA reveal tension between the authority and Brussels on the revised IORP Directive, particularly with respect to the number of quantitative impact studies to be conducted and the timescale for the revised Directive.  View Article
EDHEC: Brussels should focus on national pension frameworks
According to EDHEC Risk Institute, Brussels should push for more pension reforms at the national level before trying to implement a European framework, and help pension providers design "better" investment solutions for their contributors.  View Article
EDHEC response to the European Commission White Paper, "An Agenda for Adequate, Safe and Sustainable Pensions"
On February 16th, 2012, the European Commission published a White Paper entitled "An Agenda for Adequate, Safe and Sustainable Pensions". The paper discusses the Commission's proposals point by point.  View Article
NAPF: Game-changing pension reforms will help the UK save more
The National Association of Pension Funds (NAPF) welcomed the start of pension auto-enrolment, and released new research underlining the importance of the new rules.  View Article
IPE: Pension funds should beware calls to boost domestic investment
According to a Dutch professor and trustee at employment agency pension scheme UWV, pension funds must be wary of lobbying efforts to encourage greater domestic investment at a time of bank deleveraging.   View Article
IMA reminds ESMA that asset managers are not banks
In its response to ESMA's consultation paper, "Guidelines on Sound Remuneration under AIFMD", the Investment Management Association (IMA) has reiterated that asset managers are not banks and should not be treated as posing the same systemic risks.   View Article
IMA responds to Martin Wheatley’s comments
Richard Saunders, IMA's CEO, said that the fund management industry has nothing to hide when it comes to charges. The EU rules under which it operates provide for full and detailed disclosure of the charges incurred in managing a fund.  View Article

Corporate Governance/Accounting

FRC: Amendments to employee benefits and specialised activities
The FRC issued an Exposure Draft of limited scope amendments to the proposed accounting standard draft FRS 102. The FRC anticipates finalising the draft FRS in early 2013, for it to be effective for accounting periods beginning on or after 1 January, 2015. Comments due by 3 December, 2012.  View Article
FRC: Updates to UK Corporate Governance Code and Stewardship Code
Following consultation in April, the FRC has announced limited changes to the UK Corporate Governance Code and Stewardship Code intended to increase accountability and engagement through the investment chain. Both Codes will continue to apply on a "comply or explain" basis.  View Article
FRC: Revised auditing standards to enhance communications to audit committees and auditor reporting
The FRC has issued revised ISAs (UK and Ireland) to enhance effective company stewardship and stimulate greater transparency about the judgements made by boards and auditors. The revised standards are effective for audits of financial statements for periods commencing on or after 1 October, 2012.  View Article
FT: FRC curbs advisory groups' voting role
The FRC, which oversees corporate governance, has announced changes to the UK Stewardship Code that will make investors explain more clearly how they use these groups, which some say are in effect proxy voting agencies.  View Article
IASB: Updated work plan (October 2012)
The IASB revised its work plan updating the expected timing of various due process steps in its projects. The revised work plan contains changes in agenda consultation, financial crisis related projects, MoU projects, and other current projects.  View Article
EFRAG: Feedback statement from comment letters on 'Levies Charged by Public Authorities on Entities that Operate in a Specific Market'
EFRAG published its feedback statement from comment letters received on 'Levies Charged by Public Authorities on Entities that Operate in a Specific Market'. The feedback statement describes the main comments received and how those comments were considered by EFRAG during its technical discussions.  View Article
IASB: Re-exposure of insurance contracts proposal
The IASB has continued its discussions on proposals for insurance contracts accounting. Although the deliberations on the project are not complete, to provide greater certainty to the market and give the late stage of the deliberations, the IASB considered the need to re-expose its proposals.   View Article

Financial Services Policy

EBF Position on the regulation on Key Information Documents for investment products
The European Banking Federation has serious reservations about the liability regime proposed in the Commission's text.  View Article
EFAMA comments on European Commission proposal for a Regulation on KIDs for investment products
EFAMA fully supports the policy objectives the Commission seeks to achieve with the PRIPs initiative. It also supports the Key Information Document (KID) proposal, and believes the UCITS KIID should be a benchmark.  View Article
RDR 'may face legal challenges' after European rebate vote
European politicians' decision to vote against a Europe-wide ban on adviser commission and cash rebates to clients throws a spanner into the works of the FSA's RDR project, according to fund managers.  View Article
FSA: Inducements rules and the Retail Distribution Review (RDR) adviser charging rules
In a letter to 24 product provider and advisory firms, the FSA warned that it would take "robust action" against groups that seek to work around fee rules under the Retail Distribution Review.  View Article

European Council/Parliament

Parliament's committee chairs give input to Commission's 2013 work programme
The EP's committee chairs discussed political priorities with the College of Commissioners on Tuesday. The topics discussed included the economic outlook, economic and monetary union, proposals for a banking union and ongoing negotiations on the EU's multi-annual financial framework.  View Article





© Graham Bishop

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