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12 June 2014

This week in "Brussels"
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Articles from 05 June 2014 - 12 June 2014

Banking

Eurogroup agrees operational framework for ESM direct recapitalisation instrument
Euro area Member States have agreed the operational framework of the ESM direct recapitalisation instrument, based on the proposal of Eurogroup meeting from 5 May. The instrument is expected to be part of the ESM toolkit by November of this year.  View Article
EC: Legal obstacles to free movement of funds between institutions within single liquidity sub-group
The focus of this Commission report is primarily on cross-border situations, since this is the context within which obstacles are most likely to emerge in practice.   View Article
ECB: Launch of the SSM – What will change in banking supervision
Speech by Danièle Nouy, Chair of the Supervisory Board of the European Central Bank, linked to banking supervision and imminent impacts on the banking sector.  View Article
EBA launches interactive Single Rulebook
The EBA launched the interactive Single Rulebook, an on-line tool designed to facilitate navigation through the single set of harmonised prudential rules in the EU banking sector. The Single Rulebook aims at ensuring consistent application of the regulatory banking framework across the EU.  View Article
EBA publishes final standards on disclosure of leverage ratio
The EBA published its final draft ITS on disclosure for the leverage ratio. These will be part of the EU Single Rulebook and aim at harmonising disclosure of the leverage ratio across the EU by providing institutions with uniform templates and instructions.   View Article
EBA publishes report on comparability of risk weighted assets for residential mortgages
The report, which is part of a wider ongoing EBA work on comparability of RWAs, illustrates the findings of a so called "drill-down analysis", an investigation on the extent to which the most commonly used risk drivers influence the variability in risk weights.   View Article
EBA publishes final standards and methodology on disclosure for global systemically important institutions
The EBA published final draft RTS on the methodology for identifying Global Systemically Important Institutions (G-SIIs), final draft ITS on special disclosure rules applicable and final guidelines on special disclosure rules for large institutions.   View Article
ECB introduces a negative deposit facility interest rate
Deposit facility interest rate cut effective as of 11 June 2014. Negative rate will apply also to average reserve holdings in excess of the minimum reserve requirements and other deposits held with the Eurosystem.  View Article
BIS/Hakkarainen: Banking supervision and central banking
Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland argued that the ECB responsible for bank supervision is not the same ECB responsible for monetary policy.   View Article
DRS LLP: Basel III stress-testing - One model to rule them all?
Three months after approving the use of internal risk models for the largest banks in the US, concerned that firms will “monkey with their risk models to boost profit”, the Fed is allegedly looking set to perform a volte face and enforce its own stress-testing rules based on its own internal model.  View Article
BoE launches new framework to test for cyber vulnerabilities
In a speech Andrew Gracie, Executive Director at the Bank of England, formally launched a new framework to help identify areas where the financial sector could be vulnerable to sophisticated cyber-attack.  View Article

Securities

ECB/Mersch: Next steps for European securitisation markets
Yves Mersch, Member of the Executive Board of the ECB, spoke on the growing consensus that ABS as an instrument once seen as part of the problem could in fact be part of the solution to the ongoing slow growth environment.  View Article
Bloomberg: Lloyds, MetLife blaming ABS hiatus on regulators
Threats of penal capital and liquidity rules for asset-backed securities are stopping investors buying the debt that the European Central Bank is promoting as a saviour for the region’s economy.  View Article
AFME: High quality securitisation for Europe - The market at a crossroads
AFME issued a report on how to revive the securitisation market, according to which Europe needs stronger capital markets to serve the real economy and fill the funding gap caused by regulatory constraints affecting banks' lending.  View Article
Financial News: Trade bodies unite for MiFID II response
Fourteen trade bodies have joined forces to provide feedback on a revised version of the Market in Financial Instruments Directive, as concerns mount over the time frame the industry has been given to consult on the new rulebook.  View Article
Risk.net: Defining MiFID II liquidity is "major task", says Maijoor
The chairman of ESMA, Steven Maijoor, has urged market participants to help the regulator strike the right balance between transparency and liquidity under the new Markets in Financial Instruments Directive, known as MiFID II.  View Article
Automated Trader: ESMA looks to specify DEA definition
The industry will be considering a number of issues coming out of ESMA's MiFID II and MiFIR consultation and discussion papers. Automated Trader looked at the potential impacts on direct electronic access.  View Article
ESMA’s Maijoor delivers keynote speech at ICMA Annual Conference
Steven Maijoor, ESMA Chair, delivered the keynote address at the International Capital Markets Association Annual General Meeting and Conference, outlining the key elements needed to ensure the success of the EU's regulatory reform agenda.  View Article
ICMA: Trade bodies join forces to promote EU private placement market
The development of a European Private Placement market is underway as leading trade bodies join forces to establish a guide to best market practice, reports the International Capital Market Association (ICMA).  View Article
IOSCO consults on good practices on reducing reliance on CRAs in asset management
IOSCO published a consultation report on good practices on reducing reliance on CRAs in asset management. The report is aimed at gathering views of interested parties, with a view to develop a set of good practices on reducing over reliance on external credit rating in the asset management space.   View Article
Risk.net: EU-US split here to stay, exchange heads fear
European and US derivatives regulation will remain split for years to come, potentially limiting competition and threatening liquidity, according to the heads of two major exchanges.  View Article
ISDA published study on central clearing in equity derivatives market
While demand for clearing is likely to build gradually for more standardised/commoditised OTC products, it will be challenging to develop clearing solutions in the near future for OTC products such as equity swaps, OTC single-name options and exotic equity products.  View Article
FCA/Wheatley: Regulating high frequency trading
Martin Wheatley, CEO of the FCA, delivered a speech on the priority challenges for HFT, like the balance between the potential benefits against costs – and how the risk/reward equation should be managed.  View Article
ESMA publishes new MMoU signed by 29 authorities in the securities and markets area
The new MMoU was agreed in view of the increasing internationalisation, harmonisation and interdependence of financial services and markets in the European Union. It is designed to facilitate cooperation arrangements and the exchange of information between competent authorities.  View Article

Insurance

Insurance Europe publishes its annual report 2013-2014
The report describes the federation’s activities on all key regulatory initiatives facing the European insurance industry both at EU and global level, including Solvency II, global capital standards and pension regulation.  View Article
Commercial Risk Europe: S&P questions merits and costs of systemically important insurer supervision
In a new report S&P said it recognises that large insurers are systemically important because of the role they play in the financial system but questions whether their potential failure poses a systemic risk in the same way as most large banks.  View Article
Risk.net: PRA ramps up monitoring of valuation risk
UK insurers are under increasing pressure to improve their assessment of asset valuation risk, as the Prudential Regulation Authority (PRA) steps up efforts to ensure the industry is Solvency II compliant by the 1 January 2016 implementation date.  View Article

Asset Management

ESMA/Maijoor on the globalisation of investment funds
ESMA Chief Steven Maijoor delivered a keynote address to the International Bar Association's Annual Conference, focusing on potential financial stability risks, the fund management industry and also on policy developments affecting the fund management industry.  View Article
AMF's 2013 annual report
Gérard Rameix, Chairman of the Autorité des Marchés Financiers (AMF), presented the regulator’s annual report. The highlights included transposition of the Alternative Investment Fund Managers Directive (AIFMD) and implementation of the European Market Infrastructure Regulation (EMIR).   View Article

Corporate Governance/Accounting

BIS/Constâncio: Accounting and financial reporting by central banks
Mr Vítor Constâncio, Vice-President of the ECB, spoke on developments in international accounting standards; interaction between financial reporting and financial regulation; central bank balance sheets in stormy times; and central bank financial reporting and governance issues.  View Article
IASB/Danjou: Accounting of long-term investment by institutional investors
IASB member Philippe Danjou contributed to a high level round-table discussion entitled 'Revisiting the accounting of long-term investment by institutional investors', stressing the importance of long-term investment in promoting economic growth and stability of capital markets.  View Article
EFRAG's proposal to enhance IFRS quality control
EFRAG is publishing a draft letter to seek views of its constituents on proposal to enhance the IASB quality control procedures at the stage of finalising a standard.  View Article

International/G20

Commissioner De Gucht defends TTIP
The EU's Trade Commissioner in Wroclaw outlined the benefits of the TTIP and underlines 'We have no intention of lowering protections.'   View Article

Graham Bishop’s Articles and Speeches

Graham Bishop's Blog: Is today crunch time for Juncker?
The Juncker candidacy for Commission President faces two challenges: (i) getting the support of a “QMV” of the Heads of Government in the European Council and (ii) subsequently gaining 376 votes from MEPs.  View Article





© Graham Bishop

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