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13 November 2014

This week in "Brussels"
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Articles from 06 November 2014 - 13 November 2014

Banking

Reuters: G20 proposes buffer to end too-big-to-fail banks
The draft rule is the last major piece of banking reform put forward by world leaders since the 2007-09 financial crisis forced taxpayers to shore up undercapitalised lenders.  View Article
Bloomberg: Draghi summons banking know-how for top posts as ECB role shifts
Draghi is seeking people who can handle the new powers the ECB gained when it became the euro-area banking supervisor.  View Article
Financial Times: European banks’ riskier debt deals nearly double
Issuance of subordinated debt – which would suffer losses during a default before senior debt in a bank’s capital hierarchy – have risen by 80 per cent year on year to $122.4bn so far in 2014 according to Dealogic, the data provider.  View Article
Reuters: Regulators fine global banks $3.4 billion in forex probe
Penalties were imposed on major banks, including UBS, HSBC, Citigroup, Royal Bank of Scotland and JP Morgan  View Article
ESA’s budget 2015 – ensuring safe financial markets
Letter to ECOFIN: ESAs are concerned about negotiations for the EU budget 2015 and budgetary constraints of ESAs.   View Article
EBA consults on valuation in recovery and resolution
Draft RTS aim to provide a common structure to decisions made by resolution authorities and independent valuers, and promote a consistent application of methodologies for such valuations across the EU.  View Article
EBA consults on assessment methodology for IRB approach
EBA's draft RTS are a key component of its work to ensure consistency in models outputs and comparability of risk-weighted exposures.  View Article
EBA consults on guidelines on the use of the bail-in power
The Guidelines aim to ensure that bail-in power is an effective way of absorbing losses and recapitalising banks in resolution, and that resolution authorities and other stakeholders have a clear understanding of the terms on which it should be applied.   View Article
EBA consults on methods for calculating contributions to Deposit Guarantee Schemes
The Guidelines set principles and specify necessary elements for calculating risk-based contributions to DGSs.   View Article
EBA consults on guidelines on product oversight and governance arrangements for retail banking products
The guidelines aim at ensuring that the interests, objectives and characteristics of consumers are taken into account when banking products are designed and brought to market.  View Article
Bank of England: CRD IV: policy statement on data collection for remuneration practices
All respondents agreed with the PRA’s and FCA’s approach to implementing the EBA Guidelines on both the High Earners Report and the Benchmarking Report. The scope for PRA-regulated firms remains unchanged.  View Article
FSB reports to G20 on Progress in Reforming Resolution Regimes and Resolution Planning
The report reviews what has been achieved so far and sets out further actions to implement the Key Attributes of Effective Resolution Regimes for Financial Institutions.   View Article
BCBS: Information on national discretions published by the Basel Committee
Discretions can be useful when differences in the structure and development of financial systems warrant different approaches.  View Article
BCBS: Reports by the Basel Committee on measures to reduce risk-weighted asset variability and on Basel III implementation
Stefan Ingves: "All Committee member jurisdictions have adopted the Basel III risk-based capital regulations, and most are well on the way to implementing the liquidity coverage ratio."  View Article
EPC: Next steps to create the digital single market: e-invoicing continues to grow
This blog catalogues in brief a number of significant developments and patterns.   View Article

Securities

FSB published Progress Report on Implementation of OTC Derivatives Market Reforms
Progress has continued in reform areas across FSB member jurisdictions and further developments are anticipated for 2015.  View Article
CFTC: OTC derivatives regulators issued report to the G20 leaders
The report reflects how the ODRG has addressed cross-border issues.  View Article
ESMA consults on revised EMIR standards on the reporting to trade repositories
Revised standards aim to clarify the interpretation of the data fields needed for the reporting to trade repositories and the most appropriate way of populating them.  View Article
ESMA published responses to consultation on clearing obligation
Responses from ISDA, FIA Europe, AIMA, Deutsche Bank, FESE and EACH.  View Article
ESMA agrees to renewal of short-selling measures introduced by Italian CONSOB
The concerned emergency measure consists of the renewal of a ban on the creation of new net short positions, and the increase of already existing net short positions, on shares issued by Banca MPS spa and Banca Carige spa.  View Article
AFME responded to ESMA MAR Technical standards
The association disagrees with the view that a market sounding conducted as proposed is not within a safe harbour.   View Article
AFME responded to ESMA MAR Technical advice
The extensive non-exhaustive lists of example practices detailed within the draft technical advice is not the most useful way to clarify market manipulation indicators.  View Article
Financial Times: Flawed US rules fragment swaps market
Global trading in over-the-counter swaps takes place through a patchwork of competing venues for execution and clearing built upon a series of cross-border conventions and protocols.  View Article
Financial Times: EU set to recognise more overseas clearing regimes
At least four more countries - including Canada and Mexico - will be recognised, marking another step forward to facilitate cross-border activity in derivatives.  View Article
Markets Media: End users face swap margin requirements
The issue of margin for non-cleared derivatives is a contentious one for swap-market participants.   View Article

Insurance

Commercial Risk Europe: Solvency II won't hit insurers' ratings but enthusiasm waning
Solvency II, due for implementation in January of 2016, impacts regulatory solvency calculations and therefore does not directly affect the underlying solvency of insurers, says AM Best.  View Article
Commercial Risk Europe: Ferma urged renewal of IBER to maintain coverage of large risks
The IBER aims to facilitate co-insurance and allow insurers to share information in order to more accurately price risks.   View Article
Reuters: Most German insurers prepared for new capital rules
Tougher European capital rules aim to shield policy holders from future financial crises, financial watchdog Bafin said.  View Article

Asset Management

ESMA consults on AIFMD passport and third country AIFMs
The aim of this call for evidence is to gather input on the key issues that will determine the orientation of ESMA’s opinion.  View Article
IPE: IORP II should not distinguish between DB, DC, says Insurance Europe
PensionsEurope said it was difficult to establish a “clear-cut distinction” between the two types of pension arrangements due to the varying requirements according to member state law.  View Article
IPE: German pension fund association lauds Italian take on IORP II Directive
The amendments will lead to “considerably lower implementation and follow-up costs” than the initial draft by the EC, according to Peter Gramke.  View Article
Insurance Europe: Equal protection key for all occupational pension holders
Comments on the proposed directive for Institutions for Occupational Retirement Provision.  View Article

Corporate Governance/Accounting

FEE commented on the IAESB ED on the Proposed Framework for International Education Standards
The revision of the framework should be postponed until the revision of IES 8 is finalised.  View Article
FEE commented on proposed changes to provisions of the Code addressing the long association of personnel with an audit or assurance client
Consistency between proposed provisions and the new EU audit legislation is of strategic importance.  View Article
IASB/ Ian Mackintosh: 'The Maturing of IFRS'
The Vice-Chairman of the IASB described how widespread adoption of IFRS and a maturing of the Standards means that a decade of almost continuous change in financial reporting may be coming to an end.  View Article
IASB/Prada: 'Japan and global standards'
Incompatible national accounting standards add cost and translation risk to investors and to the global economy, whereas global accounting standards bring transparency, accountability and efficiency to global capital markets.  View Article
IIA: Internal auditors can audit anything – but not everything
IIA President and CEO Richard Chambers shares his personal reflections and insights on the internal audit profession.  View Article

Grahams Articles, Comments & Speeches

Capital Market Union: Is the EU about to look down the wrong end of the telescope?
Focus on the buyers - not the issuers.  View Article





© Graham Bishop

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