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21 May 2015

This week in "Brussels"
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  Articles from 14 May 2015 - 21 May 2015

  Banking
 
 
Fitch takes rating actions on European and US Banks on Support Revision
The ratings agency also published rating actions on global systemically important banks in Switzerland and on banks in Hong Kong. These actions include affirmations, downgrades and upgrades of Issuer Default Ratings (IDRs) depending on specific circumstances.   View Article
EBA issues guidance on the implementation of resolution tools
These Guidelines, which stem from the EU Bank Recovery and Resolution Directive (BRRD), foster convergence on resolution matters by giving detailed guidance to EU Resolution Authorities on the circumstances they should assess when taking their resolution decisions.  View Article
Reuters: Borders undermine drive to solve "too-big-to-fail" banking problem
Regulators are worried that patchy application in Europe and beyond of new rules to solve the problem of banks that are "too big to fail" could make it harder to avoid a repeat of the mayhem that followed the collapse of Lehman Brothers.  View Article
Reuters: EU watchdog challenged over 'shadow-bank' curbs on lenders
European Union regulators argued that curbing mainstream banking links to "shadow banks" will bolster confidence in the financial system while still allowing funding for the economy.  View Article
BBA on competitiveness of UK and EU referendum
The British Bankers Association (BBA) will lead a review into the competitiveness of the UK on behalf of the banking industry. The BBA is also concerned about the uncertainty around the EU referendum that might make banks leave the country.  View Article
Reuters: Deutsche heads the queue of banks prepping for 'Brexit'
Deutsche Bank is considering cutting its UK operations should the country pull out of the European Union and an industry lobby group said several other banks are mothballing investments until the outcome of Britain's EU referendum is known.  View Article
EBF Board meets in Riga for 120th meeting
The European Banking Federation (EBF) Board reviewed ongoing developments in the European banking sector and noted with satisfaction that European policy makers are undertaking various initiatives to support the recovery of the European economy, where banks are already at the forefront.   View Article
 
  Securities
 
 
EP agrees negotiating mandate for regulation of financial benchmarks
The European Commission's proposal to make benchmarks more reliable and less at risk of manipulation moved forward today after the European Parliament cleared the way for negotiations with the Council and the Commission to start next month.  View Article
EFAMA underlines its support for European Capital Markets Union
The European Fund and Asset Management Association has reiterated its strong support for the European Commission’s aim to build a Capital Markets Union in its formal response to the EC Green Paper on CMU.  View Article
ACCA responds to the EU Consultation on Capital Markets Union
ACCA welcomes the opportunity to contribute to the CMU consultation, which aims at identifying ways to knock down barriers to the single market for capital from the bottom up and calls for consistency between the various initiatives.  View Article
FEE responds to the EU Consultation on Capital Markets Union
In FEE´s view, the European accounting profession can be a constructive partner in developing a CMU, as accounting and auditing are directed towards achieving more efficient, transparent and trustworthy corporate reporting, thus allowing for better informed investment decisions.  View Article
FESE responds to the EC consultation paper on the Green Paper on Capital Markets Union
FESE members believe that a fundamental reorientation of European policies is needed to serve the original goals of the Single Market, and explains the benefits of more financing through capital markets.  View Article
ALFI responds to the EC Green Paper on the building of CMU
ALFI suggests the development of tools to match demand and supply, and of a “digital passport". It also proposes a reflection on how retail investors could access financial products better, among other recommendations.  View Article
PensionsEurope responds to the EC consultation on an EU framework for simple, transparent and standardized securitization
PensionsEurope believes that a new EU securitization framework should be internationally consistent, and that the harmonization of regulatory frameworks in the EU could enable a level-playing field for investors and issuers in European securitizations.   View Article
Insurance Europe: Response to public consultation on an EU framework for simple transparent and standardised securitisation
Insurance Europe said it supports the use of good securitisations to help fund the European economy. It also indicated that enhanced standardisation, transparency and quality of securitisations will support insurers' access and interest in this asset class.  View Article
ALFI responds to the EC consultation on an EU framework for simple, transparent and standardised securitisation
ALFI argues that high-quality EU securitisation framework will promote further integration of EU financial markets, help diversify funding sources and unlock capital, making it easier for banks to lend to households and businesses.  View Article
Wall Street Journal: Regulators point to risks from rapid-fire trading, clearing
The rise of computerized trading and the changing roles of big banks are reshaping financial markets and potentially raising new vulnerabilities, US regulators said in their annual report on financial-system threats.  View Article
AMF publishes its 2014 annual report
The focus for 2014 was pursuing the implementation of its 2013-2016 strategic plan, the aim of which is to "make finance meaningful again."  View Article
 
  Insurance
 
 
Commercial Risk Europe: Risk managers turning to captives to cover emerging risks
Corporate risk managers in Europe and worldwide are increasingly using captives to provide cover for non-traditional risks, according to a new benchmarking report published by global broker and captive manager Marsh.  View Article
 
  Asset Management
 
 
Hedgeweek: Private equity liquidity pool is deepening via secondary market
Private equity has never been synonymous with the word liquidity when it comes to investing in alternative assets, but a new report by SEI’s Investment Manager Services division suggests that this may be changing.  View Article
IPE: Look at pension arrangements not IORPs
Informing pension fund members about the true value of liabilities is the key to avoiding social unrest in future, according to the Actuarial Association of Europe (AAE).  View Article
 
  Corporate Governance/Accounting
 
 
FEE response to the EC consultation on review of the prospectus directive
FEE explains that the quantitative criteria, which are included in the Directive, should not be used in isolation. FEE proposes a proportionate application of IFRS.   View Article
EuropeanIssuers response to the EC consultation on review of the prospectus directive
In their response, EuropeanIssuers suggest that the Prospectus Directive should also be revised with respect to requirements applicable to large companies.  View Article
IASB calls for feedback on proposal to defer the effective date of IFRS 15
The IASB has published for consultation a proposal to defer the effective date of the revenue Standard, IFRS 15 Revenue from Contracts with Customers. Feedback on the ED Effective Date of IFRS 15 (Proposed amendments to IFRS 15) is required by 3 July 2015.  View Article
EFRAG draft comment letter on the IASB's ED Effective Date of IFRS 15
EFRAG has completed its due process regarding Disclosure Initiative - Amendments to IAS 1 and has submitted its Endorsement Advice Letter to the EC. EFRAG recommends the adoption of amendments.  View Article
 
  Financial Services Policy
 
 
European Parliament: Tougher rules on money laundering to fight tax evasion and terrorist financing
The ultimate owners of companies will have to be listed in central registers in EU countries, open both to the authorities and to people with a "legitimate interest", such as investigative journalists.  View Article
FEE issues two papers in support of stronger EU rules to combat money laundering and terrorist-financing
To facilitate the European profession in updating their practice to the revised requirements, FEE has issued the FEE Information Paper and the FEE SMP Info Pack.  View Article
BoE: Financial Markets - identifying risks and appropriate responses
Three areas of action are highlighted as the main ongoing PRA measures in maintaining the stability of the financial system.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
110th Brussels for Breakfast
Main topics included: Brexit, increasing financial integration, Denmark and Banking Union, PSD2, Capital Market Union and MiFID impacts on research and CPD obligations.  View Article
 

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