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25 June 2015

This week in "Brussels"
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Asset Management Corporate Governance/Accounting International/G20
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  Articles from 18 June 2015 - 25 June 2015

  Banking
 
 
Restructuring risky banks: Council agrees its negotiating stance
The European Council’s proposal is aimed at strengthening financial stability by protecting the deposit-taking business of the largest and most complex EU banks from potentially risky trading activities. It would apply only to banks too-big-to-fail.  View Article
EPC on PSD2: Almost final – a state of play
The European Payments Council’s opinion focuses on two key aspects of the agreed PSD2 proposal, namely the unconditional refund right for direct debits and the authentication of the bank customer, and provides an update on the state of play of the legislative process.  View Article
BCBS: Net Stable Funding Ratio disclosure standards
Disclosure requirements for the Net Stable Funding Ratio ("NSFR") have been developed to improve the transparency of regulatory funding requirements, reinforce the Principles for sound liquidity risk management and supervision, strengthen market discipline, and reduce uncertainty in the markets.  View Article
BoE: PRA and FCA announce new rules on remuneration
Prudential Regulation Authority and Financial Conduct Authority published new remuneration framework aiming to further align risk and individual reward in the banking sector, to discourage irresponsible risk-taking and short-termism and to encourage more effective risk management.  View Article
EBA updates on consumer trends in 2015
Apart from the trends highlighted in last year's report, the European Banking Authority pointed out for the first time the use of banking consumer data, and negative interest rates and its effects on consumer contracts.  View Article
EBA issues amended technical standards on reporting of liquidity coverage ratio
The European Banking Authority's ITS include templates and instructions to update the LCR reporting framework following the Commission's adoption of the Delegated Act on the liquidity coverage requirement on 10 October 2014.   View Article
EBF: EBA consultation paper on Limits on exposures to shadow banking entities
European Banking Federation supports the idea of minimising uncertainty in the area and mitigating any specific risk arising from significant exposures to shadow banks. However, the EBF would like to highlight some areas of concern in the EBA’s proposed approach.  View Article
CFS: How the new European Banking Supervision affects smaller banks
Smaller banks are afraid that rules that apply to SIFIs will increasingly be extended to smaller institutions as well, which could cause enormous costs for these banks that they might not be able to bear.  View Article
 
  Securities
 
 
European Council conclusions on a CMU
The Economic and Financial Committee issued 24 conclusions on a Capital Markets Union.  View Article
ECB: TARGET2-Securities successfully launched
T2S is an important step towards greater integration of European capital markets. It will be fully deployed across 21 European countries by February 2017, covering almost 100% of securities transactions in euros.  View Article
ESMA publishes Guidelines on periodic information to be submitted by Credit Rating Agencies
ESMA’s guidelines on periodic information to be submitted to ESMA by CRAs apply to credit rating agencies registered in the EU, and will become effective two months after their publication.  View Article
ESMA asks Commission to delay CSDR technical standards
The initial delivery date of the CSD Regulation TS was 18 June 2015.  View Article
ALFI responds to draft EBA guidelines on limits on exposures to shadow banking entities
ALFI strongly disagrees with EBA proposal to include all AIF’s and all MMF’s (including UCITS) under the definition of shadow banking entities which carry out banking activities outside a regulated framework.  View Article
Financial Times: Repo market faces structural challenge
Looming large over the repo market is the depletion in supply of high-quality assets, such as government bonds, due to the European Central Bank’s quantitative easing programme, coupled with prolonged low interest rates which squeeze revenues.  View Article
Financial Times: Greek regulators battle with short-selling hedge funds
Greek regulators have been waging a behind-the-scenes battle with a group of mostly London-based hedge funds who have targeted the country’s crisis-hit banking sector.  View Article
Markets Media: CCPs shore up financial infrastructure
Clearinghouses occupy a central position in the financial infrastructure, acting to insulate the system from the kinds of shocks that triggered the financial crisis.   View Article
Financial Times: Clearing houses reduce risk, they do not eliminate it
If clearing houses do falter, they may become new sources of contagion — the very problem they are meant to eliminate.  View Article
 
  Insurance
 
 
EIOPA: Joint Committee launches discussion on PRIIPs key information documents
The Joint Committee of the European Supervisory Authorities has published a Technical Discussion Paper on risk, performance scenarios and cost disclosures for Key Information Documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs).   View Article
EIOPA modifies the methodology for calculating the relevant risk-free interest rate term structures for Solvency II
The modification relates to the daily fixing times of the swap rates, overnight indexed swap rates and government bond rates that the calculation is based on.  View Article
IAIS: Public Consultation started in two papers in the area of financial inclusion
The International Association of Insurance Supervisors Executive Committee has agreed to release the Draft Issues Paper on Conduct of Business in Inclusive Insurance and the Draft Paper on Issues in Regulation and Supervision in Microtakaful (Islamic Microinsurance) for public consultation.  View Article
IAIS: Consultations launched on revision of insurance core principles and new glossary definitions
The International Association of Insurers Supervisors is proposing revisions to the ICPs as well as some key Glossary definitions. The IAIS is revising the Insurance Core Principles 4, 5, 7, 8, 23 and 25. The public consultation period is 17 June 2015 - 17 August 2015.  View Article
 
  Asset Management
 
 
PensionsEurope calls on EU to take pension funds into account when building a Capital Markets Union
PensionsEurope said that the CMU’s ability to assist long-term investment hinges on whether policy-makers take the characteristics of European pension funds into consideration.  View Article
IPE: Commissioner Hill not opposed to solvency rules for pensions
Hill noted that funds had to be “managed responsibly”, and that pension funds were possibly one of the largest sources of investment, notably for infrastructure projects.   View Article
PEGCC report shows private equity best for long-term investment
With recent news coverage focusing on the relationship between private equity firms and pension funds, the latest Performance Update Report from PEGCC shows once again that private equity is a superior source of returns for long-term investors.  View Article
IPE: Concern over pension-fund shadow banks exaggerated
The debate over institutional investors’ increasing role in providing finance for long-term projects has “steered in the wrong direction”, according to Andrew Bosomworth, managing director at PIMCO Germany.  View Article
IPE: Consultants warn DB pension sponsors to pay close heed to IAS 19 changes
The International Accounting Standards Board issued two proposed amendments to International Accounting Standard 19, Employee Benefits (IAS 19) and its related asset-ceiling recognition guidance.   View Article
 
  Corporate Governance/Accounting
 
 
European Commissioner Hill: Contribution of the audit to the CMU
Reliable financial reporting and auditing, effective supervision and consistent application of the new rules can help the efforts to deepen the single market in capital.  View Article
The EC adopted a report on use of IFRSs in the EU
The EC has adopted a report on the evaluation of its Regulation on the application of IFRSs which have been applicable to the consolidated financial statements of listed companies in the EU since 2005.  View Article
FRC welcomes EC’s Report on the evaluation of the IAS regulation
FRC commented on an adopted report by the EC on the evaluation of its regulation on the application of IFRSs (the IAS Regulation).  View Article
IASB: Proposal of narrow-scope amendments for pension accounting
The IASB published for public comment proposed narrow-scope amendments to its pension accounting requirements. The proposed changes are designed to improve information to investors and address some diversity in practice.   View Article
EFRAG’s comment letter on the IASB´s classification of liabilities
EFRAG has published its comment letter in response to the IASB´s ED/2015/1 Classification of Liabilities - Proposed amendments to IAS 1.  View Article
ECIIA and EUROSAI: Blueprint for better collaboration
The European Confederation of Institutes of Internal Auditing and the European Organization of Supreme Audit Institutions have published a document that compares the structure and goals of their respective professions, providing a blueprint for better collaboration between the bodies.  View Article
FEE: Call for timely endorsement of IFRS 9 on financial instruments
FEE supports EFRAG in asking the EC to request the IASB to defer the effective date of application of IFRS 9 for insurance companies, until the IASB finalises its upcoming insurance contracts standard.   View Article
 
  International/G20
 
 
OECD: Low interest rates threaten solvency of pension funds and insurers
The current low interest rate environment poses a significant risk for the long-term financial viability of pension funds and insurance companies as they seek to generate sufficient returns to meet promises, according to a new OECD report.  View Article
 

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