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12 November 2015

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting Financial Services Policy
Graham's Articles, Comments & Speeches   About this email

  Articles from 05 November 2015 - 12 November 2015

  Banking
 
 
European Political Strategy Centre: Towards a European Deposit Insurance Scheme
The European Commission’s in-house think tank has produced the first issue of its Five President's report series, in which it concludes that the SRB would be the best placed institution to house the nascent European Deposit Insurance Scheme, and that the ESM would serve as its backstop.  View Article
EBA consults on stress tests for deposit guarantee schemes
The proposed Guidelines will provide the methodological principles to assess whether the operational and funding capabilities of DGSs are sufficient to ensure deposit protection in the event of a bank failure.  View Article
EBA announces details of 2016 EU-wide stress test
The EBA published 2016 EU-wide stress test draft methodology for discussion. The stress test will be launched in the first quarter of 2016 and will cover over 70% of the EU banking sector and will assess EU banks' ability to meet relevant supervisory capital ratios during an adverse economic shock.  View Article
Reports related to Total Loss Absorbing Capacity (TLAC) published by the Basel Committee
The FSB published its Principles on the Loss Absorbing and Recapitalisation Capacity of G-SIBs in Resolution and TLAC term sheet. In support of this effort, the Basel Committee on Banking Supervision released two related documents.  View Article
EBF urges proper and careful implementation of TLAC in Europe
The EBF broadly supports the FSB’s proposal for a global requirement for TLAC for G-SIBs. The standard will ensure that G-SIBs will maintain adequate capital resources within their group structure to ensure that these banks can fail and be resolved irrespective of their global footprint.   View Article
EPC publishes updated recommendations on SEPA customer reporting
The B2C recommendations allow for the uniform mapping of EPC SEPA scheme rulebook requirements to the ISO 20022 cash management messages. Moreover, they complement the mandatory interbank and recommended customer-to-bank SEPA Implementation Guidelines.  View Article
Financial Times: What has delayed Europe’s bank recovery?
The global financial crisis was supposed to have peaked in 2008; the eurozone crisis in 2012. So what is going on at Europe’s banks in 2015?  View Article
EBA consults on information exchanges between authorities regarding qualifying holdings
The objective of these ITS is to streamline information exchanges and ensure effective communications between concerned authorities, both on a cross-border basis and across sectors.  View Article
 
  Securities
 
 
Council Conclusions on the Commission Action Plan on building a Capital Markets Union
The Council has published its conclusions on the CMU Action Plan, supporting a number of priority areas such as increasing the variety of financing sources, ensuring a regulatory environment for investment, enhancing the capacity of banks to lend and dismantling unjustified cross-border barriers.  View Article
BIS: Capital treatment for "simple, transparent and comparable" securitisations
This consultative document on capital treatment for "simple, transparent and comparable" securitisations builds on the revised capital standards issued by the Committee in December 2014.  View Article
FSB reports describe progress in implementing OTC derivatives market reforms, and highlight where further work is needed
The Financial Stability Board released two reports on implementation of the reforms to over-the-counter derivatives market agreed by the G20.  View Article
OTC derivatives regulators deliver report to the G20 leaders
The report provides an update regarding the OTC Derivatives Regulators Group’s continuing effort to identify and resolve cross-border issues associated with the implementation of the G20 OTC derivatives reform agenda.  View Article
ESMA Chair's statement to the ECON Committee Scrutiny Hearing on MiFID II
ESMA’s Chair Maijoor delivered a statement to the Economic and Monetary Affairs Committee which provides an update on ESMA work in relation to MiFID 2 and challenges the implementation timetable.  View Article
Reuters: EU poised to delay MiFID II by a year
The European Union's landmark reform of securities markets to apply lessons from the financial crisis may need to be delayed by a year to January 2018, a European Commission official said.  View Article
ESMA publishes responses to the Consultation on draft implementing technical standards under MiFID II
The European Securities and Markets Authority has published the responses received to the Consultation on draft implementing technical standards under MiFID II.  View Article
ESMA consults on indirect clearing arrangements
The aim of this consultation is to address issues raised by stakeholders in prior consultations and ensure consistency in the application of MiFIR and EMIR.  View Article
Financial Times: EU financial market reform faces IT bugs
ESMA has sent a letter to the European Commission raising the timing issue on MiFID II, according to two people briefed on the matter.  View Article
ESAs define risk weights for credit ratings in the EU
The work of the ESAs is intended to ensure that only credit ratings issued by ECAIs can be used for calculating capital requirements of financial institutions and insurance undertakings.  View Article
ESMA proposes central clearing for Norwegian, Polish and Swedish interest rate swaps
ESMA’s RTS propose the mandatory central clearing of fixed-to-float IRS and forward rate agreements denominated in Norwegian Krone (NOK), Polish Zloty (PLN) and Swedish Krona (SEK).  View Article
ESMA approves Greek HCMC short selling ban on bank shares
The short selling measure applies to any natural or legal person that would be subject to the exemption for market making activities, provided that short selling transactions are conducted for hedging purposes.  View Article
ESMA appoints new members to its Management Board
The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term expires in November this year.  View Article
 
  Insurance
 
 
Insurance Europe: Key messages on key information document for PRIIPs
Insurance Europe continues to highlight the fact that it is extremely important that the features of insurance-based investment products are appropriately presented in the key information document (KID) for packaged retail investment and insurance-based investment products (PRIIPs).   View Article
EIOPA produces a draft ITS on the Solvency II equity transitional measures
The EIOPA has published the Final Report on its public consultation on the draft Implementing Technical Standard (ITS) setting up procedures for the application of the transitional measure for the calculation of the Solvency II equity risk sub-module.  View Article
 
  Asset Management
 
 
ESAs consults on PRIIPs Key Information Documents
The KID aims to provide EU retail investors with consumer-friendly information to enable retail investors to understand and compare PRIIPs across the EU, whether offered by banking, insurance or securities firms.  View Article
IOSCO publishes final report on Standards for the Custody of CIS Assets
The report seeks to clarify, modernize and further develop international guidance for the custody of CIS assets consistent with IOSCO’s core Objectives and Principles of Securities Regulation from June 2010.  View Article
PensionsEurope launches a Paper on Pension Design Principles applied to modern Defined Contribution solutions
The paper pinpoints three elements that are essential for the design of modern DC schemes, which consist in taking into account the employer’s and employee’s perspective on retirement benefits, following the pension design principles and applying these principles in a 'straw man' model.  View Article
ECB: Increase in PSPP issue share limit enlarges purchasable universe
Eurosystem published an amended legal act to reflect the decision of the Governing Council of 3 September 2015 to increase the PSPP issue share limit, making the higher issue limit effective.  View Article
Hedgeweek: Entry barriers stifling growth of alternative investments funds
For the first time in five years regulatory requirement has been knocked off the top of the list of the biggest challenges facing the alternative investments sector and this could restrict growth for smaller alternative investment fund, according to Talbot Capital.  View Article
Hedgeweek: Hedge funds confront impact of financial market regulations and challenges of evolving prime broker relationships
Hedge fund managers are experiencing the ripple effects of new regulations on banks and prime brokers, with hedge funds facing increased trading fees and broader changes to business relationships.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG: Preliminary views on the IASB ED Conceptual Framework for Financial Reporting
EFRAG launched its public consultation on the IASB ED ’Conceptual Framework for Financial Reporting’ in July 2015, without having fully deliberated preliminary views. EFRAG is now providing its preliminary views on this ED.  View Article
EFRAG: Comment letter on the IASB's ED/2015/6 Clarifications to IFRS 15
EFRAG has issued its comment letter on the IASB's ED Clarifications to IFRS 15 Revenue from Contracts with Customers. EFRAG supports the IASB’s efforts to clarify IFRS 15 to help reduce potential diversity in practice that might arise upon the adoption of the Standard.  View Article
EFRAG: Comment letter on the IASB´s ED/2015/5 regarding proposed amendments to IAS 19 and IFRIC 14
EFRAG has published its comment letter on the IASB's ED/2015/5 Remeasurement on a Plan Amendment, Curtailment or Settlement / Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 and IFRIC 14).  View Article
 
  Financial Services Policy
 
 
FSB releases progress report on reducing misconduct risk in the finance industry
The progress report on the measures to reduce misconduct risk sets out details about the FSB-coordinated work to address misconduct in the financial sector and the timeline for the actions.  View Article
IOSCO reports on transparency of firms that audit public companies
The report addresses audit firm transparency reporting, which considers the practices employed by audit firms to be transparent in their own reporting to investors and other stakeholders about the firm itself.  View Article
FSB publishes report on implementation and effects of the G20 financial regulatory reforms
The report describes progress by FSB member jurisdictions in implementing the financial reforms agreed in the wake of the global financial crisis; presents early analysis on the effects of those reforms; and highlights areas for closer monitoring.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
The “STS” securitisation proposal: will it deliver for CMU?
Capital Market Union (CMU) is one of the top priorities for the European Commission and a revival of securitisation is a `low hanging fruit’ that Commissioner Hill wants to pick – and rapidly!  View Article
European Movement (UK): Graham Bishop elected to Executive Committee
We are delighted to announce that Graham Bishop was re-elected for another two-year term on the National Council of the European Movement (UK). On 7th November, he was then elected to the Executive Committee. This will enable him to play a full role in the `Brexit’ Referendum – whenever it may come.  View Article
 

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