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18 February 2016

This week in "Brussels"
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  Articles from 11 February 2016 - 18 February 2016

  Banking
 
 
EBA publishes Guidelines on cooperation agreements between deposit guarantee schemes
These Guidelines include a multilateral cooperation framework agreement and minimum prescriptions to promote the rapid and consistent conclusion of cooperation agreements between DGSs, as provided under the new DGSD.  View Article
EBF Response to Basel Consultation on TLAC Holdings
The EBF understands the Basel Committee’s intention to limit investments in TLAC of other banks, but has concerns with the approach taken, which may hinder the operation of a deep and liquid market in TLAC-eligible instruments.  View Article
EBA publishes final draft ITS on the mapping of ECAIs credit assessments for securitisation positions
These ITS will be part of the Single Rulebook in banking aimed at enhancing regulatory harmonisation across the EU and will allow the credit ratings on securitisations assigned by registered credit rating agencies to be used for the purposes of calculating institutions' capital requirements.  View Article
Bank of England: Amendments to the PRA’s rule on loan to income ratios in mortgage lending
In this consultation paper, the PRA sets out its proposals for amendments to the Housing Part of the PRA Rulebook in respect of second and subsequent charge mortgage contracts.  View Article
Reuters: ECB back in court as German group seek to curb its power
The European Central Bank returned to Germany's constitutional court to defend an emergency plan made at the height of the economic crisis in a long-running legal battle with a group of Germans who want to curb its power to act.  View Article
Bank of England: Complaints against the regulators
This Prudential Regulation Authority, Bank of England and Financial Conduct Authority (‘the regulators’) consultation paper sets out changes to the Complaints Scheme to implement new legislative requirements.  View Article
Bank of England: Establishing Shari’ah compliant central bank liquidity facilities
The Bank of England announces the publication of a consultation paper on establishing Shari’ah compliant liquidity facilities. The paper presents the preliminary findings of the feasibility study it commenced in the second half of 2015, and seeks stakeholders’ views on the options identified.  View Article
 
  Securities
 
 
ESMA consults on implementation of the Benchmarks Regulation
ESMA published a Discussion Paper regarding the technical implementation of the incoming Benchmarks Regulation. ESMA is seeking stakeholder input to inform its future proposals on draft RTS and Technical Advice to the European Commission.  View Article
Draft report on the proposal for a Regulation on Markets in Financial Instruments, on Market Abuse and on Improving Securities Settlement
Acknowledging the problems at hand, delaying the date of application by a year to 3 January 2018 as well as some corresponding dates also by a year seems to be sensible and justified.  View Article
Draft report on the proposal for a Directive on Markets in Financial Instruments as regards certain dates
Given the fact that the implementing legislation under MiFID II is still not available, the date of transposition should be adapted in line with the overall delay to allow Member States to transpose MiFID II properly.  View Article
ESMA updates EMIR Q&A
The Q&A clarifies how the clearing obligation should apply to swaps resulting from the exercise of a swaption, including during the frontloading period and the approach on frontloading that was adopted in the ESMA’s first RTS on the clearing obligation, which entered into force on 21 December 2015.  View Article
SEC adopts cross-border security-based swap rules regarding activity in the US
The rules, adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, would help ensure that both US and foreign dealers are subject to Title VII of the Act when they engage in security-based swap dealing activity in the United States.   View Article
 
  Insurance
 
 
BoE: Strengthening accountability in banking and insurance: Implementation of SM&CR and SIMR; and PRA requirements on regulatory references
This policy statement provides feedback to the above consultations, and includes the corresponding rules that have been made by the PRA. It also includes the rules made by the FCA in respect of Swiss general insurers.  View Article
Reuters: BoE cautions insurers over higher life expectancy reinsurance
Britain's insurers should not reinsure themselves against people living longer in the belief that it will directly reduce the amount of capital they are required to hold, the Bank of England said.  View Article
 
  Asset Management
 
 
EFAMA: The PRIIP KID Regulation must be delayed to allow for proper implementation
EFAMA recommends that the European Commission, Parliament and Council delay the entry of application of the PRIIP KID Regulation by at least one calendar year.  View Article
AIMA publishes new guide to operational risk management
The AIMA Guide to Sound Practices for Operational Risk Management focuses on a wide variety of risks that could result in loss from inadequate or failed internal processes, people and systems or from external events.  View Article
ESMA issues follow-up review on money market fund guidelines
This report provides an update on the findings of the first peer review and sets out the result of this second assessment by peers.  View Article
EPRS: Money Market Funds: Measures to improve stability and liquidity
The reaction of MMF stakeholders to the Commission proposed regulation has been mixed: many welcomed the intention to establish a harmonised and transparent MMF framework at EU level but there have also been considerable concerns raised regarding the impacts, including of the capital buffer.  View Article
EIOPA defines priorities for 2016
The document provides the overview of risks that can affect the functioning of EIOPA and the list of measures the Authority has undertaken in order to mitigate them.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG: Final comment letter to the IASB on applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
EFRAG has submitted its comment letter to the IASB on the IASB’s ED/2015/11 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.  View Article
EFRAG: Letter to the European Commission on amendments to IFRS 10 and IAS 28
EFRAG has sent a letter to the EC after IASB published revised amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture postponing their effective date indefinitely.   View Article
ACCA: CCAB calls for informed debate on EU Reform
The forum for accountancy bodies in the UK and Ireland is calling on businesses to engage with the debate on EU reform, and ensure they are aware of the information and resources to inform their understanding of the role of the EU, and how its relationship with business could become more effective.  View Article
 
  Financial Services Policy
 
 
Council conclusions on the fight against the financing of terrorism
The European Council welcomed the Commission's Action Plan to strengthen the fight against the financing of terrorism of 2 February 2016 and called on the EC to submit amendments to the 4th Anti-Money Laundering Directive, to the 2nd Payment Services Directive and to the Cash Controls Regulation.  View Article
Remarks by Vice-President Dombrovskis at the ECOFIN press conference
Ministers endorsed the Commission's Action Plan to strengthen the fight against terrorist financing and will now proceed with the implementation of the Action Plan.  View Article
Bank of England: The Central Banking Qualification - training the central bankers of the future
The Central Banking Qualification will equip the next generation of central bankers with the technical expertise and practical knowledge needed to continue to fulfil the Bank’s mission of promoting the good of the people of the UK by maintaining monetary and financial stability.  View Article
Financial Times: Britain locked in battle with France and Germany over City rules
Britain is at loggerheads with France and Germany over the right of the City of London to diverge from the eurozone's financial rules, one of the most consequential unresolved issues in the UK's “new settlement” with Europe.  View Article
US-EU Financial Markets Regulatory Dialogue Joint Statement
US and EU participants in the Financial Markets Regulatory Dialogue (FMRD) met to exchange views on financial regulatory developments as part of their ongoing dialogue.  View Article
 
  International/G20
 
 
PIIE: An important IMF reform
Former IMF chief economist Olivier Blanchard explains the latest reform of the fund, calling it "a lending reform with important implications for the future stability of the world economy."  View Article
 
  Grahams Articles, Comments & Speeches
 
 
IN Facts: Post-Brexit City firms must still abide by rules
Despite some financial advisers saying that there would be no post-Brexit “apocalypse” – firms could set up a brass plate company in an EU country and carry on as usual, Graham Bishop points out that "Europeans would not let the Brits get in under the radar."  View Article
118th Brussels for Breakfast
Topics covered were Brexit, the Commission’s `Call for Evidence’ on financial services regulation; the Fundamental Review of the Trading Book; the postponement of MiFID; IORP II; and IAS9’s application.  View Article
 

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