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25 February 2016

This week in "Brussels"
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Asset Management Corporate Governance/Accounting Graham's Articles, Comments & Speeches
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  Articles from 18 February 2016 - 25 February 2016

  Banking
 
 
EBA launches 2016 EU wide stress test exercise
The European Banking Authority released the methodology and macroeconomic scenarios for the 2016 EU-wide stress test.   View Article
EBA updates its Risk Dashboard for EU banking sector
EBA published the periodical update to its Risk Dashboard summarising the main risks and vulnerabilities in the banking sector on the basis of the evolution of a set of Risk Indicators across the EU.   View Article
EBF comments on Federal Reserve Notice of proposed rulemaking for TLAC and related requirements for US G-SIBs and US IHCs of foreign G-SIBs
The European Banking Federation strongly support the development of crisis management frameworks designed to minimize the impact of a bank’s failure on the financial system and wider economy without resort to public support.  View Article
Bank of England: The PRA’s approach to identifying other systemically important institutions
PRA's policy statement provides feedback to responses to CP 39/15, The PRA’s approach to identifying other systemically important institutions. It also contains a PS on the PRA’s approach to identifying O-SIIs and the PRA’s 2015 list of UK firms designated as O-SIIs.  View Article
Reuters: ECB would aim to protect banks if it eases policy
The European Central Bank would aim to protect banks from unintended harm if it decides next month to ease policy in the face of a delayed rebound in inflation, ECB Vice President Vítor Constâncio said.  View Article
Reuters: Some euro zone banks taking more risk in search of yields
Low banking profitability across the euro zone raises stability concerns and lenders need to stop taking on bigger risks to prop up earnings, Daniele Nouy, the European Central Bank's top supervisor said.  View Article
ECB: Revised oversight framework for retail payment systems
The oversight of payment systems aims to ensure the smooth functioning of payment systems, which is an important precondition for the central bank's ability to contribute to financial stability, to implement monetary policy and to maintain public confidence in the currency.  View Article
The EPC Card Fraud Prevention Forum is looking for stakeholder participants
Payment stakeholders with a thorough knowledge of card fraud prevention issues are invited to submit an application to join the European Payments Council’s Card Fraud Prevention Forum.  View Article
ECB: Caught in the middle? Small and medium-sized banks and European banking supervision
Sabine Lautenschläger answers some questions and clear up misunderstandings – regarding, for example, which tasks European banking supervision (SSM) does perform and which doesn't in supervising small and medium-sized institutions.  View Article
 
  Securities
 
 
AFME: EU insolvency law reform could boost growth and jobs across Europe
AFME published new research showing that European insolvency law reform could boost GDP output and create jobs across Europe. Insolvency reform is a key plank of the European Commission’s action plan on Capital Markets Union.  View Article
EuropeanIssuers: Prospectus directive revision
EuropeanIssuers welcome the revision of the EU Prospectus rules which aims at making it easier and less costly to raise funds on capital markets in Europe. Nevertheless, EuropeanIssurers thinks that the Commission could be more ambitious in its proposals.   View Article
ESMA adds list of clearing members to its Public Register on EMIR
The European Securities and Markets Authority published an update of its Public Register for the Clearing Obligation concerning category 1 clearing members.  View Article
FSB releases report on possible measures of non-cash collateral re-use
This report describes possible measures of non-cash collateral re-use, and the related data elements, that could potentially be included in the FSB’s global securities financing data standards.  View Article
First European issuers implement the Covered Bond Label HTT
SG Société de Crédit Foncier, SG Société de Financement de l’Habitat, and Caja Rural de Castilla La Mancha, a new labelled covered bond issuer from Spain, have become the first European issuers to publish their Harmonised Transparency Template under the Covered Bond Label Initiative.  View Article
IOSCO plays a key role in responding to global securities markets’ challenges
IOSCO discussed and endorsed intensifying work on technological change – with a focus on harnessing the opportunities while mitigating the risks.  View Article
 
  Insurance
 
 
European Commission welcomes entry into force of new insurance rules
The European Commission welcomes the entry into force of the Insurance Distribution Directive which aims to create a level playing field between insurance distributors across the European Union.  View Article
European Commission: Joint statement on US - EU negotiations for a bilateral agreement on insurance and reinsurance measures
EU and US representatives met in Brussels on 18-19 February 2016 to discuss a future bilateral agreement relating to prudential insurance and reinsurance measures.  View Article
Fitch: G-SII Regulation - Still a Long Way to Go
Fitch Ratings says in a new report that the IAIS still has significant work to do in creating a risk-based global ICS for G-SIIs and other internationally active insurance groups.   View Article
Bank of England: Solvency II - internal model reporting codes and components
This supervisory statement sets out how the PRA expects firms to submit information using product reporting codes when applying to use an internal model or partial internal model.  View Article
 
  Asset Management
 
 
Hedgeweek: Research reveals AIFMD having little impact on US manager attitudes towards Europe
The introduction of the EU AIFMD is having little impact on the scale of US alternative fund managers’ activity in the European market, according to research looking at US manager attitudes towards the regulation.  View Article
IPE: Pension industry, EU governments warn over 'inferior' FTT proposals
Pension funds, industry bodies and EU governments rallied against the FTT, which is being pursued by a minority of 10 EU member states under the enhanced cooperation procedure.  View Article
 
  Corporate Governance/Accounting
 
 
FEE comments on IASB’s ED 'IFRS Practice Statement Application of Materiality to Financial statements'
FEE supports the IASB’s step-by-step approach for the Disclosure Initiative and its current project to provide guidance to management to apply the concept of materiality when preparing general purpose financial statements, in accordance with IFRS requirements.  View Article
ACCA /IMA: Cybersecurity – Fighting Crime’s Enfant Terrible
According to a new study by IMA and ACCA, cybersecurity is growing too dangerous and powerful to ignore and a head-in-the-sand attitude to this once nascent, now pervasive threat is no longer an option.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
The European Council/UK “Deal”
Graham Bishop analyses the results of the renegotiation of the UK's EU membership, presented by PM David Cameron this morning, and concludes that "there is now no serious impediment to the people of the United Kingdom voting decisively to stay in the European Union."  View Article
Graham Bishop speech at the London School of Economics
Graham Bishop spoke on the implications of a Brexit for the UK during a series of seminars at the LSE.  View Article
 

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