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08 December 2016

This week in "Brussels"
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  Articles from 01 December 2016 - 08 December 2016

  Banking
 
 
EBA updates list of CET1 instruments
Since the publication of the previous update in September 2016, some new CET1 instruments have been assessed and evaluated as compliant with the Capital Requirements Regulation (CRR). The list will be maintained and updated on a regular basis.  View Article
BIS: Agustín Carstens appointed as BIS general manager
The Board of Directors of the Bank for International Settlements (BIS) announced the appointment of Agustín Carstens as General Manager. His appointment takes effect on 1 October 2017 and is for a five-year term.  View Article
EBA sees high NPL levels and low profitability as the main risks for EU banks
The EBA’s report on risks and vulnerabilities identifies as the key challenges in that process the remaining high levels of non-performing loans (NPLs) and sustained low profitability. Operational risks also appear to be on the rise and volatility in funding markets remains high.  View Article
ECB: Distributed Ledger Technology: role and relevance of the ECB
Speech by Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), in which he outlines the ECB’s position on DLT; discusses possible scenarios for adoption; and sheds light on the global interaction between central banks in the field of DLT.  View Article
BIS: International banking supervisory community meets to discuss the regulatory framework
The ICBS was held in Santiago, Chile, following a meeting of the Basel Committee on Banking Supervision, where progress was made towards finalising the Basel III post-crisis reforms.   View Article
The Economist: Revising bank-capital standards
Central bankers and regulators met in Santiago de Chile hoping to agree on revisions to Basel 3, the post-crisis version of bank-capital standards. Stefan Ingves said that “the contours of an agreement are now clear”.  View Article
EBA consults on Guidelines on the reporting of operational or security incidents under the PSD2
The draft Guidelines specify the criteria for classifying operational or security incidents as major, the template to be used by payment service providers when notifying them to the Competent Authorities (CAs,) and the indicators CAs need to use when assessing the relevance of such incidents.   View Article
Bank of England: Ending too-big-to fail: How best to deal with failed large banks
Speech by Jon Cunliffe, Deputy Governor Financial Stability, Member of the Monetary Policy Committee, in which he looks at what has been done since the crisis to provide a different – and better – answer to the “who pays” question.  View Article
Bruegel: The impact of the legal and operational structures of euro-area banks on their resolvability
This Policy Contribution evaluates the obstacles to resolvability that the legal and operational structures of the large euro-area banks could pose to the European Union’s new resolution regime.  View Article
Bank of England: The PRA’s approach to the implementation of the systemic risk buffer
This Statement of Policy sets out the Prudential Regulation Authority’s approach to implementing the systemic risk buffer.   View Article
Financial Times: Britain stands alone with its tough stance on banks
Eight years after the financial crisis, most of the institutions are so much stronger and better capitalised than they were, and the laggards were so obvious that the tests are starting to get dull.  View Article
 
  Securities
 
 
Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference
Verena Ross gave a broad-ranging view of how ESMA’s work contributes to strengthening Europe’s capital markets.  View Article
ICMA ERCC responds to ESMA’s consultation paper on SFTR
The ICMA European Repo and Collateral Council has submitted a detailed response to ESMA’s consultation paper on Draft Regulatory and Implementing Technical Standards under the EU SFT Regulation.  View Article
European Commission adopts rules to strengthen regulation of commodities markets
The European Commission has taken important steps today to strengthen the regulation of commodities markets and curb price speculation.  View Article
Market guidance on standardization of the ISDA variation margin CSA
ISDA’s note is intended to provide guidance and strategic perspectives on the possible benefits of further standardizing elements of the current ISDA Variation Margin CSA.  View Article
ESMA to provide free credit ratings information to public
ESMA launched its new database, the European Rating Platform (ERP), to provide access to free, up-to-date information on credit ratings and rating outlooks.  View Article
 
  Insurance
 
 
EIOPA is paving the way towards a European recovery and resolution framework for insurers
The European Insurance and Occupational Pensions Authority published a Discussion Paper on Potential Harmonisation of Recovery and Resolution Frameworks for Insurers.   View Article
Commercial Risk Europe: UK insurers lobby Brexit negotiations
The London company insurance market said Brexit negotiations must maintain the City's competitive position in the global industry and not impede the level playing field for UK-based companies.  View Article
Insurance Europe: Better, not more, information for consumers
Insurance Europe has published an insight briefing on the need to provide consumers with the appropriate amount of information to make informed decisions when purchasing insurance products.  View Article
European Council: 'PRIIPs' rules delayed by one year
The Council adopted a regulation postponing the application date of rules on packaged retail and insurance-based investment products (PRIIPs) by 12 months.  View Article
 
  Asset Management
 
 
Money market funds: Council confirms deal with EP
The Permanent Representatives Committee approved, on behalf of the Council, an agreement with the European Parliament on money market funds (MMFs)  View Article
EFAMA: European investment funds continued to record high level of net inflows in September
The European Fund and Asset Management Association has published its latest Investment Funds Industry Fact Sheet, which provides net sales of UCITS and non-UCITS for September 2016. 28 associations provided net sales data.   View Article
OECD: Design of funded private pensions needs to be improved
The 2016 Pensions Outlook analyses how the pensions landscape is changing in the face of challenges that include ageing populations, the fallout from the financial and economic crisis, and the current environment of low economic growth and low returns.  View Article
Investment & Pensions Europe: Defined benefit schemes generate 20% better outcomes than DC
Defined benefit pension funds in the Netherlands can achieve 20% better outcomes at retirement than individual defined contribution plans, according to a study by the Dutch Bureau for Economic Policy Analysis (CPB).  View Article
TPR publishes new quick integrated risk management guide for smaller schemes
The Pensions Regulator (TPR) has published a new quick guide to integrated risk management aimed at trustees of smaller defined benefit schemes.  View Article
ALFI: Brexit - time for action
“Will Luxembourg be the domicile of choice for London based international cross-border fund management groups reassessing their business models in light of Brexit?” was the central question at ALFI’s recent Leading Edge conference.  View Article
Key takeaways from the ALFI European Alternative Investment Funds conference
The core points of the major issues affecting alternative funds discussed were AIFMD, ELTIF and UCITS regulation; Brexit and Fintech.  View Article
Investment & Pensions Europe: Asset managers 'relative beneficiaries' of poor scheme governance
The UK’s Financial Conduct Authority should take into account the role of trustees as it conducts its asset management review, according to the chief executive of HSBC’s pension fund.  View Article
PRI: More robust regulation needed to move ESG forward says new PRI guide
A report published by the Principles for Responsible Investment (PRI) found that while some responsible investment regulation is useful in terms of increasing awareness of ESG, investors are still sceptical about whether or not this regulation is driving real change.   View Article
Occupational pension funds: Council adopts new rules
The Council adopted a directive on institutions for occupational retirement provision (IORPs), aimed at facilitating their development and better protecting pension scheme members and beneficiaries.  View Article
 
  Corporate Governance/Accounting
 
 
FRC: Business Model reporting – top tips for disclosure
The FRC’s Financial Reporting Lab published key attributes and approaches to reporting business models that investors want to see in companies’ reports.  View Article
ECIIA: Getting to grips with non-financial reporting (FEE case study)
The ECIIA welcomes a fictional case study produced by the FEE aimed at helping businesses get to grips with the very real, mandatory non-financial reporting disclosure regime set to come into force across Europe.  View Article
PLSA: Pension funds say executive pay is too high
The Pensions and Lifetime Savings Association (PLSA) has published its AGM Season Report 2016, focussing on the issue of executive pay. The report reveals that 87% of pension funds responding to a PLSA member survey say executive pay is too high.   View Article
IASB's Hoogervorst: Safety in numbers
Hans Hoogervorst, IASB Chairman, argued that big data and artificial intelligence increase the relevance of proper accounting standards during his opening remarks at the AICPA conference on current SEC and PCAOB developments.  View Article
ACCA: Rise of the robots is the advent of accounting
Bank of England chief Mark Carney estimated that up to 15 million of the current jobs in Britain could be automated over time, with whole professions—including accounting—eliminated.  View Article
 
  Financial Services Policy
 
 
ESMA sees continued high levels of market risks
ESMA risk assessment has updated its Risk Dashboard for the third quarter of 2016.  View Article
Bloomberg: JPMorgan hit hardest as EU fines euribor trio €485.5 million
JPMorgan Chase & Co., HSBC Holdings Plc and Credit Agricole SA were fined a total of 485.5 million euros for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
125th Brussels for Breakfast – Notes
Organised by the Centre for the Study of Financial Innovation (CSFI), hosted by Grant Thornton with co-presenter Karel Lanoo (CEPS).  View Article
 

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