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19 January 2017

This week in "Brussels"
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Banking Securities Insurance
Asset Management Corporate Governance/Accounting International/G20
Graham's Articles, Comments & Speeches   About this email

  Articles from 12 January 2017 - 19 January 2017

  Banking
 
 
EBA updated Risk Dashboard shows that elevated NPLs and a high cost base pose a significant profitability challenge for EU banks
The European Banking Authority (EBA) published today a periodical update of its Risk Dashboard summarising the main risks and vulnerabilities in the EU banking sector by a set of Risk Indicators in Q3 2016.   View Article
EBA and ESMA call to clarify margin requirements between CRR and EMIR
EBA and ESMA published their joint report on the functioning of the Capital Requirements Regulation with the European Market Infrastructure Regulation.  View Article
EBF response to BCBS consultation on regulatory treatment of accounting provisions - interim approach and transitional arrangements
The EBF acknowledges that the interaction between accounting and capital regime should be revisited to address any overlapping measures and ensure their proper interaction.   View Article
Bank of England: The Bank’s approach to stress testing - letter from the Governor
The Bank of England has published the Governor’s reply to the recent proposal of Sir John Vickers that the Bank supplements its current approach to stress testing by publishing parallel results that take market-based measures of equity capital, rather than regulatory capital, as a starting point.   View Article
European Central Bank: Results of the January 2017 euro area bank lending survey
According to the January 2017 bank lending survey (BLS), credit standards for loans to enterprises tightened somewhat in net terms in the fourth quarter of 2016 (a net percentage of 3%, compared with 0% in the previous quarter), driven mainly by developments in the Netherlands.   View Article
British Bankers Association: The need for an international approach to technology in banking
BBA members welcome the EBA’s formal recognition that the “growing importance and increasing complexity of ICT risk within the banking industry" means a more detailed set of guidelines is required under the Supervisory Review and Evaluation process.  View Article
 
  Securities
 
 
Euro “clearing”: Liability and Location
This issue of `clearing’ is likely to come to a head quickly once Article 50 Notice of `intention to leave’ is served by the UK - as a direct consequence of the G20 commitment to ensure there are no more taxpayer-funded bailouts of EU financial institutions.  View Article
ESMA issues briefing on transaction reporting requirements under MiFID II
ESMA published guidelines for transaction reporting under MiFID II and MiFIR. Additionally, ESMA released technical requirements and templates further detailing the relevant reporting requirements under MIFID II and MIFIR.  View Article
ESMA calls for consistent application of MiFIR product intervention powers
ESMA issued an Opinion regarding the scope of the product intervention powers under the MiFIR. These powers can be exercised by both national competent authorities and ESMA from 3 January 2018.  View Article
ESMA issues opinions on Swedish pension schemes to be exempt from central clearing under EMIR
ESMA issued two opinions regarding the exemption of Swedish pension schemes from the obligation to centrally clear OTC derivative contracts under the European Market Infrastructure Regulation.  View Article
Financial Times: LSE dismisses report on moving clearing to Germany
The London Stock Exchange Group has hit out at an academic report commissioned by its merger partner Deutsche Börse that highlighted the benefits of moving the LSE’s prized clearing business to Frankfurt.  View Article
 
  Insurance
 
 
EIOPA : The EU – U.S. insurance project addresses cyber risk
The EU – U.S. Insurance Project convened experts from the European Union and the US Department of the Treasury to discuss cyber security efforts in financial services, and to enhance Transatlantic coordination on these and related issues.   View Article
Commission welcomes the successful conclusion of negotiations on an EU/US Agreement on insurance and reinsurance
The European Commission and the US Department of the Treasury and Office of the Trade Representative jointly announced the successful conclusion of negotiations of an Agreement between the EU and the USA on insurance and reinsurance.   View Article
Insurance Europe: Successful conclusion of EU-US bilateral agreement on reinsurance welcomed
Cristina Mihai, head of prudential regulation and international affairs at Insurance Europe, comments the successful conclusion of the bilateral agreement on reinsurance between the EU and the US.  View Article
EIOPA welcomes the EU-U.S. covered agreement on insurance and reinsurance measures
The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the EU-U.S. Covered Agreement on insurance and reinsurance measures released by the European Commission and the U.S. Department of the Treasury.   View Article
Financial Times: EU insurance rules forcing Britons to retire later, MPs told
EU insurance rules have made annuities more expensive and forced people to work for longer before retiring, the Treasury select committee has heard.  View Article
EIOPA and the Bermuda monetary authority sign a memorandum of understanding
The MoU provides the framework for regular exchanges of information, and sets forth the basis for further cooperation and increased mutual understanding in view of ensuring optimal supervision for insurance and reinsurance groups with international activities in the European Union and Bermuda.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: FSB proposals ‘positive’ for asset managers, investors, says Moody’s
Long-term investors and large asset managers will benefit from rule changes proposed by the Financial Stability Board (FSB), despite their cost, according to Moody’s.  View Article
Investment & Pensions Europe: FSB tweaks asset management plan, but G-SIFI thrust frustrates
The FSB has set out its final policy recommendations for tackling structural weak spots in asset management activities, making some welcome changes but also frustrating some in the industry by deciding to pursue work that could lead to asset managers being deemed “systemically important”.  View Article
Hedgeweek: Asset managers reduce bank research spend ahead of MiFID II
There has been a distinct shift of research budgets away from the top nine investment banks, according to an analysis of the readiness of asset managers for the research unbundling rules coming into effect in January 2018.  View Article
Investment & Pensions Europe: FSB adds ‘reach for yield’ to pension fund vulnerability list
The Financial Stability Board (FSB) has added to its list of “potential vulnerabilities” of pension funds following feedback to a consultation on proposals for policy recommendations arising from concerns over the financial stability implications of asset management.  View Article
PLSA: Brexit: making it work for pension schemes and savers
The Pensions and Lifetime Savings Association underlined the three elements needed to ensure Brexit works well for pensions in the UK.  View Article
Investment & Pensions Europe: UK ‘could ignore’ European share-ownership rules
The EU’s Shareholder Rights Directive could become the first pension-related European legislation to be scrapped due to Brexit, a consultant has claimed.  View Article
Hedgeweek: People and process key to effective AML framework
As global asset management groups increasingly adopt digital platforms to connect with counterparties and investors in today's knowledge-based economy, the risks of cybersecurity threats are rising.   View Article
 
  Corporate Governance/Accounting
 
 
IASB consults on clarifications to IFRSs
The IASB has published proposed amendments to three Standards for public consultation as part of its annual improvements process.  View Article
EFRAG's Endorsement Advice on Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
EFRAG has completed its due process regarding Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) and has submitted its Endorsement Advice Letter to the EC.  View Article
EFRAG, AIAF, EFFAS and OIC´s summary report on IFRS 16 Leases and Amendments to IFRS 4 Insurance Contracts
EFRAG has published a Summary Report on its joint investor outreach event covering IFRS 16 Leases and the amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts.  View Article
EBA’s views on the adoption of IFRS 16 Leases
The EBA has published its comment letter to EFRAG on IFRS 16 Leases. The EBA’s view on IFRS 16 is based on a qualitative and quantitative analysis of the impact of the new Standard.  View Article
IASB: Leases one year on—putting IFRS 16 into practice
IASB Members discuss messages they have heard from stakeholders about IFRS 16 implementation over the last year and give advice to companies implementing the new Standard.  View Article
Investment & Pensions Europe: LAPFF moves against EC with IFRS 9 'maladministration' claim
The Local Authority Pension Fund Forum has demanded that the European Commission demonstrate that it has followed a lawful procedure in endorsing International Financial Reporting Standard 9, Financial Instruments.  View Article
PLSA calls for more accountability over executive pay
The Pensions and Lifetime Savings Association has published an updated edition of its Corporate Governance Policy and Voting Guidelines, calling on investors to take a tougher stance on those who set executive pay policy.   View Article
ACCA: UK business confidence drops to second lowest level since 2011
The latest Global Economic Conditions Survey from ACCA and the IMA suggests that global business confidence in Q4 has dropped amid on-going political and economic uncertainty.  View Article
 
  International/G20
 
 
EU and US publish TTIP state of play assessment
Trade Commissioner Cecilia Malmström and United States Trade Representative Michael Froman have today published a joint assessment of the progress made in the negotiations for a Transatlantic Trade and Investment Partnership (TTIP) since negotiations started in July 2013.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
Theresa May's Brexit speech
Prime Minister May delivered her much-trailed “Brexit framework” speech this morning… but is it coherent and consistent? The short answer is No.   View Article
Euro “clearing”: Liability and Location
This issue of `clearing’ is likely to come to a head quickly once Article 50 Notice of `intention to leave’ is served by the UK - as a direct consequence of the G20 commitment to ensure there are no more taxpayer-funded bailouts of EU financial institutions.  View Article
 

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