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06 April 2017

This week in "Brussels"
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  Articles from 30 March 2017 - 06 April 2017

  Banking
 
 
EBA updated risk dashboard confirms that elevated NPLs and low profitability are the main challenges for the EU banking sector
The European Banking Authority published 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 Q4 2016.  View Article
BCBS: Prudential treatment of problem assets - definitions of non-performing exposures and forbearance
The Basel Committee on Banking Supervision has released the final guidance on the Prudential treatment of problem assets - definitions of non-performing exposures and forbearance.  View Article
BCBS: Pillar 3 disclosure requirements - consolidated and enhanced framework
The BCBS has issued the Pillar 3 disclosure requirements - consolidated and enhanced framework. This standard represents the second phase of the Committee's review of the Pillar 3 disclosure framework and builds on the revisions to the Pillar 3 disclosure published by the Committee in January 2015.  View Article
Revisions to the global systemically important banks assessment framework proposed by the Basel Committee
The BCBS released a consultative document entitled Global systemically important banks - revised assessment framework. This document presents proposed revisions to the Committee's 2013 methodology for assessing and identifying global systemically important banks (G-SIBs).  View Article
EBA provides guidance on bail-in under the BRRD
These Guidelines complement existing regulation and guidance to facilitate the use of the bail-in power as a way of absorbing losses and recapitalising banks in resolution. In particular the Guidelines clarify how valuation information should help determine the terms of bail-in.  View Article
AFME sets out challenges of Brexit implementation for wholesale banking
The paper seeks to provide EU policymakers with insights on the range of implementation challenges facing wholesale banks, their clients and supervisory authorities.   View Article
BCBS: Regulatory treatment of accounting provisions
The BCBS released details of the interim regulatory treatment of accounting provisions and standards for transitional arrangements. These measures are in response to the forthcoming international accounting standards on provisioning.  View Article
Bloomberg: Banks seek capital relief from unified euro-area jurisdiction
Banking regulators should treat the euro area as a single jurisdiction to bring down major lenders’ capital surcharges and loss-absorbing debt requirements, according to senior bankers at BNP Paribas SA and Credit Agricole SA.  View Article
ECB: It is urgent to agree on an ambitious timetable for completing the Banking Union
Contribution of Peter Praet, Member of the Executive Board of the ECB, for the magazine of the Eurofi conference in Malta, regarding the efforts to create a sound institutional framework for financial integration in Europe.  View Article
EBA: ESAs consult on draft Guidelines to prevent terrorist financing and money laundering in electronic fund transfers
The Joint Committee of the three European Supervisory Authorities (ESAs) launched a public consultation on draft Guidelines that set out what payment service providers should do to detect and prevent the abuse of funds transfers for terrorist financing and money laundering purposes.   View Article
 
  Securities
 
 
ESMA publishes final rules to ensure integrity of EU financial benchmarks
ESMA published its final report containing the draft regulatory and implementing technical standards under the Benchmarks Regulation.  View Article
European Parliament: New rules to protect investors and help SMEs access diverse sources of capital
Uniform rules on the information given in investor prospectuses were approved by Parliament. They aim to protect investors, create a more efficient single capital market and ease small firms’ access to finance.  View Article
ESMA clarifies market structure issues under MiFID II
ESMA issued detailed guidance regarding the implementation of the Markets in Financial Instruments Directive and Regulation.  View Article
ESMA updates MiFID II/MiFIR investor protection Q&As
ESMA added 10 new Q&As to its Questions and Answers document on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation.  View Article
MiFID II: ESMA issues final specifications for non-equity tape
ESMA issued regulatory technical standards specifying the scope of the consolidated tape for bonds, structured finance products, emission allowances and derivatives.  View Article
ESMA publishes updated Q&A on CFDs and other speculative products
ESMA published an updated version of its Q&A on the application of the Markets in Financial Instruments Directive to the marketing and sale of financial contracts for difference and other speculative products to retail clients, such as binary options and rolling spot forex.  View Article
FCA publishes near final rules on MiFID II and encourages firms to submit applications for MiFID II authorisation
The rules include changes to the trading of financial instruments including issues affecting trading venues, transparency of trading and algorithmic and high frequency trading.  View Article
Financial Times: Financial firms will need to record all communications
FCA said said that investment banks and asset managers will need to record all calls as well as voicemails and instant messages as part of Brussels rules to make the trading of securities more transparent.  View Article
ESMA updates EMIR Q&A and validation rules
ESMA published an update of its Q&As on practical questions regarding the European Markets Infrastructure Regulation following the publication of the revised technical standards on reporting under Article 9 of EMIR.  View Article
ESMA updates Q&A on CSDR implementation
ESMA published an update of its Questions and Answers regarding the implementation of the Central Securities Depository Regulation.  View Article
ESMA provides implementing details for SFTR
ESMA issued a final report on standards implementing the Securities Financing Transaction Regulation, which aims to increase the transparency of securities financing transactions.  View Article
The Guardian: Up to 100,000 UK jobs at risk as Merkel and Juncker ally warns on euro clearing
EU lawmaker Manfred Weber says sector must relocate out of City of London after Brexit.  View Article
IOSCO approves the enhanced standard for cross-border enforcement cooperation
The members of IOSCO have approved the EMMoU, which offers securities regulators new enforcement powers for responding to the challenges arising from recent developments in global financial markets.  View Article
ESMA updates list of recognised third-country CCPs
ESMA updated its list of recognised central counterparties based in third countries. The update concerns the recognition of six non-EU central counterparties.  View Article
ESMA issues clarification on credit ratings and rating outlooks publication timelines
ESMA published an update to its Questions & Answers on the application of the CRA Regulation, adding a new section on Disclosure and Presentation of Credit Ratings.  View Article
ESMA proposes updates to endorsement guidelines for 3rd country credit ratings
ESMA has published a consultation paper on updating its Guidelines on the application of the endorsement regime under the CRA Regulation.  View Article
Financial Times: EU markets regulator tightens rules on credit-ratings groups
The European Union’s markets watchdog has tightened up its rules around credit-rating agencies in what could be a significant move for the UK once it leaves the bloc.  View Article
Financial Times: Euronext to move derivatives clearing business from LSE to ICE
Euronext put pressure on the London Stock Exchange Group to reopen talks over the sale of the LSE’s French clearing house by unveiling plans to move its derivatives and commodities business from the unit to rival Intercontinental Exchange.  View Article
Hedgeweek: EU blocks merger of Deutsche Boerse and London Stock Exchange
European regulators have blocked the proposed merger between Deutsche Börse and the London Stock Exchange Group.  View Article
ECB: Effectiveness of Monetary Union and the Capital Markets Union
ECB's Vítor Constâncio writes that, "to be truly effective, CMU will require harmonisation in a number of sensitive areas, including key legislation and policies related to financial products, such as investor protection and bankruptcy procedures."  View Article
The Economist: Banks’ equity-research operations are in decline
Equity research, the business of providing analysis of companies’ financial performance, may be a stodgy industry but it is not a simple one.   View Article
 
  Insurance
 
 
EIOPA sets out the methodology to derive the ultimate forward rate
The European Insurance and Occupational Pensions Authority (EIOPA) published the methodology to derive the Ultimate Forward Rate (UFR) and its implementation process.   View Article
Insurance Europe: Comment on announcement on changes to Solvency II UFR methodology
Olav Jones, deputy director general of Insurance Europe, commented the announcement of the European Insurance and Occupational Pensions Authority (EIOPA) that it plans to make changes to the Solvency II ultimate forward rate (UFR) from 1 January 2018.  View Article
BIBA calls for urgent progress with new EU free trade agreement as Article 50 is invoked
Following Theresa May’s announcement invoking Article 50, the British Insurance Brokers’ Association (BIBA) has warned that having no clear agreement in place for the right to carry out cross border trade with the EU as is currently possible, creates huge uncertainty for the UK market.  View Article
Commercial Risk Europe: Lloyd’s chooses Brussels as EU hub
Lloyd’s will establish a new European subsidiary in Brussels to protect its EU business after Brexit. The announcement came just one day after the UK triggered Article 50 of the Lisbon Treaty that marks the start of a complex two-year negotiation on leaving the EU.  View Article
 
  Asset Management
 
 
EFAMA: UCITS net sales growth reached record level in January 2017
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 January 2017. 28 associations provided EFAMA with net sales data.  View Article
European Parliament: New rules make cash flow investments by start-ups and SMEs safer
New rules to make money market funds (MMFs) more resistant to crises and market turbulence were approved. MFFs supply easily accessible liquid assets to business start-ups and small and medium-sized enterprises (SMEs), but can be vulnerable to panic runs on their money.   View Article
Investment & Pensions Europe: IFRS rejects call for guidance on foreign-currency discounting
The International Financial Reporting Interpretations Committee (IFRS IC) will not introduce new rules for discount rates relating to use of foreign currencies.  View Article
Investment & Pensions Europe: How Brexit could affect investment fund 'passports'
UK-based asset managers are not expecting major upheavals to EU-domiciled funds from the country’s departure from the EU, according to experts.  View Article
 
  Corporate Governance/Accounting
 
 
European Council: Shareholders' rights in EU companies - formal adoption
The Council adopted a directive aimed at strengthening shareholders' engagement in big European companies. The directive will encourage transparent and active engagement by shareholders of listed companies by reviewing the current Shareholders' Rights Directive.   View Article
IASB: Better Communication in Financial Markets: Sharing Perspectives
The discussion covered communication in financial markets and areas where improvements in IFRS Standards can be mutually beneficial to investors and companies.  View Article
IAESB strategy focuses on accounting education standards development
The IAESB released its Strategy for 2017-2021 and Work Plan 2017-2018. The Strategy and Work Plan reflects extensive consultation and valued feedback from a wide range of stakeholders.  View Article
ECA: The Commission’s negotiation of 2014-2020 Partnership Agreements and programmes in Cohesion
In the ECA´s report, the ECA examined whether the Partnership Agreements signed between the EC and the Member States help target the funds with a total funding volume of 350 billion euro more effectively.  View Article
UK Parliament BEIS Committee: British business must act on corporate governance
British businesses must act on corporate governance, executive pay including long-term incentive plans, and boardroom diversity to maintain the country's strong international standing in corporate governance, says the Business, Energy and Industrial Strategy Committee in its report.  View Article
FRC comments on Business, Energy and Industrial Strategy Committee report on Corporate Governance
In its considered and far-reaching report the Committee recognises the important role of the FRC in policing corporate behaviour and supports the FRC´s call for more powers to be able to hold directors to account for their responsibilities under Section 172 of the Companies Act.  View Article
ICGN expresses caution over the long-term effects of Brexit on corporate governance in the EU
The ICGN Viewpoint “Brexit: what are the governance implications for the EU and the UK?” was published shortly after UK Prime Minister Theresa May presented EC Council President Donald Tusk a letter triggering Article 50 of the Lisbon Treaty to set in motion the UK’s exit from the EU.  View Article
 
  International/G20
 
 
Bruegel: Key policy options for the G20 in 2017 to support an open and inclusive trade and investment system
The G20 should step up its efforts in 2017, focusing on supporting the World Trade Organization, being upfront about the mixed effects of trade and investment, improving G20 measures to tackle protectionism and promoting investment facilitation.  View Article
 
  Political
 
 
Speech by President Donald Tusk at the EPP Malta congress
European Council President said that "the key to our future is in the unity and sovereignty of Europe."  View Article
LSE: Creating a ‘multi-speed Europe’ would divide the EU and diminish it as a foreign policy actor
Angelos Chryssogelos argues that while the idea may appear to be a neat solution to the current pressures the EU faces, a multi-speed Europe could end up burdening the EU with even bigger strategic challenges in the long-run.  View Article
EurActiv: As the UK prepares to leave, is Europe disintegrating after 60 years?
The EU will not necessarily disappear, but it badly needs leaders who would avoid empty slogans, which merely repackage the status quo, and instead propose tangible solutions to everyday problems, writes Sir Michael Leigh.  View Article
POLITICO: Brexit and Trump encouraged Eastern Europe populism
The U.S. based NGO Freedom House’s annual Nations in Transit report found there had been one of the biggest democratic declines across the 29 countries that it monitors in Central and Eastern Europe and the Balkans since it began publishing in 1995.  View Article
 
  Economic
 
 
Financial Times: Central banks cut euro exposure and favour sterling long-term
Central banks are dumping euros amid concerns over political instability, weak growth and the European Central Bank’s negative interest rate policy — and favour sterling as a long-term, stable alternative.  View Article
ECB: Bond scarcity and the ECB’s asset purchase programme
In his speech Benoît Cœuré, Member of the Executive Board of the ECB, addressed the low level of short-term yields of the euro area’s safest sovereign bonds and their apparent disconnect with those of overnight index swaps (OIS).  View Article
 
  Budgetary
 
 
MEPs back budget flexibility: €6bn more for jobs, growth and tackling migration
Plans to make it easier to move money around within the EU’s long-run budget, to help tackle urgent challenges such as the migration crisis, strengthening security, boosting growth and creating jobs, were backed by Parliament.  View Article
 

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