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04 May 2017

This week in "Brussels"
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  Articles from 27 April 2017 - 04 May 2017

  Banking
 
 
ECB's Nouy: Risk and capital – a balancing act
The Chair of the Supervisory Board of the ECB assessed the issue of how to calculate the right amount of bank capital.  View Article
Bloomberg: How Trump and Brexit could change global bank rules
As two big economies chart a new course, some fear “regulatory arbitrage,” writes Silla Brush and Alexander Weber.  View Article
Financial Times: European banks recover some of their swagger after dismal fourth quarter
After a dismal fourth quarter, it seems that Europe’s investment banks have got some of their swagger back.  View Article
Bank of England: SONIA recommended as the sterling near risk-free interest rate benchmark
The Working Group on Sterling Risk-Free Reference Rates – a group of major dealers active in sterling interest rate swap markets – has announced SONIA as its preferred near risk-free interest rate benchmark (RFR) for use in sterling derivatives and relevant financial contracts.  View Article
 
  Securities
 
 
ECB contribution to the European Commission’s consultation on Capital Markets Union mid-term review 2017
The ECB has been a strong supporter of the capital markets union project since its inception. A well-functioning, diversified and deeply integrated euro area/European Union capital market is very important for the European Central Bank.  View Article
Financial Times: Brussels set for power grab on London’s euro-clearing market
Brussels is rushing out proposals to impose EU control on the City of London’s lucrative euro-clearing market, forcing UK operators to either relocate or be policed by European authorities.  View Article
ESMA statement to ECON Hearing on CRA Regulation
ESMA participated in a scrutiny hearing of the Economic and Monetary Affairs Committee at the European Parliament on the Credit Rating Agencies Regulation.  View Article
 
  Insurance
 
 
Insurance Europe: No need for new liability rules for new technologies
In its responses to the European Commission consultation on the European Data Economy and the review of the Product Liability Directive (PLD), Insurance Europe said there is no need to amend current liability regimes or create specific liability rules for new technologies.   View Article
BIS: High-level meeting on global insurance standards and supervisory priorities in the Americas
The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), together with the International Association of Insurance Supervisors (IAIS) and the Association of Insurance Supervisors of Latin America (ASSAL), held its first high- level meeting in the insurance sector.   View Article
 
  Asset Management
 
 
Investment & Pensions Europe: UK leader promises M&A veto for Pensions Regulator
UK prime minister Theresa May has promised to give the country’s Pensions Regulator (TPR) the power to veto mergers or acquisitions if they threaten the solvency of a connected pension scheme.  View Article
Pensions and Lifetime Savings Association unveils pension priorities for party manifestos
A strong pensions sector is key to a strong economy and the Pensions and Lifetime Savings Association (PLSA) has outlined its six priorities for pensions in the upcoming general election.  View Article
 
  Corporate Governance/Accounting
 
 
EBA updates XBRL taxonomy 2.7 for supervisory reporting
The European Banking Authority published an update to the XBRL taxonomy that Competent Authorities should use for the remittance of data under the EBA Implementing Technical Standards on supervisory reporting.   View Article
Hans Hoogervorst: The IASB and integrated reporting
IASB Chair Hoogervorst spoke about the IASB's current approach to wider corporate reporting and what its future role should be. His speech includes information on the IASB's 2010 Management Commentary Practice Statement and the Conceptual Framework for Financial Reporting.  View Article
IASB: 2017 Pocket Guide published
The IFRS Foundation has today published the 2017 edition of its Pocket Guide to IFRS Standards: the global financial reporting language. The Guide shows continuing progress towards further enhancing the quality of IFRS Standards and increasing adoption around the world.  View Article
Accountancy Europe: IIRC International Framework Implementation Feedback
Accountancy Europe responded to the International Integrated Reporting Council International Framework Implementation Feedback.  View Article
FRC issues a Discussion Paper on the role of Auditors and Preliminary Announcements
Preliminary announcements are an important part of the corporate reporting landscape in the UK. The FRC has issued a discussion paper which considers the role of auditors and preliminary announcements of annual results, with a particular focus on the LSE main market.  View Article
ACCA recommends targeted amendments to Integrated Reporting Framework
ACCA has provided feedback on the implementation of the International Integrated Reporting Framework. In a submission to the IIRC, ACCA has voiced its support for wider adoption of the Framework as a tool to drive better reporting and more responsible corporate practices.   View Article
FRC Lab’s Framework for future digital reporting
The report expresses the views of a wide range of preparers, investors and others on the characteristics that they would like to see in any future (digitally enabled) system of corporate reporting.  View Article
 
  Financial Services Policy
 
 
Risks and opportunities of Blockchain and Distributed Ledgers Technologies (BDLTs)
EU experts and decision-makers discussed the complicated, controversial and fast-moving area of BDL technologies at a joint ACCA-EY conference, which revealed that the EU is of the view that it is too early to regulate.  View Article
BBA’s Anthony Browne contributes to ‘Future of Financial Services’ report
The future of everyday banking services is digital with new financial technologies, collectively known as fintech, already transforming the way UK banks and their customers do business.  View Article
 
  Political
 
 
The Telegraph: European Union may create new class of 'supranational' MEPs after Brexit
Europe should create a new class of supranational MEPs after Brexit in order to demonstrate that the European project is “alive and kicking”, a high-level EU ministers meeting was told.  View Article
 
  Financial
 
 
Dijsselbloem in Parliament: debt relief now on the cards for Greece
Debt relief for Greece will be looked into at the next Eurogroup meeting on 22 May, according to Jeroen Dijsselbloem. The president of the informal body of the eurozone's finance ministers made the announcement during a plenary debate in Parliament.  View Article
 
  Economic
 
 
MEPs close multinationals’ tax loopholes
MEPs amended the EU’s anti-tax avoidance directive to prevent multinationals taking advantage of mismatches between EU and third countries’ tax rules to reduce their tax bills.  View Article
Commission takes new steps to enhance compliance and practical functioning of the EU Single Market
The package of measures will make it easier for people and companies to manage their paperwork online in their home country or when working, living or doing business in another EU country and it will help ensure that commonly agreed EU rules are respected.  View Article
 
  Budgetary
 
 
European Parliament: EU spending for 2015 approved
The Commission managed the 2015 EU budget funds according to the rules, so MEPs granted it a “discharge” approval for that year.  View Article
ECA: Commission measures to protect Cohesion spending used effectively
The EC has made effective use of measures to protect the EU budget from irregular expenditure in the area of Cohesion, according to a new report from the ECA. The auditors add that the EC needs to remain vigilant in ensuring payments are free from error, improving its reporting procedures.  View Article
 

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