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18 May 2017

This week in "Brussels"
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  Articles from 11 May 2017 - 18 May 2017

  Banking
 
 
EBA publishes final Guidelines on credit institutions' credit risk management practices and accounting for expected credit losses
The EBA's guidelines aim at ensuring sound credit risk management practices associated with the implementation and ongoing application of the accounting for expected credit losses. The Guidelines are part of the EBA's work on the implementation of IFRS 9.  View Article
Financial Times: Banks overconfident about capital strength, accountancy body warns
ICAEW has warned that banks and investors put too much confidence in key regulatory ratios designed to measure banks’ strength, as it issues new guidelines to encourage stronger auditing across the sector.  View Article
Financial Times: Banks braced for ‘hundreds of millions’ in Brexit costs
Banks are bracing themselves for hundreds of millions in extra restructuring, funding and legal costs over the next few years to deal with the fallout from Brexit, senior executives have said.  View Article
ECB: Harmonised statistics on payment services in the Single Euro Payments Area
This article presents the rationale for the enhancements made to the payments statistics and describes how reporting has been improved and harmonisation increased. It provides an overview of the results of the first production rounds in accordance with the new reporting framework.  View Article
Financial Times: Challenger banks under pressure to meet ‘ringfencing rules’
Small UK banks are coming under pressure to meet tough new rules aimed at preventing taxpayers from having to bail out a lender again, as the government prepares to offload its stake in Lloyds Banking Group.  View Article
EBA publishes final guidelines to assess ICT risk
The EBA published its final Guidelines on the assessment of the Information and Communication Technology (ICT) risk in the context of the SREP. These Guidelines are addressed to competent authorities and aim at promoting common procedures and methodologies for the assessment of ICT risk.  View Article
EBF asks Commission to support ban on screen scraping
Privacy of client data, cybersecurity and innovation are at risk if EBA standards are dismissed and screen scraping continues, the EBF warned.  View Article
 
  Securities
 
 
IOSCO: building securities market resilience in the post-crisis world
IOSCO opened the public sessions of its Annual Conference focusing on the challenges of strengthening market resilience, addressing financial misconduct and financing the real economy through capital markets.  View Article
ICMA publishes a Position Paper on CSDR Settlement Discipline
ICMA proposes that the cash penalties for bonds should be increased when implemented in 2019, while mandatory buy-ins should not be implemented.  View Article
 
  Insurance
 
 
EIOPA’s Risk Dashboard assesses risks in the European Union insurance sector
The results show the risk exposure of the insurance sector in the European Union remained overall stable and some positive market developments were identified.  View Article
OECD: Supporting an effective cyber insurance market
G7 Finance Ministers and Central Banks’ Governors welcomed the ongoing work by OECD on the development of a cyber insurance market with inputs from its members and the OECD report on “Supporting an Effective Cyber Insurance Market”.  View Article
 
  Asset Management
 
 
European Council: Money market fund rules adopted
On 16 May 2017, the Council adopted a regulation to ensure the smooth operation of the short-term financing market. This follows initiatives by the G20 and the Financial Stability Board.  View Article
Financial Times: Asset managers struggle with illiquidity trap
In meeting rooms across the City of London last June, property fund managers were making plans to deal with the unlikely event of a UK vote to leave the EU. They did not know how they would fare if waves of investors demanded their cash back.  View Article
Investment & PensionsEurope: Blockchain technology 'could transform pensions administration'
A universal and decentralised ‘blockchain’ database would be a more reliable and easier alternative to current administration systems, according to KPMG.  View Article
 
  Corporate Governance/Accounting
 
 
IFAC: IESBA proposes new guidance for professional skepticism and professional judgment
The IESBA released for public comment the ED, Proposed Application Material Relating to Professional Skepticism and Professional Judgment. The proposed guidance for the first time links key concepts in the IESBA Code of Ethics for Professional Accountants.  View Article
 
  Financial Services Policy
 
 
EBF response to the Commission consultation on the European Supervisory Authorities
The EBF regarded this consultation as a key step towards developing and maintaining a consistent supervisory framework with a high level of investor protection.  View Article
AFME response to European Supervisory Authorities review consultation
Overall AFME believes that the ESAs should take a more strategic role and be given greater autonomy by defining and pursuing a common EU approach.  View Article
ICMA response to the Commission’s consultation on the operations of the ESAs
ICMA considers that it is essential that adequate time is allowed to the ESA’s for the preparation of Level 2 technical standards and, subsequent to this, to market participants to prepare for their implementation and compliance.  View Article
Insurance Europe on ESAs review: splitting responsibilities or losing dedicated insurance supervisor would damage quality of supervision
Transferring some responsibilities away from the EIOPA or merging it with another of the European supervisory authorities (ESAs) would reduce the effectiveness of consumer protection and prudential oversight, according to Insurance Europe.  View Article
Accountancy Europe: Response on the operations of the ESAs
Accountancy Europe provided its comments on the public consultation on the operations of the ESAs, stating that this is a key matter for the financial sector in the EU and with great impact on financial reporting, accounting and auditing.  View Article
Financial services: Council approves programme to involve consumers in policymaking
The new programme follows on from moves to restore confidence in the financial sector in the wake of the financial crisis.   View Article
Insurance Europe: Changes proposed to FSB proposed framework for evaluation of effects of G-20 financial regulatory reforms
Insurance Europe responded to the Financial Stability Board’s (FSB) consultation on the recently proposed framework for the post-implementation evaluation of the effects of G-20 financial regulatory reforms.  View Article
Accountancy Europe's response to the Commission's consultation on FinTech
The response letter focused on cloud computing, distributed ledger technology, data analytics and European supervision.  View Article
 
  International/G20
 
 
Chatham House: Brexit: Implications for EU–China Relations
For Beijing, the EU–China relationship will take priority over UK–China ties – with China’s relative focus on Germany becoming even more significant.   View Article
 
  Political
 
 
Andrew Duff: The rise of post-national democracy: Macron, Brexit and the electoral reform of the European Parliament
Andrew Duff examines the likelihood of electoral reform of the Parliament, and whether or not the circumstances today are right to introduce a transnational list on the ballot in time for the European elections of May 2019. Most electors would feel that European democracy has been refreshed.   View Article
Paul Goldschmidt: The European Union “On the Road”!
Macron’s victory offers a short respite during which it is imperative to implement deep reforms of the Economic and Monetary Union so that its existence can, no longer, be regularly put into jeopardy at each national general election.   View Article
Financial Times: The vision of a closer Europe is retreating to the core
Brexit and ‘enlargement fatigue’ threaten the dream of further integration, writes Tony Barber.  View Article
 
  Financial
 
 
Capital markets union: new prospectus rules adopted by the European Council
The new rules are aimed at lowering one of the main regulatory hurdles that companies face when issuing equity and debt securities.  View Article
Paul Tang MEP: The CMU midterm review: How not to miss an opportunity
As the midterm review of the financial flagship initiative nears, pragmatism is no excuse to miss an opportunity, writes Paul Tang.  View Article
 
  Economic
 
 
European Economic Area (EEA) Council conclusions
The European Council released its conclusions on political dialogue, cooperation in the EEA, financial mechanisms, and capital controls, among others.  View Article
POLITICO: Spain wants euro bonds and common unemployment insurance
Spain’s conservative Prime Minister Mariano Rajoy has joined the ranks of those who are demanding a deep overhaul of the eurozone.  View Article
Financial Times: The EU economy from recovery to resilience
Over the past year or so, an unaccustomed sentiment has spread through the chancelleries of Europe: a sense of confidence in the EU’s economies. The sovereign debt crisis has receded — with the unfortunate exception of Greece, which nonetheless appears well-insulated from the rest.   View Article
Vienna Initiative: New Vienna Initiative reports
Improved outlook for bank lending in emerging Europe as funding conditions stabilize and stocks of bad loans fall, new Vienna Initiative reports show.  View Article
 

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