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22 June 2017

This week in "Brussels"
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  Articles from 15 June 2017 - 22 June 2017

  Banking
 
 
ECB's Nouy statement at the Economic and Monetary Affairs Committee hearing
Danièle Nouy, Chair of the Supervisory Board of the ECB, addressed the supervisory implications of Brexit, NPLs, as well as some crucial issues in the risk reduction package which is currently under discussion in the Council and in the Parliament.  View Article
BIS working paper: The leverage ratio, risk-taking and bank stability
This paper addresses the trade-off between additional loss-absorbing capacity and potentially higher bank risk-taking associated with the introduction of the Basel III Leverage Ratio.   View Article
Bloomberg: Peak banking globalization hasn't come and gone, BIS says
BIS, the Basel-based central bankers' bank, isn't ready to call an end to financial globalization. That's the main message of an early-release chapter from the Bank for International Settlements' annual report.  View Article
European Parliament: Precautionary recapitalisations under the Bank Recovery and Resolution Directive: conditionality and case practice
This briefing focuses on the possibility provided by the BRRD to recapitalize a bank outside resolution. It explains the legal framework, in particular the conditionality attached to such precautionary recapitalisations, and reviews the few cases where the use of this instrument was discussed.  View Article
ECB publishes ELA agreement
The European Central Bank published the text of the Emergency Liquidity Assistance agreement following a decision by its Governing Council with the aim of further increasing transparency regarding ELA.  View Article
EBA acknowledges notification on the resolution action taken by the SRB and by FROB in respect of Banco Popular Español
The European Banking Authority received a notification regarding the resolution action taken by the Single Resolution Board in respect of Banco Popular Español as the conditions for resolution were met.  View Article
Bloomberg: Canada proposes new bail-in regulations for country's banks
Canada’s department of finance proposed new rules limiting government support for potential bailouts of the nation’s banks, extending a so-called "bail-in regime" promised last year.  View Article
City A. M.: Banks to be forced to reveal all cyber security breaches to the European Central Bank
All banks regulated by the European Central Bank (ECB) will be forced to reveal all major cyber security breaches, according to one of the supervisor’s bosses.  View Article
 
  Securities
 
 
ECB: European CCPs after Brexit
Benoît Cœuré, Member of the Executive Board of the ECB, said that the UK’s decision to leave the EU is prompting a significant rethink of the European approach to the supervision of systemically important global CCPs.  View Article
Reuters: Carney warns EU against splitting euro clearing market
Splitting Europe's market for clearing euro-denominated derivatives would bump up costs for users and do little to improve financial stability, Bank of England Governor Mark Carney said.  View Article
Financial Times: The City should not overpay for a euro-clearing deal
Brussels chose not to use Brexit as a pretext to make a land grab for London’s €1tn a day business of clearing euro-denominated securities.  View Article
ESMA consults on draft standards for trading obligation for derivatives under MiFIR
ESMA published a consultation paper regarding its draft technical standards specifying the trading obligation for derivatives under the Markets in Financial Instruments Regulation.  View Article
City A.M.: Financial watchdog sets deadline for compliance with new EU securities rules, despite huge predicted costs
FCA set a deadline for firms to submit applications authorising them under new European Union securities rules.  View Article
ESMA publishes 2016 Annual Report
ESMA published its 2016 Annual Report, which sets out ESMA’s objectives, activities and key achievements during the course of 2016.  View Article
 
  Insurance
 
 
EIOPA highlights key financial stability risks
According to the report, the European macroeconomic environment remains fragile, with some signs of improvement. Uncertainties stemming from the political environment as well as emerging risks pose challenges for (re)insurance and occupational pensions sectors in the European Economic Area.  View Article
ECB: Statistics on euro area insurance corporations
Total assets of euro area insurance corporations increased to €7,792 billion in the first quarter of 2017, while total insurance technical reserves of euro area insurance corporations increased to €5,916 billion. Data shows that euro area insurance corporations invest primarily in euro area assets.  View Article
EIOPA calls for further improvement in the ORSA implementation
The European Insurance and Occupational Pensions Authority (EIOPA) published a supervisory statement outlining the first supervisory experiences on how European (re)insurance companies have implemented the ORSA process.   View Article
Commercial Risk Europe: Blockchain technology creates first multinational insurance ‘smart contract’
The first so-called ‘smart contract’-based multinational insurance policy using blockchain technology has been successfully piloted by AIG, IBM and Standard Chartered Bank.   View Article
 
  Asset Management
 
 
Insurance Europe: Insight briefing: PEPP must be a true long-term pension product
Insurance Europe has published an insight briefing that outlines its views on the expected Commission proposal for a Pan-European Personal Pension Product (PEPP).  View Article
 
  Corporate Governance/Accounting
 
 
IASB proposes amendments to IAS 16 to reduce diversity in practice
The IASB has proposed narrow scope amendments to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard.  View Article
 
  Financial Services Policy
 
 
ESMA responds to Commission consultation on Fintech
ESMA sent its response to the European Commission consultation paper on “Fintech: a more competitive and innovative financial sector”, welcoming the initiative to take a stock-take of the EU’s Fintech industry.  View Article
Insurance Europe: Response to fintech consultation: New technology, but same rules must apply
In its response, Insurance Europe said that the Commission must ensure that regulation is future proof and supportive of innovation that benefits consumers.  View Article
ALFI response to the EU Commission consultation on FinTech
The consultation document is the product of the work of the dedicated EC Task Force on Financial Technology, seeking input from stakeholders to further develop the Commission's policy approach towards technological innovation in financial services.  View Article
IOSCO issues report on order routing incentives as part of effort to protect investors
IOSCO published its Final Report on Order Routing Incentives, which provides an overview of the practices used by market regulators regarding incentives for order routing that may influence how intermediaries treat their clients.  View Article
FSB releases consultation on the use of compensation tools to address misconduct
The proposed guidance has been developed in collaboration with the standard-setting bodies and it supplements the Principles and Standards that note that compensation should be adjusted for all types of risk.  View Article
 
  Economic
 
 
LSE: What the Commission missed in its reflection paper on Deepening the Economic and Monetary Union
Enrico Marelli and Marcello Signorelli present an analysis of the Commission’s proposals and respond to some of the paper’s key weaknesses in laying out a path for future reforms.  View Article
Paul Goldschmidt commentary on EU paper on deepening EMU
In the throw of ambient geopolitical upheavals, writes Goldschmidt, it is of paramount importance to capitalize on the latest favorable turn of events – that have yielded a renewed support for the European project – to make sure that the integration of EMU figures as one of the top priorities.  View Article
Main results of the Eurogroup meeting
The Eurogroup meeting of June focused on Greece, the European resolution framework, the IMF Article IV on the review of the euro area, and on common principles for improving expenditure allocation.  View Article
Economic and fiscal policies: Council approves 2017 country-specific recommendations
The Council approved its 2017 draft recommendations and opinions on the member states' economic and fiscal policies.  View Article
 
  Budgetary
 
 
EU revises its budget framework for 2014-2020 to meet new priorities
It is also strengthening its capacity to react to unexpected events. These are the main purposes of a revised EU budgetary framework for 2014-2020 which was adopted by the Council on 20 June 2017.   View Article
 

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