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19 October 2017

This week in "Brussels"
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  Articles from 12 October 2017 - 19 October 2017

  Banking Union
 
 
ECB's Lautenschläger: State of play in the European banking sector
The Supervisory Board Vice-Chair affirmed that banks are in a better position than they were. They are better capitalised and have improved their liquidity situation and their governance.  View Article
ECB's Lautenschläger: Is small beautiful? Supervision, regulation and the size of banks
The Vice-Chair of the Supervisory Board of the ECB said that proportionality involves applying a different set of rules to banks operating in the same market. Careful consideration must therefore be given to the various objectives pursued, and the costs and benefits involved.   View Article
Thirteenth progress report on adoption of the Basel regulatory framework
This updated Progress report on adoption of the Basel regulatory framework provides a high-level view of Basel Committee members' progress in adopting Basel III standards as of end-September 2017.   View Article
EBA corrects portfolio identifiers for 2018 benchmarking exercise to ensure effective data validation
The European Banking Authority (EBA) rectified Annex 1 of its Implementing Technical Standards (ITS) on benchmarking of internal approaches, which had been amended on 4 May 2017 to define the benchmarking portfolios for the 2018 benchmarking exercise.  View Article
EBA updates list of public sector entities for the calculation of capital requirements
The European Banking Authority published an updated list of public sector entities that may be treated as regional governments, local authorities or central governments for the calculation of capital requirements, in accordance with the EU Capital Requirements Regulation.   View Article
Bank of England: SONIA reform to be implemented on 23 April 2018
The Bank of England has today confirmed that its reforms to the SONIA interest rate benchmark will take effect on Monday 23 April 2018.   View Article
EBA publishes final Guidelines on procedures for complaints of alleged infringements of PSD2
These Guidelines are part of the EBA's work to support the core objectives of PSD2 of strengthening the integrated payments market across the European Union, ensuring a consistent, efficient and effective application of the legislative framework and promoting transparency.   View Article
European Payments Council: Publication of updated 2017 rulebooks for all SEPA payment schemes, with no operational impact
The EPC publishes updated rulebook versions for all its SEPA payment schemes: the SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst), SEPA Direct Debit Core (SDD Core) and SEPA Direct Debit Business-to-Business (SDD B2B) schemes.  View Article
European Payments Council: Nearly 600 payment service providers from eight countries will be ready for the launch of SCT Inst in November
With just a few weeks to go before the first SEPA Instant Credit Transfer transactions can be processed, all payment service providers (PSPs) who will be ready on 21 November are now officially registered as scheme participants.   View Article
City A.M: IBM launches blockchain offering to consolidate cross-border payments
Tech giant IBM announced a new blockchain network to allow banks to better process cross-border payments. The technology will enable financial institutions to clear and settle payment transactions on a single network almost instantaneously.  View Article
 
  Capital Markets Union
 
 
Steven Maijoor on the State of European Financial Markets
Steven Maijoor focused on three key issues in his speech: building a Capital Markets Union; a strong convergent European supervisory culture including Brexit; and improving the understanding of trends, risks and vulnerabilities in financial markets.  View Article
Financial Times: EU power grab risks disenfranchising national regulators
Kevin Murphy writes that proposed reforms to Paris-based ESMA will upend regulatory landscape.  View Article
ESMA publishes the responses to its Consultation on Guidelines on certain aspects of the MiFID II suitability requirements
The European Securities and Markets Authority published the responses received to its Consultation on Guidelines on certain aspects of the MiFID II suitability requirements.  View Article
IPE: Research costs - managers wrestle with MiFID
Many German asset managers have yet to decide whether to absorb research costs under MiFID II. Multiple jurisdictions and the tailoring of client needs makes single solutions difficult.  View Article
Bloomberg: More than half the EU is still racing to comply with MiFID rules
In seventeen countries, including Spain, the Netherlands and Portugal, policy makers are still working to convert the revised Markets in Financial Instruments Directive into national law or regulations, according to the European Commission and reporting by Bloomberg.   View Article
Financial Times: Fund houses and national regulators battle to be MiFID ready
Asset managers and national regulators face an uphill battle to be ready for the vast overhaul of European market rules that come into force on January 3 as the clock ticks down to the introduction of MiFID II.  View Article
ESMA launches key MiFID II and MAR financial instrument reference database
The launch involves providing access to the database containing the currently available reference data that will eventually enable market participants to identify instruments subject to MAR and MiFID II/MiFIR reference data reporting requirements.  View Article
ESMA publishes the responses to its Consultation on technical advice under the new Prospectus Regulation
ESMA published the responses received to its Consultation on technical advice under the new Prospectus Regulation.  View Article
Regulation for common rules on securitisation and framework for STS securitisation – draft text
European Parliament made amendments to the Commission proposal on the framework for securitization.  View Article
CFTC comparability determination on EU margin requirements and a common approach on trading venues
CFTC Chairman Giancarlo announced determinations by the CFTC and the European Commission on comparability and equivalence of margin requirements for uncleared swaps, as well as a common approach regarding certain CFTC and EU authorized derivatives trading venues.  View Article
ICMA Quarterly Report Fourth Quarter 2017
The International Capital Market Association's assessment of market practice and regulatory policy fourth quarter 2017.  View Article
 
  Clients Union
 
 
Commercial Risk Europe: Four in ten UK brokers unaware of GDPR: survey
A survey of 250 UK insurance brokers has revealed that 39% are unaware of the EU’s General Data Protection Regulation (GDPR), with only eight months to go until the new data protection rules take effect in May 2018.  View Article
 
  Insurance
 
 
Insurance Europe: Call to delay application of Insurance Distribution Directive welcomed
Michaela Koller, director general of Insurance Europe, commented on the recommendation to the European Commission by the ECON committee of the European Parliament to delay the application of the Insurance Distribution Directive (IDD).  View Article
Commercial Risk Europe: Insurers’ increasingly risky investments pose threat to stability, warns IMF
The International Monetary Fund has warned that the insurance industry and institutional investors have increased their exposure to riskier investments to shore up profits, potentially posing a threat to economic stability.  View Article
Commercial Risk Europe: Insurers and government form WEF coalition to tackle tech risks
A coalition of the insurance industry, government and technology companies has been formed, led by the World Economic Forum, to “take charge” of new risks posed by technology.   View Article
Commercial Risk Europe: IFRIMA will put global programme proposal to IAIS
The International Federation of Risk and Insurance Management Associations plans to put its proposals for changes to rules governing global insurance programmes to insurance regulators next year, according to Carl Leeman, board member and former president of the federation.  View Article
Commercial Risk Europe: FERMA driving efforts to deliver quality cyber governance and insurance
FERMA is ramping up efforts to promote better cyber risk governance and insurance, as the European Commission steps up its plans to bolster cybersecurity.  View Article
Insurance Europe: More must be done to address lack of information on cyber attacks
Increasingly devastating cyber attacks mean it is vital for society to protect itself against this emerging threat. Insurers are part of the solution, and many already provide a range of services to their clients, including risk prevention, risk mitigation advice and risk transfer.  View Article
 
  Asset Management
 
 
Investment & Pensions Europe: Brussels lobby group urges EU over fee transparency
EU policy makers must tackle the limited transparency around pension products’ performance and fees if they want to increase pension saving in Europe, according to Brussels-based consumer finance lobby group Better Finance.  View Article
Investment & Pensions Europe: APG and PGGM building prototype of blockchain administration
Leading Dutch asset managers APG and PGGM have successfully completed a prototype of a blockchain-driven pension administration system. With their prototype, the companies have provided the first concrete use of blockchain technology within the pensions sector.  View Article
 
  Corporate Governance/Accounting
 
 
IASB: Narrow-scope amendments to IFRS 9 and IAS 28
The IASB has issued amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation.  View Article
EFRAG's comment letter on the principles of disclosure
EFRAG has published its comment letter in response to the IASB's Discussion Paper DP/2017/1 Disclosure Initiative - Principles of Disclosure.  View Article
Financial Times: EU rules force US banks to overhaul ties with auditors
US banks and insurers will be forced to review their auditor relationships that often stretch back decades after being caught by new European rules aimed at ending the cosy relationships between companies and the “big four” accounting firms.   View Article
IIRC: Results of integrated reporting implementation consultation
The IIRC published a summary report on international integrated reporting framework implementation feedback.  View Article
 
  Financial Services Policy
 
 
Financial Times: Five ways banks are using blockchain
Clearing and settlement, trade finance and syndicated loans are ripe for modernising. Combining shared databases and cryptography, blockchain technology allows multiple parties to have simultaneous access to a constantly updated digital ledger that cannot be altered.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
May’s Florence speech momentum stalled over the Brexit bill - 134th Brussels for Breakfast – CPD Notes
The Prime Minister's golden vision of Britain after Brexit that she painted in Florence provided momentum in the separation talks as it gave a softer tone that was welcomed in the EU, but Europeans 'want their money' too and talks soon reached a blockage over the sum needed to exit the bloc.  View Article
 
  Friends Services
 
 
May’s Florence speech momentum stalled over the Brexit bill - 134th Brussels for Breakfast – CPD Notes
The Prime Minister's golden vision of Britain after Brexit that she painted in Florence provided momentum in the separation talks as it gave a softer tone that was welcomed in the EU, but Europeans 'want their money' too and talks soon reached a blockage over the sum needed to exit the bloc.  View Article
 
  Economic
 
 
Annual inflation stable at 1.5% in the euro area
Euro area annual inflation was 1.5% in September 2017, stable compared with August 2017. In September 2016 the rate was 0.4%. European Union annual inflation was 1.8% in September 2017, up from 1.7% in August 2017. A year earlier the rate was 0.4%.  View Article
Euro area international trade in goods surplus €16.1 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in August 2017 was €171.5 billion, an increase of 6.8% compared with August 2016 (€160.6 bn).  View Article
 

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