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26 October 2017

This week in "Brussels"
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  Articles from 19 October 2017 - 26 October 2017

  Banking Union
 
 
ECB: Report on financial structures shows ongoing consolidation in the banking sector
The number of credit institutions in the euro area banking sector declined by 25% between 2008 and 2016, according to the ECB’s 2017 Report on financial structures (RFS). On an unconsolidated basis, the number of credit institutions at the end of 2016 was 5,073, having fallen from 5,474 at the end of 2015.   View Article
Final guidelines on identification and management of step-in risk issued by the Basel Committee
The Basel Committee released the final Guidelines on identification and management of step-in risk. Step-in risk refers to the risk that a bank provides financial support to an entity beyond, or in the absence of, its contractual obligations should the entity experience financial stress.   View Article
Financial Times: France balks at reforms that will standardise banking rules
At the heart of a dispute over the post-crisis Basel III rules is the so-called output floor, which limits the extent to which banks can use their own models to calculate the riskiness of their lending.  View Article
BIS: Fifth BCBS-FSI-BSCEE high-level meeting on supervisory priorities in Europe
Fifty-two senior representatives from 30 European jurisdictions discussed topical banking regulatory and supervisory issues such as proportionality in banking regulation; identification, measurement and resolution of non-performing loans (NPLs); implementation of the post-crisis banking resolution framework; and regulation and supervision of cybersecurity.  View Article
ALFI response to European Commission consultation on non-performing loans
ALFI responded to European Commission consultation on the development of secondary markets for non-performing loans and distressed assets and protection of secured creditors from borrowers’ default.  View Article
Financial Times: European banking union needs its final leg
The first two legs — the Single Supervisory Mechanism and the Single Resolution Fund — have been realised, but one is still missing: the European Deposit Insurance Scheme (EDIS). Several proposals for the third leg have been put forward, but little progress has been made.   View Article
ECB: Results of the October 2017 euro area bank lending survey
Increasing demand and eased lending conditions support loan growth. The ECB’s APP facilitates an easing of credit terms and conditions. Negative deposit facility rate has a positive impact on lending volumes.  View Article
European Parliament: Draft RTS on valuation before and following resolution under Articles 36 and 74 of the BRRD
This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion on two draft European Banking Authority Regulatory Technical Standards on valuation under the Bank Recovery and Resolution Directive.  View Article
Deutsche Bundesbank's Dombret: Sometimes small is beautiful, and less is more - a Small Banking Box in EU banking regulation
Andreas Dombret outlined how the current regulatory regime of complex rules that governs virtually all banks in the EU came into being. He also laid out a solution for the EU's banking sector: the Small Banking Box - a separate set of rules for smaller, locally oriented, and less risky institutions.  View Article
Financial Conduct Authority outlines lessons learned in year one of its Regulatory Sandbox
The FCA has published a report outlining how the regulatory sandbox has met its objectives over the first year of operation. The sandbox was established to support the FCA’s objective of promoting effective competition in the interests of consumers.   View Article
 
  Capital Markets Union
 
 
ESMA produces first overview of EU derivative markets size
ESMA produced, for the first time, data on the size of the interest rate, credit, equity, commodity and foreign exchange derivatives markets in the EU, based on the weekly data it receives from trade repositories TRs.  View Article
AFME’s response to European Commission’s proposal for a regulation amending EMIR
The position paper states that particularly in the domain of OTC derivatives, robust and efficient clearing services enhance the safety of the risk reducing transactions undertaken by real economy corporates and investors.  View Article
Financial Times: MiFID asks more questions than it’s meant to answer
Under MiFID II, banks and brokers will no longer be able to include, or “bundle”, the cost of research with other services they provide to investors, to avoid any suggestion of conflicts of interest. The nub of the problem is who pays and how much.   View Article
European Parliament briefing: Securitisation and capital requirements
As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises.  View Article
ECB: September 2017 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets
Survey respondents reported that, on balance, credit terms offered to counterparties in both securities financing and over-the-counter (OTC) derivatives transactions over the three-month reference period remained basically unchanged.  View Article
ESMA updates its Q&A on Prospectuses
ESMA updated its Questions and Answers Document on prospectus related issues.   View Article
 
  Clients Union
 
 
Commercial Risk Europe: Risk managers welcome Commission moves to boost cybersecurity and data flow
Ferma and leading member associations have welcomed wide-ranging measures proposed by the European Commission to beef up cybersecurity in the EU and facilitate free flow of non-personal data across the bloc to create a digital single market.  View Article
 
  Insurance
 
 
Commercial Risk Europe: EU-US covered agreement may take five years to fully implement, says Best
The ‘covered agreement’ between the US and the EU provides regulatory clarity and reduces the regulatory burden for US and EU reinsurers operating in each other’s markets, but full implementation may take five years, according to AM Best.  View Article
PRA launches series of improvements to the implementation of Solvency II
The PRA published the first in a short series of consultation papers on reform to the implementation of Solvency II starting with the Matching Adjustment (MA).  View Article
 
  Asset Management
 
 
EIOPA receives request on costs and past performance of IBIPs, personal pension products and defined contribution pension schemes
The EIOPA and the other two European Supervisory Authorities have received a request from the European Commission to issue recurrent reports on the cost and past performance of the main categories of retail investment, insurance and pension products.  View Article
Investment & Pensions Europe: Supervisor EIOPA overstepping mark with PEPP, conference hears
The pensions industry is growing concerned about the European regulator’s role in the creation of a new retirement savings product.  View Article
Investment & Pensions Europe: UK government backs pension dashboard project
The UK government has pledged to take the lead on developing a “pension dashboard” to allow individuals to see all of their savings through one portal.  View Article
 
  Corporate Governance/Accounting
 
 
ECA: EU Auditors publish briefing on European Commission’s fraud controls
ECA has published an Audit Brief on the Commission action to reduce fraud. Audit Briefs are a new type of publication from the EU auditors that provide background information based on preparatory work undertaken before the start of an ongoing audit task and follow the announcement of the audit.  View Article
EFRAG requests comments on its draft endorsement advice on Prepayment Features with Negative Compensation
EFRAG is consulting on both its assessment of Prepayment Features with Negative Compensation (Amendments to IFRS 9) against the technical criteria in the EU and on its assessment of whether the Amendments are conducive to the European public good.  View Article
CFA Institute: Revenue recognition changes
The CFA Institute has published a white paper 'Revenue Recognition Changes - Key Judgments and Implementation Progress'.  View Article
FRC: Auditors and preliminary announcements
The FRC has published the results of a consultation on the role of the auditor in preliminary announcements.  View Article
FRC: Corporate reporting standard improving, though quality not as high as it should be
Whilst corporate reporting by large listed companies is generally good, detailed explanations and clarity could still be better, according to the FRC’s Annual Review of Corporate Reporting.  View Article
ACCA: Professional scepticism - inside the mind of the auditor
International regulator and EU experts explored the impact of cognitive biases on auditors at a recent ACCA professional scepticism roundtable in Brussels.  View Article
 
  Financial Services Policy
 
 
EU-Switzerland Financial Regulatory Dialogue - statement
The dialogue allowed for a mutual update and a general overview of regulatory developments on both sides as well as at international level.   View Article
 
  Political
 
 
European Commission Work Programme 2018
The Commission Work Programme 2018 builds on the current momentum and sets out a targeted agenda to complete the ten priorities and the strategies that underpin them.  View Article
Paul N. Goldschmidt: The Catalonia Crisis - What are the European Union’s options?
Considering that questions concerning the independence (or at least a greater degree of autonomy) of entities are presently topical within several Member States, would it not be appropriate to consider these concerns within the broader framework of the upcoming EU reform process?   View Article
 
  Economic
 
 
OMFIF: Missing piece in QE puzzle
Consensus seems to be building ahead of the ECB's 26 October meeting to reduce the pace of asset purchases by half to €30bn per month for at least nine months.  View Article
 

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