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15 February 2018

This week in "Brussels"
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  Articles from 08 February 2018 - 15 February 2018

  Banking Union
 
 
EBA updates its methodological guide on risk indicators and detailed risk analysis tools
This guidance, which is mainly for internal use, will also benefit competent authorities and other relevant stakeholders as it will allow them to follow a consistent approach in their risk assessments.  View Article
ECB amends guidelines relating to the Eurosystem’s monetary policy implementation
These guidelines amend the Guideline on the implementation of the Eurosystem monetary policy, the Guideline on the valuation haircuts and the Guideline on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.  View Article
Financial Times: European banks show signs of recovery
Europe’s banking sector offered a rare glimmer of hope after leading Italian, French and German lenders reported better than forecast results, boosted by the strengthening eurozone economy and their own cost-cutting efforts.  View Article
ESAs warn consumers of risks in buying virtual currencies
The European Supervisory Authorities (ESAs) have issued a pan-EU warning to consumers regarding the risks of buying Virtual Currencies (VCs). The ESAs warn consumers that VCs are highly risky and unregulated products and are unsuitable as investment, savings or retirement planning products.  View Article
Financial Times: European banks break ranks over cryptocurrencies
A handful of smaller European banks are breaking ranks with the rest of the sector by giving investors access to cryptocurrencies and advising on initial coin offerings, despite an intensifying effort by regulators to clamp down on the area.   View Article
EBA publishes corrective update of XBRL taxonomy 2.6 for remittance of 2018 benchmarking exercise
The EBA published a corrective update (version 2.6.0.1) to the XBRL taxonomy that Competent Authorities shall use for the remittance of data under the Implementing Technical Standards (ITS) on benchmarking of internal approaches, for the 2018 benchmarking exercise.  View Article
ECB: Virtual or virtueless? The evolution of money in the digital age
Yves Mersch sets out what he believes are some of the key regulatory questions that need addressing, and actions that need to be taken to mitigate the potential blowback from virtual currencies to the rest of the financial system.  View Article
 
  Capital Markets Union
 
 
ESMA publishes 2018 Work Programme for CRAs, trade repositories and third country CCPs
ESMA published its 2017 Annual Report and 2018 Work Programme setting out its main supervisory activities for CRAs, TRs and TC-CCPs in the EU.  View Article
ESMA publishes risk assessment work programme for 2018
ESMA published its Risk Assessment Work Programme, setting out its priorities in assessing risks for securities markets for 2018.  View Article
IOSCO consults on proposed policy measures to protect investors of OTC leveraged products
IOSCO issued a consultation report proposing policy measures for its members to consider when addressing the risks arising from the offer and sale of OTC leveraged products to retail clients.   View Article
Bank of England: Consultation on a new rule for Central Counterparties relating to incident reporting
The Bank of England receives notifications from CCPs of incidents relating to their information technology systems. This is important in allowing the Bank to discharge its supervisory mandate and in pursuit of its mission to promote monetary and financial stability.  View Article
 
  Clients Union
 
 
FCA and ICO publish joint update on GDPR
The Financial Conduct Authority (FCA) and the Information Commissioner's Office (ICO) have published an update on the EU General Data Protection Regulation (GDPR).  View Article
 
  Insurance
 
 
Insurance rules delay approved by Council
EU ambassadors confirmed, on behalf of the Council, an agreement to delay the transposition deadline and application of new rules on insurance distribution.  View Article
Insurance Europe: Proposal to delay Insurance Distribution Directive welcomed
Ahead of the forthcoming meeting of Member States' permanent representatives (COREPER II) on the Insurance Distribution Directive (IDD), Insurance Europe has welcomed the proposal to delay the date of application of the IDD and accompanying delegated legislations.  View Article
EIOPA publishes a new set of Solvency II statistics on the European insurance sector
The EIOPA published a new set of statistical information on the European insurance sector based on Solvency II regulatory reporting.  View Article
Insurance Europe: Responses to call for feedback within the framework of Better Regulation agenda
Insurance Europe submitted feedback in relation to the proposal to overhaul the three European Supervisory Authorities (ESAs), associated amendments to Solvency II, and proposed changes to the European Systemic Risk Board (ESRB).  View Article
 
  Asset Management
 
 
AIMA: AIFMD review survey now open
KPMG, as part of its mandate from the European Commission in connection with the AIFMD review, has created a survey to assist with a study into how the AIFMD has worked in practice and to what extent the Directive's objectives have been met.  View Article
Financial Times: BoE’s Cunliffe warns of fallout from changing ‘delegation’ rules post-Brexit
A deputy governor of the Bank of England has warned that Brussels’ plans to shake up the rules governing asset managers after Brexit could cause wider fragmentation in financial markets and raise costs.  View Article
Financial Times: Brussels warns UK asset managers of post-Brexit shutout
Brussels has issued a stark Brexit warning to the asset management industry, telling fund companies to act now or face potential market shutout when the UK leaves the EU next March.  View Article
EFAMA: Independent study published to inform the debate on a Pan-European Personal Pension Product
A study by the SDA Bocconi School of Management “Consumer protection and the design of the default option of a pan-European Personal Pension Product”, shows benefits for consumers of life-cycle investment as a PEPP default option.   View Article
Investment & Pensions Europe: UK regulators to collaborate on pensions strategy
The UK’s financial and pension regulators are working together to develop a pensions regulatory strategy for the next five to 10 years, they announced.  View Article
Financial Times: FCA’s Andrew Bailey: Why regulators have fund managers in their sights
This spring FCA will publish the first tranche of final rules following FCA’s asset management market study, and consult on the second. It is important to continue to talk to the industry about why it is that regulators are so focused on fund management and what FCA hopes to achieve.  View Article
 
  Corporate Governance/Accounting
 
 
EFRAG issues IFRS 17 simplified case study
European insurers that apply IFRS Standards are invited to complete a simplified case study on the expected impact of IFRS 17 Insurance Contracts.  View Article
The FRC encourages insurers to participate in an EFRAG case study on IFRS 17
IFRS 17 Insurance Contracts was published in May last year. The standard will be effective from January 2021.  View Article
European Commission: Evaluation roadmap for fitness check on public reporting by companies
The Commission published an evaluation roadmap 'Fitness check on public reporting by companies (Accounting Directive, Transparency Directive, Non-financial reporting Directive, Bank Accounts Directive et Insurance Accounts Directive and IAS Regulation)'.   View Article
FRC: Regulators publish current risks to high quality actuarial work
In a report, the Joint Forum on Actuarial Regulation (JFAR) highlighted current risks to high quality actuarial work. The Risk Perspective identifies nine ‘hotspots’ where there is a perceived increase in risk to the public interest where actuarial work is central.   View Article
IASB: First technical discussion of the Transition Resource Group for Insurance Contracts
The TRG received more than 20 submissions for this first meeting. Topics included questions on coverage units, reinsurance contracts held, contract boundaries and whether insurance components should be separated.  View Article
Accountancy Europe: Rediscovering the value of SME audit
The Accountancy Europe´s information paper reports on the current developments in Sweden and Denmark, where national authorities are assessing the consequences of exempting small and medium-sized enterprises (SMEs) from mandatory audit.  View Article
 
  Financial Services Policy
 
 
BIS and IMF to work more closely together to help strengthen financial supervisory skills around the world
The BIS and the IMF will work even more closely together to help strengthen the expertise and skills of financial regulators and supervisors, particularly in the context of implementing the post-crisis financial reforms and dealing with emerging issues such as financial technology, the heads of each of organisation said.  View Article
FCA publishes report on the supervision of Algorithmic Trading
The report summarises the key areas of focus for algorithmic trading and highlights areas of good and bad practice observed within previous cross-firm reviews.  View Article
 
  Economic
 
 
GDP up by 0.6% in both euro area and EU28
Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and the EU28 during the fourth quarter of 2017, compared with the previous quarter, according to a flash estimate published by Eurostat.  View Article
EU long-term budget after 2020: European Commission sets out options – and their consequences
Ahead of the Informal Leaders' meeting on 23 February 2018, the European Commission set out various options – and their financial consequences – for a new and modern, long-term EU budget that delivers efficiently on its priorities after 2020.  View Article
 

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