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19 April 2018

This week in "Brussels"
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  Articles from 12 April 2018 - 19 April 2018

  Banking Union
 
 
AFME/PwC report examines the impact of post-crisis regulation on banks’ capital markets activities
The Association for Financial Markets in Europe (AFME) and PwC have published a new ex-post study on the impact of regulation on banks’ capital markets activities.  View Article
EBA launches consultation on Guidelines regarding the exposures to be associated with high risk
The Guidelines specify which types of exposures, other than those mentioned in Article 128 (2) of the CRR, are to be associated with particularly high risk and under which circumstances. The Guidelines also clarify the notion of investments in venture capital firms and private equity.   View Article
Financial Times: Fed proposes cuts to capital requirements for largest banks
The Federal Reserve is proposing to reduce the amount of capital the US’s biggest banks are required to hold by modifying the way a key leverage ratio is calculated.  View Article
European Shadow Financial Regulatory Committee: Allocation of Losses of Banks and Sovereigns in Europe
The ESFRC addresses the need for prompt recognition and predictable allocation of losses in banking and sovereign debt crises. Members advocate a more prominent role for the ESM in the process of cleaning up non-performing bank loans and unsustainable sovereign debt levels in Europe.  View Article
CEPS: Banks, non-performing loans and investment
In this editorial, CEPS Director Daniel Gros analyses the effects of non-performing loans (NPLs) on the broader Italian credit and banking sector, with a specific reference to France and Germany. He argues that NPLs do not hamper the possibilities of economic growth.  View Article
New Europe: Germany presses for more aggressive offloading of non-performing loans
The North-South divide widens in banking policy, as Germany pushes for more aggressive offloading of Non-Performing Loans.  View Article
EBA publishes amended TS on supervisory and resolution reporting for EU institutions and the corresponding DPM and XBRL taxonomy 2.8
These changes form part of the EBA reporting framework version 2.8, which will be applicable for submissions of data as of December 2018.  View Article
Vox EU: The leverage ratio as a macroprudential policy instrument
This column examines the relationship between risk-based and leverage ratio requirements, and the motivation for the macroprudential use of leverage ratio requirements.  View Article
VoxEU: Building a stable European Deposit Insurance Scheme
This column argues that proposals to maintain national compartments in a new European Deposit Insurance Scheme are self-defeating, as such compartments can be destabilising in times of crisis.  View Article
Financial Times: ECB pushes Deutsche to calculate costs of investment bank wind-down
The exercise, which is expected to take months to complete, is part of a broader trend in global financial regulation for the biggest global banks to inform supervisors on how they would handle an exit from significant parts of their operations.   View Article
City A.M.: British banking system among most at risk from blockchain disruption says Moody's
The UK banking system is among the most exposed to disruption from blockchain technologies, according to a report published by an influential credit ratings agency.  View Article
Bank of England: First non-bank payment service provider (PSP) directly accesses UK payment system
The first non-bank payment service provider (PSP) has joined a UK payment system settling in central bank money. TransferWise, a Financial Conduct Authority-regulated PSP facilitating the international transfer of payments, is now a direct participant in the UK’s Faster Payments system.  View Article
IMF's Lagarde: An even-handed approach to crypto-assets
With more than 1,600 crypto-assets in circulation, the Managing Director of the International Monetary Fund Christine Lagarde writes that it seems inevitable that many of those virtual currencies will not survive the process of creative destruction.  View Article
The Economist: Catching the bitcoin bug
The latest bank to take a shot at crypto-currencies is Barclays, which devotes a lot more of its “Equity Gilt Study 2018” to the impact of technological change on finance and the economy than it does to either equities or gilts.   View Article
Bloomberg: Bankers lobby for new regulations. For big tech firms, that is
Europe’s leading finance executives are worried about technology firms’ growing power and want Brussels to level the playing field on data.  View Article
Financial Times: AI in banking: the reality behind the hype
A Financial Times survey of 30 leading banks’ use of Artificial Intelligence revealed an industry excited about the prospects of a technology that can help cut costs and boost returns. But in spite of this excitement, the industry is taking a cautious approach to AI.  View Article
 
  Capital Markets Union
 
 
ESMA publishes the responses to its Consultations on Securitisation
The European Securities and Markets Authority has published the responses received to its Consultations on Securitisation.  View Article
ESMA study shows impact of short-selling disclosure on investor behaviour
The public disclosure of net short positions in EU shares influences investors’ behaviour, a recent study by the European Securities and Markets Authority finds.  View Article
ESMA responds to the Article 29 Working Party consultation
The European Securities and Markets Authority has provided a response to the Article 29 Working Party (WP29) public consultation on its Draft Guidelines on Article 49 of Regulation 2016/679.  View Article
ESMA extends its operational-risk analysis
Developments such as the recent surges in cyber-attacks on financial firms, or technical glitches leading to flash crashes on trading venues, have heightened the sensitivity of market participants and regulators to potential disruptions in financial services providers’ operations.  View Article
CEPS - Fostering Institutional Investment in Europe’s Capital Markets: Reality vs. Expectations
Capital markets are expected to enhance long-term value creation in the real economy, and institutional investors to play a more constructive role in achieving this overall objective.  View Article
VoxEU: Where we stand on European Capital Markets Union
The European Commission launched its Capital Markets Union project in 2015 to help unlock funding for investment through deeper and more integrated capital markets. This column argues that progress has been slow and that a more ambitious vision is needed to achieve true Capital Markets Union.  View Article
Financial Times: UK brokers begin to feel the squeeze from MiFID
It is crunch time for the UK’s small corporate brokers, as new European markets rules begin to squeeze the sector. Numis, Cenkos and WH Ireland have come to terms with new rules on research fees.  View Article
 
  Insurance
 
 
Commercial Risk Europe: Ferma calls for balance in European Commission’s collective redress proposals
Ferma is considering the implications of the Commission’s plans to introduce collective redress across the EU and higher penalties for companies that breach consumer law, before making its next move.   View Article
Insurance Europe: European Commission's collective redress proposal fails to follow its own recommendations against potential abuse
Insurance Europe is concerned about the implications of the Commission's proposal for a Directive on representative actions for the protection of the collective interests of consumers.   View Article
 
  Asset Management
 
 
AIMA publishes paper on the new prudential regime for investment firms
AIMA and the Alternative Credit Council (ACC) have published a position paper on the European Commission’s proposals to review the prudential regime applying to investment firms. AIMA and ACC have put forward detailed amendments addressing key issues identified by their members.  View Article
 
  Corporate Governance/Accounting
 
 
Better Finance: Shareholders Rights Directive Implementing Acts last chance to ensure rights of individual shareholders taken into account
Over the last few years, the EU has been trying to facilitate the exercise of shareholders' rights by updating the Shareholder Rights Directive (SRD II). According to Better Finance, the revised Directive itself unfortunately only provided limited improvements to shareholders' rights.  View Article
IFAC: IESBA consults on 2019-2023 strategy and work plan
The IESBA seeks public comment on its Proposed Strategy and Work Plan, 2019-2023.  View Article
IFAC: IPSASB's proposed 'Improvements to IPSAS, 2018'
The IPSASB has published the ED 'Improvements to IPSAS, 2018' with proposed amendments to IPSAS to address issues raised by stakeholders and to converge with amendments to IFRSs.  View Article
Investment & Pensions Europe: Fiduciary managers back performance reporting standard
A group of fiduciary managers have launched a performance measurement standard to address criticism from investors and regulators that the industry lacks transparency.  View Article
ECA: EU support for productive investments in business needs greater focus on durability
There was not enough emphasis on durability of results in the management of EU Regional Development support for productive investments in European businesses between 2000 and 2013, according to a new report from the ECA.  View Article
Accountancy Europe: Simplifying auditing standards for small or non-complex entities
Accountancy Europe has published “Simplifying auditing standards for small or non-complex entities” to stimulate debate on this topical issue.  View Article
ACCA: Global standards more important than ever
ACCA is supporting the findings of a must-read new study from IFAC and Business at OECD (BIAC) called Regulatory Divergence: Costs, Risks, Impacts: An International Financial Sector Study.  View Article
 
  Market Abuse
 
 
ESMA publishes a negative opinion on an accepted market practice on liquidity contracts proposed by the French AMF
ESMA published an opinion on the Accepted Market Practice notified by the French Autorité des Marchés Financiers, which replaces the AMP under the Market Abuse Directive established in March 2005.   View Article
 
  Anti-Money Laundering
 
 
Financial Times: EU to tighten rules on money laundering after Latvia scandal
Brussels has moved to toughen enforcement of its rules against money laundering, saying greater cross-border co-ordination was needed to track terror suspects and prevent a repeat of scandals seen in banks from Latvia to Malta.  View Article
 
  Financial Services Policy
 
 
EBA: EU financial regulators warn against risks for EU financial markets, Brexit, asset repricing and cyber-attacks key risks
The securities, banking and insurance sectors in the European Union face multiple risks, the latest report on risks and vulnerabilities by the Joint Committee of the European Supervisory Authorities (ESAs) shows.   View Article
ESAs appoint new members to the Board of Appeal
The European Supervisory Authorities (ESAs) have appointed three new members to the Board of Appeal of the ESAs.  View Article
 
  Political
 
 
POLITICO: Macron, in European Parliament, urges EU to seize chance to reform
In speech and debate, French president calls for monetary revamp and pushes for digital tax.  View Article
 
  Economic
 
 
Trade: European Commission proposes signature and conclusion of Japan and Singapore agreements
The Commission presented the outcome of negotiations for the Economic Partnership Agreement with Japan and the trade and investment agreements with Singapore to the Council. This is the first step towards the signature and conclusion of these agreements.  View Article
VoxEU: EMU: Liquidity of solvent member states more important than fiscal stabilisation
This column, which joins VoxEU's Euro Area Reform debate, argues that the EMU's best use is not in the support of fiscal expansion in recession countries, but in ensuring the liquidity of solvent sovereigns under market pressure.  View Article
Annual inflation up to 1.3% in the euro area
Euro area annual inflation rate was 1.3% in March 2018, up from 1.1% in February. A year earlier, the rate was 1.5%. European Union annual inflation was 1.5% in March 2018, up from 1.4% in February. A year earlier the rate was 1.6%.  View Article
Euro area international trade in goods surplus €18.9 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in February 2018 was €177.5 billion, an increase of 3.0% compared with February 2017 (€172.3 bn).   View Article
 

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