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10 May 2018

This week in "Brussels"
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  Articles from 03 May 2018 - 10 May 2018

  Banking Union
 
 
EBA will support the Commission in the implementation of the Basel III framework in the EU
The EBA welcomed the European Commission's call for advice on the implementation in the EU of the Basel III framework, which was finalised in December 2017. In its call, the Commission is asking the EBA to prepare a comprehensive analysis to assess the potential impact of the different elements of the Basel reform on the EU banking sector and the wider economy.   View Article
ECB: Euro area financial integration improves in 2017
Financial integration in the euro area resumed last year, the European Central Bank’s annual report on Financial Integration in Europe shows. The resumption of financial integration after the volatile year 2016 was pronounced in prices but not in quantities.  View Article
EBA publishes results of its 2016 CVA risk monitoring exercise
EBA’s report assesses the impact on own funds requirements of the reintegration of the transactions currently exempted from the scope of the CVA risk charge. The results continue to show the materiality of CVA risks that are currently not capitalised due to the CRR exemptions.  View Article
ECB: Report on the Thematic Review on effective risk data aggregation and risk reporting
This report provides information about the methodology adopted by the Thematic Review and the findings observed, in order to raise awareness of the importance of strengthening governance arrangements around data aggregation and reporting capabilities.  View Article
BIS: Central banks urge industry wide take-up of strategy to improve wholesale payments security
The Committee on Payments and Market Infrastructures (CPMI) urges stakeholders to pursue a common strategy to improve the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions.  View Article
ECB supports global strategy to improve security in wholesale payments
The European Central Bank endorses the common strategy on reducing the risk of wholesale payments fraud, as published by the Committee on Payments and Market Infrastructures (CPMI), the global standard-setter for payment, clearing, settlement and related arrangements.  View Article
ECB: TARGET Annual Report 2017
As in previous years, the report presents the main facts relating to the TARGET system, taking into account the developments which took place in TARGET2 in the course of 2017. The report is mainly addressed to decision-makers, practitioners, lawyers and academics wishing to acquire an in-depth understanding of TARGET2.  View Article
EPC: Clarification paper on SEPA Credit Transfer and SEPA Instant Credit Transfer rulebooks
The paper addresses operational aspects related to the SCT and SCT Inst rulebooks and seeks to ensure consistent implementation of the two EPC credit transfer rulebooks by payment service providers participating in the schemes.   View Article
EPC: Authentication (SCA) guidance
The API Evaluation Group published a key topic clarification for API standards initiatives.  View Article
VoxEU: Making (some) sense of cryptocurrencies: When payments systems redefine money
Economists have been dismissive of cryptocurrencies, but fintech entrepreneurs and enthusiasts continue to see their disruptive potential. This column considers the theoretical and practical arguments on both sides of the debate.   View Article
ECB: 2018 stress test of Greek banks shows average capital depletion of 9 percentage points in adverse scenario
The results of the 2018 stress test of Greek significant institutions show that the average capital depletion under the adverse scenario, which covered a three-year period and assumed static balance sheets, was 9 percentage points, equivalent to €15.5 billion.   View Article
BIS: Jens Weidmann to continue as chair of the BIS board
The Board of Directors of the Bank for International Settlements (BIS) has announced the re-election of Jens Weidmann, President of the Deutsche Bundesbank, for a second three-year term as Chair of the BIS Board.  View Article
 
  Capital Markets Union
 
 
BIS: Despite ongoing progress, some central counterparties still lag on risk management and recovery planning
Overall, while the CPMI and IOSCO report found that participating CCPs have made progress in implementing arrangements consistent with the PFMI, some CCPs are still failing to implement a number of measures in the areas of risk management and recovery planning.  View Article
ESAs consult on amendments to joint EMIR standards
ESAs launched two joint consultations to amend Regulatory Technical Standards on the clearing obligation and risk mitigation techniques for OTC derivatives not cleared.  View Article
MiFID II: ESMA issues latest double volume cap data
The updates include DVC data and calculations for the period of 1 April 2017 to 31 March 2018 (so-called April 2018 publication) as well as updates to already published DVC periods.   View Article
Financial Times: Goldman to treble Swedish office as post-MiFID equities hub
Goldman Sachs plans to more than treble the size of its Swedish office to use the country’s financial technology expertise to bolster its European equities trading as well as find new homes for bankers ahead of Brexit.   View Article
ESMA provides one-stop company portal
Investors seeking information on whether a financial service provider is authorised within in the EU will now be able to do so on ESMA's new companies' portal.  View Article
 
  Clients Union
 
 
Commercial Risk Europe: Firms must brace for consumer data requests in early days of GDPR
About half of UK consumers will request their personal information from companies within the first six months of the EU’s General Data Protection Regulation (GDPR) coming into force, over concerns about how their data is stored and protected, according to new research from Veritas.  View Article
Commercial Risk Europe: The implications of GDPR for captives
Owen Williams, manager of XL Catlin’s Captive Centre of Excellence, and Geraldine Henbest, group data protection officer at XL Catlin, discuss the implications for captives and what risk managers should be aware of when the rules come into effect.  View Article
 
  Asset Management
 
 
Financial Times: ‘Alarming deficiencies’ in new European investment rules — German fund group
The association representing German asset managers has called for a two year delay to the introduction of new pan-European rules covering financial products sold to retail investors after identifying “alarming deficiencies” in the new regulations.   View Article
ECMI: More fundamental changes in sight for the asset management industry
Asset managers face new regulatory and supervisory pressures, which may fundamentally affect their business models. The views are crystallising across different jurisdictions: price competition is weak in many areas, permitting companies to sustain high profits at the expense of a lack of clarity over fees and performance.  View Article
Financial Times: The SEC’s plan to protect retail investors is short on detail
The US Securities and Exchange Commission has seized a chance to protect small investors from unscrupulous brokers. But it is too soon to tell whether “Regulation Best Interest”, as the SEC is calling its proposed new rules, will live up to its sweeping promises.  View Article
 
  Corporate Governance/Accounting
 
 
ESBG responds to EU Commission consultation on SME definition review
The ESBG said that the application of the SME definition has a high practical relevance for retail and savings banks in Europe due to the strong existing links with SMEs and the inherent capacities of retail and savings banks to provide finance to SMEs.  View Article
EFRAG: Impact of IFRS 17
EFRAG encourages constituents to provide their views on the impact of IFRS 17.   View Article
Deloitte comment letter on tentative agenda decision on IAS 7 — Classification of short-term loans and credit facilities
Deloitte has published its comment letter on IFRS Interpretations Committee tentative agenda decisions related to IAS 7, as published in the March 2018 IFRIC Update.  View Article
Deloitte comment letter on tentative agenda decision on IFRS 9 — Classification of a particular type of dual currency bond
Deloitte has published its comment letter on IFRS Interpretations Committee tentative agenda decisions related to IFRS 9 (classification of a particular type of dual currency bond), as published in the March 2018 IFRIC Update.  View Article
Deloitte comment letter on tentative agenda decision on IFRS 9 — Hedge accounting with load following swaps
Deloitte has published its comment letter on IFRS Interpretations Committee tentative agenda decisions related to IFRS 9, as published in the March 2018 IFRIC Update.  View Article
ACCA: The five tenets of good corporate governance
ACCA has published a report examining the interrelation between businesses and society, and the importance of good corporate governance in facilitating a positive relationship between them.  View Article
 
  Grahams Articles, Comments & Speeches
 
 
A bespoke services deal with EU 27: fantasy or reality?
Graham Bishop writes that a bespoke deal for financial services that gives a special mutual recognition with the UK – or even equivalence – is an unrealistic expectation.  View Article
Temporary Eurobill Fund (TEF): 30 FAQs
The Temporary Eurobill Fund offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. This author has developed the TEF plan over several years – now comprehensively updated.   View Article
 
  Temporary Eurobill Fund (TEF)
 
 
Temporary Eurobill Fund (TEF): 30 FAQs
The Temporary Eurobill Fund offers a modest, technical but concrete step that can be expanded progressively into a financial, economic and political structure if circumstances develop propitiously. This author has developed the TEF plan over several years – now comprehensively updated.   View Article
 
  Economic
 
 
IB Times: EU predicts bright outlook for economy, tougher times for UK heading for Brexit
Economic growth across the European Union will remain robust this year and next, particularly when compared with Britain, which is set to leave the bloc in less than a year, the EU's executive branch said.  View Article
ECB's Constâncio: Why EMU requires more financial integration
Constâncio said that banking union and the CMU affect different parts of the financial system at different stages of development, but follow similar objectives to achieve a more efficient and stable financial system. Work on them should therefore run in parallel and require a solid monetary union.  View Article
Vox EU: Europe needs a broader discussion of its future
This column argues that the CEPR Policy Insight by a team of economists makes an important contribution but leaves aside some of the most crucial issues: European public goods, a proper fiscal stance and major national reforms. It also argues that its compromise on sovereign debt appears unbalanced.  View Article
Le Point: 'Brexit hole' in EU budget
Le Point reports on the Commission’s announcement of its proposals for the EU’s first post-Brexit budget.   View Article
Volume of retail trade up by 0.1% in euro area
In March 2018 compared with February 2018, the seasonally adjusted volume of retail trade increased by 0.1% in the euro area (EA19) and decreased by 0.1% in the EU28, according to estimates from Eurostat.  View Article
 

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