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21 June 2018

This week in "Brussels"
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  Articles from 14 June 2018 - 21 June 2018

  Banking Union
 
 
Financial Times: Federal Reserve approves rule capping big banks’ credit exposure
The most powerful US banking regulator has approved a rule capping credit exposures, in a move designed to limit the risk of one big bank dragging down the rest.   View Article
Vice-President Dombrovskis' opening speech at the Economist's 22nd Roundtable with the Government of Greece
Valdis Dombrovskis outlined the Commission's works towards the completion of Greece's stability support programme and important decisions to be taken at June's Council meeting that aim at deepening Europe's Economic and Monetary Union.  View Article
ECB updates manual for Asset Quality Review of banks
The manual contains the methodology for assessing the valuations of bank assets from a prudential perspective. The update incorporates the implications of the entry into force of the new accounting standard IFRS 9. In addition, the revised manual reflects the increased importance for ECB Banking Supervision of business models focused on investment services.  View Article
EBA consults on the conditions to allow institutions to calculate KIRB in accordance with the purchased receivables approach
These draft RTS aim at striking the right balance between the need to acknowledge the specific circumstances under which institutions calculate capital requirements in the context of a securitisation transaction and the need to maintain appropriately safe and prudent requirements on the internal modelling of capital requirements.   View Article
EBA publishes its 2017 Annual report
The European Banking Authority published its 2017 Annual Report, which provides a detailed account of all the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years.  View Article
ECB: Letter of reply from Danièle Nouy, Chair of the Supervisory Board, to Ms Berès and Mr Karas, MEPs, on EBA guidelines
The ECB fully acknowledges the specificities and merits of the cooperative and saving banks’ business models. The ECB also agrees that multiple business models can and should coexist in the European banking system. Such diversity increases stability and ensures that all the needs of the economy can be fulfilled.  View Article
ECB publishes Consolidated banking data for end-December 2017
The European Central Bank has published the consolidated banking data with reference to end-December 2017, a data set of the European Union banking system compiled on a group consolidated basis.  View Article
AFME: Liquidity in resolution
Over the past few years significant progress has been made in the area of bank resolution planning, however further policy initiatives that surround resolution policy still deserve consideration. Liquidity in resolution is a topic that AFME believes warrants further consideration, particularly within the Banking Union.   View Article
EP ThinkTank: New EU insolvency rules give troubled businesses a chance to start anew [EU Legislation in Progress]
The initiative is a key deliverable under the capital markets union action plan. It will also contribute substantially to addressing the high levels of non-performing loans in banks’ balance sheets.  View Article
European Parliament: How demanding and consistent is the 2018 stress test design in comparison to previous exercises?
In January 2018, the EBA launched details regarding the 2018 EU-wide stress test. This paper discusses details of the macro-financial scenario published by the ESRB and in the EBA/ECB methodology, as well as the translation of this adverse scenario to the market risk scenario.   View Article
European Parliament: Country-specific recommendations in banking - June 2018
This briefing focuses on the banking recommendations addressed by the Council to individual Member States within the framework of the European Semester over the past years (2011-2018). It takes a rather broad approach and covers all recommendations targeting individual Member States’ banking sectors from a financial stability perspective or in respect of the financing of their economies and access to finance.   View Article
BIS: Trust is the missing link in today's cryptocurrencies, BIS says
Cryptocurrencies' model of generating trust limits their potential to replace conventional money, the Bank for International Settlements writes in its Annual Economic Report, a new title launched this year.  View Article
UK Finance: Convenience of debit card payments puts cash in second place
The popularity of contactless payments, online shopping and smartphones is having a significant effect on how we manage our money and pay for things, leading to debit cards overtaking cash as the most frequently used payment method in the UK, according to the latest research from UK Finance.  View Article
 
  Capital Markets Union
 
 
Capital Markets Union: Commission welcomes progress on key initiatives
The Commission welcomes the progress made by Member States yesterday on two important files, which will contribute to drive forward the Capital Markets Union.  View Article
Bloomberg: ECB poised for power over euro-derivatives clearing post-Brexit
The European Central Bank edged closer to gaining power over financial clearing, a lucrative business dominated by London and a flash point in the Brexit negotiations.  View Article
ESMA: MiFID II temporary period for LEIs to end in July 2018
Reporting firms have to use LEIs to report trades under the Markets in Financial Instruments Regulation (MiFIR). The six months period was introduced due to the fact that not all firms succeeded in obtaining LEIs in time for the MiFID II start.   View Article
Financial Times: FCA to launch asset management MiFID probe
The FCA is to begin a review of the EU rules that changed how asset managers pay for the research they use to make investment decisions.  View Article
Financial Times: ‘Jury still out’ on MiFID II transparency, warns top regulator
Robert Ophèle, chairman of the Autorité des Marchés Financiers, said he had been “surprised” by a spike in trading in private, off-exchange marketplaces since the launch of MiFID II, Europe’s flagship markets legislation.  View Article
Institute for New Economic Thinking: Too big to fail US banks’ regulatory alchemy
As the tenth anniversary of the Lehman failure approaches, there is an understanding among many market regulators and swaps trading experts that large portions of the swaps market have moved from US bank holding company swaps dealers to their newly deguaranteed foreign affiliates, says INET.  View Article
ISDA statement on INET Paper
The International Swaps and Derivatives Association has published a statement on a new paper published by the Institute for New Economic Thinking.  View Article
 
  Clients Union
 
 
New measures to fight against illegal competition practices in the internal market
The EU's committee of permanent representatives endorsed an agreement between the Council and the European Parliament on new measures to bring the enforcement of competition rules in line with the digital age and to tackle illegal competition practices in the EU.  View Article
Digital Single Market: EU negotiators reach a political agreement on free flow of non-personal data
The European Parliament, Council and the European Commission tonight reached a political agreement on new rules that will allow data to be stored and processed everywhere in the EU without unjustified restrictions.  View Article
 
  Insurance
 
 
EIOPA publishes its Annual Report 2017
The Annual Report provides a comprehensive overview of the Authority's activities in 2017. During this year, the focus of the Authority's work was strengthening supervisory convergence, enhancing consumer protection and maintaining financial stability.   View Article
IAIS publishes issues paper on index-based insurances
The IAIS has published the Issues Paper on Index-based Insurances particularly in Inclusive Insurance Markets. Index-based insurances are insurance contracts in which a claim is defined with reference to a pre-determined index (sometimes also referred to as parametric insurance).   View Article
Commercial Risk Europe: Study highlights resurgence of Europe’s mutual and cooperative insurance sector
Europe’s mutual and cooperative insurers have seen a resurgence in business in recent years, according to a study jointly published by the Association of Mutual Insurers and Insurance Co-operatives in Europe (AMICE), and the International Cooperative and Mutual Insurance Federation (ICMIF).  View Article
 
  Asset Management
 
 
Pensions: Council agrees its stance on pan-European pension product
EU ambassadors asked the presidency to start negotiations with the European Parliament on the proposed 'pan-European pension product' (PEPP), a new class of personal pension scheme, as soon as the Parliament is ready to negotiate.  View Article
ALFI: Ambition remains the driver in milestone year for ALFI
The Association of the Luxembourg Fund Industry released its annual report at the occasion of the Annual General Meeting, which summarised the activity that it has undertaken to ensure that Luxembourg retains its position as the leading European investment fund centre.   View Article
 
  Corporate Governance/Accounting
 
 
FRC: Benefits and barriers to implementation of IFRS 17 Insurance Contracts
A summary of the findings from the FRC Panel Discussion: Benefits and barriers to implementation of IFRS 17 Insurance Contracts.  View Article
FRC: Publication of the Financial Reporting Lab’s report on blockchain
A new report from the FRC’s Financial Reporting Lab considers how current developments and use-cases of blockchain technology might impact corporate reporting processes in the future.   View Article
Accountancy Europe: Tax Intermediaries - reporting cross-border tax planning
Accountancy Europe´s factsheet aims to support professional accountants in applying a new Directive, that will enter into force on 25 June 2018. Member States have until 31 December 2019 to transpose these rules as a minimum standard; they may extend its provisions to reflect local circumstances.   View Article
FRC: Big Four Audit Quality Review results decline
The Big Four audit practices must act swiftly to reverse the decline in this year’s audit inspection results if they are to achieve the targets for audit quality set by the FRC.  View Article
 
  Financial Services Policy
 
 
Bloomberg: The EU is emerging as the new sheriff for global financial markets
As the US rolls back regulations enacted after the 2008 crisis, the EU is emerging as the new sheriff for international markets.   View Article
Accountancy Europe: RegTech – the next big thing?
The combination of regulation and technology – or RegTech – is increasingly seen as ’the next big thing’ to help firms cope with the elaborate web of data and reporting requirements they deal with.   View Article
 
  Economic
 
 
BBC: ECB to end crisis-era stimulus programme in December
The European Central Bank has confirmed it will end a huge programme to stimulate the eurozone economy in December.  View Article
Meseberg Declaration: Renewing Europe’s promises of security and prosperity
Meeting at Meseberg Castle, French President Emmanuel Macron and German Chancellor Angela Merkel, accompanied by Commission President Juncker, agreed on the creation of a common Eurozone budget as well as the transformation of the current ESM into a more powerful European Monetary Fund.  View Article
OECD: Further reforms needed for a stronger and more integrated Europe
The current Europe's economic expansion should be used to speed up implementation of reforms to the euro area architecture and EU policies that would support greater European integration and ensure stronger, more inclusive long-term growth, according to two new reports from the OECD.  View Article
Vox EU: Beyond risk sharing and risk reduction: A Spanish view of EMU reforms
This column argues that the risk of an incomplete monetary and economic union but with very asymmetric costs can only be tackled with common instruments and policies at the European level, whose mere existence will reduce not only its magnitude but also its asymmetric consequences.   View Article
EU and Australia launch talks for a broad trade agreement
Commissioner for Trade Cecilia Malmström together with Australian Prime Minister Malcolm Turnbull and Trade Minister of Australia Steven Ciobo officially launched negotiations for a comprehensive and ambitious trade agreement between the EU and Australia in the Australian capital of Canberra.  View Article
Annual inflation up to 1.9% in the euro area
Euro area annual inflation rate was 1.9% in May 2018, up from 1.3% in April. A year earlier, the rate was 1.4%. European Union annual inflation was 2.0% in May 2018, up from 1.5% in April. A year earlier, the rate was 1.6%.  View Article
Euro area international trade in goods surplus €16.7 bn
The first estimate for euro area (EA19) exports of goods to the rest of the world in April 2018 was €182.9 billion, an increase of 8.0% compared with April 2017 (€169.3 bn).   View Article
 

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