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11 October 2018

This week in "Brussels"
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  Articles from 04 October 2018 - 11 October 2018

  Banking Union
 
 
Updated EBA Risk Dashboard shows sustained improvements in the management of NPLs across the EU but banks profitability remains a key hurdle
The EBA published its Risk Dashboard, which summarises the main risks and vulnerabilities in the EU banking sector using quantitative risk indicators. In the Q2 of 2018, the updated Dashboard identified ongoing improvements in the repair of the EU banking sector but also residual risks in banks' profitability.   View Article
EBA publishes the preliminary impact of the Basel reforms on EU banks capital and updates on liquidity measures in the EU
The EBA Basel III capital monitoring report includes a preliminary assessment of the impact of the Basel reform package - as endorsed by the GHoS - on EU banks assuming its full implementation. The report on liquidity measures monitors and evaluates the liquidity coverage requirements currently in place in the EU.   View Article
BCBS: Basel III monitoring results published by the Basel Committee
The Basel Committee published the results of its latest Basel III monitoring exercise based on data as of 31 December 2017. Fully phased-in final Basel III capital shortfalls more than 70% lower for large internationally active banks compared with end-2015. All banks continue to meet initial Basel III minimum and target CET1 capital requirements.  View Article
EBA acknowledges adoption of amended supervisory reporting standards by the European Commission
The EBA acknowledged the adoption by the European Commission of the Implementing Act amending Regulation No 680/2014 (Implementing Technical Standards on Supervisory Reporting) with regard to the inclusion of prudent valuation into COREP as well as other amendments.   View Article
Bank of England stress testing results to be published on 5 December 2018
The Bank of England has set out the timetable for the publication of the UK annual stress test results, which will be published on 5 December 2018.   View Article
ECB's Guindos: Building a resilient Economic and Monetary Union
Luis de Guindos, Vice-President of the ECB, highlights the specific areas where a push forward is needed to put EMU on a more sustainable footing.   View Article
 
  Capital Markets Union
 
 
ISDA: Industry groups set out impact of hard Brexit on derivatives
The paper describes the cliff-edge risks and the European Union regulatory requirements that would apply to derivatives in the event of a ‘no deal’, and the immediate adverse impacts on EU 27 firms and EU 27 clients of UK entities.  View Article
The FCA consults on its approach ahead of the UK’s exit from the EU
The Financial Conduct Authority set out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also laid out its approach to the regulation of Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers.  View Article
ESMA highlights progress on MiFID implementation at ECON hearing
Steven Maijoor delivered a statement to the Economic & Monetary Affair Committee at the European Parliament as part of the annual hearing of the chairs of the three European Supervisory Authorities.  View Article
ESMA updates its Q&As on MiFID II and MiFIR market structure and transparency topics
The purpose of these Q&As is to promote common supervisory approaches and practices in the application of MiFID II and MiFIR.  View Article
MiFID II: ESMA issues latest double volume cap data
ESMA updated its public register with the latest set of double volume cap data under the Markets in Financial Instruments Directive.  View Article
 
  Insurance
 
 
EIOPA reinforces cooperation in the supervision of cross-border insurance distribution
The EIOPA published a Decision, plus Appendices, on the cooperation of national competent authorities (NCAs) with regard to the supervision of cross-border insurance distribution activities of insurance undertakings and insurance intermediaries.   View Article
Insurance Europe: Joint guide aims to help organisations discuss cyber insurance needs with insurers and intermediaries
A group of European industry bodies — BIPAR, FERMA and Insurance Europe, in association with Aon and Marsh — has published a guide to help organisations understand their cyber risks and potential need for cyber insurance.  View Article
Commercial Risk Europe: Ferma launches ‘hands-on’ guide to buying cyber insurance
Ferma has published a guide to buying cyber insurance to help organisations better prepare submissions for insurers and evaluate cyber cover.  View Article
Commercial Risk Europe: Geneva Association study sees changing role for insurance in the digital age
The role of insurance in society is changing from one that is concerned primarily with loss indemnification to a broader advisory service for customers on how to prevent, mitigate and manage their risks, according to a study by the Geneva Association. This is as a result of the economy, including insurance, becoming more digitalised.  View Article
 
  Asset Management
 
 
ESMA updates AIFMD Q&As
The purpose of this Q&A document is to promote common supervisory approaches and practices in the application of the AIFMD and its implementing measures.  View Article
FCA consults on new rules to improve the approach to open-ended funds investing in illiquid assets
The Financial Conduct Authority consulted on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions.  View Article
 
  Corporate Governance/Accounting
 
 
ISDA/GFMA Response to FSB’s request for feedback on Thematic Peer Review on LEI Implementation
The ISDA and GFMA response to the FSB’s request for feedback from stakeholders as part of its recently launched thematic peer review on implementation of the Legal Entity Identifier (LEI).  View Article
IASB: Annotated Issued IFRS Standards 2018
Annotated Issued IFRS Standards 2018 replaces the book previously known as A Guide through IFRS Standards (informally called the Green Book).  View Article
FRC sets out new strategic focus to ensure audit serves the public interest
The FRC has announced a strategic programme of work to ensure audit better serves the public interest. This programme encompasses work on auditor independence, audit quality, the future needs of investors and corporate viability.  View Article
CMA: UK announces further review of audit market competitiveness
The Competition and Markets Authority (CMA) published a list of 27 questions for stakeholders – including asset managers and pension fund trustees – to assess views on the operation of the audit market and the effects of a previous competition inquiry conducted in 2012 and 2013.   View Article
ACCA: Too many SMEs fail to plan more than a year ahead
The latest report in a global research programme supporting small business growth from ACCA shows that most SMEs are aware of the benefits of good governance practice but, faced with limited time and resource, many still fail to put it in practice - which could be costly to long-term success.  View Article
IFAC: IAASB modernizes auditing of accounting estimates in support of audit quality
The IAASB released International Standard on Auditing (ISA) 540 (Revised), its revised standard for the audit of accounting estimates and related disclosures.  View Article
Accountancy Europe: Sustainable finance - what’s it got to do with accountants?
Having committed to the UN Sustainable Development Goals and the Paris Climate Agreement, Europe needs to fulfil an ambitious agenda by 2030. Part of the EU’s legislative efforts is to establish a Capital Markets Union to which Accountancy Europe has steadily contributed.  View Article
 
  Economic
 
 
Bloomberg: IMF cuts forecast for global growth as trade war takes toll
The International Monetary Fund said the world economy is plateauing as the lender cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets.  View Article
OMFIF: Euro will not survive if Italy fails
An Italian debt default would trigger a European banking crisis with global economic and financial market ramifications, writes Desmond Lachman.  View Article
Vox EU: Turning national growth-indexed bonds into European assets: A proposal to strengthen the euro area
This column, part of the VoxEU debate on euro area reform, proposes the mechanism of a European Debt Agency issuing securitised safe and risky European bonds backed by country-specific growth-indexed bonds for the euro area.  View Article
ECA: EU auditors ask to be given a clear and formal audit mandate for the EMF
The ECAs’ position as external auditor of the proposed EMF should be set out more clearly, according to an Opinion published by the Auditors. They also propose that oversight of the Fund by the European Parliament should take into account the auditors’ work.  View Article
EurActiv: ECA warns of risk of over-promising and under-delivering with EU funds
In order to regain citizen trust ahead of the EU elections in May 2019, the ECA recommended matching expectations with results when using the EU budget, as less than 15% of funds available were actually spent last year.  View Article
 

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