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25 October 2018

This week in "Brussels"
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  Articles from 18 October 2018 - 25 October 2018

  Banking Union
 
 
ESMA: Better to be good and on time than perfect and late: replacing incurred loss by expected loss
ESMA Chair Maijoor takes a securities markets regulators’ perspective to the implementation and enforcement of the new accounting standard IFRS 9 Financial Instruments. He focuses particularly on the new expected credit loss (ECL) provisioning model that this standard introduced.   View Article
BIS: Banking business model: challenges and opportunities
Speech by Margarita Delgado, Deputy Governor of the Banco de España, in which she focuses on the banking business model and the need to adapt it to a changing environment.  View Article
Basel Committee seeks views on the leverage ratio treatment of client cleared derivatives
As part of the finalised Basel III reforms, the BCBS noted that it would conduct a review of the leverage ratio's impact on banks' provision of derivatives client clearing services and any consequent impact on the resilience of central counterparty clearing.   View Article
BCBS: Statement on leverage ratio window-dressing behaviour
The Basel III leverage ratio standard comprises a 3% minimum level that banks must meet at all times, a buffer for global systemically-important banks and a set of public disclosure requirements. For the purpose of disclosure requirements, banks must calculate the leverage ratio on a quarter-end basis.   View Article
BIS: The European banking union: what are the missing pieces?
Fernando Restoy, Chairman of the Financial Stability Institute, describes the achievements and the remaining challenges for the consolidation of the banking union project.  View Article
Bloomberg: Bank push for benchmark-rate delay makes headway in Brussels
Banks are finding allies in Brussels with their call for extra time to adopt a new euro benchmark lending rate as Europe tries to put a spate of rigging scandals behind it.  View Article
EBA announces timing for publication of 2018 EU-wide stress test
The EBA announced when individual results for the banks participating in the 2018 EU-wide stress test will be published.  View Article
EBA publishes work programme for 2019
The EBA published its detailed annual work programme for 2019, describing the specific activities and tasks of the Authority for the coming year and highlighting the key strategic areas of work from 2019 to 2021.  View Article
ECB: Results of the October 2018 euro area bank lending survey
Credit standards for loans to enterprises eased further in net terms in the third quarter of 2018, according to the October 2018 bank lending survey (BLS). Firms and households demanded more loans, while the ECB’s asset purchases continued to support bank lending volumes.  View Article
 
  Capital Markets Union
 
 
ESMA data analysis values EU derivatives market at €660 trillion with central clearing increasing significantly
The report provides the first comprehensive market-level view of the EU’s derivatives markets, which in 4Q17 amounted to €660tn of gross notional outstanding transactions.  View Article
The AMF publishes the summary of five inspections carried out relating to clients’ investment knowledge and experience
At the beginning of the year, the Autorité des marchés financiers carried out a series of five theme-based inspections. On the strength of its observations, it has prepared a list of best practices and issues reminders of the rules to be applied.  View Article
 
  Clients Union
 
 
Commercial Risk Europe: Firms struggling under GDPR as breach notifications rise
The first few months of the EU’s General Data Protection Regulation (GDPR) have seen a marked increase in breach notifications, as some organisations struggle under the new regime.  View Article
 
  Insurance
 
 
EIOPA’s Risk Dashboard for the second quarter 2018 shows broadly unchanged risk levels for the European Union insurance sector
The EIOPA published its updated Risk Dashboard based on the second quarter 2018 data. The results of the second quarter 2018 show that the risk exposure of the European Union insurance sector remains stable overall.   View Article
ESAs write to EFRAG on the endorsement process of IFRS 17 insurance contracts
The three European Supervisory Authorities (ESA - ESMA, EBA and EIOPA) have written a letter to the European Financial Reporting Advisory Group (EFRAG) regarding the endorsement process of the International Financial Reporting Standard (IFRS) 17.  View Article
EIOPA analyses the benefits of IFRS 17 Insurance contracts
EIOPA carried out the analysis in light of the upcoming implementation of IFRS 17 to foster a better understanding of the implications and potential impacts of the standard on European insurance and reinsurance undertakings as well as to provide insights into the future interplay between insurers' financial and prudential reporting.  View Article
FCA publishes PPI complaints deadline Progress Report
The Financial Conduct Authority (FCA) has published an update on the progress of its payment protection insurance (PPI) consumer communications campaign and supporting supervisory work.   View Article
Insurance Europe: RAB raises concerns about NAIC implementation of EU-US bilateral agreement
Insurance Europe’s Reinsurance Advisory Board (RAB) has written to the US National Association of Insurance Commissioners (NAIC) to express concern about the NAIC’s draft implementation plans for the bilateral agreement on (re)insurance prudential measures that was concluded between the EU and US in 2017.  View Article
Bank of England: Strengthening accountability: Implementing the extension of the SM&CR to insurers
This PRA Policy Statement provides feedback to responses to its consultation on implementing the extension of the SM&CR to insurers. It also provides a rule instrument with amendments to the final rules on this issue.  View Article
 
  Asset Management
 
 
Financial Times: Mark Carney sounds warning over open-ended funds
The growth of open-ended funds that promise investors instant liquidity despite holding potentially illiquid assets represented a “major new vulnerability” across the G20, Mark Carney warned.   View Article
Financial Times: How passive fund managers can shape the corporate landscape
The growing concentration in asset management resulting from the rise of indexed and exchange traded funds is less understood that the increasing concentration in banking, especially in relation to its consequences for corporate governance.  View Article
FCA and TPR publish joint pensions strategy
The Financial Conduct Authority and The Pensions Regulator have launched a joint regulatory strategy aimed at strengthening their relationship, and taking joint action to deliver better outcomes for pension savers and those entering retirement in the UK.  View Article
Newly appointed Members of EIOPA’s Occupational Pensions Stakeholder Group elect its Chair and Vice Chairs
At its inaugural meeting, the EIOPA Occupational Pensions Stakeholder Group members elected Bernard Delbecque as its Chair. Bernard Delbecque is Senior Director for Economics and Research at the European Fund and Asset Management Association (EFAMA).   View Article
 
  Corporate Governance/Accounting
 
 
IASB amends definition of business in IFRS Standard on business combinations
The IASB has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business. The amendments will help companies determine whether an acquisition made is of a business or a group of assets  View Article
EFRAG: Debt or Equity? - Impact assessment surveys
EFRAG seeks feedback from preparers and users of financial statements to assess the impact of the IASB’s Discussion Paper Financial Instruments with Characteristics of Equity on distinction between debt and equity.  View Article
FRC pushes companies for improved quality reporting
In an open letter to Finance Directors and Audit Committee Chairs, the FRC has called for improvements in key areas of corporate reporting, including key accounting judgements and estimates, eliminating basic errors and how companies have applied the Principles of the UK Corporate Governance Code.  View Article
FRC: Business model reporting; risk and viability reporting – Where are we now?
Investors are still looking for companies to make business model, risk and viability disclosures more useful, according to a new report from the FRC's Financial Reporting Lab.  View Article
FRC: Actuarial Standard Technical Memorandum 1 survey results
Legislation requires providers to issue a Statutory Money Purchase Illustration (SMPI) in respect of each defined contribution pension policy or arrangement to each policy holder or scheme member. The FRC has responsibility for setting the assumptions and maintaining the framework.  View Article
 
  Financial Services Policy
 
 
FSB reviews financial vulnerabilities and deliverables for G20 Summit
Members considered that, while global growth remained solid, it has become more uneven across economies, and some downside risks have begun to materialise.  View Article
Insurance Europe: Better regulation agenda: EC failing to take account of stakeholder input
Insurance Europe warned that in many cases stakeholders are not given enough time to provide input and that policymakers do not allow themselves enough time to properly analyse that input and take it on board.  View Article
 
  Political
 
 
European Commission Work Programme 2019: Delivering on promises and preparing for the future
Its three main priorities for the year ahead are reaching swift agreement on the legislative proposals already presented; adopting a limited number of new initiatives; and presenting several initiatives with a future perspective for a EU27 reinforcing its foundations.  View Article
EurActiv: German FDP Spitzenkandidat Beer: We need a two-speed, project-related Europe
Nicola Beer, the Spitzenkandidat for the Free Democratic Party (FDP), explained the vision she would like to enter the European Parliament with.  View Article
EurActiv: French people convinced by EU but poorly motivated to vote
Support for the EU is at its highest level for 26 years. However, this enthusiasm is not reflected in the projections for turnout at the next European elections.  View Article
 
  Economic
 
 
European Commission requests that Italy presents a revised draft budgetary plan for 2019
The European Commission has identified in the draft budgetary plan submitted by Italy for 2019 a particularly serious non-compliance with the fiscal recommendation addressed to Italy by the Council on 13 July 2018.  View Article
OMFIF: ECB ponders reinvestment options
Just at the time when the ECB wishes to phase it out, QE risks amplifying imbalances by causing northern states to overpurchase and southern countries to underpurchase their own bonds.  View Article
ECMI: International capital flows at the security level – evidence from the ECB’s asset purchase programme
The paper analyses euro area investors’ portfolio rebalancing during the ECB’s Asset Purchase Programme (APP) at the security level.  View Article
Vox EU: Fixing the euro needs to go beyond economics
This column, part of the Vox debate on euro area reform, argues that overcoming the coordination failure of about how the adjustment burden should be distributed requires reforming the political governance of the EU, rather than just its economic governance.  View Article
2019 EU budget: Council cannot accept EP amendments
The Council informed the European Parliament that it cannot accept all the amendments for the 2019 EU budget adopted by the Parliament.   View Article
European Commission: EU and Singapore forge closer economic and political ties
The European Union and Singapore have signed three agreements, taking their political, trade, and investment relations to a new level.  View Article
 

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