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01 November 2018

This week in "Brussels"
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Articles from 25 October 2018 - 01 November 2018

Banking Union

Basel Committee calls for further progress in the implementation of Basel III standards
The Fifteenth BCBS report sets out the adoption status of Basel III standards for each Committee member jurisdiction as of end-September 2018. It includes the finalised Basel III post-crisis reforms published by the Committee in December 2017. These reforms will take effect from 1 January 2022.  View Article
European Council: Non-performing loans: Council approves position on capital requirements for banks' bad loans
The proposal aims at creating a prudential framework for banks to deal with new NPLs and thus to reduce the risk of their accumulation in the future. In particular, it sets requirements to set aside sufficient own resources when new loans become non-performing and creates appropriate incentives to address NPLs at an early stage.  View Article
EBA publishes final guidance on management of non-performing and forborne exposures
The Guidelines aim to ensure that credit institutions have adequate prudential tools and frameworks in place to manage effectively their non-performing exposures (NPEs) and to achieve a sustainable reduction on their balance sheets. To this end, the Guidelines require institutions to establish NPE reduction strategies and introduce governance and operational requirements to support them.  View Article
ESAs propose new amendments to technical standards on the mapping of ECAIs
The ESAs launched a public consultation to amend the Implementing Regulations on the mapping of credit assessments of ECAIs for credit risk to reflect the outcomes of a monitoring exercise on the adequacy of existing mappings, namely changes to the Credit Quality Steps (CQS) allocation for two ECAIs and the introduction of new credit rating scales for ten ECAIs.   View Article
EBA acknowledges adoption of new resolution reporting standards by the European Commission
The EBA acknowledged the adoption by the EC of the Implementing Regulation on the procedures and standard forms and templates for the provision of information for the purposes of resolution plans for credit institutions and investment firms, repealing Regulation (EU) 2016/1066.   View Article
BIS: How to manage failures of non-systemic banks? A review of country practices
The paper highlights the trade-offs between considerations such as speed, efficiency, specialist expertise and safeguards for creditors in the design of different bank-specific or modified insolvency regimes.  View Article
Bank of England: UK withdrawal from the EU: Changes to PRA rulebook and onshored Binding Technical Standards
This consultation paper sets out the PRA’s proposals to fix deficiencies arising from the UK’s withdrawal from the EU in the PRA Rulebook, and in relation to Binding Technical Standards within the PRA’s remit that will be converted, or ‘onshored’, into UK law.   View Article
BIS: The new supervisory agenda
Keynote address by Mr Agustín Carstens, General Manager of the BIS, in which he focuses on possible ways to mitigate new risks that could potentially affect consumer protection and the stability and integrity of the financial system, which led to the Global Financial Crisis and also the emerging risks arising as a result of innovative technologies.   View Article
BIS: Deposit insurance and financial stability: old and new challenges
Keynote address by Mr Agustín Carstens, General Manager of the BIS, at the 17th IADI Annual General Meeting and Annual Conference on "Deposit insurance and financial stability: recent financial topics", in which he discusses the channels through which effective deposit insurance schemes support trust.   View Article
VoxEU: Contagion in the European CoCos market
This column addresses this dispute empirically, using the dynamics of the CoCo market in 2016. The CoCo market at the time exhibited adverse dynamics that can’t be explained by banks’ fundamentals. Though some of this instability may have been transitory, the findings imply that the market should be monitored as it develops.  View Article
Commission welcomes European Parliament vote confirming relocation of European Medicines Agency and European Banking Authority
The European Commission welcomes the European Parliament's vote today, which paves the way for the European Medicines Agency and the European Banking Authority to take up their seats in Amsterdam and Paris, respectively, as of 30 March 2019.  View Article

Capital Markets Union

ESMA issues clarifications on clearing and trading obligations ahead of 21 December 2018 deadline
ESMA has issued a statement relating to the challenges that certain groups would face on 21 December 2018 to start CCP clearing some of their OTC derivative contracts and trading them on trading venues.   View Article
MiFID II: ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments and bonds
ESMA has published the total number of trades and total volume over the period April-September 2018 for the purpose of the systematic internaliser (SI) calculations for 17,999 equity and equity-like instruments and for 387,212 bonds.  View Article
MiFID II: ESMA makes new bond liquidity data available
ESMA made available new data for bonds subject to the pre- and post-trade requirements of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR) through its data register.  View Article
Financial Times: Eurex to broaden clearing battle with UK’s LCH
Deutsche Börse’s derivatives exchange is to broaden its battle in clearing with the UK’s LCH by extending its scheme to share profits with users to foreign exchange swaps and repo markets.  View Article
Financial Times: Why we could all pay the price for obscure derivatives rules
An EU-US dispute over financial regulation could determine the price of hedging risk, writes Patrick Jenkins.   View Article
ECB: Results of the September 2018 survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives
Banks and dealers increased the level of resources and attention devoted to the management of concentrated credit exposures.  View Article
ESMA publishes the responses to its Consultation on the draft technical advice on minimum information content for prospectus exemption
ESMA has published the responses received to its Consultation on the draft technical advice on minimum information content for prospectus exemption.  View Article
ESMA publishes the responses to its Consultation on draft guidelines on risk factors under the Prospectus Regulation
ESMA has published the responses received to its Consultations on Consultation on draft guidelines on risk factors under the Prospectus Regulation.  View Article
Notice of ESMA’s Product Intervention Renewal Decision in relation to contracts for differences
ESMA adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to restrict the marketing, distribution or sale of contracts for differences to retail clients.  View Article

Insurance

Insurance Europe: Too early to harmonise EU insurance guarantee schemes
In its response to a discussion paper from EIOPA on resolution funding and national IGS, Insurance Europe said that rather than considering new rules for IGS, the existing tools and powers provided by Solvency II should be used to their fullest extent and be properly enforced.  View Article
FCA launches general insurance market study
The Financial Conduct Authority (FCA) has set out the issues it will focus on as part of a market study into how general insurance (GI) firms charge their customers for home and motor insurance.  View Article
EIOPA: Review of illiquid liabilities and analysis of potential implications: Request for feedback launched
With this, EIOPA asks stakeholders for feedback on the envisaged approaches to assess the illiquidity characteristics of insurance liabilities, the actual holding periods of assets of insurers as well as the risks of holding assets over a longer term.   View Article
Insurance Europe: First 2017 European insurance stats published
Insurance Europe has published “European Insurance — Key Facts”, which contains provisional 2017 data for the European insurance industry.   View Article
EIOPA publishes the result of the work of the EU – U.S. Insurance Dialogue Project in 2018
The papers will serve as a basis for the panel discussions at the public forum: EU - U.S. Insurance Project.  View Article

Corporate Governance/Accounting

EFRAG´s letter to the ESAs on IFRS 17
EFRAG has published its letter to the ESAs on the process of endorsement of IFRS 17.  View Article
ECIIA: Commission to update non-financial reporting directive
The EC is planning to update its non-binding guidance on how to implement the Non-Financial Reporting Directive and set out proposals for consultation in June 2020. The directive sets out how organisations can effectively communicate the environmental, social and ethical impacts of their behaviour.  View Article
ESMA: European enforcers to focus on new IFRSs and non-financial information in issuers’ 2018 annual reports
ESMA has published the priorities that the European enforcers will particularly consider when examining 2018 financial statements of listed companies.  View Article
IFAC: Improvements to IPSAS, 2018
Improvements to IPSAS, 2018 deals with non-substantive changes to IPSAS through a collection of unrelated amendments.   View Article
FRC to examine the Future of Corporate Reporting
The FRC is launching a major project to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders.  View Article
EBA consults on draft DPM 2.9 for supervisory reporting
The new release is an exposure draft of the new data requirements proposed in the ongoing public consultations on amendments to the ITS on supervisory reporting on COREP LCR, COREP securitisation & FINREP-NPE&FB, P&L and IFRS16.   View Article
IASB clarifies its definition of 'material'
The IASB has issued amendments to its definition of material to make it easier for companies to make materiality judgements. The definition of material, an important accounting concept in IFRS Standards, helps companies decide whether information should be included in their financial statements.   View Article
IASB/Ann Tarca: The IASB—Reputation, legitimacy and happy families
IASB Member Ann Tarca delivered the RJ Chambers Memorial Research Lecture and discussed the relationships of the IASB with its primary stakeholders. The lecture explored the contribution of diverse groups to standard-setting.  View Article
IFAC: Professional skepticism lies at the heart of a quality audit
The IAASB recently published its first update to stakeholders highlighting the IAASB’s efforts to appropriately reflect professional skepticism in its standards.   View Article
POLITICO: Don’t restrict accounting firms to audits only
That would be too simplistic a solution to a complex problem, argues incoming head of the International Federation of Accountants Kevin Dancey.  View Article

Anti-Money Laundering

Bruegel: A better European Union architecture to fight money laundering
Authors Joshua Kirschenbaum and Nicolas Véron detail their plan for a new European unitary architecture, centred on a new European anti-money laundering authority that would work on the basis of deep relationships with national authorities.  View Article
Financial Times: Virtual assets and financial crime now go hand in hand
The anonymity, speed and global reach of virtual currency and other digital assets have made them attractive to both criminals and terrorists. If financial activities involving virtual assets are left unregulated or under-regulated, malign actors will be able to move funds whenever, and wherever, they want.  View Article

Financial Services Policy

EurActiv: Commission eyes FinTech to boost euro’s role on global stage
New pan-European payment instruments, including solutions based on emerging technologies in the financial sector or FinTech, are a part of the European Commission’s plan to boost the euro’s standing in international markets.  View Article
DB: Deutsche Bundesbank and Deutsche Börse successfully complete tests for blockchain prototypes
The prototypes support the settlement of securities transactions, payments, interest payments and repayments at the maturity of a bond. It was developed on both Hyperledger Fabric (version 1.0) and the Digital Asset Platform and subjected to demanding performance tests.  View Article

Political

POLITICO: Merkel to step down as CDU leader
The German chancellor declared on Monday she would stand down as leader of the Christian Democratic Union (CDU), after the party suffered heavy losses in a regional election in the state of Hesse.  View Article

Economic

The Express: US trade war hits EU: Former WTO boss warns European companies at risk in Trump trade war
The European Union is certain to be caught in the crossfire as the United States and China slug it out in their escalating trade war, former World Trade Organisation (WTO) director general Pascal Lamy has warned.  View Article
Vox EU: Reforming the EU fiscal framework: A proposal by the European Fiscal Board
This column outlines the European Fiscal Board’s proposals for a major overhaul of the EU fiscal framework, which it argues would result in a simpler and more transparent framework thanks to the use of a single budgetary anchor and a single observable operational target.  View Article
ECB's Cœuré: The international dimension of the European Central Bank's asset purchase programme - an update
Benoît Cœuré presents evidence that suggests that the stock effect of central bank asset purchase programmes, together with increased transparency around ECB’s reaction function, has helped mitigate abrupt changes in international asset allocation in recent years.  View Article
Financial Times: Italy is setting itself up for a monumental fiscal failure
Confrontation over spending is reawakening the dormant eurozone crisis, writes Wolfgang Münchau.  View Article
ECA: Simpler, more flexible rules proposed for cohesion funds after 2020
New plans for how EU cohesion funds are spent are simpler and more flexible, according to an Opinion published today by the ECA. Nevertheless, the ECA makes a number of suggestions on how to make sure that Member State spending has a real impact and complies with the rules.  View Article
October 2018: Economic Sentiment decreases in both the euro area and the EU
In October, the Economic Sentiment Indicator (ESI) decreased in both the euro area (by 1.1 points to 109.8) and the EU (by 0.8 points to 110.4).  View Article


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